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INVESTMENTS (Tables)
 6 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value, Assets Measured on Recurring Basis
As of March 31, 2024 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 March 31, 2024:
Secured first lien debt
$563,849 $— $— $563,849 
Secured second lien debt
140,409 — — 140,409 
Unsecured debt
33 — — 

33 
Preferred equity
32,598 — — 

32,598 
Common equity/equivalents
54,453 
(A)
— 18 
(B)
54,435 
Total Investments as of March 31, 2024
$791,342 $— $18 $791,324 
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 March 31, 2024 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 March 31, 2024 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)
March 31, 2024September 30, 2023
Non-Control/Non-Affiliate Investments
Secured first lien debt$546,810 $491,686 
Secured second lien debt133,064 120,429 
Unsecured debt33 24 
Preferred equity26,971 21,733 
Common equity/equivalents37,038 
(A)
29,419 
(B)
Total Non-Control/Non-Affiliate Investments
$743,916 $663,291 
Affiliate Investments
Secured first lien debt$1,937 $2,895 
Preferred equity5,627 5,122 
Common equity/equivalents2,818 2,404 
Total Affiliate Investments$10,382 $10,421 
Control Investments
Secured first lien debt$15,102 $16,120 
Secured second lien debt7,345 7,425 
Common equity/equivalents14,579 7,305 
Total Control Investments
$37,026 $30,850 
Total Investments at Fair Value Using Level 3 Inputs$791,324 $704,562 

(A)Excludes our investments in Leeds and Funko with fair values of $0.2 million and $18 thousand, respectively, as of March 31, 2024. 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

March 31,
2024		September 30,
2023
Valuation
Techniques/
Methodologies
Unobservable
Input
March 31,
2024		September 30,
2023


Secured first lien debt
$508,803 $461,638 
Yield Analysis
Discount Rate
11.6% - 18.1%
/ 13.4%
11.8% - 29.9%
/ 14.8%

54,758 49,063 
TEV
EBITDA multiple
4.0x – 8.0x
/ 7.3x
4.7x – 6.8x
/ 6.7x


EBITDA
$1,091 - $15,145
/ $11,772
$995 - $14,002
/ $13,624


Revenue multiple
0.4x – 0.8x
/ 0.6x
0.3x – 0.8x
/ 0.6x


Revenue
$9,160 - $31,586
/ $17,957
$14,934 - $16,283
/ $15,361

288 — 

Other
Secured second lien debt
125,549 110,820 
Yield Analysis
Discount Rate
12.5% - 15.4%
/ 13.9%
12.5% - 15.6%
/ 14.5%

7,515 9,609 
Market Quote
IBP
84.0% - 90.0%
/ 86.5%
67.8% - 94.0%
/ 82.2%

7,345 7,425 
TEV
EBITDA multiple
5.2x – 5.2x
/ 5.2x
5.6x – 5.6x
/ 5.6x


EBITDA
$3,778 - $3,778
/ $3,778
$3,690 - $3,690
/ $3,690


Unsecured debt
33 24 
TEV
Revenue multiple
1.0x – 1.0x
/ 1.0x
1.0x – 1.0x
/ 1.0x


Revenue
$6,980 - $6,980
/ $6,980
$5,044 - $5,044
/ $5,044


Preferred and common equity / equivalents(A)
87,033 65,983 
TEV
EBITDA multiple
4.0x – 13.2x
/ 6.8x
4.7x – 13.0x
/ 6.9x


