Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2026

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 March 31, 2026 (dollars in thousands):

		Fair Value Hierarchy as of March 31, 2026
Investments:		Level 1				Level 2				Level 3				Total
Senior Secured First Lien Term Loans		$	-			$	18,485			$	95,006			$	113,491
Senior Secured Notes			-				6,402				6,997				13,399
Equity/Warrants			27,946				-				138,655				166,601
Total		$	27,946			$	24,887			$	240,658			$	293,491
Investments measured at net asset value⁽¹⁾															2,320
Total Investments, at fair value														$	295,811

(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, 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.

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 six months ended March 31, 2026 (dollars in thousands):

		Senior Secured First Lien Term Loans				Senior Secured Notes				Equities/ Warrants				Total
Balance as of September 30, 2025		$	88,981			$	6,997			$	128,209			$	224,187
Purchases and other adjustments to cost			14,574				-				12,989				27,509
Sales (including repayments or maturities)			(3,835	)			-				(2,666	)			(6,501	)
Net realized gains/(losses) from investments			16				-				(66	)			(50	)
Net unrealized gains/(losses)			(4,730	)			-				189				(4,487	)
Transfer in/(out)			-				-				-				-
Balance as of March 31, 2026		$	95,006			$	6,997			$	138,655			$	240,658

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended March 31, 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			46,455				-				75,473				121,928
Sales (including repayments or maturities)			(19,625	)			-				(11,467	)			(31,092	)
Net realized gains/(losses) from investments			(1,388	)			-				-				(1,388	)
Net unrealized gains/(losses)			1,410				-				(1,736	)			(326	)
Transfer in/(out)			-				-				-				-
Balance as of March 31, 2025		$	95,839			$	7,422			$	126,151			$	229,412

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 March 31, 2026 (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

$

85,193

Income Approach

Market Yield

4.5% - 21.0% (11.3%)

Decrease

Senior Secured First Lien Term Loans

9,742

Market Approach

EBITDA Multiple

2.8x - 3.8x (3.3x)

Increase

Senior Secured First Lien Term Loans

71

Recent Transaction

Purchase Price

N/A

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

N/A

Equity/Warrants

85,199

Market Approach

EBITDA Multiple

1.1x - 14.0x (4.5x)

Increase

Equity/Warrants

36,796

Cost Approach

Replacement Cost

N/A

N/A

Equity/Warrants

6,655

Market Approach

Revenue Multiple

4.0x-5.0x (4.5x)

Increase

Equity/Warrants

9,905

Income Approach

Market Yield

7.6%-28.8% (16.5%)

Decrease

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

N/A

Total

$

240,658

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 Transaction

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

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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