Fair Value Measurements (Tables)

12 Months Ended

Sep. 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 September 30, 2025 (dollars in thousands):

	Fair Value Hierarchy as of September 30, 2025
Investments:	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Term Loans	$	-	$	27,586	$	88,981	$	116,567
Senior Secured Notes		-		10,460		6,997		17,457
Equity/Warrants		37,812		-		128,209		166,021
Total	$	37,812	$	38,046	$	224,187	$	300,045
Investments measured at net asset value(1)								2,227
Total Investments, at fair value							$	302,272

(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.

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

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 year ended September 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		68,553			-			84,494			153,047
Sales (including repayments or maturities)		(36,901	)		(425	)		(15,764	)		(53,090	)
Net realized gains/(losses) from investments		(11,601	)		-			(1,771	)		(13,372	)
Net unrealized gains/(losses)		7,826			-			(2,519	)		5,307
Transfer in/(out)		(7,883	)		-			(112	)		(7,995	)
Balance as of September 30, 2025	$	88,981		$	6,997		$	128,209		$	224,187

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended September 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		31,590			34,000			50,146			115,736
Sales (including repayments or maturities)		(32,879	)		(26,578	)		(63,578	)		(123,035	)
Net realized gains/(losses) from investments		(8,728	)		-			15,331			6,603
Net unrealized gains/(losses)		19,634			-			(20,835	)		(1,201	)
Transfer in/(out)		(23,129	)		-			-			(23,129	)
Balance as of September 30, 2024	$	68,987		$	7,422		$	63,881		$	140,290

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 September 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	$	74,485	Income Approach	Market Yield	3.3% - 14.5% (10.0%)	Decrease
Senior Secured First Lien Term Loans		13,428	Market Approach	EBITDA Multiple	1.8x - 2.8x (2.3x)	Increase
Senior Secured First Lien Term Loans		997	Market Approach	Market Spread	4.8% - 5.5% (5.1%)	Increase
Senior Secured First Lien Term Loans		71	Recent Purchase	Purchase Price	N/A	N/A
Senior Secured Notes		6,997	Cost Approach	Collateral Value	N/A	N/A
Equity/Warrants		78,255	Market Approach	EBITDA Multiple	1.3x - 13.0x (11.0x)	Increase
Equity/Warrants		37,181	Cost Approach	Replacement Cost	N/A	N/A
Equity/Warrants		3,948	Market Approach	Market Quote	N/A	N/A
Equity/Warrants		6,000	Market Approach	Revenue Multiple	2.5x-3.0x (2.8x)	Increase
Equity/Warrants		2,725	Income Approach	Market Yield	28.3%-28.8% (28.5%)	Decrease
Equity/Warrants		100	Cost Approach	Collateral Value	N/A	N/A
Total	$	224,187

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