EBITDA
$1,091 -$140,548
/ $9,630
$995 -$112,841
/ $10,570


Revenue multiple
0.6x – 3.3x
/ 2.0x
0.3x– 3.0x
/ 1.2x


Revenue
$4,102 -$31,586
/ $16,716
$4,213 -$16,283
/ $14,959
Total Level 3 Investments, at Fair Value
$791,324 $704,562 
(A)Fair value as of March 31, 2024 excludes our investments in Leeds and Funko with fair values of $0.2 million and $18 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 March 31, 2024 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 and six months ended March 31, 2024 and 2023 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 March 31, 2024Secured
First Lien
Debt		Secured
Second Lien
Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of December 31, 2023$546,602 $126,571 $23 $29,722 $46,799 $749,717 
Total gains (losses):
Net realized gain (loss)(A)
— — — 219 — 219 
Net unrealized appreciation (depreciation)(B)
(1,998)2,287 10 2,496 7,636 10,431 
Reversal of prior period net depreciation (appreciation) on realization(B)
(19)157 — 130 — 268 
New investments, repayments and settlements: (C)
Issuances/originations
29,951 15,177 — 1,000 — 46,128 
Settlements/repayments
(10,687)(3,783)— — — (14,470)
Net proceeds from sales
— — — (969)— (969)
Transfers
— — — — — — 
Fair Value as of March 31, 2024
$563,849 $140,409 $33 $32,598 $54,435 $791,324 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Six months ended March 31, 2024Secured
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)
— — — 219 259 478 
Net unrealized appreciation (depreciation)(B)
4,998 1,543 9 (3,637)15,591 18,504 
Reversal of prior period net depreciation (appreciation) on realization(B)
(19)157 — 130 (283)(15)
New investments, repayments and settlements: (C)
Issuances/originations
79,975 15,362 — 10,000 — 105,337 
Settlements/repayments
(31,806)(4,507)— — — (36,313)
Net proceeds from sales
— — — (969)(260)(1,229)
Transfers
— — — — — — 
Fair Value as of March 31, 2024
$563,849 $140,409 $33 $32,598 $54,435 $791,324 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Three months ended March 31, 2023Secured
First Lien
Debt		Secured
Second
Lien Debt		Unsecured
Debt		Preferred
Equity		Common
Equity/
Equivalents		Total
Fair Value as of December 31, 2022$450,243 $114,755 $45 $26,140 $28,011 $619,194 
Total gains (losses):
Net realized gain (loss)(A)
(107)— — 510 — 403 
Net unrealized appreciation (depreciation)(B)
(2,035)319 (9)1,931 1,401 1,607 
Reversal of prior period net depreciation (appreciation) on realization(B)
107 — — — — 107 
New investments, repayments and settlements: (C)
Issuances/originations
58,385 4,060 — 371 2,032 64,848 
Settlements/repayments
(7,646)(1,696)— — — (9,342)
Net proceeds from sales
— — — (654)— (654)
Transfers— — — — — — 
Fair Value as of March 31, 2023
$498,947 $117,438 $36 $28,298 $31,444 $676,163 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Six months ended March 31, 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)510 4,995 5,303 
Net unrealized appreciation (depreciation)(B)
(2,490)(225)(19)1,025 617 (1,092)
Reversal of prior period net depreciation (appreciation) on realization(B)
210 — 95 — (4,995)(4,690)
New investments, repayments and settlements: (C)
Issuances/originations
69,860 4,242 — 371 2,532 77,005 
Settlements/repayments
(32,384)(2,507)— — — (34,891)
Net proceeds from sales
— — — (654)(7,978)(8,632)
Transfers— — — — — — 
Fair Value as of March 31, 2023
$498,947 $117,438 $36 $28,298 $31,444 $676,163 
(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 March 31, 2024 and September 30, 2023:
March 31, 2024September 30, 2023
CostFair ValueCostFair Value
Secured first lien debt$577,545 73.1 %$563,849 71.2 %$529,376 73.3 %$510,701 72.5 %
Secured second lien debt141,107 17.8 140,409 17.8 130,252 18.1 127,854 18.1 
Unsecured debt198 0.0 33 0.0 198 0.0 24 0.0 
Total debt investments718,850 90.9 704,291 89.0 659,826 91.4 638,579 90.6 
Preferred equity44,867 5.7 32,598 4.1 35,617 4.9 26,855 3.8 
Common equity/equivalents26,825 3.4 54,699 6.9 26,826 3.7 39,381 5.6 
Total equity investments
71,692 9.1 87,297 11.0 62,443 8.6 66,236 9.4 
Total Investments
$790,542 100.0 %$791,588 100.0 %$722,269 100.0 %$704,815 100.0 %
Our investments at fair value consisted of the following industry classifications as of March 31, 2024 and September 30, 2023:
March 31, 2024September 30, 2023
Industry ClassificationFair ValuePercentage of
Total
Investments		Fair ValuePercentage of
Total
Investments
Diversified/Conglomerate Service$179,228 22.6 %$135,060 19.2 %
Diversified/Conglomerate Manufacturing165,273 20.9 158,061 22.4 
Healthcare, Education, and Childcare160,081 20.2 146,438 20.8 
Aerospace and Defense120,437 15.2 97,836 13.9 
Beverage, Food, and Tobacco85,389 10.8 78,788 11.2 
Automobile27,595 3.5 27,571 3.9 
Oil and Gas22,343 2.8 27,830 3.9 
Personal and Non-Durable Consumer Products14,647 1.9 14,576 2.1 
Machinery6,473 0.8 6,411 0.9 
Other, < 2.0%10,122 1.3 12,244 1.7 
Total Investments$791,588 100.0 %$704,815 100.0 %
Our investments at fair value were included in the following U.S. geographic regions as of March 31, 2024 and September 30, 2023:
March 31, 2024September 30, 2023
Location
Fair Value
Percentage of
Total
Investments
Fair Value
Percentage of
Total Investments
South$311,428 39.3 %$273,181 38.8 %
West265,286 33.5 224,235 31.8 
Midwest153,901 19.5 145,122 20.6 
Northeast60,973 7.7 62,277 8.8 
Total Investments$791,588 100.0 %$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 March 31, 2024:
Amount
For the remaining six months ending September 30:
2024(A)
$19,827 
For the fiscal years ending September 30:
202515,947 

2026151,927 

2027266,530 

2028209,465 

Thereafter56,737 

Total contractual repayments
$720,433 

Adjustments to cost basis of debt investments(1,583)

Investments in equity securities71,692 

Investments held as of March 31, 2024 at cost:
$790,542 
(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of March 31, 2024.