Oaktree Gardens OLP 10-Q 13 May 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Securities Act File Number	000-56548
Entity Registrant Name	Oaktree Gardens OLP, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-2553158
Entity Address, Address Line One	333 South Grand Avenue
Entity Address, Address Line Two	28th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90071
City Area Code	213
Local Phone Number	830-6300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,428,581
Entity Central Index Key	0001974793
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--09-30

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Mar. 31, 2024		Sep. 30, 2023
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost March 31, 2024: $359,285; cost September 30, 2023: $106,781)	$ 361,062	[1],[2]	$ 106,794	[3],[4]
Cash and cash equivalents	209,207		137,079
Interest receivable	2,160		263
Deferred financing costs	727		854
Deferred offering costs	59		232
Derivative assets at fair value	0		55
Other assets	27		112
Total assets	573,242		245,389
Liabilities:
Accounts payable, accrued expenses and other liabilities	306		409
Base management fee payable	608		168
Due to affiliates	781		1,137
Interest payable	673		67
Director fees payable	75		0
Secured borrowings	98,429		0
Credit facility payable	240,000		75,000
Total liabilities	340,872		76,781
Commitments and contingencies (Note 11)
Net assets:
Common units (11,429 and 8,305 units issued and outstanding as of March 31, 2024 and September 30, 2023, respectively)	229,700		166,300
Accumulated earnings	2,670		2,308
Total net assets (equivalent to $20.33 and $20.30 per common unit as of March 31, 2024 and September 30, 2023, respectively) (Note 10)	232,370		168,608
Total liabilities and net assets	$ 573,242		$ 245,389
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024		Sep. 30, 2023
Statement of Financial Position [Abstract]
Investments, cost	$ 359,285	[1],[2]	$ 106,781	[3],[4]
Common stock, units, outstanding (shares)	11,428,581		8,305,429
Common stock, units, issued (shares)	11,429,000		8,305,000
Net asset value per common unit (dollars per share)	$ 20.33		$ 20.30
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Interest income:
Interest income	$ 9,043	$ 14,966
Interest on cash and cash equivalents	610	1,251
Total interest income	9,653	16,217
PIK interest income:
Total PIK interest income	252	252
Fee income:
Fee income	660	663
Total investment income	10,565	17,132
Expenses:
Base management fee	794	1,269
Professional fees	168	276
Directors fees	119	238
Organization expenses	0	5
Amortization of deferred offering costs	87	174
Interest expense	2,799	4,499
Administrator expense	138	225
General and administrative expenses	77	143
Total expenses	4,182	6,829
Management fees waived	(186)	(297)
Net expenses	3,996	6,532
Net investment income	6,569	10,600
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	726	1,764
Foreign currency forward contracts	0	(54)
Net unrealized appreciation (depreciation)	726	1,710
Realized gains (losses):
Non-control/Non-affiliate investments		(2)
Foreign currency forward contracts	0	54
Net realized gains (losses)	(2)	52
Net realized and unrealized gains (losses)	724	1,762
Net increase (decrease) in net assets resulting from operations	$ 7,293	$ 12,362
Net investment income per common unit - basic and diluted (dollars per share)	$ 0.57	$ 1.06
Earnings (loss) per common unit - basic (dollars per share)	0.64	1.23
Earnings (loss) per common unit - diluted (dollars per share)	$ 0.64	$ 1.23
Weighted average common units outstanding - basic (shares)	11,429	10,046
Weighted average common units outstanding - diluted (shares)	11,429	10,046

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares
Operations:
Net investment income	$ 6,569	$ 10,600
Net unrealized appreciation (depreciation)	726	1,710
Net realized gains (losses)	(2)	52
Net increase (decrease) in net assets resulting from operations	7,293	12,362
Unit transactions:
Issuance of common units	0	63,400
Distributions to unitholders	(5,100)	(12,000)
Net increase (decrease) from unit transactions	(5,100)	51,400
Total increase (decrease) in net assets	2,193	63,762
Net assets at beginning of period	230,177	168,608
Net assets at end of period	$ 232,370	$ 232,370
Net asset value per common unit (dollars per share) | $ / shares	$ 20.33	$ 20.33
Common units outstanding at end of period (shares) | shares	11,428,581	11,428,581

