Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments

The following tables present fair value measurements of the Company’s assets and liabilities recorded at fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2026 and September 30, 2025:


As of June 30, 2026	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	391,670	$	391,670
Equity investments(1)	—		—		6,290		6,290
Money market funds(1)(2)	3,927		—		—		3,927
Forward currency contracts	—		56		—		56
Total assets, at fair value:	$	3,927	$	56	$	397,960	$	401,943
Liabilities, at fair value:
Forward currency contracts	$	—	$	(4)	$	—	$	(4)
Total liabilities, at fair value:	$	—	$	(4)	$	—	$	(4)

As of September 30, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
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 nine months ended June 30, 2026 and 2025:


	For the nine months ended June 30, 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	(5,683)		(709)		(6,392)
Net translation of investments in foreign currencies	(98)		—		(98)
Realized gain (loss) on investments	—		447		447
Realized gain (loss) on translation of investments in foreign currencies	6		—		6
Fundings of (proceeds from) revolving loans, net	2,121		—		2,121
Fundings of investments	33,455		713		34,168
PIK interest and non-cash dividends	1,663		32		1,695
Proceeds from non-cash dividends	—		(4)		(4)
Proceeds from principal payments and sales of portfolio investments	(23,759)		(1,284)		(25,043)
Accretion of discounts and amortization of premiums	932		—		932
Fair value, end of period	$	391,670	$	6,290	$	397,960


	For the nine months ended June 30, 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	(10)		661		651
Net translation of investments in foreign currencies	200		—		200

Realized gain (loss) on translation of investments in foreign currencies	(2)		—		(2)
Fundings of (proceeds from) revolving loans, net	1,334		—		1,334
Fundings of investments	80,899		1,599		82,498
PIK interest and non-cash dividends	1,468		71		1,539
Proceeds from non-cash dividends	—		(84)		(84)
Proceeds from principal payments and sales of portfolio investments	(20,497)		(165)		(20,662)
Accretion of discounts and amortization of premiums	804		—		804
Fair value, end of period	$	355,573	$	6,530	$	362,103

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 June 30, 2026 and September 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of

June 30, 2026

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

23,288

Yield analysis

Market interest rate

8.5% - 10.3% (8.9%)

Market comparable companies

EBITDA multiples

5.5x - 20.5x (10.3x)

One stop loans(2)

362,208

Yield analysis

Market interest rate

8.3% - 21.0% (9.8%)

Market comparable companies

EBITDA multiples

7.5x - 29.3x (14.7x)

Revenue multiples

1.3x - 14.0x (8.5x)

5,228

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

946

Yield analysis

Market interest rate

13.0% - 13.5% (13.0%)

Market comparable companies

EBITDA multiples

9.5x - 11.0x (10.9x)

Equity(3)

6,290

Market comparable companies

EBITDA multiples

7.5x - 26.0x (15.0x)

Revenue multiples

1.3x - 14.0x (11.3x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)The Company valued $310,830 and $51,378 of one stop loans using EBITDA and revenue multiples, respectively.

(3)The Company valued $5,181 and $1,109 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 Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

16,647

Yield analysis

Market interest rate

7.8% - 9.0% (8.4%)

Market comparable companies

EBITDA multiples

6.0x - 20.0x (10.3x)

One stop loans(2)(3)

359,911

Yield analysis

Market interest rate

3.8% - 20.5% (8.7%)

Market comparable companies

EBITDA multiples

8.0x - 33.0x (15.5x)

Revenue multiples

2.0x - 15.0x (9.4x)

5,176

Broker/ Dealer bids or quotes

N/A

Subordinated debt and second lien loans(4)

1,299

Yield analysis

Market interest rate

11.8% - 15.0% (12.1%)

Market comparable companies

EBITDA multiples

9.5x - 24.0x (12.7x)

Equity(5)

7,095

Market comparable companies

EBITDA multiples

8.0x - 28.0x (16.2x)

Revenue multiples

2.0x - 15.0x (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.

- Definition

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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