v3.25.4

Fair value of Financial Instruments (Tables) | 12 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Unobservable Inputs and Ranges | Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):
Asset Category ($ in thousands) |  | Fair value at September 30, 2025 |  |  | Valuation Technique |  | Unobservable Input |  | Range of Input (Weighted Average) (1)
First lien |  | $ | 31,018 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
First lien |  |  | 550,259 |  |  | Market Comparable |  | Market yield |  | 4.0% - 24.5% (10.1%)
First lien |  |  | 1,096 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 7.5 x - 8.3 x (8.1 x)
Second lien |  |  | 14,750 |  |  | Market Comparable |  | Market yield |  | 13.2% - 15.5% (14.3%)
Second lien |  |  | 3,411 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
Subordinated debt / corporate notes |  |  | 201,220 |  |  | Market Comparable |  | Market yield |  | 7.0% - 25.4% (13.2%)
Equity |  |  | 286,210 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 1.5 x - 28.3 x (9.4 x)
Total Level 3 investments |  | $ | 1,087,964 |  |  |  |  |  |  |
Debt Category ($ in thousands) |  |  |  |  |  |  |  |  |
Truist Credit Facility |  | $ | 425,477 |  |  | Market Comparable |  | Market yield |  | 4.9%
(1) The weighted averages disclosed in the table above were weighted by their relative fair value.
Asset Category ($ in thousands) |  | Fair value at September 30, 2024 |  |  | Valuation Technique |  | Unobservable Input |  | Range of Input (Weighted Average) (1)
First lien |  | $ | 13,841 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
First lien |  |  | 621,998 |  |  | Market Comparable |  | Market yield |  | 7.0% – 21.4% (10.2%)
First lien |  |  | 32,087 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 0.9 x - 8.4 x (8.4 x)
Second lien |  |  | 63,803 |  |  | Market Comparable |  | Market yield |  | 13.1% - 18.5% (13.9%)
Second lien |  |  | 3,377 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
Subordinated debt / corporate notes |  |  | 181,690 |  |  | Market Comparable |  | Market yield |  | 5.0% - 16.5% (14.1%)
Equity |  |  | 235,573 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 0.4 x - 18.8 x (9.4 x)
Total Level 3 investments |  | $ | 1,152,369 |  |  |  |  |  |  |
Debt Category ($ in thousands) |  |  |  |  |  |  |  |  |
Truist Credit Facility |  | $ | 460,361 |  |  | Market Comparable |  | Market yield |  | 5.4%
(1) The weighted averages disclosed in the table above were weighted by their relative fair value.
Summary of Investments, Cash and Cash Equivalents, Credit Facility, SBA Debentures and Notes | Our investments, cash and cash equivalents, Credit Facili ty, 2026 Notes and 2026 Notes-2 were categorized as follows in the fair value hierarchy ($ in thousands):
|  | Fair value at September 30, 2025 |
Description ($ in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value (1) |
Debt investments |  | $ | 801,754 |  |  | $ | — |  |  | $ | — |  |  | $ | 801,754 |  |  | $ | — |
U.S. Government Securities(3) |  |  | 124,788 |  |  |  | — |  |  |  | 124,788 |  |  |  | — |  |  |  | — |
Equity investments |  |  | 360,731 |  |  |  | — |  |  |  | — |  |  |  | 286,210 |  |  |  | 74,521 |
Total investments |  |  | 1,287,273 |  |  |  | — |  |  |  | 124,788 |  |  |  | 1,087,964 |  |  |  | 74,521 |
Cash and cash equivalents |  |  | 51,783 |  |  |  | 51,783 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments and cash and cash equivalents |  | $ | 1,339,056 |  |  | $ | 51,783 |  |  | $ | 124,788 |  |  | $ | 1,087,964 |  |  | $ | 74,521 |
Truist Credit Facility |  | $ | 425,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,477 |  |  | $ | — |
2026 Notes(2) |  |  | 149,473 |  |  |  | — |  |  |  | 149,473 |  |  |  | — |  |  |  | — |
2026 Notes-2(2) |  |  | 163,933 |  |  |  | — |  |  |  | 163,933 |  |  |  | — |  |  |  | — |
Total debt |  | $ | 738,883 |  |  | $ | — |  |  | $ | 313,406 |  |  | $ | 425,477 |  |  | $ | — |
(1) In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy. (2) We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. (3) Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.
|  | Fair Value at September 30, 2024 |
Description ($ in thousands) |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value (1) |
Debt investments |  | $ | 916,796 |  |  | $ | — |  |  | $ | — |  |  | $ | 916,796 |  |  | $ | — |
U.S. Government Securities(3) |  |  | 99,632 |  |  |  | — |  |  |  | 99,632 |  |  |  | — |  |  |  | — |
Equity investments |  |  | 311,622 |  |  |  | — |  |  |  | — |  |  |  | 235,573 |  |  |  | 76,049 |
Total investments |  |  | 1,328,050 |  |  |  | — |  |  |  | 99,632 |  |  |  | 1,152,369 |  |  |  | 76,049 |
Cash and cash equivalents |  |  | 49,861 |  |  |  | 49,861 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments and cash and cash equivalents |  | $ | 1,377,911 |  |  | $ | 49,861 |  |  | $ | 99,632 |  |  | $ | 1,152,369 |  |  | $ | 76,049 |
Truist Credit Facility |  | $ | 460,361 |  |  | $ | — |  |  | $ | — |  |  | $ | 460,361 |  |  | $ | — |
2026 Notes(2) |  |  | 148,571 |  |  |  | — |  |  |  | 148,571 |  |  |  | — |  |  |  | — |
2026 Notes-2(2) |  |  | 163,080 |  |  |  | — |  |  |  | 163,080 |  |  |  | — |  |  |  | — |
Total debt |  | $ | 772,012 |  |  | $ | — |  |  | $ | 311,651 |  |  | $ | 460,361 |  |  | $ | — |
(1) In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSLF and PTSF II is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy. (2) We elected not to apply ASC 825-10 to the 2026 Notes, and the 2026 Notes-2 and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value. (3) Our U.S. Treasury Bills are classified as Level 2, as they were valued by the pricing service who utilize broker-supplied prices.
Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3 | The tables below show a reconciliation of the beginning and ending balances for investments measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):
|  | Year Ended September 30, 2025 |
Description ($ in thousands) |  | Debt investments |  |  | Equity investments |  |  | Totals |
Beginning balance |  | $ | 916,796 |  |  | $ | 235,573 |  |  | $ | 1,152,369 |
Net realized gain (loss) |  |  | (45,658 | ) |  |  | (6,800 | ) |  |  | (52,458 | )
Net change in unrealized appreciation (depreciation) |  |  | 9,159 |  |  |  | 46,520 |  |  |  | 55,679 |
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 726,966 |  |  |  | 15,830 |  |  |  | 742,796 |
Sales, repayments and non-cash exchanges |  |  | (805,509 | ) |  |  | (4,913 | ) |  |  | (810,422 | )
Transfers in/out of Level 3 |  |  | — |  |  | — |  |  |  | — |
Ending balance |  | $ | 801,754 |  |  | $ | 286,210 |  |  | $ | 1,087,964 |
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date |  | $ | (1,219 | ) |  | $ | 40,305 |  |  | $ | 39,086 |
|  | Year Ended September 30, 2024 |
Description ($ in thousands) |  | Debt investments |  |  | Equity investments |  |  | Totals |
Beginning balance |  | $ | 764,275 |  |  | $ | 163,053 |  |  | $ | 927,328 |
Net realized gain (loss) |  |  | (23,028 | ) |  |  | (10,053 | ) |  |  | (33,081 | )
Net change in unrealized appreciation (depreciation) |  |  | (5,374 | ) |  |  | 35,990 |  |  |  | 30,616 |
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 726,526 |  |  |  | 59,520 |  |  |  | 786,046 |
Sales, repayments and non-cash exchanges |  |  | (545,603 | ) |  |  | (12,937 | ) |  |  | (558,540 | )
Transfers in/out of Level 3 |  | — |  |  | — |  |  |  | — |
Ending balance |  | $ | 916,796 |  |  | $ | 235,573 |  |  | $ | 1,152,369 |
Net change in unrealized appreciation reported within the net change in unrealized appreciation on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date |  | $ | (21,133 | ) |  | $ | 25,461 |  |  | $ | 4,328 |
Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3 | The table below shows a reconciliation of the beginning and ending balances for liabilities measured at fair value using significant unobservable inputs (Level 3) ($ in thousands):
|  | Year Ended September 30, |
Long-Term Credit Facility |  | 2025 |  |  | 2024 |
Beginning balance (cost – $461,456 and $212,420, respectively) |  | $ | 460,361 |  |  | $ | 206,940 |
Net change in unrealized appreciation (depreciation) included in earnings |  |  | 116 |  |  |  | 4,385 |
Borrowings (1) |  |  | 207,000 |  |  |  | 524,036 |
Repayments (1) |  |  | (242,000 | ) |  |  | (275,000 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |
Ending balance (cost – $426,456 and $461,456, respectively) |  | $ | 425,477 |  |  | $ | 460,361 |
Temporary draws outstanding, at cost |  |  | — |  |  |  | — |
Ending balance (cost – $426,456 and $461,456, respectively) |  | $ | 425,477 |  |  | $ | 460,361 |
(1) Excludes temporary draws.
Net Change in Fair Value on Foreign Currency Translation on Outstanding Borrowings | As of September 30, 2025, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£, CAD and $ in thousands):
Foreign Currency |  | Amount Borrowed |  |  | Borrowing Cost |  |  | Current Value |  |  | Reset Date |  | Unrealized appreciation/ (depreciation) |
British Pound |  | £ | 36,000 |  |  | $ | 49,420 |  |  | $ | 48,465 |  |  | December 31, 2025 |  | $ | 955 |
Canadian dollar |  |  | CAD 2,800 |  |  | $ | 2,036 |  |  | $ | 2,012 |  |  | October 29, 2025 |  | $ | 24 |
As of September 30, 2024, we had outstanding non-U.S. dollar borrowings on our Truist Credit Facility. Net change in fair value on foreign currency translation on outstanding borrowings is listed below (£, CAD and $ in thousands):
Foreign Currency |  | Amount Borrowed |  |  | Borrowing Cost |  |  | Current Value |  |  | Reset Date |  | Unrealized appreciation/ (depreciation) |
British Pound |  | £ | 36,000 |  |  | $ | 49,420 |  |  | $ | 48,289 |  |  | December 28, 2024 |  | $ | 1,131 |
Canadian dollar |  |  | CAD 2,800 |  |  | $ | 2,036 |  |  | $ | 2,073 |  |  | October 23, 2024 |  | $ | (37 | )

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