Consolidated Statement of Cash

Consolidated Statement of Cash Flows $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
Operating activities:
Net increase (decrease) in net assets resulting from operations	$ 7,293	$ 12,362
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation	(726)	(1,710)
Net realized (gains) losses	2	(52)
PIK interest income	(252)	(252)
Accretion of original issue discount on investments		(1,110)
Amortization of deferred financing costs		527
Amortization of deferred offering costs	87	174
Purchases of investments		(295,359)
Proceeds from the sales and repayments of investments		44,270
Changes in operating assets and liabilities:
(Increase) decrease in interest receivable		(1,897)
(Increase) decrease in other assets		85
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(105)
Increase (decrease) in base management fee payable		440
Increase (decrease) in due to affiliates		(356)
Increase (decrease) in interest payable		606
Increase (decrease) in director fees payable		75
Net cash used in operating activities		(242,302)
Financing activities:
Distributions paid in cash		(12,000)
Borrowings under credit facility		345,000
Repayments of borrowings under credit facility		(180,000)
Borrowings of secured borrowings		218,093
Repayments of secured borrowings		(119,664)
Proceeds from the issuance of common units		63,400
Deferred financing costs paid		(399)
Net cash provided by financing activities		314,430
Net increase (decrease) in cash and cash equivalents		72,128
Cash and cash equivalents, beginning of period		137,079
Cash and cash equivalents, end of period	209,207	209,207
Supplemental information:
Cash paid for interest		3,366
Non-cash financing activities:
Deferred offering costs incurred		1
Reconciliation to the Statements of Assets and Liabilities
Cash and cash equivalents	209,207	209,207
Total cash and cash equivalents	$ 209,207	$ 209,207

