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INVESTMENTS (Tables)
 9 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
As of June 30, 2023 and September 30, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:
Fair Value Measurements
Fair Value
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
As of June 30, 2023:
Secured first lien debt
$533,237 $— $— $533,237 
Secured second lien debt
120,036 — — 120,036 
Unsecured debt
32 — 

— 

32 
Preferred equity
27,991 — — 

27,991 
Common equity/equivalents
33,835 
(A)
— 31 
(B)
33,804 
Total Investments as of June 30, 2023
$715,131 $— $31 $715,100 
Fair Value Measurements
Fair Value
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
As of September 30, 2022:
Secured first lien debt
$463,858 $— $— $463,858 
Secured second lien debt
115,928 — — 115,928 
Unsecured debt
55 — — 

55 
Preferred equity
27,046 — — 

27,046 
Common equity/equivalents
36,331 
(A)
— 

58 
(B)
36,273 
Total Investments as of September 30, 2022
$643,218 $— $58 $643,160 
(A)Excludes our investment in Leeds with fair values of $0.2 million and $6.4 million as of June 30, 2023 and September 30, 2022, respectively. Leeds was valued using NAV as a practical expedient.
(B)Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions.
The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of June 30, 2023 and September 30, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities and by security type:
Total Recurring Fair Value Measurements Reported in
Consolidated Statements of Assets and Liabilities
Using Significant Unobservable Inputs (Level 3)
June 30, 2023September 30, 2022
Non-Control/Non-Affiliate Investments
Secured first lien debt$481,679 $413,631 
Secured second lien debt112,611 108,263 
Unsecured debt32 55 
Preferred equity21,726 17,719 
Common equity/equivalents26,575 
(A)
28,688 
(B)
Total Non-Control/Non-Affiliate Investments
$642,623 $568,356 
Affiliate Investments
Secured first lien debt$35,493 $34,804 
Preferred equity5,124 3,640 
Common equity/equivalents1,406 647 
Total Affiliate Investments$42,023 $39,091 
Control Investments
Secured first lien debt$16,065 $15,423 
Secured second lien debt7,425 7,665 
Preferred equity1,141 5,687 
Common equity/equivalents5,823 6,938 
Total Control Investments
$30,454 $35,713 
Total Investments at Fair Value Using Level 3 Inputs$715,100 $643,160 
(A)Excludes our investments in Leeds and Funko with fair values of $0.2 million and $31 thousand, respectively, as of June 30, 2023. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.
(B)Excludes our investments in Leeds and Funko with fair values of $6.4 million and $58 thousand, respectively, as of September 30, 2022. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs.
Schedule of Fair Value Measurement Inputs and Valuation Techniques The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements.
The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input.
Quantitative Information about Level 3 Fair Value Measurements

Range / Weighted Average as of

June 30,
2023		September 30,
2022
Valuation
Techniques/
Methodologies
Unobservable
Input
June 30,
2023		September 30,
2022


Secured first lien debt
$492,379 $423,912 
Yield Analysis
Discount Rate
11.7% - 37.0%
/ 14.3%
8.0% - 29.5%
/ 11.8%

40,858 39,946 
TEV
EBITDA multiple
4.7x – 5.9x
/ 5.8x
4.8x – 6.7x
/ 6.2x


EBITDA
$960 - $14,121
/ $13,605
$800 - $10,257
/ $7,605


Revenue multiple
0.3x – 0.8x
/ 0.6x
0.3x – 0.6x
/ 0.5x


Revenue
$15,375 - $16,322
/ $15,922
$11,514 - $16,320
/ $14,656


Secured second lien debt
102,328 97,472 
Yield Analysis
Discount Rate
11.7% - 15.5%
/ 14.2%
11.5% - 15.4%
/ 13.8%

