PhenixFIN (PFX) 10-K22 Dec 232023 FY Annual reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2023	Dec. 22, 2023	Mar. 31, 2023
Document Information [Line Items]
Entity Registrant Name	PHENIXFIN CORPORATION
Document Type	10-K
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		2,072,590
Entity Public Float			$ 60,578,642
Amendment Flag	false
Entity Central Index Key	0001490349
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Securities Act File Number	1-35040
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4576073
Entity Address, Address Line One	445 Park Avenue
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	(212)
Local Phone Number	859-0390
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2024 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference in to Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended September 30, 2023.
Auditor Name	KPMG LLP
Auditor Location	New York, New York
Auditor Firm ID	185
Common Stock, par value $0.001 per share
Document Information [Line Items]
Trading Symbol	PFX
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
5.25% Notes due 2028
Document Information [Line Items]
Trading Symbol	PFXNZ
Title of 12(b) Security	5.25% Notes due 2028
Security Exchange Name	NASDAQ

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Investments at fair value
Total Investments at fair value	$ 226,460,691	$ 192,956,649
Cash and cash equivalents	5,988,223	22,768,066
Receivables:
Interest receivable	971,115	727,576
Paydown receivable		112,500
Dividends receivable	161,479	269,330
Other receivable	31,425	36,992
Other assets	833,000	1,192,677
Deferred financing costs	699,124	50,000
Due from affiliate	409,214	271,962
Prepaid share repurchase	199,019	489,156
Receivable for investments sold	3,940,175
Total Assets	239,693,465	218,874,908
Liabilities:
Credit facility and note payable (net of debt issuance costs of $1,688,835 and $2,059,164, respectively)	84,253,106	77,962,636
Payable for investments purchased	4,123,059	16,550,000
Accounts payable and accrued expenses	3,066,984	2,040,277
Interest and fees payable	690,398	503,125
Other liabilities	432,698	572,949
Deferred revenue	421,685	325,602
Administrator expenses payable (see Note 6)		74,911
Total Liabilities	92,987,930	98,029,500
Commitments and Contingencies (see Note 8)
Net Assets:
Common Shares, $0.001 par value; 5,000,000 shares authorized; 2,723,709 shares issued; 2,073,713 and 2,102,129 common shares outstanding, respectively	2,074	2,102
Capital in excess of par value	694,812,239	675,401,802
Total distributable earnings (loss)	(548,108,778)	(554,558,496)
Total Net Assets	146,705,535	120,845,408
Total Liabilities and Net Assets	$ 239,693,465	$ 218,874,908
Net Asset Value Per Common Share (in Dollars per share)	$ 70.75	$ 57.49
Non-Controlled, Non-Affiliated Investments
Investments at fair value
Total Investments at fair value	$ 125,531,031	$ 122,616,275
Affiliated Investments
Investments at fair value
Total Investments at fair value	37,289,617	12,314,192
Controlled Investments
Investments at fair value
Total Investments at fair value	$ 63,640,043	$ 58,026,182

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Debt issuance costs of notes payable	$ 1,688,835	$ 2,059,164
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	5,000,000	5,000,000
Common stock, shares issued (in Shares)	2,723,709	2,723,709
Common stock, shares outstanding (in Shares)	2,073,713	2,102,129
Non-Controlled, Non-Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 134,339,121	$ 147,378,917
Affiliated Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	48,223,910	30,585,884
Controlled Investments
Non-controlled, Non-affiliated Investments Owned, at Amortized Cost	$ 82,437,692	$ 85,483,093

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Non-controlled, non-affiliated investments:
Cash	$ 8,031,539	$ 5,207,850	$ 5,974,807
Payment in-kind	506,555	444,741	609,964
Affiliated investments:
Cash	1,925,293	639,733	1,099,809
Payment in-kind	460,856	374,981	327,804
Controlled investments:
Cash	667,312	2,489,381	75,000
Payment in-kind	557,981
Total interest income	12,149,536	9,156,686	8,087,384
Dividend income	6,856,268	5,503,425	21,564,348
Interest from cash and cash equivalents	400,031	139,942	10,402
Fee income (see Note 9)	324,290	420,279	2,566,519
Other income	402,138	323,828	78,204
Total Investment Income	20,132,263	15,544,160	32,306,857
Expenses:
Base management fees (see Note 6)			1,146,403
Interest and financing expenses	5,531,833	5,113,105	5,800,100
Salaries and benefits	4,186,852	2,952,106	1,993,277
Professional fees, net	1,404,676	1,340,828	559,975
General and administrative expenses	983,274	1,103,125	1,012,147
Directors fees	728,833	712,000	1,039,717
Insurance expenses	466,319	590,178	1,619,536
Administrator expenses (see Note 6)	320,310	301,281	612,983
Total expenses	13,622,097	12,112,623	13,784,138
Net Investment Income	6,510,166	3,431,537	18,522,719
Net realized gains (losses):
Non-controlled, non-affiliated investments	(10,538,228)	810,240	7,747,672
Affiliated investments	(1,018,267)	4,408,961	(10,088,405)
Controlled investments	23,456	1,850	(40,144,795)
Total net realized gains (losses)	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized gains (losses):
Non-controlled, non-affiliated investments	15,954,552	(16,701,153)	(5,022,484)
Affiliated investments	7,327,399	96,490	(10,342,450)
Controlled investments	8,659,262	2,141,326	40,728,006
Total net change in unrealized gains (losses)	31,941,213	(14,463,337)	25,363,072
Loss on extinguishment of debt (see Note 5)		(296,197)	(122,355)
Total realized and unrealized gains (losses)	20,408,174	(9,538,483)	(17,244,811)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 26,918,340	$ (6,106,946)	$ 1,277,908
Weighted average basic earnings per common share (in Dollars per share)	$ 12.87	$ (2.63)	$ 0.48
Weighted average common shares outstanding - basic (in Shares)	2,092,326	2,323,601	2,677,891

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Weighted average diluted earnings per common share	$ 12.87	$ (2.63)	$ 0.48
Weighted average common shares outstanding - diluted	2,092,326	2,323,601	2,677,891

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($)	12 Months Ended
Consolidated Statements of Changes in Net Assets - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 120,845,408	$ 143,693,981	$ 150,619,517
Balance (in Shares)	2,102,129	2,517,221	2,723,709
OPERATIONS
Net investment income (loss)	$ 6,510,166	$ 3,431,537	$ 18,522,719
Net realized gains (losses) on investments	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized appreciation (depreciation) on investments	31,941,213	(14,463,337)	25,363,072
Net loss on extinguishment of debt		(296,197)	(122,355)
Distributions declared		(265,798)
Repurchase of common shares	(1,058,213)	(16,475,829)	(8,203,444)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles
Total Increase (Decrease) in Net Assets	25,860,127	(22,848,573)	(6,925,536)
Balance	$ 146,705,535	$ 120,845,408	$ 143,693,981
Balance (in Shares)	2,073,713	2,102,129	2,517,221
Common Stock
Balance	$ 2,102	$ 2,517	$ 2,724
Balance (in Shares)	2,102,129	2,517,221	2,723,709
OPERATIONS
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared
Repurchase of common shares	$ (28)	$ (415)	$ (207)
Repurchase of common shares (in Shares)	(28,416)	(415,092)	(206,488)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles
Total Increase (Decrease) in Net Assets	$ (28)	$ (415)	$ (207)
Total Increase (Decrease) in Net Assets (in Shares)	(28,416)	(415,092)	(206,488)
Balance	$ 2,074	$ 2,102	$ 2,517
Balance (in Shares)	2,073,713	2,102,129	2,517,221
Capital in Excess of Par Value
Balance	$ 675,401,802	$ 688,866,642	$ 672,381,617
OPERATIONS
Net investment income (loss)
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net loss on extinguishment of debt
Distributions declared		(265,798)
Repurchase of common shares	(1,058,185)	(16,475,414)	(8,203,237)
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles	20,468,622	3,276,372	24,688,262
Total Increase (Decrease) in Net Assets	(19,410,437)	(13,464,840)	16,485,025
Balance	694,812,239	675,401,802	688,866,642
Total Distributable Earnings/(Loss)
Balance	(554,558,496)	(545,175,178)	(521,764,824)
OPERATIONS
Net investment income (loss)	6,510,166	3,431,537	18,522,719
Net realized gains (losses) on investments	(11,533,039)	5,221,051	(42,485,528)
Net change in unrealized appreciation (depreciation) on investments	31,941,213	(14,463,337)	25,363,072
Net loss on extinguishment of debt		(296,197)	(122,355)
Distributions declared
Repurchase of common shares
Tax reclassification of shareholders’ equity in accordance with generally accepted accounting principles	(20,468,622)	(3,276,372)	(24,688,262)
Total Increase (Decrease) in Net Assets	6,449,718	(9,383,318)	(23,410,354)
Balance	$ (548,108,778)	$ (554,558,496)	$ (545,175,178)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 26,918,340	$ (6,106,946)	$ 1,277,908
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investment increases due to payment-in-kind interest	(1,525,392)	(819,722)	(937,768)
Net amortization of premium (discount) on investments	(1,560,684)	(219,513)	(44,455)
Amortization of debt issuance cost	370,329	368,471	363,812
Amortization of deferred financing cost	286,597
Net realized (gains) losses from investments	11,533,039	(5,221,051)	42,485,528
Net unrealized (gains) losses on investments	(31,941,213)	14,463,337	(25,363,072)
Proceeds from sale and settlements of investments	66,642,920	123,801,226	124,303,888
Purchases, originations and participations	(76,652,712)	(173,321,143)	(45,340,354)
Loss on extinguishment of debt		296,197	122,355
(Increase) decrease in operating assets:
Fees receivable		1,872,700	(1,753,672)
Interest receivable	(243,539)	(356,000)	252,948
Due from affiliate	(137,252)	(271,962)
Receivable for investments sold	(3,940,175)
Dividends receivable	107,851	(188,119)	(81,211)
Paydown receivable	112,500	179,515	(292,015)
Other receivable	5,567	(36,992)
Prepaid share repurchase	290,137
Other assets	359,677	159,069	691,813
Increase (decrease) in operating liabilities:
Payable for investments purchased	(12,426,941)	14,964,000	1,586,000
Accounts payable and accrued expenses	1,026,707	623,753	(691,701)
Due to affiliates		(280,323)	227,240
Administrator expenses payable	(74,911)	6,991	(89,045)
Interest and fees payable	187,273	503,125	(801,805)
Deferred revenue	96,083	325,602	(10,529)
Management and incentive fees payable, net			(1,392,022)
Other liabilities	(140,251)	(40,586)	613,534
Net cash provided by (used in) operating activities	(20,706,050)	(29,298,371)	95,127,377
Cash Flows from Financing Activities:
Debt issuance	36,441,941	57,500,000
Paydowns on debt	(30,521,800)	(55,325,000)	(74,012,825)
Distributions paid to shareholders		(265,798)
Debt issuance costs paid		(2,311,036)
Deferred financing costs	(935,721)
Repurchase of common shares	(1,058,213)	(16,964,985)	(8,203,444)
Net cash provided by (used in) financing activities	3,926,207	(17,366,819)	(82,216,269)
Net increase (decrease) in cash and cash equivalents	(16,779,843)	(46,665,190)	12,911,108
Cash and cash equivalents, beginning of period	22,768,066	69,433,256	56,522,148
Cash and cash equivalents, end of period	5,988,223	22,768,066	69,433,256
Supplemental information:
Interest paid during the period	$ 4,647,166	$ 4,241,510	$ 6,601,905