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands		Mar. 31, 2024		Sep. 30, 2023
Cost		$ 359,285	[1],[2]	$ 106,781	[3],[4]
Fair  Value		361,062	[1],[2]	106,794	[3],[4]
Cash and Cash Equivalents (90.0% of net assets)		209,207		137,079
Total investment owned, at cost and money market funds, at carrying value		568,492	[5],[6]	243,860	[7],[8]
Total investment owned, at fair value and money market funds, at carrying value		$ 570,269	[5],[6]	$ 243,873	[7],[8]
Investment, Identifier [Axis]: AmSpec Parent LLC, ,First Lien Term Loan 1
Spread	[9],[10]	5.75%
Investment interest rate	[9],[10],[11]	11.05%
Principal	[9],[10]	$ 41,143
Cost	[9],[10]	40,162
Fair  Value	[9],[10]	$ 40,209
Investment, Identifier [Axis]: AmSpec Parent LLC, First Lien Revolver
Spread	[9],[10],[12]	5.75%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(131)
Fair  Value	[9],[10],[12]	$ (124)
Investment, Identifier [Axis]: AmSpec Parent LLC, First Lien Term Loan 2
Spread	[9],[10],[12]	5.75%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(74)
Fair  Value	[9],[10],[12]	$ (68)
Investment, Identifier [Axis]: Ecco Holdings Corp., First Lien Revolver
Spread	[9],[10],[12]	5.75%
Investment interest rate	[9],[10],[11],[12]	11.06%
Principal	[9],[10],[12]	$ 117
Cost	[9],[10],[12]	48
Fair  Value	[9],[10],[12]	$ 49
Investment, Identifier [Axis]: Ecco Holdings Corp., First Lien Term Loan 1
Spread	[9],[10]	5.75%
Investment interest rate	[9],[10]	11.06%
Principal	[9],[10]	$ 32,553
Cost	[9],[10]	31,914
Fair  Value	[9],[10]	$ 31,925
Investment, Identifier [Axis]: Ecco Holdings Corp., First Lien Term Loan 2
Spread	[9],[10],[12]	5.75%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(69)
Fair  Value	[9],[10],[12]	$ (68)
Investment, Identifier [Axis]: Entrata, Inc., First Lien Revolver
Spread		6%	[9],[10],[12]	6%	[13],[14],[15]
Principal		$ 0	[9],[10],[12]	$ 0	[13],[14],[15]
Cost		(69)	[9],[10],[12]	(78)	[13],[14],[15]
Fair  Value		$ (45)	[9],[10],[12]	$ (81)	[13],[14],[15]
Investment, Identifier [Axis]: Entrata, Inc., First Lien Term Loan
Spread		6%	[9],[10]	6%	[14],[15]
Investment interest rate		11.33%	[9],[10],[11]	11.33%	[14],[15],[16]
Principal		$ 28,357	[9],[10]	$ 28,428	[14],[15]
Cost		27,722	[9],[10]	27,740	[14],[15]
Fair  Value		$ 27,960	[9],[10]	$ 27,717	[14],[15]
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Revolver
Spread		6%	[9],[10],[12]	6%	[13],[14],[15]
Principal		$ 0	[9],[10],[12]	$ 0	[13],[14],[15]
Cost		(76)	[9],[10],[12]	(83)	[13],[14],[15]
Fair  Value		$ (12)	[9],[10],[12]	$ (83)	[13],[14],[15]
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Term Loan
Spread		6%	[9],[10]	6%	[14],[15]
Investment interest rate		11.31%	[9],[10],[11]	11.32%	[14],[15],[16]
Principal		$ 30,035	[9],[10]	$ 30,110	[14],[15]
Cost		29,338	[9],[10]	29,358	[14],[15]
Fair  Value		$ 29,927	[9],[10]	$ 29,357	[14],[15]
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Revolver
Spread	[9],[10],[12]	6.50%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(25)
Fair  Value	[9],[10],[12]	$ (24)
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Term Loan
Spread	[9],[10]	6.50%
Investment interest rate	[9],[10],[11]	11.80%
Principal	[9],[10]	$ 13,557
Cost	[9],[10]	13,294
Fair  Value	[9],[10]	$ 13,302
Investment, Identifier [Axis]: MND Holdings III Corp, First Lien Revolver
Spread	[13],[14],[15]			7.50%
Investment interest rate	[13],[14],[15],[16]			12.83%
Principal	[13],[14],[15]			$ 1,191
Cost	[13],[14],[15]			987
Fair  Value	[13],[14],[15]			$ 1,041
Investment, Identifier [Axis]: MND Holdings III Corp, First Lien Term Loan
Spread	[14],[15]			7.50%
Investment interest rate	[14],[15],[16]			12.89%
Principal	[14],[15]			$ 32,932
Cost	[14],[15]			32,391
Fair  Value	[14],[15]			$ 32,359
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Revolver
Spread	[9],[10],[12]	5.50%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(77)
Fair  Value	[9],[10],[12]	$ (76)
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Term Loan 1
Spread	[9],[10]	5.50%
Investment interest rate	[9],[10]	10.81%
Principal	[9],[10]	$ 41,811
Cost	[9],[10]	41,184
Fair  Value	[9],[10]	$ 41,201
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Term Loan 2
Spread	[9],[10],[12]	5.50%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(26)
Fair  Value	[9],[10],[12]	$ (26)
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Revolver
Spread	[9],[10],[12]	6%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(37)
Fair  Value	[9],[10],[12]	$ (34)
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Term Loan 1
Spread	[9],[10],[17]	6%
Investment interest rate	[9],[10],[11],[17]	11.32%
Principal	[9],[10],[17]	$ 27,238
Cost	[9],[10],[17]	26,829
Fair  Value	[9],[10],[17]	$ 26,876
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Term Loan 2
Spread	[9],[10],[12]	6%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(52)
Fair  Value	[9],[10],[12]	$ (47)
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Revolver
Spread		6.25%	[9],[10],[12]	6.25%	[13],[14],[15]
Principal		$ 0	[9],[10],[12]	$ 0	[13],[14],[15]
