INVESTMENTS (Tables)

12 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

As of September 30, 2024 and 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 September 30, 2024:
Secured first lien debt	$	554,937		$	—	$	—	$	554,937
Secured second lien debt	113,716			—		—		113,716
Unsecured debt	32			—		—		32
Preferred equity	31,346			—		—		31,346
Common equity/equivalents	96,191		(A)	—		—		96,191
Total Investments as of September 30, 2024:	$	796,222		$	—	$	—	$	796,222

	Fair Value			Fair Value Measurements
				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 $38 thousand and $0.2 million as of September 30, 2024 and 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 September 30, 2024 and 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)
	September 30, 2024			September 30, 2023
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	540,661		$	491,686
Secured second lien debt	105,169			120,429
Unsecured debt	32			24
Preferred equity	27,247			21,733
Common equity/equivalents	77,757		(A)	29,419		(B)
Total Non-Control/Non-Affiliate Investments	$	750,866		$	663,291
Affiliate Investments
Secured first lien debt	$	380		$	2,895
Preferred equity	4,099			5,122
Common equity/equivalents	2,959			2,404
Total Affiliate Investments	$	7,438		$	10,421
Control Investments
Secured first lien debt	$	13,896		$	16,120
Secured second lien debt	8,547			7,425
Preferred equity	—			—
Common equity/equivalents	15,475			7,305
Total Control Investments	$	37,918		$	30,850
Total Investments at Fair Value Using Level 3 Inputs	$	796,222		$	704,562

(A)Excludes our investment in Leeds with fair value of $38 thousand as of September 30, 2024. Leeds was valued using NAV as a practical expedient.

(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
	September 30, 2024		September 30, 2023		Valuation Techniques/ Methodologies	Unobservable Input	September 30, 2024	September 30, 2023
Secured first lien debt	$	464,090	$	461,638	Yield Analysis	Discount Rate	10.8%–17.3% / 12.6%	11.8%–29.9% / 14.8%
	90,847		49,063		TEV	EBITDA multiple	4.1x–13.9x / 10.0x	4.7x–6.8x / 6.7x
						EBITDA	$3,020–$16,211 / $10,309	$995–$14,002 / $13,624
						Revenue multiple	0.2x–4.6x / 2.1x	0.3x–0.8x / 0.6x
						Revenue	$6,336–$21,118 / $13,981	$14,934–$16,283 / $15,361
Secured second lien debt	101,928		110,820		Yield Analysis	Discount Rate	12.2%–16.0% / 14.1%	12.5%—15.6% / 14.5%
	3,241		9,609		Market Quote	IBP	88.0%–88.0% / 88.0%	67.8%–94.0% / 82.2%
	8,547		7,425		TEV	EBITDA multiple	5.4x–5.4x / 5.4x	5.6x–5.6x / 5.6x
						EBITDA	$3,343–$3,343 / $3,343	$3,690–$3,690 / $3,690
Unsecured debt	32		24		TEV	Revenue multiple	1.0x–1.0x / 1.0x	1.0x–1.0x / 1.0x
						Revenue	$7,834–$7,834 / $7,834	$5,044–$5,044 / $5,044
Preferred and common equity / equivalents(A)	127,537		65,983		TEV	EBITDA multiple	4.1x–13.9x / 8.0x	4.7x–13.0x / 6.9x
						EBITDA	$1,182–$144,458 / $10,847	$995–$112,841 / $10,570
						Revenue multiple	0.2x–4.6x / 2.0x	0.3x–3.0x / 1.2x
						Revenue	$4,672–$21,118 / $12,587	$4,213–$16,283 / $14,959
Total Level 3 Investments, at Fair Value	$	796,222	$	704,562