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($)		12 Months Ended
Consolidated Schedule of Investments - USD ($)		Sep. 30, 2023		Sep. 30, 2022
Fair Value	[1],[2]
Altisource S.A.R.L [Member]
% of Net Assets	[3],[4]	5.45%	[5]	4.51%	[6]
Par Amount	[3],[7]	$ 9,640,790	[5]	$ 6,486,419	[6]
Fair Value	[3],[8]	8,012,089	[5]	5,448,591	[6]
Cost	[3]	$ 8,507,963	[5],[9]	$ 5,825,616	[6],[10]
Arcline FM Holdings, LLC [Member]
% of Net Assets	[3],[4]	1.80%
Par Amount	[3],[7]	$ 2,679,494
Fair Value	[3],[8]	2,644,660
Cost	[3],[9]	$ 2,591,013
Be Green Packaging, LLC [Member]
% of Net Assets	[3],[4]	0%		0%	[6]
Par Amount	[3],[7]	$ 417		$ 1	[6]
Fair Value	[3],[8]				[6]
Cost	[3]	$ 416,250	[9]	$ 416,250	[6],[10]
Boostability Seotowncenter, Inc. [Member]
% of Net Assets	[3],[4]	0%		0%	[6]
Par Amount	[3],[7]	$ 833,152		$ 833,152	[6]
Fair Value	[3],[8]				[6]
Cost	[3]	$ 66,475	[9]	$ 66,475	[6],[10]
CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[3],[4]	3.53%
Par Amount	[3],[7]	$ 5,916,102
Fair Value	[3],[8]	5,191,380
Cost	[3],[9]	$ 4,990,179
Chimera Investment Corp [Member]
% of Net Assets	[3],[4]	3.76%	[5]	1.59%	[6]
Par Amount	[3],[7]	$ 280,911	[5]	$ 117,310	[6]
Fair Value	[3],[8]	5,530,624	[5]	1,915,672	[6]
Cost	[3]	$ 6,347,999	[5],[9]	$ 2,884,724	[6],[10]
DataOnline Corp. [Member]
% of Net Assets	[3],[4]	3.72%		4.52%	[6]
Par Amount	[3],[7]	$ 5,526,786		$ 5,576,786	[6]
Fair Value	[3],[8]	5,471,518		5,465,250	[6]
Cost	[3]	$ 5,526,786	[9]	$ 5,576,786	[6],[10]
Deer Management Systems LLC [Member]
% of Net Assets	[3],[4]	2.26%
Par Amount	[3],[7]	$ 3,357,500
Fair Value	[3],[8]	3,323,925
Cost	[3],[9]	$ 3,294,306
DirecTV Financing, LLC [Member]
% of Net Assets	[3],[4]	2.72%		3.49%	[6]
Par Amount	[3],[7]	$ 4,100,000		$ 4,550,000	[6]
Fair Value	[3],[8]	4,003,908		4,220,000	[6]
Cost	[3]	$ 4,100,000	[9]	$ 4,550,000	[6],[10]
First Brands Group, LLC [Member]
% of Net Assets	[3],[4]	2.64%		3.25%
Par Amount	[3],[7]	$ 3,919,598		$ 3,959,799
Fair Value	[3],[8]	3,880,402		3,930,101
Cost	[3],[9]	$ 3,919,598		$ 3,959,799
Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[3],[4]	2.04%	[5]	4.72%
Par Amount	[3],[7]	$ 226,107	[5]	$ 529,914
Fair Value	[3],[8]	2,993,657	[5]	5,707,174
Cost	[3],[9]	$ 3,572,788	[5]	$ 8,754,386
Global Accessories Group, LLC [Member]
% of Net Assets	[3],[4]	0%		0%
Par Amount	[3],[7]	$ 380		$ 380
Fair Value	[3],[8]
Cost	[3],[9]	$ 151,337		$ 151,337
Innovate Corp. [Member]
% of Net Assets	[3],[4]	1.41%	[5]	1.37%
Par Amount	[3],[7]	$ 2,750,000	[5]	$ 2,250,000
Fair Value	[3],[8]	2,076,250	[5]	1,659,375
Cost	[3],[9]	$ 2,615,913	[5]	$ 2,252,156
Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[3],[4]	2.71%	[5]	2.60%
Par Amount	[3],[7]	$ 205,000	[5]	$ 205,000
Fair Value	[3],[8]	3,989,300	[5]	3,138,550
Cost	[3],[9]	$ 5,035,506	[5]	$ 5,035,506
JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[3],[4]	8.57%		9.20%
Par Amount	[3],[7]	$ 10,861,605		$ 10,885,050
Fair Value	[3],[8]	12,599,438		11,113,935
Cost	[3],[9]	$ 10,864,482		$ 10,888,790
Lighting Science Group Corporation [Member]
% of Net Assets	[3],[4]	0%		0%
Par Amount	[3],[7]	$ 5,000,000		$ 5,000,000
Fair Value	[3],[8]
Cost	[3],[9]	$ 955,680		$ 955,680
Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]	2.45%		5.14%
Par Amount	[3],[7]	$ 2,231,520		$ 7,218,750
Fair Value	[3],[8]	3,596,099		6,208,125
Cost	[3],[9]	$ 2,134,927		$ 7,095,116
McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[3]	3.25%	[4]	4.03%	[11]
Par Amount	[3],[7]	$ 4,924,535		$ 4,974,999
Fair Value	[3],[8]	4,776,799		4,875,500
Cost	[3]	$ 4,883,570	[9]	$ 4,927,870	[10]
MFA Financial, Inc. [Member]
% of Net Assets	[3]	1.26%	[4]	1.43%	[11]
Par Amount	[3],[7]	$ 97,426		$ 97,426
Fair Value	[3],[8]	1,856,940		1,722,492
Cost	[3]	$ 2,318,487	[9]	$ 2,318,487	[10]
New York Mortgage Trust, Inc. [Member]
% of Net Assets	[3]	2.50%	[4]	2.44%	[11]
Par Amount	[3],[7]	$ 165,000		$ 165,000
Fair Value	[3],[8]	3,677,850		2,953,500
Cost	[3]	$ 4,102,076	[9]	$ 4,102,076	[10]
PennyMac Financial Services, Inc. [Member]
% of Net Assets	[3]	1.34%	[4]	2.89%	[11]
Par Amount	[3],[7]	$ 29,500		$ 81,500
Fair Value	[3],[8]	1,964,700		3,496,350
Cost	[3]	$ 1,921,275	[9]	$ 5,364,478	[10]
PHH Mortgage Corp [Member]
% of Net Assets	[3],[4]	4.66%
Par Amount	[3],[7]	$ 7,686,000
Fair Value	[3],[8]	6,845,344
Cost	[3],[9]	$ 6,895,720
Point.360 [Member]
% of Net Assets	[3]	0%	[4]	0%	[11]
Par Amount	[3],[7]	$ 2,777,366		$ 2,777,366
Fair Value	[3],[8]
Cost	[3]	$ 2,103,712	[9]	$ 2,103,712	[10]
Power Stop LLC [Member]
% of Net Assets	[3]	3.84%	[4]	3.33%	[11]
Par Amount	[3],[7]	$ 6,919,937		$ 4,975,000
Fair Value	[3],[8]	5,639,748		4,029,750
Cost		$ 6,515,010	[3],[9]	$ 4,930,071	[10]
Rithm Capital Corp. [Member]
% of Net Assets	[3]	3.20%	[4]	3.23%	[11],[12]
Par Amount	[3],[7]	$ 206,684		$ 206,684	[12],[13],[14]
Fair Value	[3],[8]	4,695,860		3,902,194	[12]
Cost	[3]	$ 5,129,170	[9]	$ 5,129,170	[10],[12]
Secure Acquisition Inc [Member]
% of Net Assets	[3],[4]	2.31%
Par Amount	[3],[7]	$ 3,430,517
Fair Value	[3],[8]	3,396,212
Cost	[3],[9]	$ 3,417,600
SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[3]	6.72%	[4]	5.45%	[11]
Par Amount	[3],[7]	$ 9,866,667		$ 6,666,667
Fair Value	[3],[8]	9,866,667		6,591,667
Cost	[3]	$ 9,753,518	[9]	$ 6,575,847	[10]
SMART Financial Operations, LLC [Member]
% of Net Assets	[3]	0.67%	[4]	0.10%	[11]
Par Amount	[3],[7]	$ 700,000		$ 700,000
Fair Value	[3],[8]	978,140		120,793
Cost	[3]	$ 700,000	[9]	$ 700,000	[10]
Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[3]	0.14%	[4]	0.22%	[11]
Par Amount	[3],[7]	$ 338,736		$ 338,736
Fair Value	[3],[8]	200,566		265,269
Cost	[3]	$ 308,652	[9]	$ 308,652	[10]
Staples, Inc. [Member]
% of Net Assets	[3]	2.48%	[4]	2.89%	[11]
Par Amount	[3],[7]	$ 3,692,159		$ 3,730,720
Fair Value	[3],[8]	3,648,315		3,488,223
Cost	[3]	$ 3,655,672	[9]	$ 3,659,706	[10]
Tamarix Capital Partners II, L.P [Member]
% of Net Assets	[3],[4]	0.54%
Par Amount	[3],[7]
Fair Value	[3],[8]	792,346
Cost	[3],[9]	$ 1,026,818
Thryv Holdings, Inc [Member]
% of Net Assets	[3]	5.21%	[4]	5.20%	[11]
Par Amount	[3],[7]	$ 7,656,442		$ 6,515,633
Fair Value	[3],[8]	7,661,227		6,287,583
Cost	[3]	$ 7,604,838	[9]	$ 6,406,051	[10]
Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 11,947
Fair Value	[3],[8]
Cost	[3],[9]	$ 664,131
Wingman Holdings, Inc [Member]
% of Net Assets	[3]	0%	[4]	0%	[11]
Par Amount	[3],[7]	$ 350		$ 350
Fair Value	[3],[8]
Cost	[3]	$ 700,000	[9]	$ 700,000	[10]
Subtotal Non-Controlled/Non-Affiliated Investments [Member]
% of Net Assets	[3]	85.41%	[4]	96.58%	[11]
Par Amount	[3],[7]	$ 106,630,423		$ 109,151,781
Fair Value	[3],[8]	125,531,031		122,616,275
Cost	[3]	$ 134,339,121	[9]	$ 147,378,917	[10]
1888 Industrial Services, LLC
% of Net Assets	[3]	3.66%	[4],[15]	3.44%	[11],[16]
Par Amount	[3],[7]	$ 15,832,412	[15]	$ 15,616,790	[16]
Fair Value	[3],[8]	5,383,656	[15]	4,151,562	[16]
Cost	[3]	$ 15,296,502	[9],[15]	$ 15,080,880	[10],[16]
Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3]	2.90%	[4],[15]	3.15%	[11],[16]
Par Amount	[3],[7]	$ 15,825,824	[15]	$ 10,671,525	[16]
Fair Value	[3],[8]	4,255,958	[15]	3,806,847	[16]
Cost	[3]	$ 10,564,242	[9],[15]	$ 10,026,462	[10],[16]
FST Holdings Parent, LLC [Member]
% of Net Assets	[3],[4],[15]	6.81%
Par Amount	[3],[7],[15]	$ 625,548
Fair Value	[3],[8],[15]	10,000,003
Cost	[3],[9],[15]	$ 10,000,000
Maritime Wireless Holdings LLC [Member]
% of Net Assets	[3]	12.01%	[4],[15]	14.27%	[11]
Par Amount	[3],[7]	$ 12,500,000	[15]	$ 17,500,000
Fair Value	[3],[8]	17,650,000	[15]	17,250,000
Cost		$ 12,373,166	[3],[9],[15]	$ 17,250,000	[10]
Subtotal Affiliated Investments [Member]
% of Net Assets	[3]	25.38%	[4],[15]	10.19%	[11],[16]
Par Amount	[3],[7]	$ 44,783,784	[15]	$ 28,700,132	[16]
Fair Value	[3],[8]	37,289,617	[15]	12,314,192	[16]
Cost	[3]	$ 48,233,910	[9],[15]	$ 30,585,884	[10],[16]
FlexFIN, LLC [Member]
% of Net Assets	[3],[6]	26.45%	[4]	39.01%	[11]
Par Amount	[3],[7]	$ 38,870,711		$ 47,136,146	[6]
Fair Value	[3],[6],[8]	38,870,711		47,136,146
Cost	[3],[6]	$ 38,870,711	[9]	$ 47,136,146	[10]
Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[6]	8.52%
Par Amount	[3],[7]	$ 3,383,908
Fair Value	[3],[6],[8]	12,516,929
Cost	[3],[6],[9]	$ 5,220,034
NVTN LLC [Member]
% of Net Assets	[3],[6]	8.34%	[4]	9.01%	[11]
Par Amount	[3],[7]	$ 36,369,131		$ 49,622,304	[6]
Fair Value	[3],[6],[8]	12,252,403		10,890,036
Cost	[3],[6]	$ 38,346,947	[9]	$ 38,346,947	[10]
Subtotal Control Investments [Member]
% of Net Assets	[3],[6]	43.31%	[4]	48.02%	[11]
Par Amount	[3],[7]	$ 78,623,750		$ 96,758,450	[6]
Fair Value	[3],[6],[8]	63,640,043		58,026,182
Cost	[3],[6]	$ 82,437,692	[9]	$ 85,483,093	[10]
Total Investments [Member]
% of Net Assets	[3],[6],[11]			154.79%
Par Amount	[3],[6],[7]			$ 234,610,363
Fair Value	[3],[6],[8]			192,956,649
Cost	[3],[6],[10]			$ 263,447,894
CPI International, Inc. [Member]
% of Net Assets	[3],[4],[6]			2.16%
Par Amount	[3],[6],[7]			$ 2,607,062
Fair Value	[3],[6],[8]			2,607,062
Cost	[3],[6],[10]			$ 2,602,547
Dream Finders Homes, LLC [Member]
% of Net Assets	[3],[4],[6]			4.10%
Par Amount	[3],[6],[7]			$ 5,309,341
Fair Value	[3],[6],[8]			4,950,961
Cost	[3],[6],[10]			$ 5,309,341
Footprint Holding Company Inc. [Member]
% of Net Assets	[3],[4]			0%
Par Amount	[3],[7]			$ 150
Fair Value	[3],[8]
Cost	[3],[9]
Great AJAX Corp. [Member]
% of Net Assets	[3],[4]			1.58%
Par Amount	[3],[7]			$ 254,922
Fair Value	[3],[8]			1,914,464
Cost	[3],[9]			$ 3,333,786
Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[3],[11]			2.78%
Par Amount	[3],[7]			$ 3,465,345
Fair Value	[3],[8]			3,361,385
Cost	[3],[10]			$ 3,450,604
Sendero Drilling Company, LLC [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 191,250
Fair Value	[3],[8]
Cost	[3],[10]			$ 182,081
Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[11]			0.09%
Par Amount	[3],[7]			$ 11,947
Fair Value	[3],[8]			114,911
Cost	[3],[10]			$ 664,131
Walker Edison Furniture Company LLC [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 13,044
Fair Value	[3],[8]
Cost	[3],[10]			$ 2,114,646
Watermill QMC Midco, Inc [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 518,283
Fair Value	[3],[8]
Cost	[3],[10]			$ 518,283
Kemmerer Operations, LLC [Member]
% of Net Assets	[3],[11],[17]			2.54%
Par Amount	[3],[7],[17]			$ 2,378,517
Fair Value	[3],[8],[17]			3,073,212
Cost	[3],[10],[17]			$ 3,341,227
US Multifamily, LLC [Member]
% of Net Assets	[3],[11],[16]			1.06%
Par Amount	[3],[7],[16]			$ 33,300
Fair Value	[3],[8],[16]			1,282,571
Cost	[3],[10],[16]			$ 2,137,315
Services Business [Member] \| Equity - 833,152 Common Units [Member] \| Boostability Seotowncenter, Inc. [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 833,152
Fair Value	[3],[8]
Cost	[3],[9]	$ 66,475
Services Business [Member] \| Equity - 338,736.11 Class A Units [Member] \| Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[3],[4]	0.14%
Par Amount	[3],[7]	$ 338,736
Fair Value	[3],[8]	200,566
Cost	[3],[9]	$ 308,652
Services Business [Member] \| Equity Interest [Member] \| FlexFIN, LLC [Member]
% of Net Assets	[3],[4],[6]	26.45%
Par Amount	[3],[6],[7]	$ 38,870,711
Fair Value	[3],[6],[8]	38,870,711
Cost	[3],[6],[9]	$ 38,870,711
Containers, Packaging & Glass [Member] \| Equity - 417 Common Units [Member] \| Be Green Packaging, LLC [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 417
Fair Value	[3],[8]
Cost	[3],[9]	$ 416,250
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 117,310 Class C Preferred Units [Member] \| Chimera Investment Corp [Member]
% of Net Assets	[3],[4],[5]	1.44%
Par Amount	[3],[5],[7]	$ 117,310
Fair Value	[3],[5],[8]	2,116,271
Cost	[3],[5],[9]	$ 2,884,724
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 163,601 Class D Preferred Units [Member] \| Chimera Investment Corp [Member]
% of Net Assets	[3],[4],[5]	2.32%
Par Amount	[3],[5],[7]	$ 163,601
Fair Value	[3],[5],[8]	3,414,353
Cost	[3],[5],[9]	$ 3,463,275
Banking, Finance, Insurance & Real Estate [Member] \| Equity Certificates [Member] \| Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[3],[4]	4.23%
Par Amount	[3],[7]	$ 597,795
Fair Value	[3],[8]	6,217,067
Cost	[3],[9]	$ 7,547,670
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 226,107 Common Units [Member] \| Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[3],[4],[5]	2.04%
Par Amount	[3],[5],[7]	$ 226,107
Fair Value	[3],[5],[8]	2,993,657
Cost	[3],[5],[9]	$ 3,572,788
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 205,000 Class C Preferred Units [Member] \| Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[3],[4],[5]	2.71%
Par Amount	[3],[5],[7]	$ 205,000
Fair Value	[3],[5],[8]	3,989,300
Cost	[3],[5],[9]	$ 5,035,506
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 97,426 Class C Preferred Units [Member] \| MFA Financial, Inc. [Member]
% of Net Assets	[3],[4],[5]	1.26%
Par Amount	[3],[5],[7]	$ 97,426
Fair Value	[3],[5],[8]	1,856,940
Cost	[3],[5],[9]	$ 2,318,487
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 165,000 Class E Preferred Units [Member] \| New York Mortgage Trust, Inc. [Member]
% of Net Assets	[3],[4],[5]	2.50%
Par Amount	[3],[5],[7]	$ 165,000
Fair Value	[3],[5],[8]	3,677,850
Cost	[3],[5],[9]	$ 4,102,076
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 29,500 Common Unit [Member] \| PennyMac Financial Services, Inc. [Member]
% of Net Assets	[3],[4],[5]	1.34%
Par Amount	[3],[5],[7]	$ 29,500
Fair Value	[3],[5],[8]	1,964,700
Cost	[3],[5],[9]	$ 1,921,275
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 206,684 Class B Preferred Units [Member] \| Rithm Capital Corp. [Member]
% of Net Assets	[3],[4],[5]	3.20%
Par Amount	[3],[5],[7]	$ 206,684
Fair Value	[3],[5],[8]	4,695,860
Cost	[3],[5],[9]	$ 5,129,170
Consumer Discretionary [Member] \| Equity180,739 Membership Units[ Member] \| Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]	1.05%
Par Amount	[3],[7]	$ 180,739
Fair Value	[3],[8]	1,545,318
Cost	[3],[9]	$ 174,393
Consumer goods: Non-durable [Member] \| Equity - 3.8% Membership Interest [Member] \| Global Accessories Group, LLC [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 380
Fair Value	[3],[8]
Cost	[3],[9]	$ 151,337
Retail [Member] \| Equity - 700,000 Class A Preferred Units [Member] \| SMART Financial Operations, LLC [Member]
% of Net Assets	[3],[4]	0.67%
Par Amount	[3],[7]	$ 700,000
Fair Value	[3],[8]	978,140
Cost	[3],[9]	$ 700,000
Automotive [Member] \| Equity - 5,441 Class A Units [Member] \| Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 5,441
Fair Value	[3],[8]
Cost	[3],[9]	$ 302,464
Automotive [Member] \| Warrants - 0.65% of Outstanding Equity [Member] \| Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 6,506
Maturity	[3]	Mar. 30, 2028
Fair Value	[3],[8]
Cost	[3],[9]	$ 361,667
Warrants - 0.65% of Outstanding Equity [Member] \| Equity - 350 Common Units [Member] \| Wingman Holdings, Inc [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]	$ 350
Fair Value	[3],[8]
Cost	[3],[9]	$ 700,000
Metals & Mining [Member] \| Equity - 31 Common Units [Member] \| Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[6],[18]	6.22%
Par Amount	[3],[7],[18]	$ 31
Fair Value	[3],[6],[8],[18]	9,133,052
Cost	[3],[6],[9],[18]	$ 1,836,157
Subtotal Control Investments [Member] \| Total Investments [Member]
% of Net Assets	[3],[4],[6]	154.40%
Par Amount	[3],[7]	$ 230,037,957
Fair Value	[3],[6],[8]	226,460,691
Cost	[3],[6],[9]	$ 265,010,723
Senior Secured First Lien Term Loan B [Member] \| Services Business [Member] \| Altisource S.A.R.L [Member]
% of Net Assets	[3],[4]	5.31%	[5]	4.51%	[6]
Par Amount	[3],[7]	$ 9,565,710	[5]	$ 6,486,419	[6]
Maturity	[3]	Apr. 30, 2025	[5]	Apr. 03, 2024	[6]
Fair Value	[3],[8]	$ 7,805,619	[5]	$ 5,448,591	[6]
Cost	[3]	$ 8,507,963	[5],[9]	$ 5,825,616	[6],[10]
Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[3],[4]	0.59%
Par Amount	[3],[7]	$ 861,605
Maturity	[3]	Nov. 12, 2026
Fair Value	[3],[8]	$ 865,913
Cost	[3],[9]	$ 864,482
Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
% of Net Assets	[3],[4],[15]	5.10%
Par Amount	[3],[7],[15]	$ 7,500,000
Maturity	[3],[15]	May 31, 2027
Fair Value	[3],[8],[15]	$ 7,500,000
Cost	[3],[9],[15]	$ 7,373,166
Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[6],[11]			3.06%
Par Amount	[3],[6],[7]			$ 19,561,424
Maturity	[3],[6]			Dec. 31, 2024
Fair Value	[3],[6],[8]			$ 3,697,109
Cost	[3],[6],[10]			$ 13,916,082
Warrants [Member] \| Services Business [Member] \| Altisource S.A.R.L [Member]
% of Net Assets	[3],[4],[5]	0.14%
Par Amount	[3],[5],[7]	$ 75,080
Maturity	[3],[5]	May 22, 2027
Fair Value	[3],[5],[8]	$ 206,470
Cost	[3],[5],[9]
First Lien Term Loans [Member] \| Aerospace & Defense [Member] \| Arcline FM Holdings, LLC [Member]
% of Net Assets	[3],[4]	1.80%
Par Amount	[3],[7]	$ 2,679,494
Maturity	[3]	Jun. 23, 2028
Fair Value	[3],[8]	$ 2,644,660
Cost	[3],[9]	$ 2,591,013
First Lien Term Loan [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| CB&L Associates Holdco I, LLC [Member]
% of Net Assets	[3],[4]	3.53%
Par Amount	[3],[7]	$ 5,916,102
Maturity	[3]	Nov. 01, 2025
Fair Value	[3],[8]	$ 5,191,380
Cost	[3],[9]	$ 4,990,179
First Lien Term Loan [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
% of Net Assets	[3],[4]	3.24%
Par Amount	[3],[7]	$ 4,812,500
Maturity	[3]	Nov. 13, 2025
Fair Value	[3],[8]	$ 4,764,375
Cost	[3],[9]	$ 4,812,500
First Lien Term Loan [Member] \| Consumer Discretionary [Member] \| Deer Management Systems LLC [Member]
% of Net Assets	[3],[4]	2.26%
Par Amount	[3],[7]	$ 3,357,500
Maturity	[3]	May 01, 2028
Fair Value	[3],[8]	$ 3,323,925
Cost	[3],[9]	$ 3,294,306
First Lien Term Loan [Member] \| Services: Consumer [Member] \| Staples, Inc. [Member]
% of Net Assets	[3]	2.48%	[4]	2.89%	[11]
Par Amount	[3],[7]	$ 3,692,159		$ 3,730,720
Maturity	[3]	Sep. 12, 2024		Sep. 12, 2024
Fair Value	[3],[8]	$ 3,648,315		$ 3,488,223
Cost	[3]	$ 3,655,672	[9]	$ 3,659,706	[10]
Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
% of Net Assets	[3],[4]	0.48%
Par Amount	[3],[7]	$ 714,286
Maturity	[3]	Nov. 13, 2025
Fair Value	[3],[8]	$ 707,143
Cost	[3],[9]	$ 714,286
Revolving Credit Facility [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[4],[15]	3.15%
Par Amount	[3],[7],[15]	$ 4,632,177
Maturity	[3],[15]	Aug. 31, 2024
Fair Value	[3],[8],[15]	$ 4,632,177
Cost	[3],[9],[15]	$ 4,632,177
Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
% of Net Assets	[3],[4],[6]			0.58%
Par Amount	[3],[6],[7]			$ 714,286
Maturity	[3],[6]			Nov. 13, 2025
Fair Value	[3],[6],[8]			$ 700,000
Cost	[3],[6],[10]			$ 714,286
Revolving Credit Facility [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[11],[16]			3.44%
Par Amount	[3],[7],[16]			$ 4,416,555
Maturity	[3],[16]			May 01, 2023
Fair Value	[3],[8],[16]			$ 4,151,562
Cost	[3],[10],[16]			$ 4,416,555
Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
% of Net Assets	[4]	2.72%
Par Amount	[3],[7]	$ 4,100,000
Maturity	[3]	Aug. 02, 2027
Fair Value	[3],[8]	$ 4,003,908
Cost	[3],[9]	$ 4,100,000
Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| First Brands Group, LLC [Member]
% of Net Assets	[3],[4]	2.64%
Par Amount	[3],[7]	$ 3,919,598
Maturity	[3]	Mar. 30, 2027
Fair Value	[3],[8]	$ 3,880,402
Cost	[3],[9]	$ 3,919,598
Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[3],[4]	3.25%
Par Amount	[3],[7]	$ 4,924,535
Maturity	[3]	Mar. 12, 2029
Fair Value	[3],[8]	$ 4,776,799
Cost	[3],[9]	$ 4,883,570
Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[3],[11],[19]			5.45%
Par Amount	[3],[7],[19]			$ 6,666,667
Maturity	[3],[19]			Dec. 30, 2026
Fair Value	[3],[8],[19]			$ 6,591,667
Cost	[3],[10],[19]			$ 6,575,847
Senior Secured First Lien Term Loan [Member] \| Metals & Mining [Member] \| Kemmerer Holdings, LLC [Member]
% of Net Assets	[3],[4],[6]	2.30%
Par Amount	[3],[7]	$ 3,383,877
Maturity	[3],[6]	Jun. 21, 2025
Fair Value	[3],[6],[8]	$ 3,383,877
Cost	[3],[6],[9]	$ 3,383,877
Senior Secured Notes [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| PHH Mortgage Corp [Member]
% of Net Assets	[3],[4]	4.66%
Par Amount	[3],[7]	$ 7,686,000
Maturity	[3]	Mar. 15, 2026
Fair Value	[3],[8]	$ 6,845,344
Cost	[3],[9]	$ 6,895,720
Senior Secured Notes [Member] \| Construction & Building [Member] \| Innovate Corp. [Member]
% of Net Assets	[3],[4],[5]	1.41%
Par Amount	[3],[5],[7]	$ 2,750,000
Maturity	[3],[5]	Feb. 01, 2026
Fair Value	[3],[5],[8]	$ 2,076,250
Cost	[3],[5],[9]	$ 2,615,913
Equity - 10,000,000 Units [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[3],[4]	7.98%		8.48%
Par Amount	[3],[7]	$ 10,000,000		$ 10,000,000
Fair Value	[3],[8]	11,733,525		10,248,798
Cost	[3],[9]	$ 10,000,000		$ 10,000,000
Warrants - 0.62% of Outstanding Equity [Member] \| Containers, Packaging & Glass [Member] \| Lighting Science Group Corporation [Member]
% of Net Assets	[3],[4]	0%		0%
Par Amount	[3],[7]	$ 5,000,000		$ 5,000,000
Fair Value	[3],[8]
Cost	[3],[9]	$ 955,680		$ 955,680
Second Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]	0.93%
Par Amount	[3],[7]	$ 1,361,240
Maturity	[3]	Oct. 02, 2029
Fair Value	[3],[8]	$ 1,361,240
Cost	[3],[9]	$ 1,334,015
First Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]	0.47%
Par Amount	[3],[7]	$ 689,541
Maturity	[3]	Oct. 02, 2028
Fair Value	[3],[8]	$ 689,541
Cost	[3],[9]	$ 626,519
Senior Secured First Lien Term Loan [Member] \| Services Business [Member] \| Point.360 [Member]
% of Net Assets	[3]	0%	[4]	0%	[11]
Par Amount	[3],[7]	$ 2,777,366		$ 2,777,366
Maturity	[3]	Jul. 08, 2020		Jul. 08, 2020
Fair Value	[3],[8]
Cost	[3]	$ 2,103,712	[9]	$ 2,103,712	[10]
Senior Secured First Lien Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
% of Net Assets	[3],[4]			5.14%
Par Amount	[3],[7]			$ 7,218,750
Maturity	[3]			Jul. 30, 2027
Fair Value	[3],[8]			$ 6,208,125
Cost	[3],[9]			$ 7,095,116
Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
% of Net Assets	[3],[4],[6]			3.49%
Par Amount	[3],[6],[7]			$ 4,550,000
Maturity	[3],[6]			Aug. 02, 2027
Fair Value	[3],[6],[8]			$ 4,220,000
Cost	[3],[6],[10]			$ 4,550,000
Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| Power Stop LLC [Member]
% of Net Assets	[3],[4]	3.84%
Par Amount	[3],[7]	$ 6,919,937
Maturity	[3]	Jan. 26, 2029
Fair Value	[3],[8]	$ 5,639,748
Cost	[3],[9]	$ 6,515,010
Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
% of Net Assets	[3],[11]			4.03%
Par Amount	[3],[7]			$ 4,974,999
Maturity	[3]			Mar. 10, 2029
Fair Value	[3],[8]			$ 4,875,500
Cost	[3],[10]			$ 4,927,870
Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[3],[4]	4.54%
Par Amount	[3],[7]	$ 6,666,667
Maturity	[3]	Dec. 30, 2026
Fair Value	[3],[8]	$ 6,666,667
Cost	[3],[9]	$ 6,592,976
Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc [Member]
% of Net Assets	[3],[4]	2.31%
Par Amount	[3],[7]	$ 3,430,517
Maturity	[3]	Dec. 16, 2028
Fair Value	[3],[8]	$ 3,396,212
Cost	[3],[9]	$ 3,418,570
Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[3],[11],[17]			2.78%
Par Amount	[3],[7],[17]			$ 3,465,345
Maturity	[3],[17]			Dec. 16, 2028
Fair Value	[3],[8],[17]			$ 3,361,385
Cost	[3],[10],[17]			$ 3,451,574
Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| First Brands Group, LLC [Member]
% of Net Assets	[3],[4]			3.25%
Par Amount	[3],[7]			$ 3,959,799
Maturity	[3]			Mar. 30, 2027
Fair Value	[3],[8]			$ 3,930,101
Cost	[3],[9]			$ 3,959,799
Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| Power Stop LLC [Member]
% of Net Assets	[3],[11]			3.33%
Par Amount	[3],[7]			$ 4,975,000
Maturity	[3]			Jan. 26, 2029
Fair Value	[3],[8]			$ 4,029,750
Cost	[3],[10]			$ 4,930,071
Senior Secured First Lien Term Loan [Member] \| Metals & Mining [Member] \| Kemmerer Operations, LLC [Member]
% of Net Assets	[3],[11],[16],[17]			1.97%
Par Amount	[3],[7],[16],[17]			$ 2,378,510
Maturity	[3],[16],[17]			Jun. 21, 2023
Fair Value	[3],[8],[16],[17]			$ 2,378,510
Cost	[3],[10],[16],[17]			$ 2,378,510
Senior Secured First Lien Term Loan [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
% of Net Assets	[3],[4],[6]			3.94%
Par Amount	[3],[6],[7]			$ 4,862,500
Maturity	[3],[6]			Nov. 13, 2025
Fair Value	[3],[6],[8]			$ 4,765,250
Cost	[3],[6],[10]			$ 4,862,500
Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[11],[16],[19]			1.28%
Par Amount	[3],[7],[16],[19]			$ 8,412,596
Maturity	[3],[16],[19]			Jan. 31, 2024
Fair Value	[3],[8],[16],[19]			$ 1,547,918
Cost	[3],[10],[16],[19]			$ 7,767,533
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[4],[15]	0.60%
Par Amount	[3],[7],[15]	$ 875,749
Maturity	[3],[15]	Jan. 31, 2024
Fair Value	[3],[8],[15]	$ 875,749
Cost	[3],[9],[15]	$ 875,749
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
% of Net Assets	[3],[4]	2.18%
Par Amount	[3],[7]	$ 3,200,000
Maturity	[3]	Dec. 30, 2026
Fair Value	[3],[8]	$ 3,200,000
Cost	[3],[9]	$ 3,160,542
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
% of Net Assets	[3],[11],[17]			0%
Par Amount	[3],[7],[17]
Maturity	[3],[17]			Dec. 16, 2028
Fair Value	[3],[8],[17]
Cost	[3],[10],[17]			$ (970)
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[11],[16]			0.63%
Par Amount	[3],[7],[16]			$ 758,929
Maturity	[3],[16]			Jan. 31, 2024
Fair Value	[3],[8],[16]			$ 758,929
Cost	[3],[10],[16]			$ 758,929
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[6],[11],[19]			5.95%
Par Amount	[3],[6],[7],[19]			$ 7,309,885
Maturity	[3],[6],[19]			Dec. 31, 2024
Fair Value	[3],[6],[8],[19]			$ 7,192,927
Cost	[3],[6],[10],[19]			$ 7,309,885
Fund Investment [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Tamarix Capital Partners II, L.P [Member]
% of Net Assets	[3],[4],[5]	0.54%
Par Amount	[3],[5],[7]
Fair Value	[3],[5],[8]	792,346
Cost	[3],[5],[9]	$ 1,026,818
Senior Secured First Lien Term Loans Four [Member] \| Media: Broadcasting & Subscription [Member] \| Thryv Holdings, Inc [Member]
% of Net Assets	[3],[4]	5.21%
Par Amount	[3],[7]	$ 7,656,442
Maturity	[3]	Mar. 01, 2026
Fair Value	[3],[8]	$ 7,661,227
Cost	[3],[9]	$ 7,604,838
Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[4],[15]	0%
Par Amount	[3],[7],[15]	$ 9,946,741
Maturity	[3],[15]	Aug. 31, 2024
Fair Value	[3],[8],[15]
Cost	[3],[9],[15]	$ 9,473,068
Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[11],[16]			1.24%
Par Amount	[3],[7],[16]			$ 1,500,000
Maturity	[3],[16]			Jan. 31, 2024
Fair Value	[3],[8],[16]			$ 1,500,000
Cost	[3],[10],[16]			$ 1,500,000
Equity - 17.92% Membership Interest [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[4],[15]	0%
Par Amount	[3],[7],[15]
Fair Value	[3],[8],[15]
Cost	[3],[9],[15]
Equity - 17.92% Membership Interest [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[11],[16]			0%
Par Amount	[3],[7],[16]
Fair Value	[3],[8],[16]
Cost	[3],[10],[16]
Equity 625,548 Class A Units [Member] \| High Tech Industries [Member] \| FST Holdings Parent, LLC [Member]
% of Net Assets	[3],[4],[15]	6.81%
Par Amount	[3],[7],[15]	$ 625,548
Fair Value	[3],[8],[15]	10,000,003
Cost	[3],[9],[15]	$ 10,000,000
Convertible Promissory Note [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
% of Net Assets	[3]	6.91%	[4],[15]	4.14%	[11]
Par Amount	[3],[7]	$ 500,000	[15]	$ 5,000,000
Fair Value	[3],[8]	10,150,000	[15]	5,000,000
Cost		$ 5,000,000	[3],[9],[15]	$ 5,000,000	[10]
Senior Secured First Lien Term Loan C [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[11],[16]			0%
Par Amount	[3],[7],[16]			$ 1,231,932
Maturity	[3],[15],[16]			May 01, 2023
Fair Value	[3],[8],[16]
Cost	[3],[10],[16]			$ 1,191,257
Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[6],[11]			0%
Par Amount	[3],[6],[7]			$ 13,199,860
Maturity	[3],[6]			Dec. 31, 2024
Fair Value	[3],[6],[8]
Cost	[3],[6],[10]			$ 7,570,056
Equity - 417 Common Units [Member] \| Containers, Packaging & Glass [Member] \| Be Green Packaging, LLC [Member]
% of Net Assets	[3],[4],[6]			0%
Par Amount	[3],[6],[7]			$ 1
Fair Value	[3],[6],[8]
Cost	[3],[6],[10]			$ 416,250
Equity - 3,434,169.6 Common Units [Member] \| Services Business [Member] \| Boostability Seotowncenter, Inc. [Member]
% of Net Assets	[3],[4],[6]			0%
Par Amount	[3],[6],[7]			$ 833,152
Fair Value	[3],[6],[8]
Cost	[3],[6],[10]			$ 66,475
Equity - 117,310 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Chimera Investment Corp [Member]
% of Net Assets	[3],[4],[5],[6]			1.59%
Par Amount	[3],[5],[6],[7]			$ 117,310
Fair Value	[3],[5],[6],[8]			1,915,672
Cost	[3],[5],[6],[10]			$ 2,884,724
Equity Certificates [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Copper Property CTL Pass Through Trust [Member]
% of Net Assets	[3],[4],[6]			4.86%
Par Amount	[3],[6],[7]			$ 437,795
Fair Value	[3],[6],[8]			5,877,398
Cost	[3],[6],[10]			$ 6,314,757
Senior Secured Second Lien Term Loans [Member] \| Aerospace & Defense [Member] \| CPI International, Inc. [Member]
% of Net Assets	[3],[4],[6]			2.16%
Par Amount	[3],[6],[7]			$ 2,607,062
Maturity	[3],[6]			Jul. 28, 2025
Fair Value	[3],[6],[8]			$ 2,607,062
Cost	[3],[6],[10]			$ 2,602,547
Preferred Equity [Member] \| Construction & Building [Member] \| Dream Finders Homes, LLC [Member]
% of Net Assets	[3],[4],[6]			4.10%
Par Amount	[3],[6],[7]			$ 5,309,341
Fair Value	[3],[6],[8]			4,950,961
Cost	[3],[6],[10]			$ 5,309,341
Equity - 150 Common Units [Member] \| Services Business [Member] \| Footprint Holding Company Inc. [Member]
% of Net Assets	[3],[4]			0%
Par Amount	[3],[7]			$ 150
Fair Value	[3],[8]
Cost	[3],[9]
Equity - 529,914 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Franklin BSP Realty Trust, Inc. [Member]
% of Net Assets	[3],[4]			4.72%
Par Amount	[3],[7]			$ 529,914
Fair Value	[3],[8]			5,707,174
Cost	[3],[9]			$ 8,754,386
Equity - 3.8% Membership Interest [Member] \| Consumer goods: Non-durable [Member] \| Global Accessories Group, LLC [Member]
% of Net Assets	[3],[4]			0%
Par Amount	[3],[7]			$ 380
Fair Value	[3],[8]
Cost	[3],[9]			$ 151,337
Equity - 254,922 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Great AJAX Corp. [Member]
% of Net Assets	[3],[4]			1.58%
Par Amount	[3],[7]			$ 254,922
Fair Value	[3],[8]			1,914,464
Cost	[3],[9]			$ 3,333,786
8.50% Senior Secured Notes [Member] \| Construction & Building [Member] \| Innovate Corp. [Member]
% of Net Assets	[3],[4]			1.37%
Par Amount	[3],[7]			$ 2,250,000
Maturity	[3]			Feb. 01, 2026
Fair Value	[3],[8]			$ 1,659,375
Cost	[3],[9]			$ 2,252,156
Equity - 205,000 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Invesco Mortgage Capital, Inc. [Member]
% of Net Assets	[3],[4]			2.60%
Par Amount	[3],[7]			$ 205,000
Fair Value	[3],[8]			3,138,550
Cost	[3],[9]			$ 5,035,506
Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
% of Net Assets	[3],[4]			0.72%
Par Amount	[3],[7]			$ 885,050
Maturity	[3]			Nov. 12, 2026
Fair Value	[3],[8]			$ 865,137
Cost	[3],[9]			$ 888,790
Senior Secured First Lien Term Loan B [Member] \| Services: Consumer [Member] \| Thryv Holdings, Inc [Member]
% of Net Assets	[3],[11]			5.20%
Par Amount	[3],[7]			$ 6,515,633
Maturity	[3]			Mar. 01, 2026
Fair Value	[3],[8]			$ 6,287,583
Cost	[3],[10]			$ 6,406,051
Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
% of Net Assets	[3],[11]			6.08%
Par Amount	[3],[7]			$ 7,500,000
Maturity	[3]			May 31, 2027
Fair Value	[3],[8]			$ 7,350,000
Cost	[3],[10]			$ 7,350,000
Senior Secured First Lien Term Loan A [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
% of Net Assets	[3],[11]			4.05%
Par Amount	[3],[7]			$ 5,000,000
Maturity	[3]			Feb. 15, 2024
Fair Value	[3],[8]			$ 4,900,000
Cost	[3],[10]			$ 4,900,000
Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[11],[16]			0%
Par Amount	[3],[7],[16]			$ 9,946,741
Maturity	[3],[16]			May 01, 2023
Fair Value	[3],[8],[16]
Cost	[3],[10],[16]			$ 9,473,068
Equity - 97,426 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| MFA Financial, Inc. [Member]
% of Net Assets	[3],[11]			1.43%
Par Amount	[3],[7]			$ 97,426
Fair Value	[3],[8]			1,722,492
Cost	[3],[10]			$ 2,318,487
Equity - 165,000 Class E Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| New York Mortgage Trust, Inc. [Member]
% of Net Assets	[3],[11]			2.44%
Par Amount	[3],[7]			$ 165,000
Fair Value	[3],[8]			2,953,500
Cost	[3],[10]			$ 4,102,076
Equity - 81,500 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| PennyMac Financial Services, Inc. [Member]
% of Net Assets	[3],[11]			2.89%
Par Amount	[3],[7]			$ 81,500
Fair Value	[3],[8]			3,496,350
Cost	[3],[10]			$ 5,364,478
Equity - 206,684 Class B Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Rithm Capital Corp. [Member]
% of Net Assets	[3],[11],[12]			3.23%
Par Amount	[3],[7],[12]			$ 206,684
Fair Value	[3],[8],[12]			3,902,194
Cost	[3],[10],[12]			5,129,170
Unsecured Debt (9.00%) [Member]
Fair Value
Unsecured Debt (9.00%) [Member] \| Energy Oil & Gas [Member] \| Sendero Drilling Company, LLC [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 191,250
Maturity	[3]			Aug. 01, 2023
Fair Value	[3],[8]
Cost	[3],[10]			$ 182,081
Equity - 700,000 Class A Preferred Units [Member] \| Retail [Member] \| SMART Financial Operations, LLC [Member]
% of Net Assets	[3],[11]			0.10%
Par Amount	[3],[7]			$ 700,000
Fair Value	[3],[8]			120,793
Cost	[3],[10]			$ 700,000
Equity - 338,736.11 Class A Units [Member] \| Services Business [Member] \| Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
% of Net Assets	[3],[11]			0.22%
Par Amount	[3],[7]			$ 338,736
Fair Value	[3],[8]			265,269
Cost	[3],[10]			$ 308,652
Equity - 5,441 Class A Units [Member] \| Automotive [Member] \| Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[11]			0.04%
Par Amount	[3],[7]			$ 5,441
Fair Value	[3],[8]			52,342
Cost	[3],[10]			$ 302,464
Warrants - 0.65% of Outstanding Equity [Member] \| Automotive [Member] \| Velocity Pooling Vehicle, LLC [Member]
% of Net Assets	[3],[11]			0.05%
Par Amount	[3],[7]			$ 6,506
Maturity	[3]			Mar. 30, 2028
Fair Value	[3],[8]			$ 62,569
Cost	[3],[10]			$ 361,667
Equity - 13,044 Common Units [Member] \| Consumer goods: Durable [Member] \| Walker Edison Furniture Company LLC [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 13,044
Fair Value	[3],[8]
Cost	[3],[10]			$ 2,114,646
Equity - 1.30% Partnership Interest [Member] \| Automotive [Member] \| Watermill QMC Midco, Inc [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 518,283
Fair Value	[3],[8]
Cost	[3],[10]			$ 518,283
Equity - 350 Common Shares [Member] \| Aerospace & Defense [Member] \| Wingman Holdings, Inc [Member]
% of Net Assets	[3],[11]			0%
Par Amount	[3],[7]			$ 350
Fair Value	[3],[8]
Cost	[3],[10]			$ 700,000
Equity - 21,562 Class A Units [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[11],[16]
Par Amount	[3],[7],[16]			$ 21,562
Fair Value	[3],[8],[16]
Cost	[3],[10],[16]
Equity - 6.78 Common Units [Member] \| Metals & Mining [Member] \| Kemmerer Operations, LLC [Member]
% of Net Assets	[3],[11],[17]			0.57%
Par Amount	[3],[7],[17]			$ 7
Fair Value	[3],[8],[17]			694,702
Cost	[3],[10],[17]			$ 962,717
Equity - 33,300 Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| US Multifamily, LLC [Member]
% of Net Assets	[3],[11],[16]			1.06%
Par Amount	[3],[7],[16]			$ 33,300
Fair Value	[3],[8],[16]			1,282,571
Cost	[3],[10],[16]			$ 2,137,315
Equity Interest [Member] \| Services Business [Member] \| FlexFIN, LLC [Member]
% of Net Assets	[3],[6],[11]			39.01%
Par Amount	[3],[6],[7]			$ 47,136,146
Fair Value	[3],[6],[8]			47,136,146
Cost	[3],[6],[10]			$ 47,136,146
Equity - 1,000 Class A Units [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[6],[11]			0%
Par Amount	[3],[6],[7]			$ 9,551,135
Fair Value	[3],[6],[8]
Cost	[3],[6],[10]			$ 9,550,924
Packaging [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Secure Acquisition Inc one [Member]
% of Net Assets	[3],[4]	0%
Par Amount	[3],[7]
Maturity	[3]	Dec. 16, 2028
Fair Value	[3],[8]
Cost	[3],[9]	$ (970)
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[4],[6],[18],[20]	3.43%
Par Amount	[3],[7],[18],[20]	$ 17,552,420
Maturity	[3],[6],[18],[20]	Dec. 31, 2024
Fair Value	[3],[6],[8],[18],[20]	$ 5,037,547
Cost	[3],[6],[9],[18],[20]	$ 13,916,083
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[4],[6],[19],[21]	4.91%
Par Amount	[3],[7],[19],[21]	$ 7,309,552
Maturity	[3],[6],[19],[21]	Dec. 31, 2024
Fair Value	[3],[6],[8],[19],[21]	$ 7,214,856
Cost	[3],[6],[9],[19],[21]	$ 7,309,885
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Equity - 1,000 Class A Units [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[4],[6],[18]	0%
Par Amount	[3],[7],[18]	$ 1,000
Fair Value	[3],[6],[8],[18]
Cost	[3],[6],[9],[18]	$ 9,550,924
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
% of Net Assets	[3],[4],[15]	0.51%
Par Amount	[3],[7],[15]	$ 1,231,932
Maturity	[3],[15]	Aug. 31, 2024
Fair Value	[3],[8],[15]	$ 751,479
Cost	[3],[9],[15]	$ 1,191,257
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
% of Net Assets	[3],[4],[6],[18],[20]	0%
Par Amount	[3],[7],[18],[20]	$ 11,506,159
Maturity	[3],[6],[18],[20]	Dec. 31, 2024
Fair Value	[3],[6],[8],[18],[20]
Cost	[3],[6],[9],[18],[20]	$ 7,570,055
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[4],[15]	0.99%
Par Amount	[3],[7],[15]	$ 13,029,115
Maturity	[3],[15]	Jan. 31, 2024
Fair Value	[3],[8],[15]	$ 1,459,249
Cost	[3],[9],[15]	$ 7,767,533
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
% of Net Assets	[3],[4],[15]	1.31%
Par Amount	[3],[7],[15]	$ 1,920,960
Maturity	[3],[15]	Jan. 31, 2024
Fair Value	[3],[8],[15]	$ 1,920,960
Cost	[3],[9],[15]	$ 1,920,960
Affiliated Investments [Member] \| Portfolio Company [Member] \| Minimum [Member]
% of Net Assets	[3],[4],[15]
Par Amount	[3],[7],[15]	$ 21,562
Fair Value	[3],[8],[15]
Cost	[3],[9],[15]

