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INVESTMENTS (Tables)
 3 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
As of December 31, 2023 and September 30, 2023, 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 December 31, 2023:
Secured first lien debt
$546,602 $— $— $546,602 
Secured second lien debt
126,571 — — 126,571 
Unsecured debt
23 — — 

23 
Preferred equity
29,722 — — 

29,722 
Common equity/equivalents
46,821 
(A)
— 22 
(B)
46,799 
Total Investments as of December 31, 2023
$749,739 $— $22 $749,717 
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, 2023:
Secured first lien debt
$510,701 $— $— $510,701 
Secured second lien debt
127,854 — — 127,854 
Unsecured debt
24 — — 

24 
Preferred equity
26,855 — — 

26,855 
Common equity/equivalents
39,150 
(A)
— 

22 
(B)
39,128 
Total Investments as of September 30, 2023
$704,584 $— $22 $704,562 
(A)Excludes our investment in Leeds with a fair value of $0.2 million and $0.2 million as of December 31, 2023 and September 30, 2023, 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 December 31, 2023 and September 30, 2023, 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)
December 31, 2023September 30, 2023
Non-Control/Non-Affiliate Investments
Secured first lien debt$529,003 $491,686 
Secured second lien debt119,146 120,429 
Unsecured debt23 24 
Preferred equity24,589 21,733 
Common equity/equivalents35,477 
(A)
29,419 
(B)
Total Non-Control/Non-Affiliate Investments
$708,238 $663,291 
Affiliate Investments
Secured first lien debt$2,829 $2,895 
Preferred equity5,133 5,122 
Common equity/equivalents2,754 2,404 
Total Affiliate Investments$10,716 $10,421 
Control Investments
Secured first lien debt$14,770 $16,120 
Secured second lien debt7,425 7,425 
Common equity/equivalents8,568 7,305 
Total Control Investments
$30,763 $30,850 
Total Investments at Fair Value Using Level 3 Inputs$749,717 $704,562 

(A)Excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively, as of December 31, 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 $0.2 million and $22 thousand, respectively, as of September 30, 2023. 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

December 31,
2023		September 30,
2023
Valuation
Techniques/
Methodologies
Unobservable
Input
December 31,
2023		September 30,
2023


Secured first lien debt
$491,137 $461,638 
Yield Analysis
Discount Rate
11.4% - 17.6%
/ 13.4%
11.8% - 29.9%
/ 14.8%

55,465 49,063 
TEV
EBITDA multiple
4.5x – 6.4x
/ 6.4x
4.7x – 6.8x
/ 6.7x


EBITDA
$1,068 - $18,154
/ $17,860
$995 - $14,002
/ $13,624


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


Revenue
$9,675 - $33,040
/ $17,731
$14,934 - $16,283
/ $15,361


Secured second lien debt
109,194 110,820 
Yield Analysis
Discount Rate
12.3% - 16.4%
/ 14.8%
12.5% - 15.6%
/ 14.5%

9,952 9,609 
Market Quote
IBP
79.0% - 94.0%
/ 85.2%
67.8% - 94.0%
/ 82.2%

7,425 7,425 
TEV
EBITDA multiple
5.3x – 5.3x
/ 5.3x
5.6x – 5.6x
/ 5.6x


EBITDA
$3,798 - $3,798
/ $3,798
$3,690 - $3,690
/ $3,690


Unsecured debt
23 24 
TEV
Revenue multiple
1.0x – 1.0x
/ 1.0x
1.0x – 1.0x
/ 1.0x


Revenue
$4,752 - $4,752
/ $4,752
$5,044 - $5,044
/ $5,044


Preferred and common equity / equivalents(A)
76,521 65,983 
TEV
EBITDA multiple
4.5x – 13.1x
/ 7.4x
4.7x – 13.0x
/ 6.9x


