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Fair Value Measurements (Tables)
 3 Months Ended
Dec. 31, 2024
Fair Value Measurements [Abstract]  
Schedule of Fair Value Measurements of Investments The following table presents the fair value measurements of our investments, by major class according to the fair value hierarchy, as of December 31, 2024 (dollars in thousands):
   Fair Value Hierarchy as of December 31, 2024 
Investments:  Level 1   Level 2   Level 3   Total 
Senior Secured First Lien Term Loans  $-   $45,527   $84,387   $129,914 
Senior Secured Notes   -    3,520    7,422    10,942 
Equity/Warrants   30,516    -    127,168    157,684 
Total  $30,516   $49,047   $218,977   $298,540 
Investments measured at net asset value(1)                  1,554 
Total Investments, at fair value                 $300,094 
(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, 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 
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 three months ended December 31, 2024 (dollars in thousands):
   Senior
Secured
First Lien
Term Loans		   Senior
Secured
Notes		   Equities/
Warrants		   Total 
Balance as of September 30, 2024  $68,987   $7,422   $63,881   $140,290 
Purchases and other adjustments to cost   26,271    
-
    69,484    95,755 
Sales (including repayments or maturities)   (10,166)   
-
    (6,238)   (16,404)
Net realized gains/(losses) from investments   84    
-
    
-
    84 
Net unrealized gains/(losses)   (789)   
-
    41    (748)
Transfer in/(out)   
-
    
-
    
-
    
-
 
Balance as of December 31, 2024  $84,387   $7,422   $127,168   $218,977 

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended December 31, 2023 (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   7,760    -    6,752    14,512 
Sales (including repayments or maturities)   (8,802)   -    (7,852)   (16,654)
Net realized gains/(losses) from investments   (12)   
-
    278    266 
Net unrealized gains/(losses)   951    
-
    (472)   479 
Transfer in/(out)   -    
-
    
-
    - 
Balance as of December 31, 2023  $82,396   $-   $81,523   $163,919 
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 December 31, 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  $81,565   Income Approach  Market Yield  3.5% - 47.5% (9.4%)  Decrease
Senior Secured First Lien Term Loans   1,472   Market Approach  EBITDA Multiple  1.0x - 1.5x (1.3x)  Increase
Senior Secured First Lien Term Loans   1,000   Market Approach  Market Quote  N/A  N/A
Senior Secured First Lien Term Loans   350   Cost Approach  Collateral Value  N/A  N/A
Senior Secured Notes   7,422   Cost Approach  Collateral Value  N/A  N/A
Equity/Warrants   40,947   Cost Approach  Replacement Cost  N/A  N/A
Equity/Warrants   28,523   Market Approach  EBITDA Multiple  4.8x - 10.3x (8.3x)  Increase
Equity/Warrants   2,524   Income Approach  Market Yield  11.0%-28.8% (28.5%)  Decrease
Equity/Warrants   54,529   Recent Purchase  Purchase Price  N/A  N/A
Equity/Warrants   645   Income Approach  DLOM (Discount for lack of Marketability)  30.0%-34.0% (32.0%)  Decrease
Total  $218,977             

 

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