v3.26.1
Fair Value Measurements (Tables)
 9 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements
The following table presents fair value measurements of the Company’s assets recorded at fair value and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2026:
As of June 30, 2026
Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$— $36,372 $208,052 $244,424 
Equity investments(1)
— — 4,022 4,022 
Money market funds(1)(2)
9,376 — — 9,376 
Forward currency contracts— 234 — 234 
Total assets, at fair value:$9,376 $36,606 $212,074 $258,056 
(1)Refer to the Consolidated Schedule of Investments for further details.
(2)Included in “Cash equivalents” and “Restricted cash equivalents” on the Consolidated Statement of Financial Condition.
Schedule of Changes in Investments Measured At Fair Value
The following tables present the changes in investments measured at fair value using Level 3 inputs for the period from December 31, 2025 (commencement of operations) to June 30, 2026:
For the period from December 31, 2025 (commencement of operations) to June 30, 2026
  Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$— $— $— 
Net change in unrealized appreciation (depreciation) on investments (2,788)(156)(2,944)
Net translation of investments in foreign currencies(442)— (442)
Realized gain (loss) on translation of investments in foreign currencies(2)— (2)
Fundings of (proceeds from) revolving loans, net779 — 779 
Fundings of investments36,501 1,594 38,095 
PIK interest and non-cash dividends419 56 475 
Proceeds from principal payments and sales of portfolio investments(2,078)(520)(2,598)
Acquisition of investments175,595 3,048 178,643 
Accretion of discounts and amortization of premiums68 — 68 
Fair value, end of period$208,052 $4,022 $212,074 
Schedule of Quantitative Information About Significant Unobservable Inputs
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026:
Quantitative Information about Level 3 Fair Value Measurements
Fair Value as of
June 30, 2026
Valuation TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets, at fair value:
Senior secured loans$5,040 Yield analysisMarket interest rate
9.3% - 10.3% (9.3%)
Market comparable companiesEBITDA multiples
8.0x - 15.8x (11.8x)
4,490 Broker quotesBroker quotesN/A
One stop loans(2)(3)
$197,481 Yield analysisMarket interest rate
7.5% - 15.3% (9.6%)
Market comparable companiesEBITDA multiples
7.5x - 25.0x (15.6x)
Revenue multiples
5.0x - 12.0x (8.7x)
517 Broker quotesBroker quotesN/A
Second lien loans$524 Yield analysisMarket interest rate
14.0%
Market comparable companiesEBITDA multiples
15.3x
Equity(4)
$4,022 Market comparable companiesEBITDA multiples
5.5x - 24.3x (14.7x)
Revenue multiples
5.0x - 13.0x (9.1x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)The Company valued $184,678 and $12,803 of one stop loans using EBITDA and revenue multiples, respectively.
(3)$104 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $2,672 and $1,350 of equity investments using EBITDA and revenue multiples, respectively.
Schedule of Carrying Value and Fair Value of Debt
The following is the carrying value and fair value of the Company’s debt as of June 30, 2026:

As of June 30, 2026
Carrying ValueFair Value
Debt(1)
$142,797 $142,797 
(1)As of June 30, 2026, carrying value is inclusive of the unaccreted original issue discount related to the BANA Credit Facility and Promissory Notes - REIT Funding.