[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. All of our investments are domiciled in the United States. Certain investments also have international operations. Percentage is based on net assets of $146,705,535 as of September 30, 2023. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2023, non-qualifying assets represented 20.21% of total assets. 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). Net unrealized depreciation for U.S. federal income tax purposes totaled $(69,642,639). The tax cost basis of investments is $262,599,288 as of September 30, 2022. Percentage is based on net assets of $120,845,408 as of September 30, 2022. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2022, 17.24% of the Company’s portfolio investments were non-qualifying assets. The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024. The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 6.429% spread on 1/15/2025. Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (the “1940 Act”), as investments in companies in which the Company owns between 5% and 25% outstanding voting securities or is under common control with such portfolio company. 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 has an unfunded commitment as of September 30, 2022 (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. Non-income producing security. The investment has an unfunded commitment as of September 30, 2023 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. The investment was on non-accrual status as of September 30, 2023. The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parentheticals) - $ / shares		12 Months Ended
		Sep. 30, 2022		Sep. 30, 2023
Services: Business [Member] \| Equity - 833,152 Common Units [Member] \| Boostability Seotowncenter, Inc. [Member]
Equity common units (in Shares)	[1],[2]			833,152
Services: Business [Member] \| Equity - 338,736.11 Class A Units [Member] \| Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[1],[2]			338,736.11
Containers, packaging & Glass [Member] \| Equity - 417 Common Units [Member] \| Be Green Packaging, LLC [Member]
Equity common units (in Shares)	[1],[2]			417
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 117,310 Class C Preferred Units [Member] \| Chimera Investment Corp [Member]
Equity common units (in Shares)	[1],[3],[4],[5]			117,310
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 163,601 Class D Preferred Units [Member] \| Chimera Investment Corp [Member]
Equity common units (in Shares)	[1],[4],[5],[6]			163,601
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 226,107 Common Units [Member] \| Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[1],[4],[5]			226,107
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 205,000 Class C Preferred Units [Member] \| Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[1],[4],[5],[7]			205,000
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 97,426 Class C Preferred Units [Member] \| MFA Financial, Inc. [Member]
Equity common units (in Shares)	[1],[4],[5],[8]			97,426
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 165,000 Class E Preferred Units [Member] \| New York Mortgage Trust, Inc. [Member]
Equity common units (in Shares)	[1],[4],[5],[9]			165,000
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 29,500 Common Unit [Member] \| PennyMac Financial Services, Inc. [Member]
Equity common units (in Shares)	[1],[4],[5]			29,500
Banking, Finance, Insurance & Real Estate [Member] \| Equity - 206,684 Class B Preferred Units [Member] \| Rithm Capital Corp. [Member]
Equity common units (in Shares)	[1],[4],[5],[10]			206,684
Consumer Discretionary [Member] \| Equity180,739 Membership Units[ Member] \| Lucky Bucks, LLC [Member]
Equity common units (in Shares)	[1],[2]			180,739
Consumer goods: Non-durable [Member] \| Equity - 3.8% Membership Interest [Member] \| Global Accessories Group, LLC [Member]
Equity common units (in Shares)	[1],[2]			3.8
Retail [Member] \| Equity - 700,000 Class A Preferred Units [Member] \| SMART Financial Operations, LLC [Member]
Equity common units (in Shares)	[1],[2]			700,000
Automotive [Member] \| Equity - 5,441 Class A Units [Member] \| Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[1],[2]			5,441
Aerospace and Defense [Member] \| Equity - 350 Common Units [Member] \| Wingman Holdings, Inc [Member]
Equity common units (in Shares)	[1],[2]			350
Energy Oil & Gas [Member] \| Equity - 21,562 Class A Units [Member] \| 1888 Industrial Services, LLC
Equity common units (in Shares)	[1],[2],[11]			21,562
Metals & Mining [Member] \| Equity - 31 Common Units [Member] \| Kemmerer Holdings, LLC [Member]
Equity common units (in Shares)	[1],[12]			31
First Lien Term Loan [Member] \| Services: Consumer [Member] \| Staples, Inc. [Member]
Investment interest rate	[1],[13]			4.50%
Senior Secured Notes [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| PHH Mortgage Corp [Member]
Investment interest rate	[1],[13]			7.875%
Senior Secured Notes [Member] \| Construction & Building [Member] \| Innovate Corp. [Member]
Equity common units (in Shares)	[1],[4],[13]			8.5
Equity - 10,000,000 Units [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
Equity common units (in Shares)	[1],[2]			10,000,000
Warrants - 0.62% of Outstanding Equity [Member] \| Containers, packaging & Glass [Member] \| Lighting Science Group Corporation [Member]
Warrants of outstanding equity	[1],[2]			0.62%
Investment interest rate (in Dollars per share)		$ 0.62
Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| Power Stop LLC [Member]
Investment interest rate	[1]	0.50%
Senior Secured First Lien Term Loan [Member] \| Metals & Mining [Member] \| Kemmerer Operations, LLC [Member]
Investment interest rate	[1],[11],[14]	15%
Equity - 17.92% Membership Interest [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Equity common units (in Shares)	[1],[11]	17.92		17.92	[2]
Equity 625,548 Class A Units [Member] \| High Tech Industries [Member] \| FST Holdings Parent, LLC [Member]
Equity common units (in Shares)	[1],[11]			625,548
Equity 500,000 Class A Units [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Equity common units (in Shares)	[1],[2],[11]			500,000
Equity - 417 Common Units [Member] \| Containers, packaging & Glass [Member] \| Be Green Packaging, LLC [Member]
Equity common units (in Shares)	[1]	417
Equity - 3,434,169.6 Common Units [Member] \| Services: Business [Member] \| Boostability Seotowncenter, Inc. [Member]
Equity common units (in Shares)	[1]	3,434,169.6
Equity - 117,310 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Chimera Investment Corp [Member]
Equity common units (in Shares)	[1],[4],[15],[16]	117,310
Preferred Equity [Member] \| Construction & Building [Member] \| Dream Finders Homes, LLC [Member]
Equity common units (in Shares)	[1]	8
Equity - 150 Common Units [Member] \| Services: Business [Member] \| Footprint Holding Company Inc. [Member]
Equity common units (in Shares)		150
Equity - 529,914 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Franklin BSP Realty Trust, Inc [Member]
Equity common units (in Shares)	[1],[16]	529,914
Equity - 3.8% Membership Interest [Member] \| Consumer goods: Non-durable [Member] \| Global Accessories Group, LLC [Member]
Investment interest rate	[1]	3.80%
Equity - 254,922 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Great AJAX Corp [Member]
Equity common units (in Shares)		254,922
8.50% Senior Secured Notes [Member] \| Construction & Building [Member] \| Innovate Corp. [Member]
Investment interest rate	[1],[17]	8.50%
Equity - 205,000 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Invesco Mortgage Capital, Inc [Member]
Equity common units (in Shares)	[16],[18]	205,000
Equity - 97,426 Class C Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| MFA Financial, Inc. [Member]
Equity common units (in Shares)	[1],[4],[5],[19]	97,426
Equity - 165,000 Class E Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| New York Mortgage Trust, Inc. [Member]
Equity common units (in Shares)	[1],[4],[16]	165,000
Equity - 81,500 Common Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| PennyMac Financial Services, Inc. [Member]
Equity common units (in Shares)	[1],[4],[5]	81,500
Equity - 206,684 Class B Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| Rithm Capital Corp. [Member]
Equity common units (in Shares)	[1],[4],[16],[20]	206,684
Unsecured Debt (9.00%) [Member] \| Energy Oil & Gas [Member] \| Sendero Drilling Company, LLC [Member]
Investment interest rate	[1],[21]	9%
Equity - 700,000 Class A Preferred Units [Member] \| Retail [Member] \| SMART Financial Operations, LLC [Member]
Equity common units (in Shares)	[1]	700,000
Equity - 338,736.11 Class A Units [Member] \| Services: Business [Member] \| Stancor (dba Industrial Flow Solutions Holdings, LLC) [Member]
Equity common units (in Shares)	[1]	338,736.11
Equity - 5,441 Class A Units [Member] \| Automotive [Member] \| Velocity Pooling Vehicle, LLC [Member]
Equity common units (in Shares)	[1]	5,441
Equity - 13,044 Common Units [Member] \| Consumer goods: Durable [Member] \| Walker Edison Furniture Company LLC [Member]
Equity common units (in Shares)	[1]	13,044
Equity - 350 Common Shares [Member] \| Aerospace & Defense [Member] \| Wingman Holdings, Inc [Member]
Equity common units (in Shares)	[1]	350
Equity - 21,562 Class A Units [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Equity common units (in Shares)	[1],[11],[14]	21,562
Equity - 6.78 Common Units [Member] \| Metals & Mining [Member] \| Kemmerer Operations, LLC [Member]
Equity common units (in Shares)	[1],[11]	6.78
Equity - 33,300 Preferred Units [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| US Multifamily, LLC [Member]
Equity common units (in Shares)	[1],[11]	33,300
Equity - 1,000 Class A Units [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Equity common units (in Shares)	[1],[12]	1,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan B [Member] \| Services: Business [Member] \| Altisource S.A.R.L [Member]
Investment interest rate	[1],[2],[4],[22]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[1],[23],[24]			5.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Investment interest rate	[1],[11],[23],[24]			9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| First Lien Term Loans [Member] \| Aerospace Sector [Member] \| Arcline FM Holdings, LLC [Member]
Investment interest rate	[1],[22],[23]			4.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| First Lien Term Loan [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[13],[23],[24]			2.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan one [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1],[22],[23]			5.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1],[22],[23]			5.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loans [Member] \| Consumer Discretionary [Member] \| Deer Management Systems LLC [Member]
Investment interest rate	[1],[14],[22],[23]			8.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
Investment interest rate	[1],[13],[23],[24]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| First Brands Group, LLC [Member]
Investment interest rate	[1],[23],[25]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[22],[23]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[21],[23],[24]			9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Second Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1],[23],[24]			7.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| First Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1],[23],[24]			7.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| Power Stop LLC [Member]
Investment interest rate	[1],[23],[24]			4.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[23]	5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc [Member]
Investment interest rate	[1],[22],[23]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| First Brands Group, LLC [Member]
Investment interest rate	[1]	5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14],[21]	9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc one [Member]
Investment interest rate	[1],[14],[22],[23],[26]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14]	9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[23],[24]			6.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[23],[24]			9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[2],[11],[21],[22]			5%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[23],[24]			9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14]	9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Investment interest rate	[1],[23]	9%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] \| Senior Secured First Lien Term Loan A [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Investment interest rate	[1],[23]	9%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Services: Business [Member] \| Altisource S.A.R.L [Member]
Investment interest rate	[1]	1%	[13]	3.75%	[2],[4],[22]
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[1],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[2],[12],[21]			1%
Interest Rate Floor [Member] \| First Lien Term Loans [Member] \| Aerospace & Defense [Member] \| Arcline FM Holdings, LLC [Member]
Investment interest rate	[1],[22],[23]			0.75%
Interest Rate Floor [Member] \| First Lien Term Loan [Member] \| Banking, Finance, Insurance & Real Estate [Member] \| CB&L Associates Holdco I, LLC [Member]
Investment interest rate	[1],[13],[23],[24]			1%
Interest Rate Floor [Member] \| First Lien Term Loan [Member] \| Services: Consumer [Member] \| Staples, Inc. [Member]
Investment interest rate	[1],[13]	0%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan one [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1],[22],[23]			1%
Interest Rate Floor [Member] \| Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1],[22],[23]			1%
Interest Rate Floor [Member] \| Revolving Credit Facility [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11]	1%	[27]	1%	[22],[26]
Interest Rate Floor [Member] \| Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loans [Member] \| Consumer Discretionary [Member] \| Deer Management Systems LLC [Member]
Investment interest rate	[1],[14],[22],[23]			3%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
Investment interest rate	[1],[13],[23],[24]			0.75%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| First Brands Group, LLC [Member]
Investment interest rate	[1],[23],[25]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[14]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[21],[23],[24]			1%
Interest Rate Floor [Member] \| Second Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1],[23],[24]			1%
Interest Rate Floor [Member] \| First Out Exit Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1]	0.75%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
Investment interest rate	[1],[13]	0.75%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive Sector [Member] \| Power Stop LLC [Member]
Investment interest rate	[1],[23],[24]			0.50%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[23]	0.75%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc [Member]
Investment interest rate	[1],[22],[23]			0.50%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[1],[14]	0.50%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| First Brands Group, LLC [Member]
Investment interest rate	[1]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14],[21]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc one [Member]
Investment interest rate	[1],[14],[22],[23],[26]			0.50%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[1],[14],[26]	0.50%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[14]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[14],[28]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loans Four [Member] \| Media: Broadcasting & Subscription [Member] \| Thryv Holdings, Inc. [Member]
Investment interest rate	[1],[4],[13],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[2],[11],[21],[22]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan C [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11]	1%		1%	[22]
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[2],[12],[21]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[21]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[23],[24]			1%
Interest Rate Floor [Member] \| Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Black Angus Steakhouses, LLC [Member]
Investment interest rate	[1],[11],[14]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[1]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Services: Consumer [Member] \| Thryv Holdings, Inc. [Member]
Investment interest rate	[1],[4]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Investment interest rate	[1],[23]	1%		1%	[11],[24]
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[29]	1%
Interest Rate Floor [Member] \| Senior Secured Second Lien Term Loans [Member] \| Aerospace & Defense [Member] \| CPI International, Inc. [Member]
Investment interest rate	[1]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11],[14],[21]	1%
Interest Rate Floor [Member] \| Senior Secured First Lien Term Loan A [Member] \| Hotel, Gaming & Leisure [Member] \| Maritime Wireless Holdings LLC [Member]
Investment interest rate	[1],[23]	1%
Interest Rate Floor [Member] \| Warrants - 0.65% of Outstanding Equity [Member] \| Automotive [Member] \| Velocity Pooling Vehicle, LLC [Member]
Investment interest rate	[1]	0.65%
Interest Rate Floor [Member] \| Equity - 1.30% Partnership Interest [Member] \| Automotive [Member] \| Watermill QMC Midco, Inc [Member]
Investment interest rate	[1],[30]	1.30%
Credit Spread Adjustment [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| McKissock Investment Holdings, LLC (dba Colibri) [Member]
Investment interest rate	[1],[22],[23]			0.75%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Services: Business [Member] \| Altisource S.A.R.L [Member]
Investment interest rate	[1],[13]	4%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate				9.25%
London Interbank Offered Rates (LIBOR) [Member] \| First Lien Term Loan [Member] \| Services: Consumer [Member] \| Staples, Inc. [Member]
Investment interest rate	[1],[13]	4.50%
London Interbank Offered Rates (LIBOR) [Member] \| Revolving Credit Facility [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11]	5%	[14],[27]	5%	[22],[26]
London Interbank Offered Rates (LIBOR) [Member] \| Revolving Credit Facility [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1]	6.25%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loans [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[23],[24]			6.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Consumer [Member] \| SS Acquisition, LLC (dba Soccer Shots Franchising) [Member]
Investment interest rate	[1],[14]	6.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Services: Business [Member] \| Point 360 [Member]
Investment interest rate	[1],[2],[21]			6%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Consumer Discretionary [Member] \| Lucky Bucks, LLC [Member]
Investment interest rate	[1]	5.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Media: Broadcasting & Subscription [Member] \| DirecTV Financing, LLC [Member]
Investment interest rate	[1],[13]	5%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[1],[14]	5%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| Automotive [Member] \| Power Stop LLC [Member]
Investment interest rate	[1]	4.75%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan [Member] \| High Tech Industries [Member] \| DataOnline Corp. [Member]
Investment interest rate	[1]	6.25%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Packaging [Member] \| Secure Acquisition Inc. (dba Paragon Films) [Member]
Investment interest rate	[1],[14],[26]	5%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[14]	4%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[14],[28]			4%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Delayed Draw Term Loan [Member] \| Hotel, Gaming & Leisure [Member] \| Equity - 1,000 Class A Units [Member] \| NVTN LLC [Member]
Equity common units (in Shares)	[1],[2],[12]			1,000
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loans Four [Member] \| Media: Broadcasting & Subscription [Member] \| Thryv Holdings, Inc. [Member]
Investment interest rate	[1],[4],[13],[23],[24]			8.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan C [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11]	5%		5%	[22]
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[2],[12],[21]			12%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan C [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[21]	12%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Construction & Building [Member] \| JFL-NGS-WCS Partners, LLC [Member]
Investment interest rate	[1]	5.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Services: Consumer [Member] \| Thryv Holdings, Inc. [Member]
Investment interest rate	[1],[4]	8.50%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan B [Member] \| Hotel, Gaming & Leisure [Member] \| NVTN LLC [Member]
Investment interest rate	[1],[12],[29]	9.25%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured Second Lien Term Loans [Member] \| Aerospace & Defense [Member] \| CPI International, Inc. [Member]
Investment interest rate	[1]	7.25%
London Interbank Offered Rates (LIBOR) [Member] \| Senior Secured First Lien Term Loan A [Member] \| Energy Oil & Gas [Member] \| 1888 Industrial Services, LLC
Investment interest rate	[1],[11],[14],[21]	5%
Automotive [Member] \| Warrants - 0.65% of Outstanding Equity [Member] \| Velocity Pooling Vehicle, LLC [Member]
Warrants of outstanding equity	[1],[2]			0.65%
Payment In Kind [Member] \| Senior Secured First Lien Term Loan [Member] \| Metals & Mining [Member] \| Kemmerer Holdings, LLC [Member]
Investment interest rate	[1],[12]			15%
Senior Secured First Lien Term Loan [Member] \| London Interbank Offered Rates (LIBOR) [Member] \| Services: Business [Member] \| Point 360 [Member]
Investment PIK interest rate		6%

[1] All of our investments are domiciled in the United States. Certain investments also have international operations. Non-income producing security. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 4.743% spread on 9/30/2025. The investment is not a qualifying asset as defined under Section 55(a) of 1940 Act, in a whole, or in part. As of September 30, 2023, non-qualifying assets represented 20.21% of total assets. This investment represents a Level 1 security in the ASC 820 table as of September 30, 2023 (see Note 4). The interest rate on this investment is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.379% spread on 3/30/2024. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 5.29% spread on 9/27/2027. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.345% spread on 3/31/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month SOFR plus a CSA of 0.262% plus a 6.429% spread on 1/15/2025. The interest rate on this preferred equity is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024. Affiliated Investments are defined by Investment Company Act of 1940 Act, as amended (the “1940 Act”), as investments in companies in which the Company owns between 5% and 25% outstanding voting securities or is under common control with such portfolio company. 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. This investment represents a Level 2 security in the ASC 820 table as of September 30, 2023 (see Note 4). The investment has an unfunded commitment as of September 30, 2023 (see Note 8), and fair value includes the value of any unfunded commitments. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 4.743% spread on 9/30/2025. This investment represents a Level 1 security in the ASC 820 table as of September 30, 2022 (see Note 4). This investment represents a Level 2 security in the ASC 820 table as of September 30, 2022 (see Note 4). The interest rate on this loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.29% spread on 9/27/2027. 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 loan is fixed-to-floating and will shift to 3 month LIBOR plus a 5.64% spread on 8/15/2024. The investment was on non-accrual status as of September 30, 2023. The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.27%. Credit Spread Adjustment (“CSA”) The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.17%. This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2023, and is recorded as a component of interest income on the Consolidated Statements of Operations. This investment earns 0.50% commitment fee on all unused commitment as of September 30, 2022, and is recorded as a component of interest income on the Consolidated Statements of Operations. The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. The investment was on non-accrual status as of September 30, 2022. Represents 1.3% partnership interest in Watermill-QMC Partners, LP and Watermill-EMI Partners, LP.

Organization

Organization	12 Months Ended
Organization	Sep. 30, 2023
Organization [Abstract]
Organization	Note 1. Organization PhenixFIN Corporation (“PhenixFIN.” the “Company,” “we” and “us”) is an internally-managed non-diversified closed-end management investment company incorporated in Delaware that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We completed our initial public offering (“IPO”) and commenced operations on January 20, 2011. The Company has elected, and intends to qualify annually, to be treated, for U.S. federal income tax purposes, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). On November 18, 2020, the board of directors of the Company approved the adoption of an internalized management structure, effective January 1, 2021. Until close of business on December 31, 2020 we were externally managed and advised by MCC Advisors LLC (“MCC Advisors”), pursuant to an investment management agreement. MCC Advisors was a wholly owned subsidiary of Medley LLC, which was controlled by Medley Management Inc. (OTCM: MDLM), a publicly traded asset management firm, which in turn was controlled by Medley Group LLC, an entity wholly owned by the senior professionals of Medley LLC. We use the term “Medley” to refer collectively to the activities and operations of Medley Capital LLC, Medley LLC, MDLM, Medley Group LLC, MCC Advisors, associated investment funds and their respective affiliates. Since January 1, 2021 the Company has been managed pursuant to an internalized management structure. The Company has formed and expects to continue to form certain taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow us to, among other things, hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The Company’s investment objective is to generate current income and capital appreciation. The management team seeks to achieve this objective primarily through making loans, private equity or other investments in privately-held companies. The Company may also make debt, equity or other investments in publicly-traded companies. (These investments may also include investments in other BDCs, closed-end funds or REITs.) We may also pursue other strategic opportunities and invest in other assets or operate other businesses to achieve our investment objective, such as operating and managing an asset-based lending business. The portfolio generally consists of senior secured first lien term loans, senior secured second lien term loans, senior secured bonds, preferred equity and common equity. Occasionally, we will receive warrants or other equity participation features which we believe will have the potential to increase total investment returns. Our loan and other debt investments are primarily rated below investment grade or are unrated. Investments in below investment grade securities are considered predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due. Since January 4, 2021, the common stock trades on the NASDAQ Global Market under the trading symbol “PFX.” Sale of MCC JV On October 8, 2020, the Company, Great American Life Insurance Company (“GALIC”), MCC Senior Loan Strategy JV I LLC (the “MCC JV”), and an affiliate of Golub Capital LLC (“Golub”) entered into a Membership Interest Purchase Agreement pursuant to which a fund affiliated with and managed by Golub concurrently purchased all of the Company’s interest in the MCC JV and all of GALIC’s interest in the MCC JV for a pre-adjusted gross purchase price of $156.4 million and an adjusted gross purchase price (which constitutes the aggregate consideration for the membership interests) of $145.3 million (giving effect to adjustments primarily for principal and interest payments from portfolio companies of MCC JV from July 1, 2020 through October 7, 2020), resulting in net proceeds (before transaction expenses) of $41.0 million and $6.6 million for the Company and GALIC, respectively.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Sep. 30, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP (“PhenixFIN Small Business Fund”) and PhenixFIN SLF Funding I LLC (“PhenixFIN SLF”), and its wholly owned Taxable Subsidiaries. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X of the Securities Act of 1933. Certain prior period information has been reclassified to conform to current period presentation. These reclassifications have no effect on the Company’s financial positions or its results of operations as previously recorded. 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 September 30, 2023 and 2022, we had $6.0 million and $22.8 million in cash and cash equivalents, respectively, none of which is restricted. Debt Issuance Costs Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument. Debt issuance costs related to any credit facilities and unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities. Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has had no material claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote. Revenue Recognition Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the years ended September 30, 2023, 2022 and 2021, the Company earned approximately $1.5 million, $0.8 million, $0.9 million in PIK interest, respectively. Amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. For the years ended September 30, 2023, 2022 and 2021, fee income was approximately $0.3 million, $0.4 million and $2.6 million, respectively (see Note 9). Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment using the specific identification method, without regard to unrealized gains or losses previously recognized. No losses relating to restructuring transactions occurred during the years ended September 30, 2023, 2022 and 2021. The Company reports changes in fair value of investments as a component of the net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At September 30, 2023, certain investments in four portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $6.5 million, or 2.9% of the fair value of our portfolio. At September 30, 2022, certain investments in five portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.2 million, or 2.7% of the fair value of our portfolio. Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, we would be deemed to “control” a portfolio company if we owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. We refer to such investments in portfolio companies that we “control” as “Control Investments.” Under the 1940 Act, we would be deemed to be an “Affiliated Person” of a portfolio company if we own between 5% and 25% of the portfolio company’s outstanding voting securities or we are under common control with such portfolio company. We refer to such investments in Affiliated Persons as “Affiliated Investments.” Valuation of Investments The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 - Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. We weight the use of third-party broker quotations, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by our Chief Financial Officer, the Company’s Valuation Designee, based upon input from management and third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories: ● The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business. ● The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. The Company has engaged third-party valuation firms (the “Valuation Firms”) to assist it and its Valuation Designee (the Chief Financial Officer) in the valuation of its portfolio investments. The valuation reports generated by the Valuation Firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. The Company uses a market yield analysis under the Income Approach or an enterprise model of valuation under the Market Approach, or a combination thereof. In applying the market yield analysis, the value of the Company’s loans are determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Company uses a waterfall analysis, which takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure. 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 market 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. Federal Income Taxes The Company has elected, and intends to qualify annually, to be treated as a RIC under Subchapter M of the Code. In order to continue to qualify as a RIC and be eligible for tax treatment under Subchapter M of the Code, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”), as defined by the Code, including PIK interest, and net tax exempt interest income (which is the excess of gross tax exempt interest income over certain disallowed deductions) for each taxable year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax for the calendar year ended 2022 accrued at September 30, 2023, for the calendar year ended 2021 accrued at September 30, 2022 and the calendar year ended 2020 accrued at September 30, 2021. 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 September 30, 2023 and 2022, the Company did not record a deferred tax liability on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statements of Operations. For the years ended September 30, 2023, 2022 and 2021, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of September 30, 2023 and 2022, the Company had a deferred tax asset of $23.1 million and $26.2 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of September 30, 2023 and 2022, the Company has booked a valuation allowance of $23.1 million and $26.2 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. Permanent differences between ICTI and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. During the years ended September 30, 2023, 2022 and 2021, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of net operating losses and investments in wholly-owned subsidiaries as follows: For the Years Ended September 30 2023 2022 2021 Capital in excess of par value $ 20,468,622 $ 3,276,372 $ 24,688,262 Accumulated undistributed net investment income/(loss) (20,468,622 ) (3,276,372 ) (19,047,396 ) Accumulated net realized gain/(loss) from investments - - (5,640,866 ) For income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended September 30, 2023, 2022 and 2021 were as follows: For the Years Ended September 30 2023 2022 2021 Ordinary income $ - $ 265,798 $ - Distributions of long term capital gains - - - Return of capital - - - Distributions on a tax basis $ - $ 265,798 $ - For federal income tax purposes, the cost of investments owned at September 30, 2023, 2022 and 2021 were approximately $264.1 million, $262.6 million and $206.9 million, respectively. At September 30, 2023, 2022 and 2021, the components of distributable earnings/(accumulated deficits) on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of certain fee income and organizational expenses, as follows: For the Years Ended September 30 2023 2022 2021 Undistributed ordinary income $ 2,389,267 $ - $ 265,798 Accumulated capital and other losses (1) (512,809,528 ) (485,107,934 ) (490,032,788 ) Other temporary differences (57,438 ) (73,646 ) (89,856 ) Unrealized appreciation/(depreciation) (37,631,079 ) (69,376,916 ) (55,318,332 ) Components of distributable earnings/(accumulated deficits) at year end $ (548,108,778 ) (554,558,496 ) $ (545,175,178 ) (1) Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2023, the Company had a long-term capital loss carryforward available to offset future realized capital gains of $509,966,576 and a short-term capital loss carryforward of $2,842,952 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 September 30, 2023. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities. Segments The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements. See Note 3 for further information. Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Investments

