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Fair Value Measurements
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3:     Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended March 31, 2026 and 2025. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment prepared by the professionals of the Valuation Designee responsible for the valuation function, based on the fair value methodology in accordance with ASC Topic 820 described below (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de-minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. The valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of the Company’s debt and equity investments without readily available market quotations (subject to a de minimis threshold) was either (i) performed by or (ii) reviewed by an independent valuation firm. All investments as of March 31, 2026 and September 30, 2025 were valued using Level 3 inputs. As of March 31, 2026 and September 30, 2025, all money market funds included in cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs.

When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the
potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of March 31, 2026 and September 30, 2025:

As of March 31, 2026Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:        
Debt investments(1)
$— $— $390,005 $390,005 
Equity investments(1)
— — 7,078 7,078 
Money market funds(1)(2)
652 — — 652 
Forward currency contracts— 25 — 25 
Total assets, at fair value:$652 $25 $397,083 $397,760 
As of September 30, 2025Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$— $— $383,033 $383,033 
Equity investments(1)
— — 7,095 7,095 
Money market funds(1)(2)
12,875 — — 12,875 
Total assets, at fair value:$12,875 $— $390,128 $403,003 
Liabilities, at fair value:
Forward currency contracts$— $(285)$— $(285)
Total liabilities, at fair value:$— $(285)$— $(285)
(1)Refer to the Consolidated Schedules of Investments for further details.
(2)Included in “Cash equivalents” on the Consolidated Statements of Financial Condition.

The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2026 reported within the “Net change in unrealized appreciation (depreciation) on investment transactions” in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2026 was $(5,410) and $(5,542), respectively. The net change in unrealized appreciation (depreciation) for the three and six months ended March 31, 2025 reported within the “Net change in unrealized appreciation (depreciation) on investment transactions” in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held as of March 31, 2025 was $689 and $1,265, respectively.

The following tables present the changes in investments measured at fair value using Level 3 inputs for the six months ended March 31, 2026 and 2025:
For the six months ended March 31, 2026
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$383,033 $7,095 $390,128 
Net change in unrealized appreciation (depreciation) on investments (5,760)38 (5,722)
Net translation of investments in foreign currencies(77)— (77)
Realized gain (loss) on translation of investments in foreign currencies7 — 7 
Fundings of (proceeds from) revolving loans, net1,395 — 1,395 
Fundings of investments26,574 524 27,098 
PIK interest and non-cash dividends1,080 29 1,109 
Proceeds from principal payments and sales of portfolio investments(16,862)(608)(17,470)
Accretion of discounts and amortization of premiums615 — 615 
Fair value, end of period$390,005 $7,078 $397,083 
For the six months ended March 31, 2025
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$291,377 $4,448 $295,825 
Net change in unrealized appreciation (depreciation) on investments 300 361 661 
Net translation of investments in foreign currencies(101)— (101)
Realized gain (loss) on translation of investments in foreign currencies(1)— (1)
Fundings of (proceeds from) revolving loans, net654 — 654 
Fundings of investments56,385 1,330 57,715 
PIK interest and non-cash dividends934 57 991 
Proceeds from non-cash dividends— (84)(84)
Proceeds from principal payments and sales of portfolio investments(14,536)(165)(14,701)
Accretion of discounts and amortization of premiums568 — 568 
Fair value, end of period$335,580 $5,947 $341,527 

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and September 30, 2025:
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of
March 31, 2026
Valuation TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:        
Senior secured loans$22,940 Yield analysisMarket interest rate
7.8% - 9.3% (8.1%)
Market comparable companiesEBITDA multiples
5.0x - 20.5x (10.4x)
One stop loans(2)(3)
$360,922 Yield analysisMarket interest rate
3.5% - 20.5% (8.9%)
Market comparable companiesEBITDA multiples
7.3x - 29.5x (14.9x)
Revenue multiples
1.5x - 14.5x (8.3x)
5,228 Broker/dealer bids or quotesBroker/dealer bids or quotes
N/A
Subordinated debt and second lien loans$915 Yield analysisMarket interest rate
12.8% - 13.0% (13.0%)
Market comparable companiesEBITDA multiples
9.5x - 11.0x (10.9x)
Equity(4)
$7,078 Market comparable companiesEBITDA multiples
7.3x - 26.0x (15.4x)
Revenue multiples
1.5x - 14.5x (10.9x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$410 of loans at fair value were valued using the market comparable companies approach only.
(3)The Company valued $309,239 and $51,683 of one stop loans using EBITDA and revenue multiples, respectively.
(4)The Company valued $5,905 and $1,173 of equity investments using EBITDA and revenue multiples, respectively.
Quantitative Information about Level 3 Fair Value Measurements
Fair value as of
September 30, 2025
Valuation TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:        
Senior secured loans$16,647 Yield analysisMarket interest rate
7.8% - 9.0% (8.4%)
Market comparable companiesEBITDA multiples
6.0x - 20.0x (10.3x)
One stop loans(2)(3)
$359,911 Yield analysisMarket interest rate
3.8% - 20.5% (8.7%)
Market comparable companiesEBITDA multiples
8.0x - 33.0x (15.5x)
Revenue multiples
2.0x - 15.0x (9.4x)
5,176 Broker/ Dealer bids or quotesBroker/ Dealer bids or quotesN/A
Subordinated debt and second lien loans(4)
$1,299 Yield analysisMarket interest rate
11.8% - 15.0% (12.1%)
Market comparable companiesEBITDA multiples
9.5x - 24.0x (12.7x)
Equity(5)
$7,095 Market comparable companiesEBITDA multiples
8.0x - 28.0x (16.2x)
Revenue multiples
2.0x - 15x (11.5x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)$11 of loans at fair value were valued using the market comparable companies approach only.
(3)The Company valued $306,160 and $53,751 of one stop loans using EBITDA and revenue multiples, respectively.
(4)$66 of loans at fair value were valued using the market comparable companies approach only.
(5)The Company valued $5,703 and $1,392 of equity investments using EBITDA and revenue multiples, respectively.

The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.

Other Financial Assets and Liabilities
ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. All assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity.