v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements of Investments
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.
Schedule of Changes in Investments Measured at Fair Value Using Level 3 Inputs
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 
Schedule of Quantitative Information About the Significant Unobservable Inputs
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.