Investments	12 Months Ended
Investments	Sep. 30, 2023
Investments [Abstract]
Investments	Note 3. Investments The composition of our investments as of September 30, 2023 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 139,103 52.5 % $ 103,004 45.6 % Senior Secured Notes 9,512 3.6 8,922 3.9 Fund Investment 1,027 0.4 792 0.3 Equity/Warrants 115,369 43.5 113,743 50.2 Total Investments $ 265,011 100.0 % $ 226,461 100.0 % The composition of our investments as of September 30, 2022 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 128,482 48.7 % $ 88,248 45.6 % Senior Secured Second Lien Term Loans 2,603 1.0 2,607 1.4 Senior Secured Notes 2,252 0.9 1,659 0.9 Unsecured Debt 182 0.1 - - Equity/Warrants 129,929 49.3 100,443 52.1 Total Investments $ 263,448 100.0 % $ 192,957 100.0 % In connection with certain of the Company’s investments, the Company receives warrants that are obtained for the objective of increasing the total investment returns and are not held for hedging purposes. At September 30, 2023 and 2022, the total fair value of warrants was $206.5 thousand and $62.6 thousand, respectively, and were included in investments at fair value on the Consolidated Statements of Assets and Liabilities. During the year ended September 30, 2023, the Company acquired additional warrants in one existing portfolio company. During the year ended September 30, 2022, the Company did not acquire any additional warrants in an existing portfolio company. During the year ended September 30, 2021, the Company acquired additional warrants in one existing portfolio company. Total unrealized depreciation related to warrants for the years ended September 30, 2023, 2022 and 2021 was $143.9 thousand, $299.1 thousand and $981.4 thousand, respectively, 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 September 30, 2023 (dollars in thousands): Fair Value Percentage Services: Business $ 47,083 20.7 % Banking, Finance, Insurance & Real Estate 43,755 19.3 Hotel, Gaming & Leisure 34,158 15.1 Services: Consumer 18,292 8.1 High Tech Industries 15,472 6.8 Construction & Building 14,676 6.5 Metals & Mining 12,517 5.5 Media: Broadcasting & Subscription 11,665 5.2 Automotive 9,520 4.2 Consumer Discretionary 6,920 3.1 Energy: Oil & Gas 5,384 2.4 Packaging 3,396 1.5 Aerospace & Defense 2,645 1.2 Retail 978 0.4 Total $ 226,461 100.0 % The following table shows the portfolio composition by industry grouping at fair value at September 30, 2022 (dollars in thousands): Fair Value Percentage Services: Business $ 52,851 27.5 % Hotel, Gaming & Leisure 31,947 16.7 Banking, Finance, Insurance & Real Estate 31,910 16.5 Services: Consumer 21,243 11.0 Construction & Building 17,724 9.1 Automotive 8,075 4.2 Consumer Discretionary 6,208 3.2 High Tech Industries 5,465 2.8 Media: Broadcasting & Subscription 4,220 2.2 Energy: Oil & Gas 4,152 2.2 Packaging 3,361 1.7 Metals & Mining 3,073 1.6 Aerospace & Defense 2,607 1.4 Retail 121 0.1 Total $ 192,957 100.0 % The Company invests in portfolio companies principally located in the United States. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. The following table shows the portfolio composition by geographic location at fair value at September 30, 2023 (dollars in thousands): Fair Value Percentage Northeast $ 92,081 40.7 % Southeast 60,116 26.5 Midwest 32,782 14.5 West 25,608 11.3 Southwest 7,661 3.4 Mid-Atlantic 201 0.1 International 8,012 3.5 Total $ 226,461 100.0 % The following table shows the portfolio composition by geographic location at fair value at September 30, 2022 (dollars in thousands): Fair Value Percentage Northeast $ 92,939 48.2 % Southeast 51,797 26.8 West 20,196 10.5 Midwest 16,023 8.3 Southwest 6,288 3.3 Mid-Atlantic 265 0.1 International 5,449 2.8 Total $ 192,957 100.0 % Transactions With Affiliated/Controlled Companies The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the years ended September 30, 2023 and 2022 were as follows: Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) Unrealized Realized Fair Value at Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ - $ - $ - $ 751,479 $ - $ 751,479 $ 84,559 Revolving Credit Facility 4,151,562 215,622 - 264,993 - 4,632,177 553,233 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 116,820 - - - 875,749 232,614 Senior Secured First Lien Term Loan 1,547,918 - - (88,669 ) - 1,459,249 159,780 Senior Secured First Lien Super Priority Delayed Draw Term Loan 1,500,000 420,960 - - - 1,920,960 360,670 FST Holdings Parent, LLC Equity $ - $ 10,000,000 $ - $ 3 $ - $ 10,000,003 $ 121,385 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,378,510 $ - (2,378,510 ) - - - 89,743 Equity 694,702 $ - (962,717 ) 268,015 - - - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan A $ - $ (5,000,704 ) $ 4,900,000 $ - $ 100,704 $ - $ 218,788 Senior Secured First Lien Term Loan B $ - $ 23,166 $ 7,350,000 $ 126,834 $ - $ 7,500,000 $ 565,377 Equity $ - $ - $ 5,000,000 $ 5,150,000 $ - $ 10,150,000 $ - US Multifamily, LLC Equity 1,282,571 (1,018,344 ) - 854,744 (1,118,971 ) - - Total Affiliated Investments $ 12,314,192 $ 4,757,520 $ 13,908,773 $ 7,327,399 $ (1,018,267 ) $ 37,289,617 $ 2,386,149 Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) Controlled Unrealized Realized Fair Value at Earned Controlled Investments FlexFIN, LLC Equity Interest $ 47,136,146 $ (8,265,435 ) $ - $ - - $ 38,870,711 $ 3,716,676 Kemmerer Operations, LLC Senior Secured First Lien Term Loan - 981,911 2,378,510 - 23,456 3,383,877 557,981 Equity - 873,440 962,717 7,296,895 - 9,133,052 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,192,927 - - 21,929 - 7,214,856 667,312 Senior Secured First Lien Term Loan B 3,697,109 - - 1,340,438 - 5,037,547 - Total Controlled Investments $ 58,026,182 $ (6,410,084 ) $ 3,341,227 $ 8,659,262 $ 23,456 $ 63,640,043 $ 4,941,969 Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) of Affiliates Unrealized Realized Fair Value at September 30, Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan B $ - $ - $ - $ 19,468,870 $ (19,468,870 ) $ - $ - Senior Secured First Lien Term Loan C 24,639 - - (24,639 ) - - 79,084 Revolving Credit Facility 3,554,069 862,486 - (264,993 ) - 4,151,562 235,755 Equity - - - - - - - Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 - - - - 758,929 79,375 Senior Secured First Lien Term Loan 2,279,814 - - (731,896 ) - 1,547,918 - Senior Secured First Lien Super Priority DDTL 1,500,000 - - - - 1,500,000 156,885 Equity - - - - - - - Caddo Investors Holdings 1 LLC Equity 3,454,786 (3,448,219 ) - (925,960 ) 919,393 - - Dynamic Energy Services International LLC Senior Secured First Lien Term Loan - (4,910,671 ) - 7,328,568 (2,417,897 ) - 12 JFL-NGS Partners, LLC Equity 26,862,813 (26,807,520 ) - (26,805,513 ) 26,750,220 - - JFL-WCS Partners, LLC Equity 8,099,949 (8,084,639 ) - (7,970,361 ) 7,955,051 - - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,360,547 (3,475 ) - 21,438 - 2,378,510 368,331 Senior Secured First Lien Delayed Draw Term Loan 162,441 (163,915 ) - 1,474 - - 6,601 Equity 553,746 - - 140,956 - 694,702 - Path Medical, LLC Senior Secured First Lien Term Loan A 2,249,835 (2,460,448 ) - 3,556,057 (3,345,444 ) - (1,693 ) Senior Secured First Lien Term Loan B - - - 6,483,741 (6,483,741 ) - (2,974 ) Warrants - - - 499,751 (499,751 ) - - URT Acquisition Holdings Corporation Warrants 920,000 (1,000,000 ) - (920,000 ) 1,000,000 - - US Multifamily, LLC Senior Secured First Lien Term Loan 2,577,416 (2,577,418 ) - 2 - - 93,338 Equity 2,236,261 (1,192,685 ) - 238,995 - 1,282,571 - Total Affiliated Investments $ 57,595,245 $ (49,786,504 ) $ - $ 96,490 $ 4,408,961 $ 12,314,192 $ 1,014,714 Name of (1)(2) Type of Investment Fair Value at Purchases/ Transfers In/(Out) of Unrealized Realized Fair Value Earned Income Controlled Investments FlexFIN, LLC Equity Interest $ 2,500,000 $ 44,636,146 $ - $ - $ - $ 47,136,146 $ 3,505,220 NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 6,414,860 744,010 - 34,057 - 7,192,927 1,124,346 Super Priority Senior Secured First Lien Term Loan 977,000 (1,000,000 ) - 21,150 1,850 - 173,822 Senior Secured First Lien Term Loan B - 1,610,990 - 2,086,119 - 3,697,109 - Senior Secured First Lien Term Loan C - - - - - - - Equity - - - - - - - Total Controlled Investments $ 9,891,860 $ 45,991,146 $ - $ 2,141,326 $ 1,850 $ 58,026,182 $ 4,803,388 (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 years ended September 30, 2023, 2022 and 2021. 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 years ended September 30, 2023, 2022 and 2021. Unconsolidated Significant Subsidiaries In accordance with the SEC’s Regulation S-X and GAAP, the Company evaluated and determined that it had one subsidiary, FlexFIN, LLC, that is deemed to be a “significant subsidiary” as of September 30, 2023. In accordance with Rule 3-09, separate audited financial statements of FlexFIN, LLC for the year ended September 30, 2023 are being filed herewith as Exhibit 99.2.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The Company follows ASC 820 for measuring the fair value of portfolio investments. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Financial investments recorded at fair value in the consolidated financial statements are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. Investments which are valued using NAV as a practical expedient are excluded from this hierarchy, and certain prior period amounts have been reclassified to conform to the current period presentation. The three levels are defined below: ● Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date. ● Level 2 - Valuations based on 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 September 30, 2023 (dollars in thousands): Fair Value Hierarchy as of September 30, 2023 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 20,505 $ 82,499 $ 103,004 Senior Secured Notes - 8,922 - 8,922 Unsecured Debt - - - - Equity/Warrants 24,709 6,217 82,817 113,743 Total $ 24,709 $ 35,644 $ 165,316 $ 225,669 Investments measured at net asset value (1) 792 Total Investments, at fair value $ 226,461 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2022 (dollars in thousands): Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 13,996 $ 74,252 $ 88,248 Senior Secured Second Lien Term Loans - - 2,607 2,607 Senior Secured Notes - 1,659 - 1,659 Unsecured Debt - - - - Equity/Warrants 24,750 5,877 69,816 100,443 Total $ 24,750 $ 21,532 $ 146,675 $ 192,957 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2023 (dollars in thousands): Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Unsecured Equities/ Warrants Total Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ 69,816 $ 146,675 Purchases and other adjustments to cost 23,481 - - 29,571 53,052 Sales (including repayments or maturities) (12,840 ) (2,607 ) (191 ) (33,213 ) (48,851 ) Net realized gains/(losses) from investments 162 ) 5 9 (9,574 ) (9,398 ) Net unrealized gains/(losses) (2,556 ) (5 ) 182 26,217 23,838 Transfer in/(out) - - - - - Balance as of September 30, 2023 $ 82,499 $ - $ - $ 82,817 $ 165,316 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2022 (dollars in thousands): Senior Secured Senior Secured Secured Debt Unsecured Debt Equities/ (1) Total Balance as of September 30, 2021 $ 61,934 $ 2,490 $ 2,500 $ - $ 48,889 $ 115,813 Purchases and other adjustments to cost 59,179 - - - 71,111 130,290 Sales (58,333 ) - - (1,280 ) (52,938 ) (112,551 ) Net realized gains/(losses) from investments (23,917 ) - - (99 ) 36,101 12,085 Net unrealized gains/(losses) 35,189 117 (2,500 ) (1) 1,379 (33,347 ) (1) 838 Transfer in/(out) 200 - - - - 200 Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ - $ 69,816 $ 146,675 (1) FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021. Net change in unrealized gain (loss) for the years ended September 30, 2023 and 2022 included in earnings related to investments still held as of September 30, 2023 and 2022 was approximately $26.5 million and $(2.5) 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 year ended September 30, 2023, no investments were transferred in or out of Level 3 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 69,943 Income Approach Market Yield 8.50% - 32.0% (13.78%) Decrease Senior Secured First Lien Term Loans 751 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Increase Senior Secured First Lien Term Loans 10,939 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Increase Senior Secured First Lien Term Loans 866 Market Approach LTM EBITDA Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 38,870 Cost Approach Collateral Value N/A N/A Equity/Warrants 11,734 Market Approach LTM Multiple 5.8x – 6.8x (6.3x) Increase Equity/Warrants 22,007 Market Approach EBITDA Multiple 1.8x – 36.8x (2.8x) Increase Equity/Warrants 10,000 Recent Purchase Purchase Price N/A – N/A (N/A) N/A Equity/Warrants 206 Income Approach DLOM (Discount for lack of Marketability) 3.0x – 3.2x (3.1x) Decrease Total $ 165,316 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2022 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 65,428 Income Approach Market Yield 8.50% - 24.00% (10.57%) Senior Secured First Lien Term Loans 3,807 Market Approach EBITDA Multiple 4.0x – 5.0x (4.5x) Senior Secured First Lien Term Loans 4,152 Market Approach Revenue Multiple 0.2x – 0.3x (2.5x) Senior Secured First Lien Term Loans 865 Income Approach Market Spread 5.75% - 6.25% (6.00%) Senior Secured Second Lien Term Loans 2,607 Market Approach EBITDA Multiple 9.0x – 10.0x (9.5x) Equity/Warrants 47,138 Cost Approach Replacement Cost N/A Equity/Warrants 11,444 Market Approach EBITDA Multiple 2.0x – 21.0x (17.4x) Equity/Warrants 9,951 Market Approach Market Yield 8.50% - 13.25% (12.75%) Equity/Warrants 1,283 Market Approach Sum of the Parts/Estimated Proceeds 8.1x – 11.4x (9.8x) Total $ 146,675 The significant unobservable inputs used in the fair value measurement of the Company’s debt and derivative investments are market yields. Increases in market yields would result in lower fair value measurements. The significant unobservable inputs used in the fair value measurement of the Company’s equity/warrants investments are comparable company multiples of revenue or EBITDA for the latest twelve months (“LTM”), next twelve months (“NTM”) or a reasonable period a market participant would consider. Increases in EBITDA multiples in isolation would result in higher fair value measurement. In September 2017, the Company entered into an agreement with Global Accessories Group, LLC (“Global Accessories”), in which the Company exchanged its full position in Lydell Jewelry Design Studio, LLC for a 3.8% membership interest in Global Accessories, which is included in the Consolidated Schedule of Investments. As part of the agreement, the Company is entitled to contingent consideration in the form of cash payments (“Earnout”), as well as up to an additional 5% membership interest (“AMI”), provided Global Accessories achieves certain financial benchmarks through calendar year ended 2022. The Earnout and AMI were initially recorded with an aggregate fair value of $2.4 million on the transaction date using the Income Approach and were included on the Consolidated Statements of Assets and Liabilities in other assets. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value will be recognized in earnings. As of September 30, 2023 and September 30, 2022, the Company deemed the contingent consideration to be uncollectible.

Borrowings

Borrowings	12 Months Ended
Borrowings	Sep. 30, 2023
Borrowings [Abstract]
Borrowings	Note 5. Borrowings As a BDC, we are generally only allowed to employ leverage to the extent that our asset coverage, as defined in the 1940 Act, equals at least 200% after giving effect to such leverage. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. However, in March 2018, the Small Business Credit Availability Act modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from 200% to 150%, if certain requirements under the 1940 Act are met. Under the 1940 Act, we are allowed to increase our leverage capacity if stockholders representing at least a majority of the votes cast, when a quorum is present, approve a proposal to do so. If we receive stockholder approval, we would be allowed to increase our leverage capacity on the first day after such approval. Alternatively, the 1940 Act allows the majority of our independent directors to approve an increase in our leverage capacity, and such approval would become effective after the one-year anniversary of such approval. In either case, we would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage. No approval was requested or obtained and the Company is still subject to the 200% requirement. As of September 30, 2023, the Company’s asset coverage was 270.7% 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. As of September 30, 2022, the Company’s asset coverage was 255.0% 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 September 30, 2023 and 2022 were as follows (dollars in thousands): September 30, 2023 September 30, 2022 Aggregate Principal Amount Outstanding Carrying Value Fair Value Aggregate Principal Amount Carrying Value Fair Value 2023 Notes $ - $ - $ - $ - $ 22,522 $ 22,522 $ 22,483 $ 22,378 2028 Notes 57,500 57,500 55,811 49,105 57,500 57,500 55,480 50,255 Revolving Credit Facility 21,558 28,442 28,442 28,442 - - - - Total debt $ 79,058 $ 85,942 $ 84,253 $ 77,547 $ 80,022 $ 80,022 $ 77,963 $ 72,633 Credit Facility On December 15, 2022, the Company entered into a 3 year $50.0 million revolving credit facility (the “Credit Facility”) with Woodforest National Bank (“Woodforest’). Woodforest is the administrative agent, sole bookrunner and sole lead arranger. Under the Credit Facility, the Company is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, (d) maintaining a certain minimum stockholders’ equity, (e) maintaining a ratio of total assets to total indebtedness of the Company and its consolidated subsidiaries (subject to certain exceptions) of not less than 2.0:1.0, (f) limitations on pledging certain unencumbered assets, and (g) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. Amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets (based on their value as determined pursuant to the Credit Facility) that are pledged as collateral. As of September 30, 2023, the Company was in compliance in all respects with the terms of the Credit Facility. As of September 30, 2023 and September 30, 2022, there was $28.4 million and $0.0 million outstanding, respectively, under the Credit Facility. Outstanding loans under the Credit Facility bear a monthly interest rate at Term SOFR + 2.90%. The Company is also subject to a commitment fee of 0.25%, which shall accrue on the actual daily amount of the undrawn portion of the revolving credit. On January 17, 2023, the Company borrowed $23.2 million under the Credit Facility and used these proceeds to redeem $22.6 million in aggregate principal amount of the issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes. The 2023 Notes were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon from September 30, 2022 through, but excluding January 17, 2023 (the “Redemption Date”). Unsecured Notes 2021 Notes On December 17, 2015, the Company issued $70.8 million in aggregate principal amount of 6.50% unsecured notes that mature on January 30, 2021 (the “2021 Notes”). On January 14, 2016, the Company closed an additional $3.25 million in aggregate principal amount of the 2021 Notes, pursuant to the partial exercise of the underwriters’ option to purchase additional notes. The 2021 Notes bore interest at a rate of 6.50% per year, payable quarterly on January 30, April 30, July 30 and October 30 of each year, beginning January 30, 2016. On October 21, 2020, the Company caused notices to be issued to the holders of the 2021 Notes regarding the Company’s exercise of its option to redeem, in whole, the issued and outstanding 2021 Notes, pursuant to Section 1104 of the Indenture dated as of February 7, 2012, between the Company and U.S. Bank National Association, as trustee, and Section 101(h) of the Third Supplemental Indenture dated as of December 17, 2015. The Company redeemed $74,012,825 in aggregate principal amount of the issued and outstanding 2021 Notes on November 20, 2020 (the “Redemption Date”). The 2021 Notes were redeemed at 100% of their principal amount ($25 per 2021 Note), plus the accrued and unpaid interest thereon from October 31, 2020, through, but excluding, the Redemption Date. The Company funded the redemption of the 2021 Notes with cash on hand. 2023 Notes On March 18, 2013, the Company issued $60.0 million in aggregate principal amount of 6.125% unsecured notes that mature on March 30, 2023 (the “2023 Notes”). On March 26, 2013, the Company closed an additional $3.5 million in aggregate principal amount of the 2023 Notes, pursuant to the partial exercise of the underwriters’ option to purchase additional notes. As of March 30, 2016, the 2023 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option. The 2023 Notes bore interest at a rate of 6.125% per year, payable quarterly on March 30, June 30, September 30 and December 30 of each year, beginning June 30, 2013. On December 12, 2016, the Company entered into an “At-The-Market” (“ATM”) debt distribution agreement with FBR Capital Markets & Co., through which the Company could offer for sale, from time to time, up to $40.0 million in aggregate principal amount of the 2023 Notes. The Company sold 1,573,872 of the 2023 Notes at an average price of $25.03 per note, and raised $38.6 million in net proceeds, through the ATM debt distribution agreement. On March 10, 2018, the Company redeemed $13.0 million in aggregate principal amount of the 2023 Notes. On December 31, 2018, the Company redeemed $12.0 million in aggregate principal amount of the 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt. On December 31, 2018, the Company redeemed $12.0 million in aggregate principal amount of the 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.2 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt. On December 21, 2020, the Company announced that it completed the application process for and was authorized to transfer the listing of the 2023 Notes to the NASDAQ Global Market. The listing and trading of the 2023 Notes on the NYSE ceased at the close of trading on December 31, 2020. Effective January 4, 2021, the 2023 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNL.” On November 15, 2021, the Company caused notices to be issued to the holders of the 2023 Notes regarding the Company’s exercise of its option to redeem $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes on December 16, 2021. On December 16, 2021, the Company redeemed $55,325,000 in aggregate principal amount of the issued and outstanding 2023 Notes. The redemption was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.3 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt. On December 15, 2022, the Company caused notices to be issued to the holders of its 2023 Notes regarding the Company’s exercise of its option to redeem $22,521,800 in aggregate principal amount of issued and outstanding 2023 Notes, comprising all issued and outstanding 2023 Notes, at a price equal to 100% of the principal amount of the 2023 Notes, plus accrued and unpaid interest thereon from September 30, 2022, through, but excluding, January 17, 2023 in accordance with the terms of the indenture governing the 2023 Notes. The redemption was completed on January 17, 2023. The Company funded the redemption of the 2023 Notes with loans obtained under the Credit Facility. 2028 Notes On November 9, 2021, the Company entered into an underwriting agreement, by and between the Company and Oppenheimer & Co. Inc., as representative of the several underwriters, in connection with the issuance and sale (the “Offering”) of $57,500,000 (including the underwriters’ option to purchase up to $7,500,000 aggregate principal amount) in aggregate principal amount of its 5.25% Notes that mature on November 1, 2028 (the “2028 Notes” or the “Notes”). The Offering occurred on November 15, 2021, pursuant to the Company’s effective shelf registration statement on Form N-2 previously filed with the SEC. Effective November 16, 2021, the 2028 Notes began trading on the NASDAQ Global Market under the trading symbol “PFXNZ.” On November 15, 2021, the Company and U.S. Bank National Association, as trustee, entered into a Fourth Supplemental Indenture to its base Indenture, dated February 7, 2012, between the Company and the Trustee. The Fourth Supplemental Indenture relates to the Offering of the 2028 Notes. 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 2023 Notes and the 2028 Notes, which are or were publicly traded, is based upon closing market quotes as of the measurement date. As of September 30, 2023 and 2022 with respect to the 2028 Notes, and as of September 30, 2022 with respect to the 2023 Notes, such notes are deemed to be Level 1 in the fair value hierarchy, as defined in Note 4. As of September 30, 2023, the Credit Facility is deemed to be Level 3 in the fair value hierarchy, as defined in Note 4. Debt issuance costs related to the 2023 Notes and the 2028 Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the 2023 Notes and the 2028 Notes. As of September 30, 2023 and September 30, 2022, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): September 30, 2023 September 30, 2022 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance costs at beginning of period $ 39 $ 2,020 $ 2,059 $ 3,102 $ 2,311 $ 5,413 Amortized debt issuance costs 39 331 370 3,063 291 3,354 Unamortized debt issuance costs $ - $ 1,689 $ 1,689 $ 39 $ 2,020 $ 2,059 For the years ended September 30, 2023, 2022 and 2021, the components of interest expense, amortized debt issuance costs, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the Years Ended September 30, 2023 2022 2021 2021 Notes Interest $ - $ - $ 668 2023 Notes Interest 410 1,749 4,768 2023 Notes Premium - - (3 ) 2028 Notes Interest 3,019 2,996 - Credit Facility Interest 1,390 - - Commitment fees 56 - - Amortization of deferred financing costs 287 - - Amortization of debt issuance costs 370 368 367 Total $ 5,532 $ 5,113 $ 5,800 Weighted average stated interest rate 5.9 % 6.0 % 7.0 % Weighted average debt outstanding $ 81,600 $ 85,398 $ 82,930

Agreements

Agreements	12 Months Ended
Agreements	Sep. 30, 2023
Agreements [Abstract]
Agreements	Note 6. Agreements Investment Management Agreement and Expense Support Agreement Prior to January 1, 2021, we operated pursuant to an investment management agreement with MCC Advisors which expired on December 31, 2020. Since January 1, 2021, we have operated pursuant to an internalized management structure. In addition, prior to January 1, 2021, the Company was party to an expense support agreement with MCC Advisors and Medley LLC, which expired by its terms at the close of business on December 31, 2020, in connection with the Company’s adoption of the internalized management structure. Base Management Fee and Incentive Fee Through December 31, 2020, the investment management agreement with MCC Advisors provided for a base management fee and an incentive fee. The base management fee was calculated at an annual rate of 1.75% (0.4375% per quarter) of up to $1.0 billion of the Company’s gross assets and 1.50% (0.375% per quarter) of any amounts over $1.0 billion of the Company’s gross assets and was payable quarterly in arrears. The base management fee was to be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters and was to be appropriately pro-rated for any partial quarter. For the year ended September 30, 2021, the Company incurred base management fees to MCC Advisors of $1.1 million. No incentive fee was payable for the year ended September 30, 2021. Since January 1, 2021, the Company no longer incurs management fees under its current internalized structure. Administration Agreement In connection with the adoption by the board of directors of an internalized management structure, on November 19, 2020, the Company entered into a Fund Accounting Servicing Agreement and an Administration Servicing Agreement on customary terms with U.S. Bancorp. A U.S. Bancorp affiliate also served as the Company’s custodian. The Company’s administrative and custodial relationship with U.S. Bancorp terminated on August 9, 2022. SS&C has since served as administrator of the Company and has provided the Company with fund accounting and financial reporting services pursuant to the services agreement with the Company. Effective September 12, 2022, Computershare serves as custodian for the Company pursuant to its Loan Administration and Custodial Agreement with the Company. For the years ended September 30, 2023, 2022 and 2021, we incurred $0.3 million, $0.3 million and $0.6 million in administrator expenses, respectively. As of September 30, 2023 and 2022, $0 million and $0.1 million, respectively, were 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 January 1, 2022 and ending on December 31, 2024 (the “2022 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to 0%-200% of the target award set forth in the table below (“Target Performance Award”), based on the achievement of net asset value (“NAV”) and NAV per share goals (weighted at 30% and 70%, respectively) as of the end of the performance period (the “Performance Goals”). Performance is evaluated separately for each Performance Goal. No payment is made with respect to a Performance Goal if a threshold level of performance is not achieved. Each Performance Goal is subject to (i) a threshold level of performance at which a percentage of the Target Performance Award attributable to that Performance Goal may be paid and below which no payment is made pursuant to an award, (ii) a target level of performance at which 100% of the Target Performance Award attributable to that Performance Goal may be paid and (iii) a maximum level of performance, at which 200% of the Target Performance Award attributable to that Performance Goal may be paid, in each case subject to such other terms and conditions of an award. Between threshold, target and maximum performance levels for each Performance Goal, the portion of that award attributed to the Performance Goal shall be interpolated in a linear progression. In December 2022, pursuant to the CIP, the Compensation Committee approved awards for Mr. Lorber and Ms. McMillan for the three-year performance period commencing on January 1, 2023 and ending on December 31, 2025 (the “2023 LTIP Plan”). Each participant is eligible to receive an amount of cash equal to a percentage of the target award amount set forth above based on the factors described above. The Compensation Committee, in approving the awards, evaluated each Performance Goal separately. The Target Performance Award for each executive officer for both the 2022 LTIP plan and 2023 LTIP plan is set forth in the table below: Name and Title Dollar David Lorber, Chairman of the Board and Chief Executive Officer $ 890,000 Ellida McMillan, Chief Financial Officer 380,000 During the year ended September 30, 2023, the Company recorded an accrual of $317,000, for these awards. During the years ended September 30, 2022 and 2021, the Company did not record an accrual.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions Due from Affiliates Due from affiliates at September 30, 2023 and September 30, 2022 consists of certain legal and general and administrative expenses paid by the Company on behalf of certain of its affiliates.