Cost		(74)	[9],[10],[12]	(80)	[13],[14],[15]
Fair  Value		$ (34)	[9],[10],[12]	$ (80)	[13],[14],[15]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 1
Spread		6.25%	[9],[10]	6.25%	[14],[15]
Investment interest rate		11.56%	[9],[10],[11]	11.64%	[14],[15],[16]
Principal		$ 16,948	[9],[10]	$ 17,033	[14],[15]
Cost		16,573	[9],[10]	16,626	[14],[15]
Fair  Value		$ 16,778	[9],[10]	$ 16,638	[14],[15]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 2
Spread		6.25%	[9],[10],[12]	6.25%	[13],[14],[15]
Investment interest rate	[9],[10],[11],[12]	11.56%
Principal		$ 2,214	[9],[10],[12]	$ 0	[13],[14],[15]
Cost		2,107	[9],[10],[12]	(80)	[13],[14],[15]
Fair  Value		2,150	[9],[10],[12]	$ (74)	[13],[14],[15]
Investment, Identifier [Axis]: Other cash accounts
Cost		19,819
Fair  Value		$ 19,819
Investment, Identifier [Axis]: PetVet Care Centers, LLC, Preferred Equity
Investment owned, balance (shares)	[9]	5,185
Cost	[9]	$ 5,081
Fair  Value	[9]	$ 5,392
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Revolver
Spread	[9],[10],[12]	6%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(147)
Fair  Value	[9],[10],[12]	$ (137)
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Term Loan 1
Spread	[9],[10],[17]	6%
Investment interest rate	[9],[10],[11],[17]	11.33%
Principal	[9],[10],[17]	$ 60,083
Cost	[9],[10],[17]	58,947
Fair  Value	[9],[10],[17]	$ 59,008
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Term Loan 2
Spread	[9],[10],[12]	6%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(79)
Fair  Value	[9],[10],[12]	$ (70)
Investment, Identifier [Axis]: Protein for Pets OpCo LLC, First Lien Revolver
Spread	[9],[10],[12]	5.25%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(92)
Fair  Value	[9],[10],[12]	$ (92)
Investment, Identifier [Axis]: Protein for Pets OpCo LLC, First Lien Term Loan
Spread	[9],[10],[17]	5.25%
Investment interest rate	[9],[10],[11],[17]	10.56%
Principal	[9],[10],[17]	$ 44,234
Cost	[9],[10],[17]	43,353
Fair  Value	[9],[10],[17]	43,349
Investment, Identifier [Axis]: U.S. Treasury Bills
Cost		189,389
Fair  Value		$ 189,389
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Revolver
Spread	[9],[10],[12]	6.75%
Principal	[9],[10],[12]	$ 0
Cost	[9],[10],[12]	(63)
Fair  Value	[9],[10],[12]	$ (59)
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Term Loan
Spread	[9],[10],[17]	7.50%
Investment interest rate	[9],[10],[11],[17]	8.72%
Principal	[9],[10],[17]	$ 24,394
Cost	[9],[10],[17]	23,824
Fair  Value	[9],[10],[17]	$ 23,852
Investment, interest rate, paid in kind	[9],[10],[17]	4.13%
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets. All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. As of March 31, 2024, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820") and were valued using significant unobservable inputs. The interest rate on the principal balance outstanding for floating rate loans is indexed to the Secured Overnight Financing Rate ("SOFR"), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over SOFR based on each respective credit agreement and the cash interest rate as of period end. As of March 31, 2024, the reference rate for the Company's variable rate loans were the 30-day SOFR at 5.33% and the 90-day SOFR at 5.31%. As of March 31, 2024, the Company's debt investments included interest floors which range from 0.00% to 1.00%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The interest rate on the principal balance outstanding for floating rate loans is indexed to SOFR, which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over SOFR based on each respective credit agreement and the cash interest rate as of period end. As of September 30, 2023, the reference rate for the Company's variable rate loans were the 30-day SOFR at 5.32% and the 90-day SOFR at 5.39%. As of September 30, 2023, the Company's debt investments included interest floors which range from 0.75% to 2.00%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. As of September 30, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs. Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. This investment represents securities that were sold and simultaneously repurchased in connection with the Company's secured borrowings outstanding as of March 31, 2024.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments - Derivatives € in Thousands, $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)
Schedule of Investments [Line Items]
Cumulative Unrealized Appreciation /(Depreciation)	$ 55
Open Forward Foreign Currency Contract, Identifier [Axis]: Bank of New York Mellon, Settlement Date 11/9/2023
Schedule of Investments [Line Items]
Notional Amount to be Purchased	7,501
Notional Amount to be Sold | €		€ 8,000
Cumulative Unrealized Appreciation /(Depreciation)	47
Open Forward Foreign Currency Contract, Identifier [Axis]: Bank of New York Mellon, Settlement Date 11/9/2023, Offset
Schedule of Investments [Line Items]
Notional Amount to be Purchased | €		€ 7,945
Notional Amount to be Sold	7,501
Cumulative Unrealized Appreciation /(Depreciation)	$ 8

