Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 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 June 30, 2026 (dollars in thousands):

		Fair Value Hierarchy as of June 30, 2026
Investments:		Level 1				Level 2				Level 3				Total
Senior Secured First Lien Term Loans		$	-			$	21,250			$	98,197			$	119,447
Senior Secured Notes			-				8,115				6,997				15,112
Equity/Warrants			24,295				-				140,371				164,666
Total		$	24,295			$	29,365			$	245,565			$	299,225
Investments measured at net asset value⁽¹⁾															2,412
Total Investments, at fair value														$	301,637

(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

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 nine months ended June 30, 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			26,302				-				15,592				41,894
Sales (including repayments or maturities)			(11,143	)			-				(7,174	)			(18,317	)
Net realized gains/(losses) from investments			19				-				679				698
Net unrealized gains/(losses)			(5,962	)			-				3,065				(2,897	)
Transfer in/(out)			-				-				-				-
Balance as of June 30, 2026		$	98,197			$	6,997			$	140,371			$	245,565

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended June 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			66,391				-				76,653				143,044
Sales (including repayments or maturities)			(35,192	)			-				(12,983	)			(48,172	)
Net realized gains/(losses) from investments			(11,617	)			-				(1,771	)			(13,388	)
Net unrealized gains/(losses)			9,617				-				(3,069	)			6,545
Transfer in/(out)			(7,883	)			-				(112	)			(7,995	)
Balance as of June 30, 2025		$	90,303			$	7,422			$	122,599			$	220,324

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 June 30, 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

$

79,635

Income Approach

Market Yield

5.0% - 19.2% (12.3%)

Decrease

Senior Secured First Lien Term Loans

11,027

Market Approach

EBITDA Multiple

3.1x - 5.5x (3.6x)

Increase

Senior Secured First Lien Term Loans

7,535

Recent Transaction

Purchase Price

N/A

N/A

Senior Secured Notes

6,997

Cost Approach

Collateral Value

N/A

N/A

Equity/Warrants

58,416

Market Approach

Price/TBV Multiple

1.1x -2x (1.7x)

Increase

Equity/Warrants

35,309

Cost Approach

Replacement Cost

N/A

N/A

Equity/Warrants

32,665

Market Approach

EBITDA Multiple

3.1x - 11.0x (8.8x)

Increase

Equity/Warrants

7,255

Income Approach

Market Yield

7.5% - 16.5% (12.3%)

Decrease

Equity/Warrants

6,626

Market Approach

Revenue Multiple

3.3x - 4.3x (3.8x)

Increase

Equity/Warrants

100

Cost Approach

Collateral Value

N/A

N/A

Total

$

245,565

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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