Commitments

Commitments	12 Months Ended
Commitments	Sep. 30, 2023
Commitments [Abstract]
Commitments	Note 8. Commitments Insurance Reimbursements Related to Professional Fees The Company has received insurance proceeds under its insurance policy primarily relating to the legal expenses associated with the dismissed stockholder class action, captioned as FrontFour Capital Group LLC, et al. v Brook Taube et al. During the years ended September 30, 2023, 2022 and 2021, the Company received insurance proceeds of $0 million, $0 million and $2.1 million, respectively. The reimbursements have been recorded as an offset or reduction in professional fees and expenses on the Consolidated Statements of Operations. Unfunded commitments As of September 30, 2023 and 2022, we had commitments under loan and financing agreements to fund up to $3.4 million to four portfolio companies and $6.0 million to six 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 September 30, 2023 and 2022 is shown in the table below (dollars in thousands): September September SS Acquisition, LLC (dba Soccer Shots Franchisin–) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 4,000 Kemmerer Operations, L–C - Senior Secured First Lien Delayed Draw Term Loan - 908 Secure Acquisition Inc. (dba Paragon Film–) - Senior Secured First Lien Delayed Draw Term Loan 517 517 NVTN L–C - Senior Secured First Lien Delayed Draw Term Loan 220 220 Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan - 167 1888 Industrial Services, L–C - Revolving Credit Facility - 216 Deer Management Systems L–C - Senior Secured First Lien Delayed Draw Term Loan 600 - Tamarix Capital Partners II, L.–. - Fund Investment 2,038 - Total unfunded commitments 3,375 6,028 Lease obligations The Company evaluates its leases to determine whether they should be classified as operating or financing leases. PhenixFIN identified one operating lease for its office space. The lease commenced September 1, 2021 and expires November 30, 2026. Upon entering into the lease on September 1, 2021, PhenixFIN recorded a right-of-use asset and a lease liability as of that date. Total operating lease cost incurred by PhenixFIN for the years ended September 30, 2023 and 2022 was $141,330 and $129,552, respectively. During the year ended September 30, 2021, the Company made a security deposit of $72,000 and prepaid rent of $12,000 and no operating lease costs were incurred. As of September 30, 2023 and 2022, the asset related to the operating lease was $449,815 and $513,142, respectively, and is included in the Other assets balance on the Consolidated Balance Sheet. As of September 30, 2023 and 2022, the lease liability was $432,698 and $570,695, respectively, and is included in the Other liabilities balance on the Consolidated Statements of Assets and Liabilities. As of September 30, 2023 and 2022, the remaining lease term was approximately three and four years, respectively, for each of the respective periods and the implied borrowing rate was 5.25% for each of the respective periods. The following table shows future minimum payments under PhenixFIN’s operating lease as of September 30, 2023: For the Years Ended September 30, Amount 2024 $ 156,359 2025 156,971 2026 161,680 2027 27,417 Thereafter - 502,427 Difference between undiscounted and discounted cash flows (69,729 ) $ 432,698

Fee Income

Fee Income	12 Months Ended
Fee Income	Sep. 30, 2023
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 years ended September 30, 2023, 2022 and 2021 (dollars in thousands): For the Years Ended September 30, 2023 2022 2021 Prepayment fee $ - $ 235 $ - Administrative agent fee 169 94 414 Amendment fee 53 4 94 Other fees 102 87 2,059 Fee income $ 324 $ 420 $ 2,567

Directors Fees

Directors Fees	12 Months Ended
Directors Fees	Sep. 30, 2023
Directors Fees [Abstract]
Directors Fees	Note 10. Directors Fees For each of calendar years 2021 and 2022, the Company’s independent directors each received an annual fee of $100,000. In addition, the lead independent director received an annual retainer of $30,000; the chair of the Audit Committee received an annual retainer of $25,000, and each of its other members received an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each received an annual retainer of $15,000 and each of the other members of these committees received annual retainers of $8,000. The Company’s independent directors also received a fee of $3,000 for each board meeting and $2,500 for each committee meeting that they attended. For the 2023 calendar period through April 30, 2023, the independent directors were subject to the foregoing fee structure. Effective May 1, 2023, the structure was modified (simplified) such that each of the Company’s independent directors receives an annual fee of $150,000. In addition, the lead independent director receives an annual retainer of $30,000; the chair of the Audit Committee receives an annual retainer of $25,000, and each of its other members receives an annual retainer of $12,500; and the chairs of the Nominating and Corporate Governance Committee and of the Compensation Committee each receives an annual retainer of $15,000 and each of the other members of these committees receives annual retainers of $8,000. The Company’s independent directors no longer receive fees for each board and committee meeting that they attend. No board service compensation is paid to directors who are “interested persons” of the Company (as such term is defined in the 1940 Act). For the years ended September 30, 2023, 2022 and 2021, the Company recognized $0.7 million, $0.7 million and $1.0 million, for directors’ fees expense, respectively.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 11. Earnings Per Share In accordance with the provisions of ASC Topic 260 - Earnings per Share, basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The Company does not have any potentially dilutive common shares as of September 30, 2023, 2022 and 2021. 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 years ended September 30, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts): For the Years Ended September 30, 2023 2022 2021 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 26,918 $ (6,107 ) $ 1,278 Weighted average shares of common stock outstanding - basic and diluted 2,092,326 2,323,601 2,677,891 Earnings (loss) per share of common stock - basic and diluted $ 12.87 $ (2.63 ) $ 0.48

Financial Highlights

Financial Highlights	12 Months Ended
Financial Highlights	Sep. 30, 2023
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 12. Financial Highlights The following is a schedule of financial highlights for the years ended September 30, 2023, 2022, 2021, 2020 and 2019: For the Years Ended September 30, 2023 2022 2021 2020 2019 Per share data Net Asset Value per share at Beginning of Period $ 57.49 $ 57.08 $ 55.30 $ 79.46 $ 117.92 Results of Operations: Net Investment Income/(Loss)(1) 3.11 1.48 6.92 (1.00 ) (7.66 ) Net Realized Gain/(Loss) on Investments (5.51 ) 2.24 (15.86 ) (18.35 ) (41.18 ) Net Unrealized Gain/(Loss) on Investments 15.27 (6.22 ) 9.47 (3.90 ) 14.13 Net loss on extinguishment of debt - (0.13 ) (0.05 ) (0.91 ) (0.75 ) Net Increase (Decrease) in Net Assets Resulting from Operations 12.87 (2.63 ) 0.48 (24.16 ) (35.46 ) Capital Share Transactions Distributions declared - (0.12 ) - - (3.00 ) Repurchase of common stock under stock repurchase program 0.39 3.16 1.30 - - Net Increase (Decrease) Resulting from Capital Share Transactions 0.39 3.04 1.30 - (3.00 ) Net Asset Value per share at End of Period $ 70.75 $ 57.49 $ 57.08 $ 55.30 $ 79.46 Net Assets at End of Period $ 146,705,535 $ 120,845,408 $ 143,693,981 $ 150,619,517 $ 216,432,530 Shares Outstanding at End of Period 2,073,713 2,102,129 2,517,221 2,723,709 2,723,709 Per share market value at end of period $ 37.90 $ 34.88 $ 42.90 $ 17.83 $ 51.80 Total return based on market value(2) 8.66 % (18.69 )% 140.61 % (65.58 )% (29.91 )% Total return based on net asset value (3) 21.40 % (15.90 )% (4.60 )% (30.41 )% (29.47 )% Portfolio turnover rate 32.62 % 69.43 % 24.97 % 5.66 % 11.93 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements 4.80 % 2.55 % 12.44 % (1.64 )% (7.96 )% Ratio of total expenses to average net assets 10.04 % 9.02 % 9.26 % 14.64 % 25.62 % Supplemental Data: Percentage of non-recurring fee income 1.61 % 2.70 % 7.94 % 2.33 % 4.29 % Average debt outstanding(4) $ 81,599,762 $ 85,397,690 $ 82,930,098 $ 189,038,998 $ 347,991,878 Average debt outstanding per weighted average common share $ 39.18 $ 36.75 $ 30.97 $ 69.40 $ 127.76 Asset coverage ratio per unit(5) $ 2,707 $ 2,550 $ 2,856 $ 1,992 $ 1,842 2021 Notes(6) $ - $ - $ - $ 74,012,825 $ 74,012,825 2023 Notes $ - $ 22,521,800 $ 77,846,800 $ 77,846,800 $ 77,846,800 2028 Notes $ 57,500,000 $ 57,500,000 $ - $ - $ - Credit Facility $ 28,441,941 $ - $ - $ - $ - Israeli Notes(7) $ - $ - $ - $ - $ 105,136,927 (1) Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $3.11, $1.48, $6.92, $(3.35), and $(7.66) per share for the years ended September 30, 2023, 2022, 2021, 2020, and 2019, respectively. (2) Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. (3) Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. (4) Based on daily weighted average carrying value of debt outstanding during the period. (5) 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 September 30, 2023, the Company’s asset coverage was 270.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act. (6) During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020. (7) During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020.

Dividends

Dividends	12 Months Ended
Dividends	Sep. 30, 2023
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 regular distribution payments during the years ended September 30, 2023, 2022 and 2021. During the year ended September 30, 2022, a special dividend was declared in the amount of $265,798 on June 24, 2022 payable on July 13, 2022 to Stockholders of record on July 5, 2022.

Share Transactions

Share Transactions	12 Months Ended
Share Transactions	Sep. 30, 2023
Share Transactions [Abstract]
Share Transactions	Note 14. Share Transactions On January 11, 2021, the Company announced that its board of directors approved a share repurchase program. 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 649,996 shares of common stock through September 30, 2023 with a total cost of approximately $25.7 million, or 23.9% of shares outstanding as of the program’s inception. The total remaining amount authorized under the expanded share repurchase program is approximately $9.3 million. The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $39.60 per share under its share repurchase program from February 10, 2021 through September 30, 2023: Month Ended Shares Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares 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 Total 649,996 $ 25,737,486 During the year ended September 30, 2023, 28,291

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequent Events Management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items disclosed herein, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the Consolidated Financial Statements as of and for the year ended September 30, 2023. In December 2023, the Company established a subsidiary to serve as a regulated insurance company. This subsidiary also entered into a merger agreement pursuant to which it agreed to acquire a controlling interest in VR Insurance SPV, LLC, a company primarily engaged in the insurance business through its subsidiaries (“VR”), and to provide additional capital to such company. Our subsidiary’s controlling interest in VR is being acquired pursuant to a plan of reorganization duly adopted by VR which calls for the merger and recapitalization of VR. The Company’s total investment in the insurance subsidiary and VR is expected to approximate $49 million. The merger transaction is presently expected to close in the first half of 2024 and is subject to various closing conditions, including insurance regulatory approvals.

