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

	Fair Value		Percentage
Services: Business	$	56,249		18.6	%
Insurance		48,470		16.0
Real Estate		47,632		15.8
Services: Consumer		38,418		12.7
Aerospace & Defense		25,881		8.6
Hotel, Gaming & Leisure		22,328		7.4
Construction & Building		18,131		6.0
High Tech Industries		16,961		5.6
Metals & Mining		8,763		2.9
Automotive		7,860		2.6
Media: Broadcasting & Subscription		4,850		1.6
Consumer Discretionary		4,502		1.5
Banking		2,227		0.7
Total	$	302,272		100.0	%

The following table shows the portfolio composition by industry grouping at fair value at September 30, 2024 (dollars in thousands):

	Fair Value		Percentage

Real Estate	$	50,162		22.0	%
Services: Business		46,706		20.5
Services: Consumer		28,121		12.3
Hotel, Gaming & Leisure		24,253		10.6
Construction & Building		17,095		7.5
High Tech Industries		12,352		5.5
Automotive		12,316		5.4
Metals & Mining		12,161		5.3
Media: Broadcasting & Subscription		9,003		4.0
Energy: Oil & Gas		4,333		1.9
Packaging		3,505		1.5
Consumer Discretionary		3,456		1.5
Aerospace & Defense		2,827		1.2
Banking		1,525		0.7
Insurance		101		0.1
Total	$	227,916		100.0	%

Transactions with Affiliated Investments and Controlled Investments during the years ended September 30, 2025 and 2024 were as follows:

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates		Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value at September 30, 2025		Earned Income		Fee/Other Income
Affiliated Investments
Advocates for Disabled Vets, LLC (dba Reps for Vets)	Senior Secured First Lien Term Loan	$	-	$	8,769,172		$	-	$	28,042		$	1,299		$	8,798,513	$	614,409	$	-
	Equity		-		3,375,000			-		(15,489	)			-		3,359,511		-		-
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		751,207		(243,889	)		-		124,542			(631,860)			-		-		-
	Senior Secured First Lien Term Loan		-		-			-		7,767,533			(7,767,533)			-		-		-
	Senior Secured First Lien Super Priority DDTL		1,647,776		-			-		273,184			(1,920,960)			-		-		-
FST Holdings Parent, LLC	Equity		12,351,802		8,289			-		(1,399,350	)		-			10,960,741		254,231		-
MB Precision Investment Holdings LLC	Senior Secured First Lien Term Loan		-		6,694,041			-		(297,667	)		2,187			6,398,561		-		-
	Senior Secured Delayed Draw Term Loan		-		468,621			-		21,685			-			490,306		-		-
	Senior Secured First Lien Revolver		-		2,077,048			-		(101,701	)		-			1,975,347		-		-
	Equity		-		3,167,157			-		(441,749	)		-			2,725,408		-		-
	Warrants		-		827,409			-		(154,391	)		-			673,018		-		-
Total Affiliated Investments		$	14,750,785	$	25,142,848		$	-	$	5,804,639		$	(10,316,867)		$	35,381,405	$	868,640	$	-

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2024		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Controlled		Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at September 30, 2025		Earned Income		Fee/Other Income
Controlled Investments
ECC Capital Corp.	Senior Secured First Lien Term Loan	$	7,422,012	$	(425,000	)	$	-	$	-		$	-	$	6,997,012	$	716,278	$	-
	Equity		4,872,000		-			-		1,764,000			-		6,636,000		-		197,201
FlexFIN, LLC	Equity Interest		36,683,046		497,716			-		-			-		37,180,762		5,024,928		-
NSG Captive, Inc.	Equity		101,000		49,154,076			-		(785,536	)		-		48,469,540		-		522,487
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		5,500,000		3,400,000			-		(13,230	)		13,230		8,900,000		922,828		-
	Senior Secured First Lien Term Loan B		16,353,589		-			-		(2,925,989	)		-		13,427,600		813,121		-
Total Controlled Investments		$	70,931,647	$	52,626,792		$	-	$	(1,960,755	)	$	13,230	$	121,610,914	$	7,477,155	$	719,688

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2023		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Affiliates			Unrealized Gain/(Loss)			Realized Gain/(Loss)			Fair Value at September 30, 2024		Earned Income
Affiliated Investments
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan C	$	751,479	$	(1,096,561	)	$	(196,411	)	$	439,778		$	101,715		$	-	$	123,326
	Senior Secured First Lien Term Loan A		-		-			-			9,473,068			(9,473,068	)		-		-
	Revolving Credit Facility		4,632,177		(5,112,074	)		-			-			479,897			-		158,704
Black Angus Steakhouses, LLC	Senior Secured First Lien Delayed Draw Term Loan		875,749		-			-			(124,542	)		-			751,207		-
	Senior Secured First Lien Term Loan		1,459,249		-			-			(1,459,249	)		-			-		-
	Senior Secured First Lien Super Priority DDTL		1,920,960		-			-			(273,184	)		-			1,647,776		-
FST Holdings Parent, LLC	Equity		10,000,003		-			-			2,351,799			-			12,351,802		199,388
Maritime Wireless Holdings LLC	Senior Secured First Lien Term Loan B		7,500,000		(7,373,166	)		-			(126,834	)		-			-		535,857
	Equity		10,150,000		(11,900,000	)		-			(5,150,000	)		6,900,000			-		-
Total Affiliated Investments		$	37,289,617	$	(25,481,801	)	$	(196,411	)	$	5,130,836		$	(1,991,456	)	$	14,750,785	$	1,017,275

Name of Investment⁽¹⁾⁽²⁾	Type of Investment	Fair Value at September 30, 2023		Purchases/(Sales) of or Advances/ (Distributions)			Transfers In/(Out) of Controlled			Unrealized Gain/(Loss)			Realized Gain/(Loss)		Fair Value at September 30, 2024		Earned Income
Controlled Investments
ECC Capital Corp.	Senior Secured Promissory Note	$	-	$	7,422,012		$	-		$	-			-	$	7,422,012	$	962,959
	Equity		-		4,257,002			-			614,998			-		4,872,000		33,280
FlexFIN, LLC	Equity Interest		38,870,711		(2,187,665	)		-			-			-		36,683,046		3,972,352
Kemmerer Operations, LLC	Senior Secured First Lien Term Loan		3,383,877		5,769,816			(9,153,693	)		-			-		-		268,831
	Equity		9,133,052		(10,378,988	)		-			(7,296,895	)		8,542,831		-		-
NSG Captive, Inc.	Equity		-		101,000			-			-			-		101,000		-
NVTN LLC	Senior Secured First Lien Delayed Draw Term Loan		7,214,856		(1,693,577	)		-			(21,279	)		-		5,500,000		1,035,741
	Senior Secured First Lien Term Loan B		5,037,547		-			-			11,316,042			-		16,353,589		423,013
	Equity		-		11,900,000			-			(11,900,000	)		-		-		-
Total Controlled Investments		$	63,640,043	$	15,189,600		$	(9,153,693	)	$	(7,287,134	)	$	8,542,831	$	70,931,647	$	6,696,176

(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.