v3.26.1
Derivatives
 6 Months Ended
Mar. 31, 2026
Foreign Currency [Abstract]  
Derivatives Derivatives
The Company enters into derivatives from time to time to help mitigate its foreign currency risk exposures.
Forward Currency Contracts
The outstanding forward currency contracts as of March 31, 2026 and September 30, 2025 were as follows:

As of March 31, 2026
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciationUnrealized depreciation
Macquarie Bank Limited£1,500 GBP$1,985 USD10/15/2026$4 $— 
Macquarie Bank Limited€2,000 EUR$2,351 USD10/15/202621 — 
$25 $— 

As of September 30, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciationUnrealized depreciation
Macquarie Bank Limited£1,380 GBP$1,697 USD10/14/2025$— $(158)
Macquarie Bank Limited€1,600 EUR$1,753 USD10/14/2025— (127)
$— $(285)

The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and six months ended March 31, 2026 and 2025 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2026202520262025
Foreign exchange$— $— $(232)$— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended March 31,Six months ended March 31,
2026202520262025
Foreign exchange$84 $(122)$310 $107 
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and six months ended March 31, 2026 and 2025:
Average U.S. Dollar notional outstanding
Three months ended March 31,Six months ended March 31,
2026202520262025
Forward currency contracts$4,336 $3,450 $4,387 $3,450 
In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as
“Other assets” or “Accounts payable and other liabilities”. As of March 31, 2026, there was no collateral pledged for derivatives. As of September 30, 2025, there was $350 of collateral pledged for derivatives which is included in “Other assets” on the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of March 31, 2026 and September 30, 2025.

As of March 31, 2026
CounterpartyConsolidated Statements of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) /Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedUnrealized appreciation on forward currency contracts$25 $— $25 $— $25 

As of September 30, 2025
CounterpartyConsolidated Statements of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) /Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedUnrealized depreciation on forward currency contracts$— $(285)$(285)$285 $— 

(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.

Exclusion of the Investment Adviser from Commodity Pool Operator Definition

Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company could cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.