N-2

N-2 - $ / shares	12 Months Ended
N-2 - $ / shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Cover [Abstract]
Entity Central Index Key	0001490349
Amendment Flag	false
Securities Act File Number	1-35040
Document Type	10-K
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 Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
General Description of Registrant [Abstract]
Risk Factors [Table Text Block]	Item 1A. Risk Factors Before you invest in our securities, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Form 10-K, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. The risks described below, as well as additional risks and uncertainties presently unknown by us or currently not deemed significant could negatively affect our business, financial condition and results of operations. In such case, our NAV and the trading price of our common stock or other securities could decline, and you may lose all or part of your investment. RISK RELATING TO OUR BUSINESS AND STRUCTURE Certain Risks in the Current Environment We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect the yields, and increase the risks of, our investments in portfolio companies, and make it more difficult for us to raise equity capital should we choose to do so. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of coronavirus (“COVID-19”) that began in December 2019. Even after the COVID-19 pandemic has generally subsided, the U.S. economy, as well as other major economies, may experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Any future outbreaks could have an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. Pandemics and other future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. For example, between 2008 and 2009, the U.S. and global capital markets were unstable as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. The current market and future market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Governmental authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. Events outside of our control, including terrorist attacks, acts of war, natural disasters or public health crises, could negatively affect the portfolio companies in which we invest and make the valuation of those investments more uncertain. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control, including terrorist attacks, acts of war, natural disasters, public health crises or similar events. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of Russian military action in the Ukraine, resulting sanctions and resulting future market disruptions, including declines in stock markets in Russia and elsewhere and the value of the ruble against the U.S. dollar, are impossible to predict, but have been and could continue to be significant. Any such disruptions caused by Russian military or other actions (including cyberattacks and espionage) or resulting from actual or threatened responses to such actions have caused and could continue to cause disruptions to portfolio companies located in Europe or that have substantial business relationships with European or Russian companies. The recent outbreak of hostilities in the Middle East could also escalate to nearby areas. The extent and duration of these military actions, conflicts and resulting market disruptions are impossible to predict, but have been and could continue to be substantial, and any such market disruptions could affect our portfolio companies’ operations. As a result, our portfolio investments could decline in value or our valuation of them could become uncertain. We have evaluated subsequent events from September 30, 2023 through the filing date of this annual report on Form 10-K. However, as the discussion in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations relates to the Company’s financial statements for the annual period ended September 30, 2023, the analysis contained herein may not fully account for market event impacts. As of September 30, 2023, the Company valued its portfolio investments in conformity with U.S. generally accepted accounting principles (“GAAP”) based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time. Due to the overall volatility that market events may have caused during the months following our most recent valuation (as of September 30, 2023), any valuations conducted now or in the future in conformity with U.S. GAAP could result in a lower fair value of our portfolio. Rising interest rates may increase our borrowing costs and reduce the net return that we are able to achieve on debt investments in portfolio companies, and may also increase the risk of default on our portfolio company loans. In 2023, the Federal Reserve raised short-term interest rates and has indicated additional interest rate increases may come. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, such as the current interest rate environment, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a SOFR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates. If general interest rates continue to rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. Further downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our cost of borrowing and the net return on our investments. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. If our borrowing costs were to rise on account of these factors, and we were unable to raise the rates of return on our portfolio company debt, our net return on investments would decline. Economic recessions or downturns could impair our portfolio companies, increase our funding costs and limit our access to capital. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty between the United States and other countries, including China and Russia, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future. In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition. Risks Related to Our Business We have internalized our operating structure, including our management and investment functions, with the expectation that we will be able to operate more efficiently with lower costs, but this may not be the case. On November 18, 2020, the board of directors approved adoption of an internalized management structure, which we have operated under effective January 1, 2021. There can be no assurances that internalizing our management structure will be and remain beneficial to us and our stockholders, as we may incur the costs and experience the risks discussed below, and we may not be able to effectively replicate the services previously provided to us by our former investment adviser and administrator. While we no longer bear the costs of the various fees and expenses we previously paid under the investment management and administration agreements with our previous adviser and administrator, we have other significant direct expenses. These include general and administrative costs, legal, accounting and other governance expenses and costs and expenses related to managing our portfolio. Certain of these costs may be greater during the early stages of the transition process. We also incur the compensation and benefits costs of our officers and other employees and consultants. In addition, we may be subject to potential liabilities commonly faced by employers, such as workers disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. We may also experience operational disruptions resulting from the transition from external to internal management, and we could fail to effectively manage our internalization over the longer term, all of which could adversely affect our performance. If the expenses we incur as an internally-managed company are higher than the expenses we would have paid and/or reimbursed under the externally-managed structure, our earnings per share may be lower and our share value could suffer. As an internally managed BDC, we are dependent upon our management team and other professionals, and if we are not able to hire and retain qualified personnel, we will not realize the anticipated benefits of the internalization. Our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our management team and professionals. We may experience difficulty identifying, engaging and retaining management, investment and general and administrative personnel with the necessary expertise and credit-related investment experience. As an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which could limit our ability to attract and retain talented investment management professionals. If we are unable to attract and retain highly talented professionals for the internal management of our Company, we will not realize the anticipated benefits of the internalization, and the results of our operation could deteriorate. We may suffer credit and capital losses. Private debt in the form of secured loans to corporate and asset-based borrowers is highly speculative and involves a high degree of risk of credit loss, and therefore an investment in our securities may not be suitable for someone with a low tolerance for risk. These risks are likely to increase during an economic recession, such as the economic recession or downturn that the United States and many other countries have recently experienced or are experiencing. Because we use borrowed funds to make investments or fund our business operations, we are exposed to risks typically associated with leverage which increase the risk of investing in us. We have borrowed funds, including through the issuance of $57.5 million in aggregate principal amount of 5.25% unsecured notes due November 1, 2028 (the “Notes” or the “2028 Notes”) to leverage our capital structure, which is generally considered a speculative investment technique. In addition, on December 15, 2022, the Company entered into a 3-year $50.0 million revolving credit facility (the “Credit Facility”) with Woodforest Bank, N.A. (“Woodforest”), Valley National Bank, and Axiom Bank, (collectively, the “Lenders”). As a result: ● our common stock may be exposed to an increased risk of loss because a decrease in the value of our investments may have a greater negative impact on the value of our common stock than if we did not use leverage; ● if we do not appropriately match the assets and liabilities of our business, adverse changes in interest rates could reduce or eliminate the incremental income we make with the proceeds of any leverage; ● our ability to pay distributions on our common stock may be restricted if our asset coverage ratio with respect to each of our outstanding senior securities representing indebtedness and our outstanding preferred shares, as defined by the 1940 Act, is not at least 200% and any amounts used to service indebtedness or preferred stock would not be available for such distributions; ● any credit facility to which we became a party may be subject to periodic renewal by our lenders, whose continued participation cannot be guaranteed; ● any credit facility to which we became a party may contain covenants restricting our operating flexibility; ● we, and indirectly our stockholders, bear the cost of issuing and paying interest or dividends on such securities; and ● any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common shares. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue debt securities or preferred stock and/or borrow money from banks and other financial institutions, which we collectively refer to as “senior securities”, only in amounts such that our asset coverage ratio equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after each issuance of senior securities. For a discussion of the terms of the Notes, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources.” As of September 30, 2023, the Company’s asset coverage was 270.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. The lack of liquidity in our investments may adversely affect our business. We anticipate that our investments generally will be made in private companies. Substantially all of these securities will be subject to legal and other restrictions on resale or will be otherwise less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we have material non-public information regarding such portfolio company. A substantial portion of our portfolio investments will be recorded at fair value as determined in good faith by our valuation designee under the oversight of our board of directors and, as a result, there may be uncertainty regarding the value of our portfolio investments. The debt and equity securities in which we invest for which market quotations are not readily available will be valued at fair value as determined in good faith by our Chief Financial Officer, the Company’s valuation designee, under the oversight of our board of directors. Most of our investments (other than cash and cash equivalents) will be classified as Level 3 under Accounting Standards Codification Topic 820 - Fair Value Measurements and Disclosures. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of independent valuation firms to review the valuation of various loans and securities. The types of factors that we may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher or lower than the values that we ultimately realize upon the disposal of such loans and securities. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We also have not adopted any policy restricting the percentage of our assets that may be invested in a single portfolio company. To the extent that we assume large positions in the securities of a small number of issuers, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our income tax diversification requirements under Subchapter M of the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies. (Note our significant investment in our affiliate FlexFIN – see Risks Related to our Investments). We are exposed to risks associated with changes in interest rates. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net interest income. Further increases in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Loans under our Credit Facility and the financial credit we extend to our portfolio companies bear interest based on SOFR, but experience with SOFR based loans is limited. Loans under our current Credit Facility bear interest at a rate based upon the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. Also, the secured terms loans that we make to our portfolio companies and the secured notes of our portfolio companies in which we invest bear interest at SOFR based rates. Previously, our credit facilities and our debt investments in portfolio companies bore interest at U.S dollar London Interbank Overnight (USD LIBOR) rates. ICE Benchmark Administration, the authorized and regulated administrator of LIBOR, ended publication of the one-week and two-month USD LIBOR tenors on December 31, 2021, and ended publication of the remaining USD LIBOR tenors on June 30, 2023. The Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was enacted in March 2022 to permit financing agreements that contain a LIBOR-based benchmark without adequate “fallback provisions” to be automatically replaced by a benchmark recommended by the Federal Reserve. In January 2023, the Federal Reserve adopted a final rule implementing the LIBOR Act that, among other things, identifies the applicable SOFR-based benchmark replacements under the LIBOR Act. SOFR is considered to be a risk-free rate, and USD LIBOR was a risk weighted rate. Thus, SOFR tends to be a lower rate than USD LIBOR, because SOFR does not contain a risk component. This difference may negatively impact our net interest margin of our investments. Also, the use of SOFR based rates is relatively new, and experience with SOFR based rate loans is limited. There could be unanticipated difficulties or disruptions with the calculation and publication of SOFR based rates. This could result in increased borrowing costs for the Company or could adversely impact the interest income we receive from our portfolio companies or the market value of the financial obligations that are due to us from our portfolio companies. Because we use debt to finance various investments, changes in interest rates will affect our cost of capital and net investment income. Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we use our existing debt to finance our investments. In periods of rising interest rates, such as the current period we are in, our cost of funds will increase to the extent we access any credit facility with a floating interest rate, which could reduce our net investment income to the extent any debt investments have fixed interest rates. We expect that our long-term fixed-rate investments will be financed primarily with issuances of equity and long-term debt securities. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. You should also be aware that, to the extent we make floating debt investments, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. If our investments are not managed effectively, we may be unable to achieve our investment objective. Our ability to achieve our investment objective will depend on our ability to manage our business, which will depend on the internalized management team. Accomplishing this result is largely a function of the internalized management team’s ability to provide quality and efficient services to us. They may also be required to provide managerial assistance to our portfolio companies. These demands on their time may distract them or slow our rate of investment. Any failure to manage our business effectively could have a material adverse effect on our business, financial condition and results of operations. We may experience fluctuations in our periodic operating results. We could experience fluctuations in our periodic operating results due to a number of factors, including the interest rates payable on the debt securities we acquire, the default rate on such securities, the performance of our portfolio companies, the level of our expenses (including the interest rates payable on our borrowings), the dividend rates payable on preferred stock we issue, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results f
NAV Per Share	$ 70.75	$ 57.49	$ 57.08	$ 55.3	$ 79.46	$ 117.92
Risk Relating To Our Business And Structure [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	RISK RELATING TO OUR BUSINESS AND STRUCTURE Certain Risks in the Current Environment We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect the yields, and increase the risks of, our investments in portfolio companies, and make it more difficult for us to raise equity capital should we choose to do so. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of coronavirus (“COVID-19”) that began in December 2019. Even after the COVID-19 pandemic has generally subsided, the U.S. economy, as well as other major economies, may experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Any future outbreaks could have an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. Pandemics and other future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. For example, between 2008 and 2009, the U.S. and global capital markets were unstable as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our stockholders and our independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. The current market and future market conditions similar to those experienced from 2008 through 2009 for any substantial length of time could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Governmental authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. Events outside of our control, including terrorist attacks, acts of war, natural disasters or public health crises, could negatively affect the portfolio companies in which we invest and make the valuation of those investments more uncertain. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control, including terrorist attacks, acts of war, natural disasters, public health crises or similar events. These types of events have adversely affected and could continue to adversely affect operating results for us and for our portfolio companies. In February 2022, Russia launched a large-scale invasion of Ukraine. The extent and duration of Russian military action in the Ukraine, resulting sanctions and resulting future market disruptions, including declines in stock markets in Russia and elsewhere and the value of the ruble against the U.S. dollar, are impossible to predict, but have been and could continue to be significant. Any such disruptions caused by Russian military or other actions (including cyberattacks and espionage) or resulting from actual or threatened responses to such actions have caused and could continue to cause disruptions to portfolio companies located in Europe or that have substantial business relationships with European or Russian companies. The recent outbreak of hostilities in the Middle East could also escalate to nearby areas. The extent and duration of these military actions, conflicts and resulting market disruptions are impossible to predict, but have been and could continue to be substantial, and any such market disruptions could affect our portfolio companies’ operations. As a result, our portfolio investments could decline in value or our valuation of them could become uncertain. We have evaluated subsequent events from September 30, 2023 through the filing date of this annual report on Form 10-K. However, as the discussion in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations relates to the Company’s financial statements for the annual period ended September 30, 2023, the analysis contained herein may not fully account for market event impacts. As of September 30, 2023, the Company valued its portfolio investments in conformity with U.S. generally accepted accounting principles (“GAAP”) based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time. Due to the overall volatility that market events may have caused during the months following our most recent valuation (as of September 30, 2023), any valuations conducted now or in the future in conformity with U.S. GAAP could result in a lower fair value of our portfolio. Rising interest rates may increase our borrowing costs and reduce the net return that we are able to achieve on debt investments in portfolio companies, and may also increase the risk of default on our portfolio company loans. In 2023, the Federal Reserve raised short-term interest rates and has indicated additional interest rate increases may come. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, such as the current interest rate environment, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates (such as a SOFR floor), while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates. If general interest rates continue to rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. Further downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our cost of borrowing and the net return on our investments. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. If our borrowing costs were to rise on account of these factors, and we were unable to raise the rates of return on our portfolio company debt, our net return on investments would decline. Economic recessions or downturns could impair our portfolio companies, increase our funding costs and limit our access to capital. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty between the United States and other countries, including China and Russia, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future. In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition.
Risks Related to Our Investments [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to Our Investments We may not realize gains from our equity investments. When we make a debt investment, we may acquire warrants or other equity securities as well. In addition, we may invest directly in the equity securities of portfolio companies. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Our investments are very risky and highly speculative. We have invested primarily in senior secured first lien term loans and senior secured second lien term loans issued by private companies. Senior Secured Loans Equity Investments In addition, investing in private companies involves a number of significant risks. See “Our investments in private portfolio companies may be risky, and you could lose all or part of your investment” below. Our investments in private portfolio companies may be risky, and you could lose all or part of your investment. Investments in private companies involve a number of significant risks. Generally, little public information exists about these companies, and we are required to rely on the ability of our investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Private companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, private companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. Private companies also generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, our executive officers and directors may, in the ordinary course of business, be named as defendants in litigation arising from our investments in these types of companies. We have invested primarily in secured debt issued by our portfolio companies. In the case of our senior secured first lien term loans, the portfolio companies usually have, or may be permitted to incur, other debt that ranks equally with the debt securities in which we invest. With respect to our senior secured second lien term loans, the portfolio companies usually have, or may be permitted to incur, other debt that ranks above or equally with the debt securities in which we invest. In the case of debt ranking above the senior secured second lien term loans in which we invest, we would be subordinate to such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and therefore the holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. In the case of debt ranking equally with debt securities in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Additionally, certain loans that we make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (1) the ability to cause the commencement of enforcement proceedings against the collateral; (2) the ability to control the conduct of such proceedings; (3) the approval of amendments to collateral documents; (4) releases of liens on the collateral; and (5) waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. Our portfolio companies may prepay loans, which prepayment may reduce stated yields if capital returned cannot be invested in transactions with equal or greater expected yields. Our loans to portfolio companies are prepayable at any time, and most of them at no premium to par. It is uncertain as to when each loan may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such company the ability to replace existing financing with less expensive capital. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In the case of some of these loans, having the loan prepaid early may reduce the achievable yield for us below the stated yield to maturity contained herein if the capital returned cannot be invested in transactions with equal or greater expected yields. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio and our ability to make follow-on investments in certain portfolio companies may be restricted. Following an initial investment in a portfolio company, provided that there are no restrictions imposed by the 1940 Act, we may make additional investments in that portfolio company as “follow-on” investments in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our initial investment. We have the discretion to make any follow-on investments, subject to the availability of capital resources. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make such follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, because we are inhibited by compliance with BDC requirements or because we might lose our RIC tax treatment. We also may be restricted from making follow-on investments in certain portfolio companies to the extent that affiliates of ours hold interests in such companies. As of September 30, 2023, 16.2% of our total assets were invested in FlexFin, our affiliate’s asset-based lending business. This significant exposure subjects our Company to various risks associated with such business (which are identified below) to a much greater extent than companies not similarly concentrated. Client borrowers, particularly with respect to asset-based lending activities, may lack the operating history, cash flows or balance sheet necessary to support other financing options and may expose us to additional risk. A portion of our loan portfolio consists, through FlexFIN, of asset-based lending involving gemstones. Some of these products arise out of relationships with clients who lack the operating history, cash flows or balance sheet necessary to qualify for other financing options. This could increase our risk of loss. 16.2% of the Company’s total assets (as of September 30, 2023) are invested in our affiliate’s asset-based lending business and its activities are influenced by volatility in prices of gemstones and jewelry. Our affiliate’s asset-based lending business is impacted by volatility in gemstone and jewelry prices. Among the factors that can impact the price of gemstones and jewelry are supply and demand of gemstones; political, economic, and global financial events; movement of the U.S. dollar versus other currencies; and the activity of large speculators and other participants. A significant decline in market prices of gemstones could result in reduced collateral value and losses, (i.e., a lower balance of asset-based loans outstanding for the Company’s affiliate.) The gemstones and jewelry business is subject to the risk of fraud and counterfeiting. The gemstones business is exposed to the risk of loss as a result of fraud in its various forms. We seek to minimize our exposure to fraud through a number of means, including third-party authentication and verification and the establishment of procedures designed to detect fraud. However, there can be no assurance that we will be successful in preventing or identifying fraud, or in obtaining redress in the event such fraud is detected. We may be subject to risks associated with our investments in unitranche loans Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans, and may rank junior to other debt instruments issued by the portfolio company. Unitranche loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at maturity. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the “last out” tranche, which is generally paid only after the first out tranche is paid. We may participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans, and we may suffer losses on such loans if the borrower is unable to make required payments when due. Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. A significant number of high yield loans in the market, may consist of covenant-lite loans, or “Covenant-Lite Loans.” A significant portion of the loans in which we may invest or get exposure to through our investments may be deemed to be Covenant-Lite Loans. Such loans do not require the borrower to maintain debt service or other financial ratios and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Ownership of Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. As a BDC, our ability to invest in public companies and foreign companies is limited by the 1940 Act. To maintain our tax treatment as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a market capitalization that is less than $250 million at the time of such investment. In addition, we may invest up to 30% of our portfolio in opportunistic investments which will be intended to diversify or complement the remainder of our portfolio and to enhance our returns to stockholders. These investments may include private equity investments, securities of public companies that are broadly traded and securities of non-U.S. companies. We expect that these public companies generally will have debt securities that are non-investment grade. Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates that a portion of our investments may be in securities of foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Although it is anticipated that most of our investments will be denominated in U.S. dollars, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we can offer no assurance that we will, in fact, hedge currency risk or, that if we do, such strategies will be effective. As a result, a change in currency exchange rates may adversely affect our profitability. Hedging transactions may expose us to additional risks. We may engage in currency or interest rate hedging transactions. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transaction may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. While we may enter into transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek or be able to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. The disposition of our investments may result in contingent liabilities. We currently expect that a significant portion of our investments will involve lending directly to private companies. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to certain potential liabilities. These arrangements may result in contingent liabilities that ultimately yield funding obligations that must be satisfied through our return of certain distributions previously made to us. If we invest in the securities and obligations of distressed and bankrupt issuers, we might not receive interest or other payments. We may invest in the securities and obligations of distressed and bankrupt issuers, including debt obligations that are in covenant or payment default. Such investments generally are considered speculative. The repayment of defaulted obligations is subject to significant uncertainties. Defaulted obligations might be repaid only after lengthy workout or bankruptcy proceedings, during which the issuer of those obligations might not make any interest or other payments. We may not realize gains from our equity investments. We are subject to risks associated with significant investments in one or more economic sectors and/or industries, including the business services sector, which includes our investment in our affiliate’s asset-based lending business. At times, the Company may have a significant portion of its assets invested in securities of companies conducting business within one or more economic sectors and/or industries, including the Services: Business sector, which includes our investment in an asset-based lending business. Companies in the same sector or industry may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Company more vulnerable to unfavorable developments in that sector or industry than companies that invest more broadly. Generally, the more broadly the Company invests, the more it spreads risk and potentially reduces the risks of loss and volatility. As of September 30, 2023, investments in our affiliate’s asset-based lending business constituted 16.2% of our total assets. See above, under Item 1A for risk factors related to our investment in that business.
Risks Related to Our Operations as a BDC and a RIC [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Related to Our Operations as a BDC and a RIC Regulations governing our operation as a BDC may limit our ability to, and the way in which we raise additional capital, which could have a material adverse impact on our liquidity, financial condition and results of operations. Our business requires a substantial amount of capital to operate and grow. We may acquire additional capital from the issuance of senior securities (including debt and preferred stock), the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional capital in the future on favorable terms or at all. Additionally, we may only issue senior securities up to the maximum amount permitted by the 1940 Act. The 1940 Act permits us to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% (or 150% if, pursuant to the 1940 Act, certain requirements are met) after such issuance or incurrence. If our assets decline in value and we fail to satisfy this test, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness at a time when such sales or repayment may be disadvantageous, which could have a material adverse impact on our liquidity, financial condition and results of operations. As of September 30, 2023, the Company’s asset coverage was 270.7% after giving effect to leverage and therefore the Company’s asset coverage is above 200%, the minimum asset coverage requirement under the 1940 Act. Changes in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these laws or regulations, could have a material adverse effect on our business, results of operations or financial condition. Changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and may be subject to civil fines and criminal penalties. As an internally managed BDC, we are subject to certain restrictions that may adversely affect our ability to offer certain compensation structures. As an internally managed BDC, our ability to offer more competitive and flexible compensation structures, such as offering both a profit-sharing plan and an equity incentive plan, is subject to the limitations imposed by the 1940 Act, which limits our ability to attract and retain talented investment management professionals. As such, these limitations could inhibit our ability to grow, pursue our business plan and attract and retain professional talent, any or all of which may have a negative impact on our business, financial condition and results of operations. As an internally managed BDC, we are dependent upon our management team and investment professionals for their time availability and for our future success, and if we are not able to hire and retain qualified personnel, or if we lose key members of our senior management team, our ability to implement our business strategy could be significantly harmed. As an internally managed BDC, our ability to achieve our investment objectives and to make distributions to our stockholders depends upon the performance of our management team and investment professionals. We depend upon the members of our management and our investment professionals for the identification, final selection, structuring, closing and monitoring of our investments. These employees have critical industry experience and relationships on which we rely to implement our business plan. If we lose the services of key members of our senior management team, we may not be able to operate the business as we expect, and our ability to compete could be harmed, which could cause our operating results to suffer. We believe our future success will depend, in part, on our ability to identify, attract and retain sufficient numbers of highly skilled employees. If we do not succeed in identifying, attracting and retaining such personnel, we may not be able to operate our business as we expect. As an internally managed BDC, our compensation structure is determined and set by our Board of Directors and its Compensation Committee. This structure currently includes salary, bonus and incentive compensation. We are subject to limitations by the 1940 Act on our ability to employ an incentive compensation structure that directly ties performance of our investment portfolio and results of operations to incentive compensation. Members of our senior management team may receive offers of more flexible and attractive compensation arrangements from other companies, particularly from investment advisers to externally managed BDCs that are not subject to the same limitations on incentive-based compensation that we are subject to as an internally managed BDC. A departure by one or more members of our senior management team could have a negative impact on our business, financial condition and results of operations. We have internalized our operating structure, including our management and investment functions; as a result, we may incur significant costs and face significant risks associated with being self-managed, including adverse effects on our business and financial condition. Effective January 1, 2021, we operate under an internalized operating structure, including our management and investment functions. There can be no assurances that internalizing our operating structure will be beneficial to us and our stockholders, as we may incur the costs and risks discussed below and may not be able to effectively replicate or improve upon the services previously provided to us by our former investment adviser and administrator, MCC Advisors. While we will no longer bear the costs of the various fees and expenses we previously paid to MCC Advisors under the Investment Advisory Agreement, our direct expenses will generally include general and administrative costs, including legal, accounting, and other expenses related to corporate governance, SEC reporting and compliance, as well as costs and expenses related to making and managing our investments. We will also now incur the compensation and benefits costs of our officers and other employees and consultants, and, subject to adherence to applicable law, we may issue equity or other incentive-based awards to our officers, employees and consultants, which awards may decrease net income and funds from our operations and may dilute our stockholders. We may also be subject to potential liabilities commonly faced by employers, such as workers disability and compensation claims, potential labor disputes and other employee-related liabilities and grievances. In addition, if the expenses we assume as a result of our internalization are higher than the expenses we would have paid and/or reimbursed to MCC Advisors, our earnings per share may be lower as a result of our internalization than they otherwise would have been, potentially decreasing the amount of funds available to distribute to our stockholders and the value of our shares. Further, an inability to effectively manage our internalization could result in our incurring excess costs and operating inefficiencies, and may divert our management’s attention from managing our investments. All of these factors could have a material adverse effect on our results of operations, financial condition, and ability to pay distributions. The impact of financial reform legislation on us is uncertain. The Dodd-Frank Reform Act became effective on July 21, 2010. Many provisions of the Dodd-Frank Reform Act have delayed effective dates or have required extensive rulemaking by regulatory authorities. The upcoming presidential and congressional elections may cause uncertainty regarding the implementation of the Dodd-Frank Reform Act and other financial reform rulemaking. Given the uncertainty associated with the manner in which and whether the provisions of the Dodd-Frank Act will be implemented, repealed, amended, or replaced, the full impact such requirements will have on our business, results of operations or financial condition is unclear. The changes resulting from the Dodd-Frank Act or any changes to the regulations already implemented thereunder may require us to invest significant management attention and resources to evaluate and make necessary changes in order to comply with new statutory and regulatory requirements. Failure to comply with any such laws, regulations or principles, or changes thereto, may negatively impact our business, results of operations or financial condition. While we cannot predict what effect any changes in the laws or regulations or their interpretations would have on us as a result of recent financial reform legislation, these changes could be materially adverse to us and our stockholders. We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us, our investments, or our stockholders. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Stockholders are urged to consult with their tax advisors regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. Legislation that became effective in 2018 may allow the Company to incur additional leverage, which could increase the risk of investing in the Company. The 1940 Act generally prohibits the Company from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, in March 2018, the SBCA was signed into law, which included various changes to regulations under the federal securities laws that impact BDCs. The SBCA included changes to the 1940 Act to allow BDCs to decrease their asset coverage requirement from 200% to 150%, if certain requirements are met. Under the 1940 Act, the Company is allowed to increase its leverage capacity if our stockholders representing at least a majority of the votes cast, when a quorum is present, approve a proposal to do so. If we receive stockholder approval, we would be allowed to increase our leverage capacity on the first day after such approval. Alternatively, the 1940 Acts allows the majority of our independent directors to approve an increase in our leverage capacity, and such approval would become effective after the one-year anniversary of such proposal. In either case, we would be required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage. Leverage is generally considered a speculative investment technique and increases the risk of investing in our securities. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, our stockholders will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect the Company’s ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. See “Regulation”. Our intent is that a substantial portion of the investments that we acquire will constitute qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could be found to be in violation of the 1940 Act provisions applicable to BDCs and possibly lose our tax treatment as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. We would become subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or satisfy RIC distribution requirements. We have elected, and intend to qualify annually, to be treated as a RIC under Subchapter M of the Code. No assurance can be given that we will be able to maintain our qualification as a RIC. To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements. ● The annual distribution requirement for a RIC is satisfied if we timely distribute to our stockholders on an annual basis at least 90% of our net ordinary income and realized short-term capital gains in excess of realized net long-term capital losses. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income. ● The source of income requirement is satisfied if we obtain at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code). ● The asset diversification requirement is satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S Government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes includes the equity securities of a “qualified publicly traded partnership”). In addition, no more than 25% of the value of our assets can be invested in the securities, other than U.S Government securities or securities of other RICs, (1) of one issuer (2) of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (3) of one or more “qualified publicly traded partnerships”. If we fail to qualify for RIC tax treatment for any reason or are subject to corporate-level U.S. federal income tax, the resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. In addition, to the extent we had unrealized gains, we would have to establish deferred tax liabilities for taxes, which would reduce our NAV accordingly. In addition, our stockholders would lose the tax credit realized if we, as a RIC, decide to retain the net realized capital gain and make deemed distributions of net realized capital gains, and pay taxes on behalf of our stockholders at the end of the tax year. The loss of this pass-through tax treatment could have a material adverse effect on the total return of an investment in our common stock.
Risks Relating to an Investment in our Securities [Member]
General Description of Registrant [Abstract]
Risk [Text Block]	Risks Relating to an Investment in Our Securities Investing in our securities may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk and, therefore, an investment in our securities may not be suitable for someone with lower risk tolerance. Shares of closed-end investment companies, including business development companies, may, at times, trade at a discount to their NAV and the Company’s shares have not traded at or above NAV since the first quarter of 2015. Shares of closed-end investment companies, including business development companies, may, at times, trade at a discount from NAV. This characteristic of closed-end investment companies and business development companies is separate and distinct from the risk that our NAV per share may decline. Our common stock has not traded at or above NAV since the first quarter of 2015, and we cannot predict whether our common stock will trade at, above or below NAV in the future. The market price of our common stock fluctuates. The market price and liquidity of the market for shares of our common stock fluctuates and may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: ● significant volatility in the market price and trading volume of securities of business development companies or other companies in our sector, which are not necessarily related to the operating performance of the companies; ● changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to BDCs or RICs; ● loss of our qualification as a RIC or BDC; ● changes in earnings or variations in operating results; ● changes in the value of our portfolio of investments; ● changes in accounting guidelines governing valuation of our investments; ● any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; ● departure of our key personnel; ● operating performance of companies comparable to us; ● general economic trends and other external factors; and ● loss of a major funding source. Certain provisions of the Delaware General Corporation Law and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The Delaware General Corporation Law, our certificate of incorporation and our bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock. The NAV per share of our common stock may be diluted if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or securities to subscribe for or convertible into shares of our common stock. While we currently do not have the requisite stockholder approval to sell shares of our common stock at a price or prices below our then current NAV per share, we may seek such approval in the future. In addition, at our 2012 Annual Meeting of Stockholders, we received approval from our stockholders to authorize the Company, with the approval of our board of directors, to issue securities to, subscribe to, convert to, or purchase shares of the Company’s common stock in one or more offerings, subject to certain conditions as set forth in the proxy statement. Such authorization has no expiration. Any decision to sell shares of our common stock below its then current NAV per share or issue securities to subscribe for or convertible into shares of our common stock would be subject to the determination by our board of directors that such issuance is in our and our stockholders’ best interests. If we were to sell shares of our common stock below its then current NAV per share, such sales would result in an immediate dilution to the NAV per share of our common stock. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. If we issue warrants or securities to subscribe for or convertible into shares of our common stock, subject to certain limitations, the exercise or conversion price per share could be less than NAV per share at the time of exercise or conversion (including through the operation of anti-dilution protections). Because we would incur expenses in connection with any issuance of such securities, such issuance could result in a dilution of the NAV per share at the time of exercise or conversion. This dilution would include reduction in NAV per share as a result of the proportionately greater decrease in the stockholders’ interest in our earnings and assets and their voting interest than the increase in our assets resulting from such issuance. Further, if our current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current NAV per share, their voting power will be diluted. For example, if we sell an additional 10% of our shares of common stock at a 5% discount from NAV, a stockholder who does not participate in that offering for its proportionate interest will suffer NAV dilution of up to 0.5% or $5 per $1,000 of NAV. The terms of the Credit Facility place restrictions on our and/or our subsidiaries activities. The terms of the Credit Facility place restrictions on our and/or our subsidiaries’ ability to, among other things, issue securities or otherwise incur additional indebtedness or other obligations, and in certain cases we may need the approval of WoodForest, as the Administrative Agent, in order to incur further indebtedness. In addition, the Credit Facility contains customary events of default for credit facilities of this type, including (without limitation): nonpayment of principal, interest, fees or other amounts after a stated grace period; inaccuracy of material representations and warranties; change of control; violations of covenants, subject in certain cases to stated cure periods; and certain bankruptcies and liquidations. If an event of default occurs and is continuing, the Company may be required to repay all amounts outstanding under the Credit Facility, which would adversely affect our liquidity position and, in turn, could force us to dispose of investments at inopportune times at reduced prices. Repayment could also adversely affect our ability to implement our investment strategy and achieve our investment objectives. If we issue preferred stock, the NAV and market value of our common stock may become more volatile. If we issue preferred stock, we cannot assure you that such issuance would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the NAV of our investments would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater NAV decrease would also tend to cause a greater decline in the market price for our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock. Holders of preferred stock may have different interests than holders of our common stock and may at times have disproportionate influence over our affairs. Holders of any preferred stock we might issue would have the right to elect members of the board of directors and class voting rights on certain matters. Holders of any preferred stock we might issue, voting separately as a single class, would have the right to elect two members of the board of directors at all times and in the event dividends become two full years in arrears, would have the right to elect a majority of our directors until such arrearage is completely eliminated. In addition, preferred stockholders would have class voting rights on certain matters, including changes in fundamental investment restrictions and conversion to open-end status, and accordingly would be able to veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies or the terms of any credit facility to which the Company is a party, might impair our ability to maintain our qualification as a RIC for U.S. federal income tax purposes. While we would intend to redeem our preferred stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements. Our business and operations could be negatively affected if we become subject to any securities class actions and derivative lawsuits, which could cause us to incur significant expense, hinder execution of investment strategy and impact our stock price. In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation has often been brought against that company. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space recently. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of directors’ attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2023
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 (“ASC 946”), Financial Services – Investment Companies. The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”) and include the consolidated accounts of the Company and its wholly owned subsidiaries PhenixFIN Small Business Fund, LP (“PhenixFIN Small Business Fund”) and PhenixFIN SLF Funding I LLC (“PhenixFIN SLF”), and its wholly owned Taxable Subsidiaries. All references made to the “Company,” “we,” and “us” herein include PhenixFIN Corporation and its consolidated subsidiaries, except as stated otherwise. Additionally, the accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Article 10 of Regulation S-X of the Securities Act of 1933. Certain prior period information has been reclassified to conform to current period presentation. These reclassifications have no effect on the Company’s financial positions or its results of operations as previously recorded.
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 September 30, 2023 and 2022, we had $6.0 million and $22.8 million in cash and cash equivalents, respectively, none of which is restricted.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs, incurred in connection with any credit facilities and unsecured notes (see Note 5) are deferred and amortized over the life of the respective credit facility or instrument. Debt issuance costs related to any credit facilities and unsecured notes are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.
Indemnification	Indemnification In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company has had no material claims or payments pursuant to such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote.
Revenue Recognition	Revenue Recognition Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized into interest income over the life of the respective investment. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on the accrual basis to the extent such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. For the years ended September 30, 2023, 2022 and 2021, the Company earned approximately $1.5 million, $0.8 million, $0.9 million in PIK interest, respectively. Amendment and transaction break-up fees associated with investments in portfolio companies are recognized as income when we become entitled to such fees. Prepayment penalties received by the Company for debt instruments paid back to the Company prior to the maturity date are recorded as income upon repayment of debt. Administrative agent fees received by the Company are capitalized as deferred revenue and recorded as fee income when the services are rendered. For the years ended September 30, 2023, 2022 and 2021, fee income was approximately $0.3 million, $0.4 million and $2.6 million, respectively (see Note 9). Investment transactions are accounted for on a trade date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment using the specific identification method, without regard to unrealized gains or losses previously recognized. No losses relating to restructuring transactions occurred during the years ended September 30, 2023, 2022 and 2021. The Company reports changes in fair value of investments as a component of the net unrealized appreciation/(depreciation) on investments in the Consolidated Statements of Operations. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed not collectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. At September 30, 2023, certain investments in four portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $6.5 million, or 2.9% of the fair value of our portfolio. At September 30, 2022, certain investments in five portfolio companies held by the Company were on non-accrual status with a combined fair value of approximately $5.2 million, or 2.7% of the fair value of our portfolio.
Investment Classification	Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, we would be deemed to “control” a portfolio company if we owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. We refer to such investments in portfolio companies that we “control” as “Control Investments.” Under the 1940 Act, we would be deemed to be an “Affiliated Person” of a portfolio company if we own between 5% and 25% of the portfolio company’s outstanding voting securities or we are under common control with such portfolio company. We refer to such investments in Affiliated Persons as “Affiliated Investments.”
Valuation of Investments	Valuation of Investments The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 - Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Investments for which market quotations are readily available are valued at such market quotations, which are generally obtained from an independent pricing service or multiple broker-dealers or market makers. We weight the use of third-party broker quotations, if any, in determining fair value based on our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer. However, debt investments with remaining maturities within 60 days that are not credit impaired are valued at cost plus accreted discount, or minus amortized premium, which approximates fair value. Investments for which market quotations are not readily available are valued at fair value as determined by our Chief Financial Officer, the Company’s Valuation Designee, based upon input from management and third-party valuation firms. Because these investments are illiquid and because there may not be any directly comparable companies whose financial instruments have observable market values, these loans are valued using a fundamental valuation methodology, consistent with traditional asset pricing standards, that is objective and consistently applied across all loans and through time. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share The methodologies utilized by the Company in estimating the fair value of its investments categorized as Level 3 generally fall into the following two categories: ● The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable (that is, similar) assets, liabilities, or a group of assets and liabilities, such as a business. ● The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. The Company has engaged third-party valuation firms (the “Valuation Firms”) to assist it and its Valuation Designee (the Chief Financial Officer) in the valuation of its portfolio investments. The valuation reports generated by the Valuation Firms consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information, including comparable transactions, performance multiples, and movement in yields of debt instruments, among other factors. The Company uses a market yield analysis under the Income Approach or an enterprise model of valuation under the Market Approach, or a combination thereof. In applying the market yield analysis, the value of the Company’s loans are determined based upon inputs such as the coupon rate, current market yield, interest rate spreads of similar securities, the stated value of the loan, and the length to maturity. In applying the enterprise model, the Company uses a waterfall analysis, which takes into account the specific capital structure of the borrower and the related seniority of the instruments within the borrower’s capital structure. 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 market 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.
Federal Income Taxes	Federal Income Taxes The Company has elected, and intends to qualify annually, to be treated as a RIC under Subchapter M of the Code. In order to continue to qualify as a RIC and be eligible for tax treatment under Subchapter M of the Code, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute to its stockholders at least 90% of the sum of investment company taxable income (“ICTI”), as defined by the Code, including PIK interest, and net tax exempt interest income (which is the excess of gross tax exempt interest income over certain disallowed deductions) for each taxable year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year dividend distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The Company is subject to a nondeductible U.S. federal excise tax of 4% on undistributed income if it does not distribute at least 98% of its ordinary income in any calendar year and 98.2% of its capital gain net income for each one-year period ending on October 31 of such calendar year and any income realized, but not distributed, in preceding years and on which it did not pay federal income tax. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions for excise tax purposes, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. There was no provision for federal excise tax for the calendar year ended 2022 accrued at September 30, 2023, for the calendar year ended 2021 accrued at September 30, 2022 and the calendar year ended 2020 accrued at September 30, 2021. 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 September 30, 2023 and 2022, the Company did not record a deferred tax liability on the Consolidated Statements of Assets and Liabilities. The change in provision for deferred taxes is included as a component of net realized and unrealized gain/(loss) on investments in the Consolidated Statements of Operations. For the years ended September 30, 2023, 2022 and 2021, the Company did not record a change in provision for deferred taxes on the unrealized (appreciation)/depreciation on investments. As of September 30, 2023 and 2022, the Company had a deferred tax asset of $23.1 million and $26.2 million, respectively, consisting primarily of net operating losses and net unrealized losses on the investments held within its Taxable Subsidiaries. As of September 30, 2023 and 2022, the Company has booked a valuation allowance of $23.1 million and $26.2 million, respectively, against its deferred tax asset. ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. The Company may be required to recognize ICTI in certain circumstances in which it does not receive cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount, the Company must include in ICTI each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in ICTI other amounts that it has not yet received in cash, such as 1) PIK interest income and 2) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any original issue discount or other amounts accrued will be included in the Company’s ICTI for the year of accrual, the Company may be required to make a distribution to its stockholders in order to satisfy the minimum distribution requirements, even though the Company will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. Permanent differences between ICTI and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. During the years ended September 30, 2023, 2022 and 2021, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of net operating losses and investments in wholly-owned subsidiaries as follows: For the Years Ended September 30 2023 2022 2021 Capital in excess of par value $ 20,468,622 $ 3,276,372 $ 24,688,262 Accumulated undistributed net investment income/(loss) (20,468,622 ) (3,276,372 ) (19,047,396 ) Accumulated net realized gain/(loss) from investments - - (5,640,866 ) For income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended September 30, 2023, 2022 and 2021 were as follows: For the Years Ended September 30 2023 2022 2021 Ordinary income $ - $ 265,798 $ - Distributions of long term capital gains - - - Return of capital - - - Distributions on a tax basis $ - $ 265,798 $ - For federal income tax purposes, the cost of investments owned at September 30, 2023, 2022 and 2021 were approximately $264.1 million, $262.6 million and $206.9 million, respectively. At September 30, 2023, 2022 and 2021, the components of distributable earnings/(accumulated deficits) on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of certain fee income and organizational expenses, as follows: For the Years Ended September 30 2023 2022 2021 Undistributed ordinary income $ 2,389,267 $ - $ 265,798 Accumulated capital and other losses (1) (512,809,528 ) (485,107,934 ) (490,032,788 ) Other temporary differences (57,438 ) (73,646 ) (89,856 ) Unrealized appreciation/(depreciation) (37,631,079 ) (69,376,916 ) (55,318,332 ) Components of distributable earnings/(accumulated deficits) at year end $ (548,108,778 ) (554,558,496 ) $ (545,175,178 ) (1) Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2023, the Company had a long-term capital loss carryforward available to offset future realized capital gains of $509,966,576 and a short-term capital loss carryforward of $2,842,952 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 September 30, 2023. Although we file federal and state tax returns, our major tax jurisdiction is federal. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and applicable state tax authorities.
Segments	Segments The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements. See Note 3 for further information.
Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk	Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate. The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as our borrowers, and those for which market yields are observable increase materially. The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	12 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2023
Significant Accounting Policies [Abstract]
Schedule of Organizational Expenses	During the years ended September 30, 2023, 2022 and 2021, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of net operating losses and investments in wholly-owned subsidiaries as follows: For the Years Ended September 30 2023 2022 2021 Capital in excess of par value $ 20,468,622 $ 3,276,372 $ 24,688,262 Accumulated undistributed net investment income/(loss) (20,468,622 ) (3,276,372 ) (19,047,396 ) Accumulated net realized gain/(loss) from investments - - (5,640,866 )
Schedule of Income Tax	For income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the years ended September 30, 2023, 2022 and 2021 were as follows: For the Years Ended September 30 2023 2022 2021 Ordinary income $ - $ 265,798 $ - Distributions of long term capital gains - - - Return of capital - - - Distributions on a tax basis $ - $ 265,798 $ -
Schedule of Organizational Expenses	At September 30, 2023, 2022 and 2021, the components of distributable earnings/(accumulated deficits) on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of certain fee income and organizational expenses, as follows: For the Years Ended September 30 2023 2022 2021 Undistributed ordinary income $ 2,389,267 $ - $ 265,798 Accumulated capital and other losses (1) (512,809,528 ) (485,107,934 ) (490,032,788 ) Other temporary differences (57,438 ) (73,646 ) (89,856 ) Unrealized appreciation/(depreciation) (37,631,079 ) (69,376,916 ) (55,318,332 ) Components of distributable earnings/(accumulated deficits) at year end $ (548,108,778 ) (554,558,496 ) $ (545,175,178 ) (1) Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2023, the Company had a long-term capital loss carryforward available to offset future realized capital gains of $509,966,576 and a short-term capital loss carryforward of $2,842,952

