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Fair Value Measurements (Tables)
 12 Months Ended
Sep. 30, 2024
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, 2024 (dollars in thousands):
   Fair Value Hierarchy as of September 30, 2024 
Investments:  Level 1   Level 2   Level 3   Total 
Senior Secured First Lien Term Loans  $
-
   $45,003   $68,987   $113,990 
Senior Secured Notes   
-
    11,054    7,422    18,476 
Equity/Warrants   30,044    
-
    63,881    93,925 
Total  $30,044   $56,057   $140,290   $226,391 
Investments measured at net asset value(1)                  1,525 
Total Investments, at fair value                 $227,916 
(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, 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 
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.
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, 2024 (dollars in thousands):
   Senior Secured
First Lien
Term Loans		   Senior
Secured Notes		   Equities/
Warrants		   Total 
Balance as of September 30, 2023  $82,499   $
-
   $82,817   $165,316 
Purchases and other adjustments to cost   31,590    34,000    50,146    115,736 
Sales (including repayments or maturities)   (32,879)   (26,578)   (63,578)   (123,035)
Net realized gains/(losses) from investments   (8,728)   
-
    15,331    6,603 
Net unrealized gains/(losses)   19,634    
-
    (20,835)   (1,201)
Transfer in/(out)   (23,129)   
-
    
-
    (23,129)
Balance as of September 30, 2024  $68,987   $7,422   $63,881   $140,290 
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		   Senior
Secured Notes		   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 
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, 2024 (dollars in thousands):
   Fair Value   Valuation Methodology  Unobservable Input  Range
(Weighted Average)		  Impact to
Valuation From
An Increase In
Input
Senior Secured First Lien Term Loans  $65,236   Income Approach  Market Yield  3.5% - 42.5% (15.3%)  Decrease
Senior Secured First Lien Term Loans   2,399   Market Approach  EBITDA Multiple  1.8x - 2.3x (2.0x)  Increase
Senior Secured First Lien Term Loans   1,002   Market Approach  Market Spread  4.5% - 5.0% (4.75%)  Decrease
Senior Secured First Lien Term Loans   350   Cost Approach  Collateral Value  N/A  N/A
Senior Secured Notes   7,422   Recent Purchase  Purchase Price  N/A  N/A
Equity/Warrants   36,683   Cost Approach  Collateral Value  N/A  N/A
Equity/Warrants   27,014   Market Approach  EBITDA Multiple  4.3x - 10.3x (8.4x)  Increase
Equity/Warrants   101   Recent Purchase  Purchase Price  N/A  N/A
Equity/Warrants   83   Income Approach  DLOM (Discount for lack of Marketability)  27.0%-31.0% (29.0%)  Decrease
Total  $140,290             
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
(Weighted Average)		  Impact to
Valuation From
An Increase In
Input
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