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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2023

Fair Value Measurements [Abstract]

Schedule of fair value measurements of our investments

		Fair Value Hierarchy as of March 31, 2023
Investments:		Level 1				Level 2				Level 3				Total
Senior Secured First Lien Term Loans		$	-			$	13,444			$	83,159			$	96,603
Senior Secured Notes			-				2,128				-				2,128
Fund Investment			-				-				1,027				1,027
Equity/Warrants			27,416				5,835				67,080				100,331
Total		$	27,416			$	21,407			$	151,266			$	200,089

		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

		Senior Secured First Lien Term Loans				Senior Secured Second Lien Term Loans				Equities/ Warrants				Fund Investment				Total
Balance as of September 30, 2022		$	74,252			$	2,607			$	69,816			$	-			$	146,675
Purchases and other adjustments to cost			15,443				-				8,723				1,027				25,193
Sales (including repayments or maturities)			(3,657	)			(2,607	)			(18,041	)			-				(24,305	)
Net realized gains/(losses) from investments			85				5				(927	)			-				(837	)
Net unrealized gains/(losses)			(2,964	)			(5	)			7,509				-				4,540
Transfer in/(out)			-				-				-				-				-
Balance as of March 31, 2023		$	83,159			$	-			$	67,080			$	1,027			$	151,266

		Senior Secured First Lien Term Loans				Senior Secured Second Lien Term Loans				Senior Secured Notes				Unsecured Debt				Equities/ Warrants				Total
Balance as of September 30, 2021		$	61,934			$	2,490			$	2,500			$	-			$	48,889			$	115,813
Purchases and other adjustments to cost			44,145				-				-				-				38,964				83,109
Sales (including repayments or maturities)			(36,095	)			-				-				(1,280	)			(46,639	)			(84,014	)
Net realized gains/(losses) from investments			(21,744	)			-				-				(99	)			36,601				14,758
Net unrealized gains/(losses)			29,368				(3	)			(2,500	)(1)			1,379				(32,551	)(1)			(4,307	)
Transfer in/(out)			(5,248	)			-				-				-				-				(5,248	)
Balance as of March 31, 2022		$	72,360			$	2,487			$	-			$	-			$	45,264			$	120,111

Schedule of quantitative information about level 3 fair value measurements of our investments

		Fair Value				Valuation Methodology		Unobservable Input		Range (Weighted Average)
Senior Secured First Lien Term Loans		$	73,166			Market Approach		Market Yield		8.50% - 30.0% (13.11%)
Senior Secured First Lien Term Loans			5,199			Market Approach		Revenue Multiple		0.26x - 0.31x (0.3x)
Senior Secured First Lien Term Loans			3,925			Market Approach		EBITDA Multiple		4.0x - 5.00x (4.5x)
Senior Secured First Lien Term Loans			869			Market Approach		LTM EBITDA Multiple		6.5x - 7.5x (7.0x)
Equity/Warrants			38,051			Cost Approach		Replacement Cost		N/A
Equity/Warrants			11,151			Income Approach		Market Yield		0% - 13.50% (5.89%)
Equity/Warrants			10,291			Market Approach		LTM Multiple		6.5x - 7.5x (7.0x)
Equity/Warrants			6,454			Market Approach		EBITDA Multiple		0% - 38.6x (2.87x)
Equity/Warrants			923			Market Approach		Sum of the Parts/Estimated proceeds		6.3x - 7.0x (6.6x)
Equity/Warrants			210			Income Approach		DLOM (Discount for lack of Marketability)		2.9x - 3.2x (3.1x)
Fund Investment			1,027			Cost Approach		Transaction		N/A
Total		$	151,266

Fair Value

Valuation Methodology

Unobservable Input

Range (Weighted Average)

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

Income 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

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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