Consolidated Schedule of Inve_3

Consolidated Schedule of Investments - Parenthetical	Mar. 31, 2024		Sep. 30, 2023
Schedule of Investments [Line Items]
% of Net Assets	155.38%	[1],[2]	63.34%
Money market funds, percent of net assets	90%		81.30%
Total portfolio investments, percent of net assets	245.40%		144.60%
Percentage of total assets representing qualifying assets	100%		100%
Minimum
Schedule of Investments [Line Items]
Floor interest rate	0%		0.75%
Maximum
Schedule of Investments [Line Items]
Floor interest rate	1%		2%
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets.

Organization

Organization	6 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Oaktree Gardens OLP, LLC (the “Company”) was formed on February 6, 2023 as a Delaware limited liability company. The Company is a closed-end management investment company that has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company intends to elect to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Oaktree Fund Advisors, LLC (the “Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (“SEC”) under the U.S. Investment Advisers Act of 1940, as amended. The Company’s administrator, Oaktree Fund Administration, LLC, a Delaware limited liability company (the “Administrator”), provides the administrative services necessary for the Company’s operations. The Adviser is an entity under common control with Oaktree Capital Group, LLC ("OCG"). In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management, Inc., collectively with its affiliates, "Brookfield") acquired a majority economic interest in OCG. OCG operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams. No member shall be liable for any of the debts, liabilities or obligations of the Company to the extent otherwise required by Delaware law, except that each member shall be required to pay to the Company (a) any capital contributions that it has agreed to make to the Company pursuant to any subscription agreements and (b) the amount of any distribution that it is required to return to the Company pursuant to the Amended and Restated Limited Liability Company Agreement or the Delaware Limited Liability Company Act. The Company’s investment objective is to generate current income and long-term capital appreciation by primarily focusing on private lending opportunities to large private equity-owned companies. The Company seeks to build a diverse portfolio across industries and expects most of its investments to be in the debt of eligible portfolio companies, generally in loans that are $500 million or more to companies with earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $100 million or greater. To a lesser extent, the Company may invest in small- and medium-sized companies, including bespoke, highly negotiated loans, including loans to life sciences companies, and attractive, publicly-traded credits, including opportunistic investments in discounted, high-quality investments that may result from broad market dislocations or specific situational challenges. The Company focuses primarily on first lien secured loans but may occasionally invest in junior instruments. At each closing in the private offering of common units (the “units”) of the Company’s limited liability company interests, each investor will make a capital commitment to purchase units pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase units up to the amount of their respective capital commitments on an as-needed basis. At each drawdown of capital commitments, the purchase price will equal the net asset value per unit as of the end of the most recent calendar quarter prior to the date of the applicable purchase as determined by the Adviser, as valuation designee of the Company’s board of directors (the "Board") under the Investment Company Act, and subject to the limitations of Section 23 under the Investment Company Act. At the first capital drawdown date that occurred immediately following the initial closing, the net asset value per unit was deemed to be $20.00. On May 1, 2023, the Company was initially capitalized with a $2 investment by Oaktree Fund GP I, L.P., an affiliate of the Adviser. On May 2, 2023, the Company redeemed the 100 units sold to Oaktree Fund GP I, L.P. on May 1, 2023. On May 4, 2023, the Company held its first closing and accepted capital commitments totaling $1,280,000. The Company's loan origination and investment activities commenced shortly after the initial closing and the Company’s operations commenced on June 8, 2023 in connection with the initial drawdown of capital from investors.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the consolidated financial statements have been made. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies ("ASC 946"). Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition. Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiary. The consolidated subsidiary is wholly-owned and, as such, consolidated into the consolidated financial statements. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value. Fair Value Measurements: Our Adviser, as the valuation designee of our Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that reflect the Adviser's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser's set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. Generally, the Adviser does not adjust any of the prices received from these sources. If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The Board has designated the Adviser to serve as its valuation designee under Rule 2a-5 under the Investment Company Act. The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments: • The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser's valuation team; • Preliminary valuations are then reviewed and discussed with management of the Adviser; • Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; • The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; • The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and • The Adviser, as valuation designee, determines the fair value of each investment in the Company's portfolio. The fair value of the Company's investments as of March 31, 2024 and September 30, 2023 was determined by the Adviser, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance each quarter regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "secured borrowings" and "credit facility payable," which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled "interest receivable," "accounts payable, accrued expenses and other liabilities," "base management fee payable," "due to affiliates," "interest payable" and "director fees payable" approximate fair value due to their short maturities. Foreign Currency Translation: The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. Derivative Instruments: Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Secured Borrowings: Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Consolidated Statements of Assets and Liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. Investment Income: Interest Income Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of March 31, 2024 and September 30, 2023, there were no investments on non-accrual status. For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statement of Operations. PIK Interest Income The Company's investments in debt securities may contain payment-in-kind ("PIK") interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost bases of these investments in the consolidated financial statements including for purposes of computing the capital gains incentive fee payable by the Company to the Adviser. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed (or deemed distributed) to the Company’s unitholders, even though the Company has not yet collected the cash and may never do so. Fee Income The Adviser or its affiliates may provide financial advisory services to portfolio companies in connection with structuring a transaction and in return the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered. Dividend Income The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Cash and Cash Equivalents: Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets. Deferred Financing Costs: Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities. Deferred financing costs incurred in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs incurred in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Consolidated Statement of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. Organization and Offering Costs: Costs associated with the organization of the Company are expensed as incurred. Costs associated with the offering of the units are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a 12-month period from incurrence. For the three and six months ended March 31, 2024, the Company incurred organization costs of zero and $5, respectively. As of March 31, 2024 and September 30, 2023, $59 and $232, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and six months ended March 31, 2024, the Company amortized offering costs of $87 and $174, respectively. Income Taxes: The Company intends to elect to be treated as a RIC under Subchapter M of the Code on its tax return for its first tax year. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes (or, is deemed to distribute, except with respect to certain retained capital gains, as discussed below) at least annually to its unitholders as dividends. Rather, any tax liability related to income earned and timely distributed (or deemed timely distributed) by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. Any net operating losses, foreign tax credits and most other tax attributes generally will not pass through to the Company's investors. The Company will be subject to corporate-level U.S. federal income tax on any undistributed income and/or gains. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its unitholders, for each taxable year, at least 90% of its “investment company taxable income” (as defined in the Code) for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur any U.S. federal excise tax for calendar year 2023. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