(A)Fair value as of September 30, 2024 excludes our investment in Leeds with fair value of $38 thousand. 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 as of both September 30, 2024 and 2023, and Funko was valued using Level 2 inputs as of 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 years ended September 30, 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)
Year Ended September 30, 2024	Secured 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)	(50)		—		—		332		1,724		2,006
Net unrealized appreciation (depreciation)(B)	(7,071)		2,445		8		(5,039)		52,781		43,124
Reversal of prior period net depreciation (appreciation) on realization(B)	(53)		(22)		—		130		(283)		(228)
New investments, repayments and settlements:(C)
Issuances/originations	131,462		36,978		—		10,150		4,585		183,175
Settlements/repayments	(80,102)		(53,539)		—		—		—		(133,641)
Net proceeds from sales	50		—		—		(1,082)		(1,744)		(2,776)
Transfers	—		—		—		—		—		—
Fair Value as of September 30, 2024	$	554,937	$	113,716	$	32	$	31,346	$	96,191	$	796,222

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Year Ended September 30, 2023	Secured 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)	(7,577)		617		(31)		(1,829)		10,563		1,743
Reversal of prior period net depreciation (appreciation) on realization(B)	850		6		95		526		(9,257)		(7,780)
New investments, repayments and settlements:(C)
Issuances/originations	154,762		15,421		—		2,045		4,532		176,760
Settlements/repayments	(101,085)		(4,118)		—		—		—		(105,203)
Net proceeds from sales	—		—		—		(654)		(11,678)		(12,332)
Transfers	—		—		—		—		—		—
Fair Value as of September 30, 2023	$	510,701	$	127,854	$	24	$	26,855	$	39,128	$	704,562

(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 September 30, 2024 and 2023:

	September 30, 2024								September 30, 2023
	Cost				Fair Value				Cost				Fair Value
Secured first lien debt	$	580,736	75.3	%	$	554,937	69.7	%	$	529,376	73.3	%	$	510,701	72.5	%
Secured second lien debt	113,691		14.8		113,716		14.3		130,252		18.1		127,854		18.1
Unsecured debt	198		0.0		32		0.0		198		0.0		24		0.0
Total debt investments	694,625		90.1		668,685		84.0		659,826		91.4		638,579		90.6
Preferred equity	45,017		5.8		31,346		3.9		35,617		4.9		26,855		3.8
Common equity/equivalents	31,369		4.1		96,229		12.1		26,826		3.7		39,381		5.6
Total equity investments	76,386		9.9		127,575		16.0		62,443		8.6		66,236		9.4
Total Investments	$	771,011	100.0	%	$	796,260	100.0	%	$	722,269	100.0	%	$	704,815	100.0	%

Our investments at fair value consisted of the following industry classifications as of September 30, 2024 and 2023:

Industry Classification	September 30, 2024				September 30, 2023
	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
Diversified/Conglomerate Service	$	179,032	22.5	%	$	135,060	19.2	%
Diversified/Conglomerate Manufacturing	160,264		20.1		158,061		22.4
Aerospace and Defense	153,096		19.2		97,836		13.9
Healthcare, Education, and Childcare	101,707		12.8		146,438		20.8
Beverage, Food, and Tobacco	88,327		11.1		78,788		11.2
Automobile	28,286		3.6		27,571		3.9
Machinery	21,816		2.7		6,411		0.9
Oil and Gas	20,554		2.6		27,830		3.9
Cargo Transportation	20,200		2.5		—		—
Personal and Non-Durable Consumer Products	13,586		1.7		14,576		2.1
Other, < 2.0%	9,392		1.2		12,244		1.7
Total Investments	$	796,260	100.0	%	$	704,815	100.0	%

Our investments at fair value were included in the following U.S. geographic regions as of September 30, 2024 and 2023:

Location	September 30, 2024				September 30, 2023
	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
South	$	314,010	39.4	%	$	273,181	38.8	%
West	249,082		31.3		224,235		31.8
Midwest	192,897		24.2		145,122		20.6
Northeast	40,271		5.1		62,277		8.8
Total Investments	$	796,260	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 September 30, 2024:

Year Ending September 30,	Amount
2025(A)	$	16,322
2026	160,366
2027	227,287
2028	193,374
2029	78,697
Thereafter	20,000
Total contractual repayments	$	696,046
Adjustments to cost basis of debt investments	(1,421)
Investments in equity securities	76,386
Investments held as of September 30, 2024 at cost:	$	771,011

(A)Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of September 30, 2024.