EBITDA
$1,068 -$127,874
/ $11,049
$995 -$112,841
/ $10,570


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


Revenue
$4,493 -$33,040
/ $16,517
$4,213 -$16,283
/ $14,959
Total Level 3 Investments, at Fair Value
$749,717 $704,562 
(A)Fair value as of December 31, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively. Fair value as of September 30, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $22 thousand, respectively. Leeds was valued using NAV as a practical expedient and Funko was valued using Level 2 inputs as of both December 31, 2023 and September 30, 2023.
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 months ended December 31, 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 December 31, 2023Secured
First Lien
Debt		Secured
Second Lien
Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of September 30, 2023
$510,701 $127,854 $24 $26,855 $39,128 $704,562 
Total gains (losses):
Net realized gain (loss)(A)
— — — — 259 259 
Net unrealized appreciation (depreciation)(B)
6,996 (744)(1)(6,133)7,955 8,073 
Reversal of prior period net depreciation (appreciation) on realization(B)
— — — — (283)(283)
New investments, repayments and settlements: (C)
Issuances/originations
50,024 185 — 9,000 — 59,209 
Settlements/repayments
(21,119)(724)— — — (21,843)
Net proceeds from sales
— — — — (260)(260)
Transfers
— — — — — — 
Fair Value as of December 31, 2023
$546,602 $126,571 $23 $29,722 $46,799 $749,717 

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three Months Ended December 31, 2022Secured
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)
— — (95)— 4,995 4,900 
Net unrealized appreciation (depreciation)(B)
(455)(544)(10)(906)(784)(2,699)
Reversal of prior period net depreciation (appreciation) on realization(B)
103 — 95 — (4,995)(4,797)
New investments, repayments and settlements: (C)
Issuances/originations
11,475 182 — — 500 12,157 
Settlements/repayments
(24,738)(811)— — — (25,549)
Net proceeds from sales
— — — — (7,978)(7,978)
Transfers— — — — — — 
Fair Value as of December 31, 2022
$450,243 $114,755 $45 $26,140 $28,011 $619,194 
(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 December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
CostFair ValueCostFair Value
Secured first lien debt$558,281 73.5 %$546,602 72.9 %$529,376 73.3 %$510,701 72.5 %
Secured second lien debt129,713 17.1 126,571 16.9 130,252 18.1 127,854 18.1 
Unsecured debt198 0.0 23 0.0 198 0.0 24 0.0 
Total debt investments688,192 90.6 673,196 89.8 659,826 91.4 638,579 90.6 
Preferred equity44,617 5.9 29,722 3.9 35,617 4.9 26,855 3.8 
Common equity/equivalents26,825 3.5 47,067 6.3 26,826 3.7 39,381 5.6 
Total equity investments
71,442 9.4 76,789 10.2 62,443 8.6 66,236 9.4 
Total Investments
$759,634 100.0 %$749,985 100.0 %$722,269 100.0 %$704,815 100.0 %
Our investments at fair value consisted of the following industry classifications as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Industry ClassificationFair ValuePercentage of
Total
Investments		Fair ValuePercentage of
Total
Investments
Diversified/Conglomerate Service$163,817 21.8 %$135,060 19.2 %
Healthcare, Education, and Childcare159,410 21.3 146,438 20.8 
Diversified/Conglomerate Manufacturing158,612 21.1 158,061 22.4 
Aerospace and Defense105,806 14.1 97,836 13.9 
Beverage, Food, and Tobacco80,492 10.7 78,788 11.2 
Automobile27,793 3.7 27,571 3.9 
Oil and Gas23,662 3.2 27,830 3.9 
Personal and Non-Durable Consumer Products14,162 1.9 14,576 2.1 
Machinery6,216 0.9 6,411 0.9 
Other, < 2.0%
10,015 1.3 12,244 1.7 
Total Investments$749,985 100.0 %$704,815 100.0 %
Our investments at fair value were included in the following U.S. geographic regions as of December 31, 2023 and September 30, 2023:
December 31, 2023September 30, 2023
Location
Fair Value
Percentage of
Total
Investments
Fair Value
Percentage of
Total Investments
South$289,458 38.6 %$273,181 38.8 %
West242,651 32.4 224,235 31.8 
Midwest154,155 20.5 145,122 20.6 
Northeast63,721 8.5 62,277 8.8 
Total Investments$749,985 100.0 %$704,815 100.0 %
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 December 31, 2023:
Amount
For the remaining nine months ending September 30:
2024(A)
$21,950 
For the fiscal years ending September 30:
202542,960 

2026140,846 

2027253,699 

2028185,178 

Thereafter44,847 

Total contractual repayments
$689,480 

Adjustments to cost basis of debt investments(1,288)

Investments in equity securities71,442 

Investments held as of December 31, 2023 at cost:
$759,634 
(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of December 31, 2023.