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Sep. 30, 2023
Investments [Abstract]
Schedule of Investments at Amortized Cost and Fair Value	The composition of our investments as of September 30, 2023 as a percentage of our total portfolio, at amortized cost and fair value were as follows (dollars in thousands): Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 139,103 52.5 % $ 103,004 45.6 % Senior Secured Notes 9,512 3.6 8,922 3.9 Fund Investment 1,027 0.4 792 0.3 Equity/Warrants 115,369 43.5 113,743 50.2 Total Investments $ 265,011 100.0 % $ 226,461 100.0 % Amortized Cost Percentage Fair Value Percentage Senior Secured First Lien Term Loans $ 128,482 48.7 % $ 88,248 45.6 % Senior Secured Second Lien Term Loans 2,603 1.0 2,607 1.4 Senior Secured Notes 2,252 0.9 1,659 0.9 Unsecured Debt 182 0.1 - - Equity/Warrants 129,929 49.3 100,443 52.1 Total Investments $ 263,448 100.0 % $ 192,957 100.0 %
Schedule of Portfolio Composition by Industry Grouping at Fair Value	The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023 (dollars in thousands): Fair Value Percentage Services: Business $ 47,083 20.7 % Banking, Finance, Insurance & Real Estate 43,755 19.3 Hotel, Gaming & Leisure 34,158 15.1 Services: Consumer 18,292 8.1 High Tech Industries 15,472 6.8 Construction & Building 14,676 6.5 Metals & Mining 12,517 5.5 Media: Broadcasting & Subscription 11,665 5.2 Automotive 9,520 4.2 Consumer Discretionary 6,920 3.1 Energy: Oil & Gas 5,384 2.4 Packaging 3,396 1.5 Aerospace & Defense 2,645 1.2 Retail 978 0.4 Total $ 226,461 100.0 % Fair Value Percentage Services: Business $ 52,851 27.5 % Hotel, Gaming & Leisure 31,947 16.7 Banking, Finance, Insurance & Real Estate 31,910 16.5 Services: Consumer 21,243 11.0 Construction & Building 17,724 9.1 Automotive 8,075 4.2 Consumer Discretionary 6,208 3.2 High Tech Industries 5,465 2.8 Media: Broadcasting & Subscription 4,220 2.2 Energy: Oil & Gas 4,152 2.2 Packaging 3,361 1.7 Metals & Mining 3,073 1.6 Aerospace & Defense 2,607 1.4 Retail 121 0.1 Total $ 192,957 100.0 %
Schedule of Portfolio Composition by Geographic Location at Fair Value	The following table shows the portfolio composition by industry grouping at fair value at September 30, 2022 (dollars in thousands): Fair Value Percentage Northeast $ 92,081 40.7 % Southeast 60,116 26.5 Midwest 32,782 14.5 West 25,608 11.3 Southwest 7,661 3.4 Mid-Atlantic 201 0.1 International 8,012 3.5 Total $ 226,461 100.0 % Fair Value Percentage Northeast $ 92,939 48.2 % Southeast 51,797 26.8 West 20,196 10.5 Midwest 16,023 8.3 Southwest 6,288 3.3 Mid-Atlantic 265 0.1 International 5,449 2.8 Total $ 192,957 100.0 %
Schedule of Transactions with Affiliated Investments and Controlled Investments	The Company had investments in portfolio companies designated as Affiliated Investments and Controlled Investments under the 1940 Act. Transactions with Affiliated Investments and Controlled Investments during the years ended September 30, 2023 and 2022 were as follows: Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) Unrealized Realized Fair Value at Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan C $ - $ - $ - $ 751,479 $ - $ 751,479 $ 84,559 Revolving Credit Facility 4,151,562 215,622 - 264,993 - 4,632,177 553,233 Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 116,820 - - - 875,749 232,614 Senior Secured First Lien Term Loan 1,547,918 - - (88,669 ) - 1,459,249 159,780 Senior Secured First Lien Super Priority Delayed Draw Term Loan 1,500,000 420,960 - - - 1,920,960 360,670 FST Holdings Parent, LLC Equity $ - $ 10,000,000 $ - $ 3 $ - $ 10,000,003 $ 121,385 Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,378,510 $ - (2,378,510 ) - - - 89,743 Equity 694,702 $ - (962,717 ) 268,015 - - - Maritime Wireless Holdings LLC Senior Secured First Lien Term Loan A $ - $ (5,000,704 ) $ 4,900,000 $ - $ 100,704 $ - $ 218,788 Senior Secured First Lien Term Loan B $ - $ 23,166 $ 7,350,000 $ 126,834 $ - $ 7,500,000 $ 565,377 Equity $ - $ - $ 5,000,000 $ 5,150,000 $ - $ 10,150,000 $ - US Multifamily, LLC Equity 1,282,571 (1,018,344 ) - 854,744 (1,118,971 ) - - Total Affiliated Investments $ 12,314,192 $ 4,757,520 $ 13,908,773 $ 7,327,399 $ (1,018,267 ) $ 37,289,617 $ 2,386,149 Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) Controlled Unrealized Realized Fair Value at Earned Controlled Investments FlexFIN, LLC Equity Interest $ 47,136,146 $ (8,265,435 ) $ - $ - - $ 38,870,711 $ 3,716,676 Kemmerer Operations, LLC Senior Secured First Lien Term Loan - 981,911 2,378,510 - 23,456 3,383,877 557,981 Equity - 873,440 962,717 7,296,895 - 9,133,052 - NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 7,192,927 - - 21,929 - 7,214,856 667,312 Senior Secured First Lien Term Loan B 3,697,109 - - 1,340,438 - 5,037,547 - Total Controlled Investments $ 58,026,182 $ (6,410,084 ) $ 3,341,227 $ 8,659,262 $ 23,456 $ 63,640,043 $ 4,941,969 Name of (1)(2) Type of Investment Fair Value at Purchases/ (Sales) Transfers In/(Out) of Affiliates Unrealized Realized Fair Value at September 30, Earned Affiliated Investments 1888 Industrial Services, LLC Senior Secured First Lien Term Loan B $ - $ - $ - $ 19,468,870 $ (19,468,870 ) $ - $ - Senior Secured First Lien Term Loan C 24,639 - - (24,639 ) - - 79,084 Revolving Credit Facility 3,554,069 862,486 - (264,993 ) - 4,151,562 235,755 Equity - - - - - - - Black Angus Steakhouses, LLC Senior Secured First Lien Delayed Draw Term Loan 758,929 - - - - 758,929 79,375 Senior Secured First Lien Term Loan 2,279,814 - - (731,896 ) - 1,547,918 - Senior Secured First Lien Super Priority DDTL 1,500,000 - - - - 1,500,000 156,885 Equity - - - - - - - Caddo Investors Holdings 1 LLC Equity 3,454,786 (3,448,219 ) - (925,960 ) 919,393 - - Dynamic Energy Services International LLC Senior Secured First Lien Term Loan - (4,910,671 ) - 7,328,568 (2,417,897 ) - 12 JFL-NGS Partners, LLC Equity 26,862,813 (26,807,520 ) - (26,805,513 ) 26,750,220 - - JFL-WCS Partners, LLC Equity 8,099,949 (8,084,639 ) - (7,970,361 ) 7,955,051 - - Kemmerer Operations, LLC Senior Secured First Lien Term Loan 2,360,547 (3,475 ) - 21,438 - 2,378,510 368,331 Senior Secured First Lien Delayed Draw Term Loan 162,441 (163,915 ) - 1,474 - - 6,601 Equity 553,746 - - 140,956 - 694,702 - Path Medical, LLC Senior Secured First Lien Term Loan A 2,249,835 (2,460,448 ) - 3,556,057 (3,345,444 ) - (1,693 ) Senior Secured First Lien Term Loan B - - - 6,483,741 (6,483,741 ) - (2,974 ) Warrants - - - 499,751 (499,751 ) - - URT Acquisition Holdings Corporation Warrants 920,000 (1,000,000 ) - (920,000 ) 1,000,000 - - US Multifamily, LLC Senior Secured First Lien Term Loan 2,577,416 (2,577,418 ) - 2 - - 93,338 Equity 2,236,261 (1,192,685 ) - 238,995 - 1,282,571 - Total Affiliated Investments $ 57,595,245 $ (49,786,504 ) $ - $ 96,490 $ 4,408,961 $ 12,314,192 $ 1,014,714 Name of (1)(2) Type of Investment Fair Value at Purchases/ Transfers In/(Out) of Unrealized Realized Fair Value Earned Income Controlled Investments FlexFIN, LLC Equity Interest $ 2,500,000 $ 44,636,146 $ - $ - $ - $ 47,136,146 $ 3,505,220 NVTN LLC Senior Secured First Lien Delayed Draw Term Loan 6,414,860 744,010 - 34,057 - 7,192,927 1,124,346 Super Priority Senior Secured First Lien Term Loan 977,000 (1,000,000 ) - 21,150 1,850 - 173,822 Senior Secured First Lien Term Loan B - 1,610,990 - 2,086,119 - 3,697,109 - Senior Secured First Lien Term Loan C - - - - - - - Equity - - - - - - - Total Controlled Investments $ 9,891,860 $ 45,991,146 $ - $ 2,141,326 $ 1,850 $ 58,026,182 $ 4,803,388 (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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2023
Fair Value Measurements [Abstract]
Schedule of Fair Value Measurements of Our Investments	The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2023 (dollars in thousands): Fair Value Hierarchy as of September 30, 2023 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 20,505 $ 82,499 $ 103,004 Senior Secured Notes - 8,922 - 8,922 Unsecured Debt - - - - Equity/Warrants 24,709 6,217 82,817 113,743 Total $ 24,709 $ 35,644 $ 165,316 $ 225,669 Investments measured at net asset value (1) 792 Total Investments, at fair value $ 226,461 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of September 30, 2022 (dollars in thousands): Fair Value Hierarchy as of September 30, 2022 Investments: Level 1 Level 2 Level 3 Total Senior Secured First Lien Term Loans $ - $ 13,996 $ 74,252 $ 88,248 Senior Secured Second Lien Term Loans - - 2,607 2,607 Senior Secured Notes - 1,659 - 1,659 Unsecured Debt - - - - Equity/Warrants 24,750 5,877 69,816 100,443 Total $ 24,750 $ 21,532 $ 146,675 $ 192,957
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 year ended September 30, 2023 (dollars in thousands): Senior Secured First Lien Term Loans Senior Secured Second Lien Term Loans Unsecured Equities/ Warrants Total Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ 69,816 $ 146,675 Purchases and other adjustments to cost 23,481 - - 29,571 53,052 Sales (including repayments or maturities) (12,840 ) (2,607 ) (191 ) (33,213 ) (48,851 ) Net realized gains/(losses) from investments 162 ) 5 9 (9,574 ) (9,398 ) Net unrealized gains/(losses) (2,556 ) (5 ) 182 26,217 23,838 Transfer in/(out) - - - - - Balance as of September 30, 2023 $ 82,499 $ - $ - $ 82,817 $ 165,316 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 30, 2022 (dollars in thousands): Senior Secured Senior Secured Secured Debt Unsecured Debt Equities/ (1) Total Balance as of September 30, 2021 $ 61,934 $ 2,490 $ 2,500 $ - $ 48,889 $ 115,813 Purchases and other adjustments to cost 59,179 - - - 71,111 130,290 Sales (58,333 ) - - (1,280 ) (52,938 ) (112,551 ) Net realized gains/(losses) from investments (23,917 ) - - (99 ) 36,101 12,085 Net unrealized gains/(losses) 35,189 117 (2,500 ) (1) 1,379 (33,347 ) (1) 838 Transfer in/(out) 200 - - - - 200 Balance as of September 30, 2022 $ 74,252 $ 2,607 $ - $ - $ 69,816 $ 146,675 (1) FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.
Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments	The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2023 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Impact to Senior Secured First Lien Term Loans $ 69,943 Income Approach Market Yield 8.50% - 32.0% (13.78%) Decrease Senior Secured First Lien Term Loans 751 Market Approach Revenue Multiple 0.3x - 0.3x (0.3x) Increase Senior Secured First Lien Term Loans 10,939 Market Approach EBITDA Multiple 1.7x - 5.0x (3.1x) Increase Senior Secured First Lien Term Loans 866 Market Approach LTM EBITDA Multiple 5.8x - 6.8x (6.3x) Increase Equity/Warrants 38,870 Cost Approach Collateral Value N/A N/A Equity/Warrants 11,734 Market Approach LTM Multiple 5.8x – 6.8x (6.3x) Increase Equity/Warrants 22,007 Market Approach EBITDA Multiple 1.8x – 36.8x (2.8x) Increase Equity/Warrants 10,000 Recent Purchase Purchase Price N/A – N/A (N/A) N/A Equity/Warrants 206 Income Approach DLOM (Discount for lack of Marketability) 3.0x – 3.2x (3.1x) Decrease Total $ 165,316 The following table presents the quantitative information about Level 3 fair value measurements of our investments, as of September 30, 2022 (dollars in thousands): Fair Value Valuation Methodology Unobservable Input Range Senior Secured First Lien Term Loans $ 65,428 Income Approach Market Yield 8.50% - 24.00% (10.57%) Senior Secured First Lien Term Loans 3,807 Market Approach EBITDA Multiple 4.0x – 5.0x (4.5x) Senior Secured First Lien Term Loans 4,152 Market Approach Revenue Multiple 0.2x – 0.3x (2.5x) Senior Secured First Lien Term Loans 865 Income Approach Market Spread 5.75% - 6.25% (6.00%) Senior Secured Second Lien Term Loans 2,607 Market Approach EBITDA Multiple 9.0x – 10.0x (9.5x) Equity/Warrants 47,138 Cost Approach Replacement Cost N/A Equity/Warrants 11,444 Market Approach EBITDA Multiple 2.0x – 21.0x (17.4x) Equity/Warrants 9,951 Market Approach Market Yield 8.50% - 13.25% (12.75%) Equity/Warrants 1,283 Market Approach Sum of the Parts/Estimated Proceeds 8.1x – 11.4x (9.8x) Total $ 146,675

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
Borrowings (Tables)	Sep. 30, 2023
Borrowings [Abstract]
Schedule of Debt Issuance Costs	The Company’s outstanding debt excluding debt issuance costs as of September 30, 2023 and 2022 were as follows (dollars in thousands): September 30, 2023 September 30, 2022 Aggregate Principal Amount Outstanding Carrying Value Fair Value Aggregate Principal Amount Carrying Value Fair Value 2023 Notes $ - $ - $ - $ - $ 22,522 $ 22,522 $ 22,483 $ 22,378 2028 Notes 57,500 57,500 55,811 49,105 57,500 57,500 55,480 50,255 Revolving Credit Facility 21,558 28,442 28,442 28,442 - - - - Total debt $ 79,058 $ 85,942 $ 84,253 $ 77,547 $ 80,022 $ 80,022 $ 77,963 $ 72,633
Schedule of Consolidated Statements of Assets and Liabilities	Debt issuance costs related to the 2023 Notes and the 2028 Notes are reported on the Consolidated Statements of Assets and Liabilities as a direct deduction from the face amount of the 2023 Notes and the 2028 Notes. As of September 30, 2023 and September 30, 2022, debt issuance costs related to the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): September 30, 2023 September 30, 2022 2023 Notes 2028 Notes Total 2023 Notes 2028 Notes Total Total debt issuance costs at beginning of period $ 39 $ 2,020 $ 2,059 $ 3,102 $ 2,311 $ 5,413 Amortized debt issuance costs 39 331 370 3,063 291 3,354 Unamortized debt issuance costs $ - $ 1,689 $ 1,689 $ 39 $ 2,020 $ 2,059
Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt	For the years ended September 30, 2023, 2022 and 2021, the components of interest expense, amortized debt issuance costs, amortized deferred financing costs, weighted average stated interest rate and weighted average outstanding debt balance for the 2023 Notes and the 2028 Notes were as follows (dollars in thousands): For the Years Ended September 30, 2023 2022 2021 2021 Notes Interest $ - $ - $ 668 2023 Notes Interest 410 1,749 4,768 2023 Notes Premium - - (3 ) 2028 Notes Interest 3,019 2,996 - Credit Facility Interest 1,390 - - Commitment fees 56 - - Amortization of deferred financing costs 287 - - Amortization of debt issuance costs 370 368 367 Total $ 5,532 $ 5,113 $ 5,800 Weighted average stated interest rate 5.9 % 6.0 % 7.0 % Weighted average debt outstanding $ 81,600 $ 85,398 $ 82,930

Agreements (Tables)

Agreements (Tables)	12 Months Ended
Agreements (Tables)	Sep. 30, 2023
Agreements [Abstract]
Schedule of Target Performance Award for Each Executive Officer	The Target Performance Award for each executive officer for both the 2022 LTIP plan and 2023 LTIP plan is set forth in the table below: Name and Title Dollar David Lorber, Chairman of the Board and Chief Executive Officer $ 890,000 Ellida McMillan, Chief Financial Officer 380,000

Commitments (Tables)

Commitments (Tables)	12 Months Ended
Commitments (Tables)	Sep. 30, 2023
Commitments [Abstract]
Schedule of Composition of the Unfunded Commitments	A summary of the composition of the unfunded commitments as of September 30, 2023 and 2022 is shown in the table below (dollars in thousands): September September SS Acquisition, LLC (dba Soccer Shots Franchisin–) - Senior Secured First Lien Delayed Draw Term Loan $ - $ 4,000 Kemmerer Operations, L–C - Senior Secured First Lien Delayed Draw Term Loan - 908 Secure Acquisition Inc. (dba Paragon Film–) - Senior Secured First Lien Delayed Draw Term Loan 517 517 NVTN L–C - Senior Secured First Lien Delayed Draw Term Loan 220 220 Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan - 167 1888 Industrial Services, L–C - Revolving Credit Facility - 216 Deer Management Systems L–C - Senior Secured First Lien Delayed Draw Term Loan 600 - Tamarix Capital Partners II, L.–. - Fund Investment 2,038 - Total unfunded commitments 3,375 6,028
Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease	The following table shows future minimum payments under PhenixFIN’s operating lease as of September 30, 2023: For the Years Ended September 30, Amount 2024 $ 156,359 2025 156,971 2026 161,680 2027 27,417 Thereafter - 502,427 Difference between undiscounted and discounted cash flows (69,729 ) $ 432,698

Fee Income (Tables)

Fee Income (Tables)	12 Months Ended
Fee Income (Tables)	Sep. 30, 2023
Fee Income [Abstract]
Schedule of Fee Income	The following table summarizes the Company’s fee income for the years ended September 30, 2023, 2022 and 2021 (dollars in thousands): For the Years Ended September 30, 2023 2022 2021 Prepayment fee $ - $ 235 $ - Administrative agent fee 169 94 414 Amendment fee 53 4 94 Other fees 102 87 2,059 Fee income $ 324 $ 420 $ 2,567

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets	The following information sets forth the computation of the weighted average basic and diluted net increase/(decrease) in net assets per share from operations for the years ended September 30, 2023, 2022 and 2021 (dollars in thousands, except share and per share amounts): For the Years Ended September 30, 2023 2022 2021 Basic and diluted: Net increase (decrease) in net assets resulting from operations $ 26,918 $ (6,107 ) $ 1,278 Weighted average shares of common stock outstanding - basic and diluted 2,092,326 2,323,601 2,677,891 Earnings (loss) per share of common stock - basic and diluted $ 12.87 $ (2.63 ) $ 0.48

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
Financial Highlights (Tables)	Sep. 30, 2023
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following is a schedule of financial highlights for the years ended September 30, 2023, 2022, 2021, 2020 and 2019: For the Years Ended September 30, 2023 2022 2021 2020 2019 Per share data Net Asset Value per share at Beginning of Period $ 57.49 $ 57.08 $ 55.30 $ 79.46 $ 117.92 Results of Operations: Net Investment Income/(Loss)(1) 3.11 1.48 6.92 (1.00 ) (7.66 ) Net Realized Gain/(Loss) on Investments (5.51 ) 2.24 (15.86 ) (18.35 ) (41.18 ) Net Unrealized Gain/(Loss) on Investments 15.27 (6.22 ) 9.47 (3.90 ) 14.13 Net loss on extinguishment of debt - (0.13 ) (0.05 ) (0.91 ) (0.75 ) Net Increase (Decrease) in Net Assets Resulting from Operations 12.87 (2.63 ) 0.48 (24.16 ) (35.46 ) Capital Share Transactions Distributions declared - (0.12 ) - - (3.00 ) Repurchase of common stock under stock repurchase program 0.39 3.16 1.30 - - Net Increase (Decrease) Resulting from Capital Share Transactions 0.39 3.04 1.30 - (3.00 ) Net Asset Value per share at End of Period $ 70.75 $ 57.49 $ 57.08 $ 55.30 $ 79.46 Net Assets at End of Period $ 146,705,535 $ 120,845,408 $ 143,693,981 $ 150,619,517 $ 216,432,530 Shares Outstanding at End of Period 2,073,713 2,102,129 2,517,221 2,723,709 2,723,709 Per share market value at end of period $ 37.90 $ 34.88 $ 42.90 $ 17.83 $ 51.80 Total return based on market value(2) 8.66 % (18.69 )% 140.61 % (65.58 )% (29.91 )% Total return based on net asset value (3) 21.40 % (15.90 )% (4.60 )% (30.41 )% (29.47 )% Portfolio turnover rate 32.62 % 69.43 % 24.97 % 5.66 % 11.93 % Ratios: Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements 4.80 % 2.55 % 12.44 % (1.64 )% (7.96 )% Ratio of total expenses to average net assets 10.04 % 9.02 % 9.26 % 14.64 % 25.62 % Supplemental Data: Percentage of non-recurring fee income 1.61 % 2.70 % 7.94 % 2.33 % 4.29 % Average debt outstanding(4) $ 81,599,762 $ 85,397,690 $ 82,930,098 $ 189,038,998 $ 347,991,878 Average debt outstanding per weighted average common share $ 39.18 $ 36.75 $ 30.97 $ 69.40 $ 127.76 Asset coverage ratio per unit(5) $ 2,707 $ 2,550 $ 2,856 $ 1,992 $ 1,842 2021 Notes(6) $ - $ - $ - $ 74,012,825 $ 74,012,825 2023 Notes $ - $ 22,521,800 $ 77,846,800 $ 77,846,800 $ 77,846,800 2028 Notes $ 57,500,000 $ 57,500,000 $ - $ - $ - Credit Facility $ 28,441,941 $ - $ - $ - $ - Israeli Notes(7) $ - $ - $ - $ - $ 105,136,927 (1) Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $3.11, $1.48, $6.92, $(3.35), and $(7.66) per share for the years ended September 30, 2023, 2022, 2021, 2020, and 2019, respectively. (2) Total return is historical and assumes changes in share price, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. (3) Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. (4) Based on daily weighted average carrying value of debt outstanding during the period. (5) 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 September 30, 2023, the Company’s asset coverage was 270.7% after giving effect to leverage and therefore the Company’s asset coverage was above 200%, the minimum asset coverage requirement under the 1940 Act. (6) During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020. (7) During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020.

Share Transactions (Tables)

Share Transactions (Tables)	12 Months Ended
Share Transactions (Tables)	Sep. 30, 2023
Share Transactions [Abstract]
Schedule of Shares of Common Stock Repurchased	The following table sets forth the number of shares of common stock repurchased by the Company at an average price of $39.60 per share under its share repurchase program from February 10, 2021 through September 30, 2023: Month Ended Shares Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares 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 Total 649,996 $ 25,737,486

Organization (Details)

Organization (Details) - USD ($) $ in Millions	3 Months Ended
Organization (Details) - USD ($) $ in Millions	Oct. 07, 2020	Oct. 08, 2020
Organization (Details) [Line Items]
Net proceeds	$ 41
GALIC [Member]
Organization (Details) [Line Items]
Net proceeds	$ 6.6
Pre Adjusted [Member]
Organization (Details) [Line Items]
Purchase price		$ 156.4
Revision of Prior Period, Adjustment [Member]
Organization (Details) [Line Items]
Purchase price		$ 145.3

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Significant Accounting Policies (Details) [Line Items]
Cash and cash equivalents	$ 6,000,000	$ 22,800,000
PIK Interest	1,500,000	800,000	$ 900,000
Non-accrual investments at fair value	$ 6,500,000	$ 5,200,000
Portfolio percentage at fair value	2.90%	2.70%
Percentage of investment company taxable income	90%
Federal excise tax percentage	4%
Distributable ordinary income percentage	98%
Capital gain net income percentage	98.20%
Deferred tax asset, net	$ 23,100,000	$ 26,200,000
Valuation allowance	23,100,000	26,200,000
Investments	264,100,000	262,600,000	206,900,000
Long-term capital loss	509,966,576
Short-term capital loss	$ 2,842,952
Controlled Investment [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25%
Affiliated Investments [Member] \| Minimum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	5%
Affiliated Investments [Member] \| Maximum [Member]
Significant Accounting Policies (Details) [Line Items]
Outstanding voting securities percentage	25%
PIK [Member]
Significant Accounting Policies (Details) [Line Items]
PIK Interest	$ 300,000	$ 400,000	$ 2,600,000

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of Investments - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Investments [Abstract]
Capital in excess of par value	$ 20,468,622	$ 3,276,372	$ 24,688,262
Accumulated undistributed net investment income/(loss)	(20,468,622)	(3,276,372)	(19,047,396)
Accumulated net realized gain/(loss) from investments			$ (5,640,866)

Significant Accounting Polici_5

Significant Accounting Policies (Details) - Schedule of Income Tax - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Income Tax [Abstract]
Ordinary income		$ 265,798
Distributions of long term capital gains
Return of capital
Distributions on a tax basis		$ 265,798

Significant Accounting Polici_6

Significant Accounting Policies (Details) - Schedule of Organizational Expenses - USD ($)		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Organizational Expenses [Abstract]
Undistributed ordinary income		$ 2,389,267		$ 265,798
Accumulated capital and other losses	[1]	(512,809,528)	(485,107,934)	(490,032,788)
Other temporary differences		(57,438)	(73,646)	(89,856)
Unrealized appreciation/(depreciation)		(37,631,079)	(69,376,916)	(55,318,332)
Components of distributable earnings/(accumulated deficits) at year end		$ (548,108,778)	$ (554,558,496)	$ (545,175,178)

[1] Under the Regulated Investment Company Modernization Act of 2010, net capital losses recognized for tax years beginning after December 22, 2010, may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of September 30, 2023, the Company had a long-term capital loss carryforward available to offset future realized capital gains of $509,966,576 and a short-term capital loss carryforward of $2,842,952

Investments (Details)

Investments (Details) - USD ($)	12 Months Ended
Investments (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Investments [Abstract]
Total fair value of warrants	$ 206,500	$ 62,600
Total unrealized depreciation	$ 143,900	$ 299,100	$ 981,400

Investments (Details) - Schedul

Investments (Details) - Schedule of Investments at Amortized Cost and Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Senior Secured First Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 139,103	$ 128,482
Percentage	52.50%	48.70%
Fair Value	$ 103,004	$ 88,248
Percentage	45.60%	45.60%
Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 9,512	$ 2,252
Percentage	3.60%	0.90%
Fair Value	$ 8,922	$ 1,659
Percentage	3.90%	0.90%
Fund Investment [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 1,027
Percentage	0.40%
Fair Value	$ 792
Percentage	0.30%
Equity/Warrants [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 115,369	$ 129,929
Percentage	43.50%	49.30%
Fair Value	$ 113,743	$ 100,443
Percentage	50.20%	52.10%
Total Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 265,011	$ 263,448
Percentage	100%	100%
Fair Value	$ 226,461	$ 192,957
Percentage	100%	100%
Senior Secured Second Lien Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 2,603
Percentage		1%
Fair Value		$ 2,607
Percentage		1.40%
Unsecured Debt [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 182
Percentage		0.10%
Fair Value
Percentage

Investments (Details) - Sched_2

Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 226,461	$ 192,957
Percentage	100%	100%
Services: Business [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 47,083	$ 52,851
Percentage	20.70%	27.50%
Banking, Finance, Insurance & Real Estate [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 43,755	$ 31,910
Percentage	19.30%	16.50%
Hotel, Gaming and Leisure [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 34,158	$ 31,947
Percentage	15.10%	16.70%
Services: Consumer [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 18,292	$ 21,243
Percentage	8.10%	11%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 15,472
Percentage	6.80%
Construction & Building [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 14,676	$ 17,724
Percentage	6.50%	9.10%
Metals & Mining [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 12,517	$ 3,073
Percentage	5.50%	1.60%
Media: Broadcasting & Subscription [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 11,665	$ 4,220
Percentage	5.20%	2.20%
Automotive [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 9,520	$ 8,075
Percentage	4.20%	4.20%
Consumer Discretionary [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 6,920	$ 6,208
Percentage	3.10%	3.20%
Energy: Oil & Gas [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 5,384	$ 4,152
Percentage	2.40%	2.20%
Packaging [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 3,396	$ 3,361
Percentage	1.50%	1.70%
Aerospace & Defense [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 2,645	$ 2,607
Percentage	1.20%	1.40%
Retail [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value	$ 978	$ 121
Percentage	0.40%	0.10%
High Tech Industries [Member]
Investments (Details) - Schedule of Portfolio Composition by Industry Grouping at Fair Value [Line Items]
Fair Value		$ 5,465
Percentage		2.80%

Investments (Details) - Sched_3

Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 226,461	$ 192,957
Percentage	100%	100%
Northeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 92,081	$ 92,939
Percentage	40.70%	48.20%
Southeast [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 60,116	$ 51,797
Percentage	26.50%	26.80%
Midwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 32,782	$ 16,023
Percentage	14.50%	8.30%
West [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 25,608	$ 20,196
Percentage	11.30%	10.50%
Southwest [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 7,661	$ 6,288
Percentage	3.40%	3.30%
Mid-Atlantic [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 201	$ 265
Percentage	0.10%	0.10%
International [Member]
Investments (Details) - Schedule of Portfolio Composition by Geographic Location at Fair Value [Line Items]
Fair Value	$ 8,012	$ 5,449
Percentage	3.50%	2.80%

Investments (Details) - Sched_4

Investments (Details) - Schedule of Transactions with Affiliated Investments and Controlled Investments - USD ($)		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Total Affiliated Investments [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	12,314,192	57,595,245
Transfers In/(Out) of Affiliates	[1],[2]	13,908,773
Unrealized Gain/(Loss)	[1],[2]	7,327,399	96,490
Realized Gain/(Loss)	[1],[2]	(1,018,267)	4,408,961
Fair value as of ending	[1],[2]	37,289,617	12,314,192
Earned Income	[1],[2]	2,386,149	1,014,714
Total Affiliated Investments [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	4,757,520	(49,786,504)
Total Controlled Investments [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	58,026,182	9,891,860
Transfers In/(Out) of Affiliates	[1],[2]	3,341,227
Unrealized Gain/(Loss)	[1],[2]	8,659,262	2,141,326
Realized Gain/(Loss)	[1],[2]	23,456	1,850
Fair value as of ending	[1],[2]	63,640,043	58,026,182
Earned Income	[1],[2]	4,941,969	4,803,388
Total Controlled Investments [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(6,410,084)	45,991,146
Senior Secured First Lien Term Loan C [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	751,479
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	751,479
Earned Income	[1],[2]	84,559
Senior Secured First Lien Term Loan C [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Revolving Credit Facility [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	4,151,562
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	264,993
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	4,632,177	4,151,562
Earned Income	[1],[2]	553,233
Revolving Credit Facility [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	215,622
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	758,929
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	875,749	758,929
Earned Income	[1],[2]	232,614
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	116,820
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,547,918
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	(88,669)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	1,459,249	1,547,918
Earned Income	[1],[2]	159,780
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	2,378,510
Transfers In/(Out) of Affiliates	[1],[2]	(2,378,510)
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		2,378,510
Earned Income	[1],[2]	89,743
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Super Priority DDTL [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	1,920,960	1,500,000
Earned Income	[1],[2]	360,670
Senior Secured First Lien Super Priority DDTL [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	420,960
Equity type of investment [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| FST Holdings Parent, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	3
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	10,000,003
Earned Income	[1],[2]	121,385
Equity type of investment [Member] \| Affiliated Investments [Member] \| FST Holdings Parent, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	10,000,000
Equity type of investment [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	694,702
Transfers In/(Out) of Affiliates	[1],[2]	(962,717)
Unrealized Gain/(Loss)	[1],[2]	268,015
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		694,702
Earned Income	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	5,000,000
Unrealized Gain/(Loss)	[1],[2]	5,150,000
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	10,150,000
Earned Income	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,282,571
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	854,744
Realized Gain/(Loss)	[1],[2]	(1,118,971)
Fair value as of ending	[1],[2]		1,282,571
Earned Income	[1],[2]
Equity type of investment [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(1,018,344)
Equity type of investment [Member] \| Controlled Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	962,717
Unrealized Gain/(Loss)	[1],[2]	7,296,895
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	9,133,052
Earned Income	[1],[2]
Equity type of investment [Member] \| Controlled Investments [Member] \| Kemmerer Operations, LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	873,440
Senior Secured First Lien Term Loan A [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	4,900,000
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]	100,704
Fair value as of ending	[1],[2]
Earned Income	[1],[2]	218,788
Senior Secured First Lien Term Loan A [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(5,000,704)
Senior Secured First Lien Term Loan A [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		2,249,835
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		3,556,057
Realized Gain/(Loss)	[1],[2]		(3,345,444)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		(1,693)
Senior Secured First Lien Term Loan A [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(2,460,448)
Senior Secured First Lien Term Loan B [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	7,350,000
Unrealized Gain/(Loss)	[1],[2]	126,834
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,500,000
Earned Income	[1],[2]	565,377
Senior Secured First Lien Term Loan B [Member] \| Affiliated Investments [Member] \| Maritime Wireless Holdings LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	23,166
Senior Secured First Lien Term Loan B [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		6,483,741
Realized Gain/(Loss)	[1],[2]		(6,483,741)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		(2,974)
Senior Secured First Lien Term Loan B [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity Interest [Member] \| Controlled Investments [Member] \| FlexFIN, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	47,136,146	2,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	38,870,711	47,136,146
Earned Income	[1],[2]	3,716,676	3,505,220
Equity Interest [Member] \| Controlled Investments [Member] \| FlexFIN, LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	(8,265,435)	44,636,146
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	2,378,510	2,360,547
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		21,438
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		2,378,510
Earned Income	[1],[2]		368,331
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(3,475)
Senior Secured First Lien Term Loan [Member] \| Controlled Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]	2,378,510
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]	23,456
Fair value as of ending	[1],[2]	3,383,877
Earned Income	[1],[2]	557,981
Senior Secured First Lien Term Loan [Member] \| Controlled Investments [Member] \| Kemmerer Operations, LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]	981,911
Senior Secured First Lien Delayed Draw Term Loan One [Member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	7,192,927
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	21,929
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	7,214,856	7,192,927
Earned Income	[1],[2]	667,312
Senior Secured First Lien Delayed Draw Term Loan One [Member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Super Priority Senior Secured First Lien Term Loan [Member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	3,697,109
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]	1,340,438
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]	5,037,547	3,697,109
Earned Income	[1],[2]
Super Priority Senior Secured First Lien Term Loan [Member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan B Three [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		19,468,870
Realized Gain/(Loss)	[1],[2]		(19,468,870)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Senior Secured First Lien Term Loan B Three [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan C [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		24,639
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(24,639)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		79,084
Senior Secured First Lien Term Loan C [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan C [Member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Senior Secured First Lien Term Loan C [Member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Revolving Credit Facility One [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	4,151,562	3,554,069
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(264,993)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		4,151,562
Earned Income	[1],[2]		235,755
Revolving Credit Facility One [Member] \| Affiliated Investments [Member] \| 1888 Industrial Services, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		862,486
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	758,929	758,929
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		758,929
Earned Income	[1],[2]		79,375
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		162,441
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		1,474
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		6,601
Senior Secured First Lien Delayed Draw Term Loan [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(163,915)
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,547,918	2,279,814
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(731,896)
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,547,918
Earned Income	[1],[2]
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		2,577,416
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		2
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		93,338
Senior Secured First Lien Term Loan [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(2,577,418)
Senior Secured First Lien Super Priority DDTL [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,500,000	1,500,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,500,000
Earned Income	[1],[2]		156,885
Senior Secured First Lien Super Priority DDTL [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| Black Angus Steakhouses, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	694,702	553,746
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		140,956
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		694,702
Earned Income	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| Kemmerer Operations, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	1,282,571	2,236,261
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		238,995
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		1,282,571
Earned Income	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| US Multifamily, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(1,192,685)
Equity [Member] \| Affiliated Investments [Member] \| Caddo Investors Holdings One LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		3,454,786
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(925,960)
Realized Gain/(Loss)	[1],[2]		919,393
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity [Member] \| Affiliated Investments [Member] \| Caddo Investors Holdings One LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(3,448,219)
Senior Secured First Lien Term Loan Six [Member] \| Affiliated Investments [Member] \| Dynamic Energy Services International LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		7,328,568
Realized Gain/(Loss)	[1],[2]		(2,417,897)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		12
Senior Secured First Lien Term Loan Six [Member] \| Affiliated Investments [Member] \| Dynamic Energy Services International LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(4,910,671)
Equity One [Member] \| Affiliated Investments [Member] \| JFL-WCS Partners, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		8,099,949
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(7,970,361)
Realized Gain/(Loss)	[1],[2]		7,955,051
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity One [Member] \| Affiliated Investments [Member] \| JFL-WCS Partners, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(8,084,639)
Equity One [Member] \| Affiliated Investments [Member] \| JFL-NGS Partners, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		26,862,813
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(26,805,513)
Realized Gain/(Loss)	[1],[2]		26,750,220
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Equity One [Member] \| Affiliated Investments [Member] \| JFL-NGS Partners, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(26,807,520)
Warrants [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		499,751
Realized Gain/(Loss)	[1],[2]		(499,751)
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Warrants [Member] \| Affiliated Investments [Member] \| Path Medical, LLC [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]
Warrants [Member] \| Affiliated Investments [Member] \| URT Acquisition Holdings Corporation [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		920,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		(920,000)
Realized Gain/(Loss)	[1],[2]		1,000,000
Fair value as of ending	[1],[2]
Earned Income	[1],[2]
Warrants [Member] \| Affiliated Investments [Member] \| URT Acquisition Holdings Corporation [Member] \| Minimum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(1,000,000)
Senior Secured First Lien Term Loan Two [Member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	7,192,927	6,414,860
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		34,057
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		7,192,927
Earned Income	[1],[2]		1,124,346
Senior Secured First Lien Term Loan Two [Member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		744,010
Super Priority Senior Secured First Lien Term Loan [member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]		977,000
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		21,150
Realized Gain/(Loss)	[1],[2]		1,850
Fair value as of ending	[1],[2]
Earned Income	[1],[2]		173,822
Super Priority Senior Secured First Lien Term Loan [member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		(1,000,000)
Senior Secured First Lien Term Loan B [Member] \| Controlled Investments [Member] \| NVTN LLC [Member]
Schedule of Investments [Line Items]
Fair value as of beginning	[1],[2]	$ 3,697,109
Transfers In/(Out) of Affiliates	[1],[2]
Unrealized Gain/(Loss)	[1],[2]		2,086,119
Realized Gain/(Loss)	[1],[2]
Fair value as of ending	[1],[2]		3,697,109
Earned Income	[1],[2]
Senior Secured First Lien Term Loan B [Member] \| Controlled Investments [Member] \| NVTN LLC [Member] \| Maximum [Member]
Schedule of Investments [Line Items]
Purchases/ (Sales) of or Advances/ (Distributions)	[1],[2]		$ 1,610,990

[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.