10,283 10,791 
Market Quote
IBP
66.0% - 99.3%
/ 82.4%
82.0% - 95.0%
/ 86.5%

7,425 7,665 
TEV
EBITDA multiple
5.5x – 5.5x
/ 5.5x
5.6x – 5.6x
/ 5.6x


EBITDA
$3,441 - $3,441
/ $3,441
$3,299 - $3,299
/ $3,299


Unsecured debt
32 55 
TEV
Revenue multiple
1.3x – 1.3x
/ 1.3x
0.3x – 1.3x
/ 1.0x


Revenue
$5,270 - $5,270
/ $5,270
$764 - $11,514
/ $4,249


Preferred and common equity / equivalents(A)
61,795 63,319 
TEV
EBITDA multiple
4.3x – 12.9x
/ 6.7x
4.1x – 11.0x
/ 6.5x


EBITDA
$960 -$108,146
/ $10,410
$800 -$74,512
/ $11,742


Revenue multiple
0.3x – 3.0x
/ 1.2x
0.3x– 4.4x
/ 1.4x


Revenue
$3,447 -$16,322
/ $14,798
$764 -$42,926
/ $19,963
Total Level 3 Investments, at Fair Value
$715,100 $643,160 
(A)Fair value as of June 30, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $31 thousand, respectively. Fair value as of September 30, 2022 excludes our investments in Leeds and Funko with fair values of $6.4 million and $58 thousand, respectively. Leeds was valued using NAV as a practical expedient and Funko was valued using Level 2 inputs as of both June 30, 2023 and September 30, 2022.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following tables provide the changes in fair value, broken out by security type, during the three and nine months ended June 30, 2023 and 2022 for all investments for which we determine fair value using unobservable (Level 3) inputs.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three months ended June 30, 2023Secured
First Lien
Debt		Secured
Second Lien
Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of March 31, 2023$498,947 $117,438 $36 $28,298 $31,444 $676,163 
Total gains (losses):
Net realized gain (loss)(A)
— — — (789)3,700 2,911 
Net unrealized appreciation (depreciation)(B)
(2,195)601 (4)(1,718)4,622 1,306 
Reversal of prior period net depreciation (appreciation) on realization(B)
(200)— — 526 (4,262)(3,936)
New investments, repayments and settlements: (C)
Issuances/originations
65,707 2,061 — 1,674 2,000 71,442 
Settlements/repayments
(29,022)(64)— — — (29,086)
Net proceeds from sales
— — — — (3,700)(3,700)
Transfers
— — — — — — 
Fair Value as of June 30, 2023
$533,237 $120,036 $32 $27,991 $33,804 $715,100 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Nine months ended June 30, 2023Secured
First Lien
Debt		Secured
Second Lien
Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of September 30, 2022
$463,858 $115,928 $55 $27,046 $36,273 $643,160 
Total gains (losses):
Net realized gain (loss)(A)
(107)— (95)(279)8,695 8,214 
Net unrealized appreciation (depreciation)(B)
(4,685)376 (23)(693)5,239 214 
Reversal of prior period net depreciation (appreciation) on realization(B)
10 — 95 526 (9,257)(8,626)
New investments, repayments and settlements: (C)
Issuances/originations
135,567 6,303 — 2,045 4,532 148,447 
Settlements/repayments
(61,406)(2,571)— — — (63,977)
Net proceeds from sales
— — — (654)(11,678)(12,332)
Transfers
— — — — — — 
Fair Value as of June 30, 2023
$533,237 $120,036 $32 $27,991 $33,804 $715,100 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three months ended June 30, 2022Secured
First Lien
Debt		Secured
Second
Lien Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of March 31, 2022$377,902 $85,498 $64 $27,935 $41,264 $532,663 
Total gains (losses):
Net realized gain (loss)(A)
(8,471)— (25)— — (8,496)
Net unrealized appreciation (depreciation)(B)
(3,182)(1,006)(5)(5,482)(9,440)(19,115)
Reversal of prior period net depreciation (appreciation) on realization(B)
14,199 — 25 (28)— 14,196 
New investments, repayments and settlements: (C)
Issuances/originations
64,578 167 — 3,140 — 67,885 
Settlements/repayments
(6,509)(813)— (250)— (7,572)
Net proceeds from sales
1,339 — — — — 1,339 
Transfers(6,750)— — — 6,750 — 
Fair Value as of June 30, 2022
