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INVESTMENTS - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Mar. 31, 2025 | Mar. 31, 2024 | Mar. 31, 2025 | Mar. 31, 2024
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 794,460 | $ 749,717 | $ 796,222 | $ 704,562
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 46,490 | 46,128 | 194,072 | 105,337
Settlements/repayments | (65,387) | (14,470) | (157,483) | (36,313)
Net proceeds from sales | (15,752) | (969) | (88,833) | (1,229)
Ending balance | 757,625 | 791,324 | 757,625 | 791,324
Total | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 7,702 | 219 | 65,426 | 478
Total | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | (2,042) | 10,431 | 10,076 | 18,504
Reversal of prior period net depreciation (appreciation) on realization | (7,846) | 268 | (61,855) | (15)
Secured first lien debt |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 586,409 | 546,602 | 554,937 | 510,701
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 27,111 | 29,951 | 138,865 | 79,975
Settlements/repayments | (64,682) | (10,687) | (140,937) | (31,806)
Net proceeds from sales | 0 | 0 | 0 | 0
Ending balance | 541,524 | 563,849 | 541,524 | 563,849
Secured first lien debt | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 0 | 0 | (4,074) | 0
Secured first lien debt | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | (7,292) | (1,998) | (10,826) | 4,998
Reversal of prior period net depreciation (appreciation) on realization | (22) | (19) | 3,559 | (19)
Secured second lien debt |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 127,234 | 126,571 | 113,716 | 127,854
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 18,453 | 15,177 | 47,697 | 15,362
Settlements/repayments | (705) | (3,783) | (16,546) | (4,507)
Net proceeds from sales | 0 | 0 | 0 | 0
Ending balance | 144,970 | 140,409 | 144,970 | 140,409
Secured second lien debt | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 0 | 0 | 0 | 0
Secured second lien debt | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | (12) | 2,287 | 103 | 1,543
Reversal of prior period net depreciation (appreciation) on realization | 0 | 157 | 0 | 157
Unsecured debt |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 359 | 23 | 32 | 24
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 11 | 0 | 333 | 0
Settlements/repayments | 0 | 0 | 0 | 0
Net proceeds from sales | 0 | 0 | 0 | 0
Ending balance | 335 | 33 | 335 | 33
Unsecured debt | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 0 | 0 | 0 | 0
Unsecured debt | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | (35) | 10 | (30) | 9
Reversal of prior period net depreciation (appreciation) on realization | 0 | 0 | 0 | 0
Preferred Equity |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 31,294 | 29,722 | 31,346 | 26,855
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 0 | 1,000 | 6,262 | 10,000
Settlements/repayments | 0 | 0 | 0 | 0
Net proceeds from sales | (9,954) | (969) | (19,404) | (969)
Ending balance | 25,031 | 32,598 | 25,031 | 32,598
Preferred Equity | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 2,954 | 219 | 5,404 | 219
Preferred Equity | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 3,691 | 2,496 | 6,827 | (3,637)
Reversal of prior period net depreciation (appreciation) on realization | (2,954) | 130 | (5,404) | 130
Common Equity/ Equivalents |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 49,164 | 46,799 | 96,191 | 39,128
New investments, repayments and settlements: |  |  |  |
Issuances/originations | 915 | 0 | 915 | 0
Settlements/repayments | 0 | 0 | 0 | 0
Net proceeds from sales | (5,798) | 0 | (69,429) | (260)
Ending balance | 45,765 | 54,435 | 45,765 | 54,435
Common Equity/ Equivalents | Debt and Equity Securities, Realized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 4,748 | 0 | 64,096 | 259
Common Equity/ Equivalents | Debt and Equity Securities, Unrealized Gain (Loss) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gain (loss) | 1,606 | 7,636 | 14,002 | 15,591
Reversal of prior period net depreciation (appreciation) on realization | $ (4,870) | $ 0 | $ (60,010) | $ (283)

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