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Fair Value Measurements (Tables)
 9 Months Ended
Jun. 30, 2025
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 June 30, 2025 (dollars in thousands): 

 

   Fair Value Hierarchy as of June 30, 2025 
Investments:  Level 1   Level 2   Level 3   Total 
Senior Secured First Lien Term Loans  $
-
   $29,564   $90,303   $119,867 
Senior Secured Notes   
-
    10,106    7,422    17,528 
Equity/Warrants   32,795    
-
    122,599    155,394 
Total  $32,795   $39,670   $220,324   $292,789 
Investments measured at net asset value(1)                  1,650 
Total Investments, at fair value                 $294,439 

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.
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 nine months ended June 30, 2025 (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   66,391    
-
    76,653    143,044 
Sales (including repayments or maturities)   (35,192)   
-
    (12,983)   (48,172)
Net realized gains/(losses) from investments   (11,617)   
-
    (1,771)   (13,388)
Net unrealized gains/(losses)   9,617    
-
    (3,069)   6,545 
Transfer in/(out)   (7,883)   
-
    (112)   (7,995)
Balance as of June 30, 2025  $90,303   $7,422   $122,599   $220,324 

 

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 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   28,457    34,000    42,293    104,750 
Sales (including repayments or maturities)   (29,587)   (23,578)   (57,701)   (110,866)
Net realized gains/(losses) from investments   (8,785)   
-
    15,747    6,962 
Net unrealized gains/(losses)   22,220    
-
    (23,438)   (1,218)
Transfer in/(out)   (23,559)   
-
    
-
    (23,559)
Balance as of June 30, 2024  $71,245   $10,422   $59,718   $141,385 
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 June 30, 2025 (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  $74,570   Income Approach  Market Yield  3.5% - 14.25% (11.2%)   Decrease
Senior Secured First Lien Term Loans   1,000   Market Approach  Market Spread  4.25% - 4.75% (4.5%)   Increase
Senior Secured First Lien Term Loans     14,691     Market Approach   EBITDA Multiple   2.0x – 3.0x (2.5x)   Increase
Senior Secured First Lien Term Loans   42   Recent Purchase  Purchase Price  N/A   N/A
Senior Secured Notes   7,422   Cost Approach  Collateral Value  N/A   N/A
Equity/Warrants   77,502   Market Approach  EBITDA Multiple  1.4x - 13.8x (11.0x)   Increase
Equity/Warrants   36,245   Cost Approach  Replacement Cost  N/A   N/A
Equity/Warrants   6,000   Market Approach  Revenue Multiple  2.5x-3.0x (2.8x)   Increase
Equity/Warrants   2,751   Income Approach  Market Yield  11.0%-28.8% (25.1%)   Decrease
Equity/Warrants   101   Cost Approach  Collateral Value  N/A   N/A
Total  $220,324              

 

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