$433,106 $83,846 $59 $25,315 $38,574 $580,900 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Nine months ended June 30, 2022Secured
First Lien
Debt		Secured
Second
Lien Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of September 30, 2021
$337,394 $135,956 $10 $29,246 $48,441 $551,047 
Total gains (losses):
Net realized gain (loss)(A)
(8,471)— (25)— 13,876 5,380 
Net unrealized appreciation (depreciation)(B)
1,230 (627)24 (4,691)(9,148)(13,212)
Reversal of prior period net depreciation (appreciation) on realization(B)
13,819 (1,601)25 (4,309)(9,113)(1,179)
New investments, repayments and settlements: (C)
Issuances/originations
151,401 30,503 25 6,640 3,500 192,069 
Settlements/repayments
(56,856)(80,385)— (250)— (137,491)
Net proceeds from sales
1,339 — — (1,321)(15,732)(15,714)
Transfers(6,750)— — — 6,750 — 
Fair Value as of June 30, 2022
$433,106 $83,846 $59 $25,315 $38,574 $580,900 
(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.
(B)Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operations for the corresponding period.
(C)Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.
Schedule of Investment Holdings
The following table outlines our investments by security type as of June 30, 2023 and September 30, 2022:
June 30, 2023September 30, 2022
CostFair ValueCostFair Value
Secured first lien debt$549,860 74.8 %$533,237 74.5 %$475,806 72.5 %$463,858 71.4 %
Secured second lien debt122,681 16.7 120,036 16.8 118,949 18.2 115,928 17.8 
Unsecured debt198 0.0 32 0.0 293 0.0 55 0.0 
Total debt investments672,739 91.5 653,305 91.3 595,048 90.7 579,841 89.2 
Preferred equity35,617 4.8 27,991 3.9 34,505 5.3 27,046 4.2 
Common equity/equivalents26,826 3.7 34,028 4.8 26,500 4.0 42,728 6.6 
Total equity investments
62,443 8.5 62,019 8.7 61,005 9.3 69,774 10.8 
Total Investments
$735,182 100.0 %$715,324 100.0 %$656,053 100.0 %$649,615 100.0 %
Our investments at fair value consisted of the following industry classifications as of June 30, 2023 and September 30, 2022:
June 30, 2023September 30, 2022
Industry ClassificationFair ValuePercentage of
Total
Investments		Fair ValuePercentage of
Total
Investments
Diversified/Conglomerate Service$164,261 23.0 %$148,907 22.9 %
Diversified/Conglomerate Manufacturing160,904 22.5 114,105 17.6 
Healthcare, Education, and Childcare145,011 20.3 136,401 21.0 
Aerospace and Defense87,932 12.3 88,649 13.6 
Beverage, Food, and Tobacco74,641 10.4 64,283 9.9 
Oil and Gas26,887 3.8 25,373 3.9 
Automobile22,191 3.1 20,144 3.1 
Personal and Non-Durable Consumer Products14,742 2.1 18,583 2.9 
Machinery6,676 0.9 9,562 1.5 
Telecommunications5,976 0.8 10,088 1.6 
Textiles and Leather— — 7,978 1.2 
Other, < 2.0%6,103 0.8 5,542 0.8 
Total Investments$715,324 100.0 %$649,615 100.0 %
Our investments at fair value were included in the following U.S. geographic regions as of June 30, 2023 and September 30, 2022:
June 30, 2023September 30, 2022
Location
Fair Value
Percentage of
Total
Investments
Fair Value
Percentage of
Total Investments
South$290,432 40.6 %$326,524 50.3 %
West220,602 30.8 169,415 26.1 
Midwest146,324 20.5 118,191 18.2 
Northeast57,966 8.1 35,485 5.4 
Total Investments$715,324 100.0 %$649,615 100.0 %
Schedule of Investments Classified by Contractual Maturity Date
The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2023:
Amount
For the remaining three months ending September 30:
2023(A)
$4,806 
For the fiscal years ending September 30:
202428,818 

202586,790 

2026160,943 

2027241,385 

Thereafter151,330 

Total contractual repayments
$674,072 

Adjustments to cost basis of debt investments(1,333)

Investments in equity securities62,443 

Investments held as of June 30, 2023 at cost:
$735,182 
(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of June 30, 2023.