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2017	Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurements (Details) [Line Items]
Net change in unrealized gain (loss)		$ 26.5	$ (2.5)
Investment transferred in/out, description		Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. During the year ended September 30, 2023, no investments were transferred in or out of Level 3. During the year ended September 30, 2022, $5,248 (in thousands) of investments were transferred out of Level 3 and $1,923 (in thousands) of investments were transferred into Level 3.
Membership interest percentage	5%
Aggregate fair value	$ 2.4
Lydell Jewelry Design Studio, LLC [Member]
Fair Value Measurements (Details) [Line Items]
Membership interest percentage	3.80%

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments - Investments [Member] - USD ($) $ in Thousands		Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		$ 103,004	$ 88,248
Senior Secured Second Lien Term Loans			2,607
Senior Secured Notes		8,922	1,659
Unsecured Debt
Equity/Warrants		113,743	100,443
Total		225,669	192,957
Investments measured at net asset value	[1]	792
Total Investments, at fair value		226,461
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans
Senior Secured Second Lien Term Loans
Senior Secured Notes
Unsecured Debt
Equity/Warrants		24,709	24,750
Total		24,709	24,750
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		20,505	13,996
Senior Secured Second Lien Term Loans
Senior Secured Notes		8,922	1,659
Unsecured Debt
Equity/Warrants		6,217	5,877
Total		35,644	21,532
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements (Details) - Schedule of Fair Value Measurements of Our Investments [Line Items]
Senior Secured First Lien Term Loans		82,499	74,252
Senior Secured Second Lien Term Loans			2,607
Senior Secured Notes
Unsecured Debt
Equity/Warrants		82,817	69,816
Total		$ 165,316	$ 146,675

[1] Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements (Deta_3

Fair Value Measurements (Details) - Schedule of Investments that Use Level 3 Inputs - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		$ 146,675	$ 115,813
Purchases and other adjustments to cost		53,052	130,290
Sales (including repayments or maturities)		(48,851)	(112,551)
Net realized gains/(losses) from investments		(9,398)	12,085
Net unrealized gains/(losses)		23,838	838
Transfer in/(out)			200
Balance at ending		165,316	146,675
Level 3 [Member] \| Senior Secured First Lien Term Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		74,252	61,934
Purchases and other adjustments to cost		23,481	59,179
Sales (including repayments or maturities)		(12,840)	(58,333)
Net realized gains/(losses) from investments		162	(23,917)
Net unrealized gains/(losses)		(2,556)	35,189
Transfer in/(out)			200
Balance at ending		82,499	74,252
Level 3 [Member] \| Senior Secured Second Lien Term Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning		2,607	2,490
Purchases and other adjustments to cost
Sales (including repayments or maturities)		(2,607)
Net realized gains/(losses) from investments		5
Net unrealized gains/(losses)		(5)	117
Transfer in/(out)
Balance at ending			2,607
Level 3 [Member] \| Unsecured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning
Purchases and other adjustments to cost
Sales (including repayments or maturities)		(191)	(1,280)
Net realized gains/(losses) from investments		9	(99)
Net unrealized gains/(losses)		182	1,379
Transfer in/(out)
Balance at ending
Level 3 [Member] \| Equities/ Warrants [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning	[1]	69,816	48,889
Purchases and other adjustments to cost		29,571	71,111	[1]
Sales (including repayments or maturities)		(33,213)	(52,938)	[1]
Net realized gains/(losses) from investments		(9,574)	36,101	[1]
Net unrealized gains/(losses)		26,217	(33,347)	[1]
Transfer in/(out)	[1]
Balance at ending		82,817	69,816	[1]
Level 3 [Member] \| Secured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning			2,500
Purchases and other adjustments to cost
Sales (including repayments or maturities)
Net realized gains/(losses) from investments
Net unrealized gains/(losses)	[1]		(2,500)
Transfer in/(out)
Balance at ending

[1] FlexFIN, LLC was reclassed as an Equity from Secured Debt during the quarter ended December 31, 2021.

Fair Value Measurements (Deta_4

Fair Value Measurements (Details) - Schedule of Quantitative Information About Level 3 Fair Value Measurements of Our Investments - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 165,316	$ 146,675
Senior Secured First Lien Term Loans [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 69,943	$ 65,428
Valuation Methodology	Income Approach	Income Approach
Unobservable Input	Market Yield	Market Yield
Range (Weighted Average)	8.50% - 32.0% (13.78%)	8.50% - 24.00% (10.57%)
Impact to Valuation From An Increase In Input	Decrease
Senior Secured First Lien Term Loans One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 751	$ 3,807
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	Revenue Multiple	EBITDA Multiple
Range (Weighted Average)	0.3x - 0.3x (0.3x)	4.0x – 5.0x (4.5x)
Impact to Valuation From An Increase In Input	Increase
Senior Secured First Lien Term Loans Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,939	$ 4,152
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Revenue Multiple
Range (Weighted Average)	1.7x - 5.0x (3.1x)	0.2x – 0.3x (2.5x)
Impact to Valuation From An Increase In Input	Increase
Senior Secured First Lien Term Loans Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 866	$ 865
Valuation Methodology	Market Approach	Income Approach
Unobservable Input	LTM EBITDA Multiple	Market Spread
Range (Weighted Average)	5.8x - 6.8x (6.3x)	5.75% - 6.25% (6.00%)
Impact to Valuation From An Increase In Input	Increase
Equity Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 38,870	$ 47,138
Valuation Methodology	Cost Approach	Cost Approach
Unobservable Input	Collateral Value	Replacement Cost
Range (Weighted Average)	N/A	N/A
Impact to Valuation From An Increase In Input	N/A
Equity/Warrants Two [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 11,734	$ 9,951
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	LTM Multiple	Market Yield
Range (Weighted Average)	5.8x – 6.8x (6.3x)	8.50% - 13.25% (12.75%)
Impact to Valuation From An Increase In Input	Increase
Equity/Warrants Three [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 22,007	$ 1,283
Valuation Methodology	Market Approach	Market Approach
Unobservable Input	EBITDA Multiple	Sum of the Parts/Estimated Proceeds
Range (Weighted Average)	1.8x – 36.8x (2.8x)	8.1x – 11.4x (9.8x)
Impact to Valuation From An Increase In Input	Increase
Equity/Warrants Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,000
Valuation Methodology	Recent Purchase
Unobservable Input	Purchase Price
Range (Weighted Average)	N/A – N/A (N/A)
Impact to Valuation From An Increase In Input	N/A
Equity/Warrants Five [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 206
Valuation Methodology	Income Approach
Unobservable Input	DLOM (Discount for lack of Marketability)
Range (Weighted Average)	3.0x – 3.2x (3.1x)
Impact to Valuation From An Increase In Input	Decrease
Senior Secured First Lien Term Loans Four [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 2,607
Valuation Methodology		Market Approach
Unobservable Input		EBITDA Multiple
Range (Weighted Average)		9.0x – 10.0x (9.5x)
Equity/Warrants One [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 11,444
Valuation Methodology		Market Approach
Unobservable Input		EBITDA Multiple
Range (Weighted Average)		2.0x – 21.0x (17.4x)

Borrowings (Details)

Borrowings (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 15, 2022

Nov. 09, 2021

Mar. 10, 2018

Dec. 12, 2016

Mar. 26, 2013

Mar. 18, 2013

Dec. 16, 2021

Dec. 31, 2018

Dec. 17, 2015

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2021

Nov. 15, 2021

Oct. 31, 2020

Oct. 21, 2020

Mar. 31, 2018

Oct. 30, 2016

Jul. 30, 2016

Apr. 30, 2016

Jan. 30, 2016

Jan. 14, 2016

Dec. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 30, 2013

Borrowings (Details) [Line Items]

Asset coverage percentage

200%

Asset coverage percentage with no approval

200%

Revolving credit facility in terms

3 years

Revolving credit facility (in Dollars)

$ 50,000,000

Outstanding credit facility (in Dollars)

$ 28,400,000

$ 0

Interest rate

2.90%

Commitment fee percentage

0.25%

Credit facility borrowing, description

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

Stock issued (in Dollars)

$ 70,800,000

Aggregate principal amount (in Dollars)

$ 22,521,800

$ 12,000,000

$ 74,012,825

$ 3,250,000

Percentage of principal amount

100%

Aggregate principal amount per share (in Dollars per share)

$ 25

Aggregate principal amount (in Dollars)

$ 36,441,941

57,500,000

Gain (loss) on extinguishment of debt (in Dollars)

200,000

$ (296,197)

$ (122,355)

Maximum [Member]

Borrowings (Details) [Line Items]

Asset coverage percentage

270.70%

255%

200%

Minimum [Member]

Borrowings (Details) [Line Items]

Asset coverage percentage

200%

150%

2021 Notes [Member]

Borrowings (Details) [Line Items]

Percentage of unsecured notes

6.50%

2023 Notes [Member] | Unsecured Debt [Member]

Borrowings (Details) [Line Items]

Percentage of unsecured notes

6.125%

Aggregate principal amount (in Dollars)

$ 3,500,000

$ 60,000,000

Maturity date

Mar. 30, 2023

Sale of debt (in Shares)

1,573,872

Redemption price per share (in Dollars per share)

$ 25.03

Net proceeds (in Dollars)

$ 38,600,000

Aggregate principal amount (in Dollars)

$ 13,000,000

$ 55,325,000

$ 12,000,000

$ 55,325,000

Gain (loss) on extinguishment of debt (in Dollars)

$ 300,000

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

Borrowings (Details) [Line Items]

Aggregate principal amount (in Dollars)

$ 40,000,000

2028 Notes [Member] | Underwriters [Member]

Borrowings (Details) [Line Items]

Aggregate principal amount (in Dollars)

$ 7,500,000

2028 Notes [Member] | Unsecured Debt [Member]

Borrowings (Details) [Line Items]

Percentage of unsecured notes

5.25%

Aggregate principal amount (in Dollars)

$ 57,500,000

Maturity date

Nov. 01, 2028

Borrowings (Details) - Schedule

Borrowings (Details) - Schedule of Debt Issuance Costs - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	$ 79,058	$ 80,022
Principal Amount Outstanding	85,942	80,022
Carrying Value	84,253	77,963
Fair Value	77,547	72,633
2023 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available		22,522
Principal Amount Outstanding		22,522
Carrying Value		22,483
Fair Value		22,378
2028 Notes [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	57,500	57,500
Principal Amount Outstanding	57,500	57,500
Carrying Value	55,811	55,480
Fair Value	49,105	50,255
Revolving Credit Facility [Member]
Borrowings (Details) - Schedule of Debt Issuance Costs [Line Items]
Aggregate Principal Available	21,558
Principal Amount Outstanding	28,442
Carrying Value	28,442
Fair Value	$ 28,442

Borrowings (Details) - Schedu_2

Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities - Level 1 [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	$ 2,059	$ 5,413
Amortized debt issuance costs	370	3,354
Unamortized debt issuance costs	1,689	2,059
2023 Notes [Member]
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	39	3,102
Amortized debt issuance costs	39	3,063
Unamortized debt issuance costs		39
2028 Notes [Member]
Borrowings (Details) - Schedule of Consolidated Statements of Assets and Liabilities [Line Items]
Total debt issuance costs at beginning of period	2,020	2,311
Amortized debt issuance costs	331	291
Unamortized debt issuance costs	$ 1,689	$ 2,020

Borrowings (Details) - Schedu_3

Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Credit Facility Interest	$ 1,390
Commitment fees	56
Amortization of deferred financing costs	287
Amortization of debt issuance costs	370	368	367
Total	5,532	5,113	5,800
Weighted average debt outstanding	81,600	85,398	82,930
2021 Notes Interest [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest			668
2023 Notes Interest [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest	410	1,749	4,768
2023 Notes Premium [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Premium			(3)
2028 Notes Interest [Member]
Borrowings (Details) - Schedule of Interest Expense, Amortized Debt Issuance Costs, Weighted Average Stated Interest Rate and Weighted Average Outstanding Debt [Line Items]
Notes Interest	$ 3,019	$ 2,996
Weighted average stated interest rate [Member]
Borrowings (Details) - 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	5.90%	6%	7%

Agreements (Details)

Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
Agreements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Agreements (Details) [Line Items]
Annual rate percentage			0.375%				1.50%
Gross assets (in Dollars)	$ 1,000,000,000
Management fees (in Dollars)						$ 1,100,000
Administrator expenses (in Dollars)				$ 320,310	$ 301,281	612,983
Administrator expenses payable (in Dollars)					74,911
Accrual amount (in Dollars)				$ 317,000
Minimum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage				0%
Net asset value per share performance goal percentage				30%
Maximum [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage				200%
Net asset value per share performance goal percentage				70%
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses payable (in Dollars)				$ 0	100,000
Target level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage				100%
Maximum level of performance [Member]
Agreements (Details) [Line Items]
Performance based executive compensation target award percentage				200%
Base Management Fee and Incentive Fee [Member]
Agreements (Details) [Line Items]
Annual rate percentage		0.4375%					1.75%
Gross assets (in Dollars)				$ 1,000,000,000
Administration Agreement [Member]
Agreements (Details) [Line Items]
Administrator expenses (in Dollars)				$ 300,000	$ 300,000	$ 600,000

Agreements (Details) - Schedule

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

Commitments (Details)

Commitments (Details) - USD ($)	12 Months Ended
Commitments (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Commitments [Line Items]
Received insurance proceeds	$ 0	$ 0	$ 2,100,000
Lease term, description	The lease commenced September 1, 2021 and expires November 30, 2026.
Total operating lease cost	$ 141,330	$ 129,552
Security deposit			72,000
Prepaid rent			$ 12,000
Lease term	3 years	4 years
Implied borrowing rate percentage	5.25%	5.25%
Other Asset [Member]
Commitments [Line Items]
Asset operating lease	$ 449,815	$ 513,142
Other Liability [Member]
Commitments [Line Items]
Liabilities operating lease	432,698	570,695
Portfolio Companies [Member]
Commitments [Line Items]
Total unfunded commitments	$ 3,400,000	$ 6,000,000

Commitments (Details) - Schedul

Commitments (Details) - Schedule of Composition of the Unfunded Commitments - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 3,375	$ 6,028
SS Acquisition, LLC (dba Soccer Shots Franchising) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		4,000
Kemmerer Operations, LLC - Senior Secured First Lien Delayed Draw Term Loan[Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		908
Secure Acquisition Inc. (dba Paragon Films) - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	517	517
NVTN L–C - Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	220	220
Black Angus Steakhouses, LLC Senior Secured First Lien Super Priority Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		167
1888 Industrial Services, LLC - Revolving Credit Facility [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments		216
Deer Management Systems LLC – Senior Secured First Lien Delayed Draw Term Loan [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	600
Tamarix Capital Partners II, L.P. - Fund Investment [Member]
Commitments (Details) - Schedule of Composition of the Unfunded Commitments [Line Items]
Total unfunded commitments	$ 2,038

Commitments (Details) - Sched_2

Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease - Other Liability [Member] - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Commitments (Details) - Schedule of Future Minimum Payments Under Phenixfin’s Operating Lease [Line Items]
2024	$ 156,359
2025	156,971
2026	161,680
2027	27,417
Thereafter
Operating Leases, Future Minimum Payments Due	502,427
Difference between undiscounted and discounted cash flows	(69,729)
Total	$ 432,698	$ 570,695

Fee Income (Details) - Schedule

Fee Income (Details) - Schedule of Fee Income - USD ($)	12 Months Ended
Fee Income (Details) - Schedule of Fee Income - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Fee Income [Abstract]
Prepayment fee		$ 235
Administrative agent fee	169	94	414
Amendment fee	53	4	94
Other fees	102	87	2,059
Fee income	$ 324	$ 420	$ 2,567

Directors Fees (Details)

Directors Fees (Details) - USD ($)			12 Months Ended
Directors Fees (Details) - USD ($)	Sep. 30, 2023	May 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Directors Fees (Details) [Line Items]
Directors annual fees			$ 728,833	$ 712,000	$ 1,039,717
Directors fees expense			$ 700,000	700,000	1,000,000
Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees		$ 150,000		$ 100,000	$ 100,000
Lead Independent Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	$ 30,000	30,000
Audit Committee Chair [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	25,000	25,000
Other Members of Audit Committee [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	12,500	12,500
Nominating and Corporate Governance Committee Chair and Compensation Committee Chair [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	15,000	15,000
Other members of Nominating and Corporate Governance Committee and the Compensation Committee [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	8,000	$ 8,000
Each Board Meeting [Member] \| Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	3,000
Each Committee Meeting [Member] \| Director [Member]
Directors Fees (Details) [Line Items]
Directors annual fees	$ 2,500

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Weighted Average Basic and Diluted Net Increase Decrease in Net Assets [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 26,918	$ (6,107)	$ 1,278
Weighted average shares of common stock
Weighted average shares of common stock outstanding - basic and diluted	2,092,326	2,323,601	2,677,891
Earnings (loss) per share of common stock - basic and diluted	$ 12.87	$ (2.63)	$ 0.48

Earnings Per Share (Details) _2

Earnings Per Share (Details) - Schedule of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets (Parentheticals) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Schedule of Weighted Average Basic and Diluted Net Increase Decrease in Net Assets [Abstract]
Weighted average shares of common stock outstanding - diluted	2,092,326	2,323,601	2,677,891
Earnings (loss) per share of common stock - diluted	$ 12.87	$ (2.63)	$ 0.48

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	12 Months Ended
Financial Highlights (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Investment Company, Financial Highlights [Abstract]
Weighted average common stock per share	$ 3.11	$ 1.48	$ 6.92	$ (3.35)	$ (7.66)
Asset coverage of indebtedness (in Dollars)	$ 1,000
Asset coverage percentage	270.70%
Leverage of asset coverage	200%

Financial Highlights (Details)

Financial Highlights (Details) - Schedule of Financial Highlights - USD ($)		12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Investment Company, Financial Highlights [Line Items]
Net Asset Value per share at Beginning of Period		$ 57.49	$ 57.08	$ 55.3	$ 79.46	$ 117.92
Results of Operations:
Net Investment Income/(Loss)	[1]	3.11	1.48	6.92	(1)	(7.66)
Net Realized Gain/(Loss) on Investments		(5.51)	2.24	(15.86)	(18.35)	(41.18)
Net Unrealized Gain/(Loss) on Investments		15.27	(6.22)	9.47	(3.9)	14.13
Net loss on extinguishment of debt			(0.13)	(0.05)	(0.91)	(0.75)
Net Increase (Decrease) in Net Assets Resulting from Operations		12.87	(2.63)	0.48	(24.16)	(35.46)
Capital Share Transactions
Distributions declared			(0.12)			(3)
Repurchase of common stock under stock repurchase program		0.39	3.16	1.3
Net Increase (Decrease) Resulting from Capital Share Transactions		0.39	3.04	1.3		(3)
Net Asset Value per share at End of Period		$ 70.75	$ 57.49	$ 57.08	$ 55.3	$ 79.46
Net Assets at End of Period (in Dollars)		$ 146,705,535	$ 120,845,408	$ 143,693,981	$ 150,619,517	$ 216,432,530
Shares Outstanding at End of Period (in Shares)		2,073,713	2,102,129	2,517,221	2,723,709	2,723,709
Per share market value at end of period		$ 37.9	$ 34.88	$ 42.9	$ 17.83	$ 51.8
Total return based on market value	[2]	8.66%	(18.69%)	140.61%	(65.58%)	(29.91%)
Total return based on net asset value	[3]	21.40%	(15.90%)	(4.60%)	(30.41%)	(29.47%)
Portfolio turnover rate		32.62%	69.43%	24.97%	5.66%	11.93%
Ratio of net investment/(loss) income to average net assets after waivers, discounts and reimbursements		4.80%	2.55%	12.44%	(1.64%)	(7.96%)
Ratio of total expenses to average net assets		10.04%	9.02%	9.26%	14.64%	25.62%
Percentage of non-recurring fee income		1.61%	2.70%	7.94%	2.33%	4.29%
Average debt outstanding (in Shares)	[4]	81,599,762	85,397,690	82,930,098	189,038,998	347,991,878
Average debt outstanding per weighted average common share		$ 39.18	$ 36.75	$ 30.97	$ 69.4	$ 127.76
Asset coverage ratio per unit (in Dollars)	[5]	$ 2,707	$ 2,550	$ 2,856	$ 1,992	$ 1,842
Credit Facility (in Dollars)		28,441,941
Israeli Notes (in Dollars)	[6]					105,136,927
2021 Notes [Member]
Capital Share Transactions
2021 Notes (in Dollars)	[7]				74,012,825	74,012,825
2023 Notes [Member]
Capital Share Transactions
2023 Notes (in Dollars)			22,521,800	77,846,800	77,846,800	77,846,800
2028 Notes [Member]
Capital Share Transactions
2028 Notes (in Dollars)		$ 57,500,000	$ 57,500,000

[1] Net investment income/(loss) excluding management and incentive fee waivers, discounts and reimbursements based on total weighted average common stock outstanding equals $3.11, $1.48, $6.92, $(3.35), and $(7.66) per share for the years ended September 30, 2023, 2022, 2021, 2020, and 2019, respectively. 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. Total return is historical and assumes changes in NAV, reinvestments of all dividends and distributions at prices obtained under the Company’s dividend reinvestment plan, and no sales charge for the period. 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. During the year ended September 30, 2020, the Israeli Notes were redeemed in full and ceased trading on the TASE on April 14, 2020. During the year ended September 30, 2021, the 2021 Notes were redeemed in full and ceased trading on November 20, 2020. The average price for the year ended September 30, 2021 reflects the period from October 1, 2020 through November 20, 2020.

Dividends (Details)

Dividends (Details)	12 Months Ended
Dividends (Details)	Sep. 30, 2022 USD ($)
Dividends [Abstract]
Distribution payments	$ 265,798

Share Transactions (Details)

Share Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2023	Feb. 08, 2023
Share Transactions (Details) [Line Items]
Share repurchase program	$ 9.3
Aggregate repurchased shares (in Shares)	649,996
Total cost	$ 25.7
Percentage of shares outstanding	23.90%
Stock repurchased weighted average price (in Dollars per share)	$ 39.6
Number of share transferred (in Shares)	28,291
Treasury shares (in Shares)	300
Minimum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 25
Maximum [Member]
Share Transactions (Details) [Line Items]
Share repurchase program		$ 35

Share Transactions (Details) -

Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	649,996
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 25,737,486
Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	13,082
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 397,384
Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	12,241
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 393,938
Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	14,390
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 491,469
Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	25,075
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 976,440
Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	141,700
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 5,944,213
Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	7,312
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 293,756
Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	170,589
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 6,908,864
Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	132,054
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 5,306,885
Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	2,942
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 117,758
Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	3,391
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 131,338
Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	3,515
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 135,063
Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	700
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 25,864
Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	3,081
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 112,456
Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	91,508
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 3,443,845
Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	701
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 14,434
Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	1,103
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 38,790
Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	1,501
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 51,295
Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	2,052
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 68,665
Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	3,131
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 115,430
Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	2,003
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 76,214
Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	649
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 23,671
Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	100
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 3,658
Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	2,300
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 85,556
Share Repurchase Program August 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	14,751
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 575,728
Share Repurchase Program September 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Shares Repurchased (in Shares) \| shares	125
Aggregate Consideration for Repurchased Shares (in Dollars) \| $	$ 4,772
Minimum [Member] \| Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 30.25
Minimum [Member] \| Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	30.25
Minimum [Member] \| Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.11
Minimum [Member] \| Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.56
Minimum [Member] \| Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41.03
Minimum [Member] \| Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.07
Minimum [Member] \| Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.53
Minimum [Member] \| Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.24
Minimum [Member] \| Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.07
Minimum [Member] \| Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.7
Minimum [Member] \| Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.28
Minimum [Member] \| Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.4
Minimum [Member] \| Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	28.24
Minimum [Member] \| Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.8
Minimum [Member] \| Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.2
Minimum [Member] \| Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.53
Minimum [Member] \| Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.26
Minimum [Member] \| Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	32.78
Minimum [Member] \| Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.06
Minimum [Member] \| Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.02
Minimum [Member] \| Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.79
Minimum [Member] \| Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.53
Minimum [Member] \| Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	33.63
Minimum [Member] \| Share Repurchase Program August 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.98
Minimum [Member] \| Share Repurchase Program September 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	38.11
Maximum [Member] \| Share Repurchase Program February 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	30.96
Maximum [Member] \| Share Repurchase Program March 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.42
Maximum [Member] \| Share Repurchase Program April 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.89
Maximum [Member] \| Share Repurchase Program May 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.93
Maximum [Member] \| Share Repurchase Program August 2021 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	42.28
Maximum [Member] \| Share Repurchase Program January 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	40.88
Maximum [Member] \| Share Repurchase Program February 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41
Maximum [Member] \| Share Repurchase Program March 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	40.57
Maximum [Member] \| Share Repurchase Program April 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	41
Maximum [Member] \| Share Repurchase Program May 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.78
Maximum [Member] \| Share Repurchase Program June 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.19
Maximum [Member] \| Share Repurchase Program July 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.23
Maximum [Member] \| Share Repurchase Program August 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.79
Maximum [Member] \| Share Repurchase Program September 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.5
Maximum [Member] \| Share Repurchase Program October 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.14
Maximum [Member] \| Share Repurchase Program November 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	35.28
Maximum [Member] \| Share Repurchase Program December 2022 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.84
Maximum [Member] \| Share Repurchase Program January 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	34.84
Maximum [Member] \| Share Repurchase Program February 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.03
Maximum [Member] \| Share Repurchase Program March 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	38.89
Maximum [Member] \| Share Repurchase Program April 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	37.03
Maximum [Member] \| Share Repurchase Program May 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	36.53
Maximum [Member] \| Share Repurchase Program June 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	38.76
Maximum [Member] \| Share Repurchase Program August 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	39.41
Maximum [Member] \| Share Repurchase Program September 2023 [Member]
Share Transactions (Details) - Schedule of Shares of Common Stock Repurchased [Line Items]
Repurchase Price Per Share	$ 38.11

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	1 Months Ended
Subsequent Events (Details) $ in Millions	Dec. 31, 2023 USD ($)
Forecast [Member]
Subsequent Events (Details) [Line Items]
Total investment of insurance	$ 49