Portfolio Investments

Portfolio Investments	6 Months Ended
	Mar. 31, 2024
Schedule of Investments [Abstract]
Portfolio Investments	Portfolio Investments Portfolio Composition As of March 31, 2024, the fair value of the Company's investment portfolio was $361,062 and was composed of investments in 11 portfolio companies. As of September 30, 2023, the fair value of the Company's investment portfolio was $106,794 and was composed of investments in four portfolio companies. As of March 31, 2024 and September 30, 2023, all of the Company's debt investments were floating rate loans. The geographic composition of the Company's portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. As of March 31, 2024 and September 30, 2023, all of the Company's investments were in the U.S. The composition of the Company's investments as of March 31, 2024 and September 30, 2023 at cost and fair value was as follows: March 31, 2024 September 30, 2023 Cost: % of Total Investments % of Total Investments Senior secured debt $ 354,204 98.59 % $ 106,781 100.00 % Preferred equity 5,081 1.41 % — — Total $ 359,285 100.00 % $ 106,781 100.00 % March 31, 2024 September 30, 2023 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior secured debt $ 355,670 98.51 % 153.06 % $ 106,794 100.00 % 63.34 % Preferred equity 5,392 1.49 % 2.32 % — — — Total $ 361,062 100.00 % 155.38 % $ 106,794 100.00 % 63.34 % The composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of March 31, 2024 and September 30, 2023 was as follows: March 31, 2024 September 30, 2023 Cost: % of Total Investments % of Total Investments Application Software $ 111,265 30.97 % $ 56,937 53.32 % Health Care Services 82,408 22.94 % 16,466 15.42 % Packaged Foods & Meats 43,261 12.04 % — — % Diversified Support Services 39,957 11.12 % — — % Construction Machinery & Heavy Transportation Equipment 31,893 8.88 % — — % Health Care Technology 26,740 7.44 % — — % Aerospace & Defense 23,761 6.61 % — — % Other Specialty Retail — — % 33,378 31.26 % Total $ 359,285 100.00 % $ 106,781 100.00 % March 31, 2024 September 30, 2023 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 112,207 31.08 % 48.28 % $ 56,910 53.28 % 33.75 % Health Care Services 83,087 23.01 % 35.76 % 16,484 15.44 % 9.78 % Packaged Foods & Meats 43,257 11.98 % 18.62 % — — % — % Diversified Support Services 40,017 11.08 % 17.22 % — — % — % Construction Machinery & Heavy Transportation Equipment 31,906 8.84 % 13.73 % — — % — % Health Care Technology 26,795 7.42 % 11.53 % — — % — % Aerospace & Defense 23,793 6.59 % 10.24 % — — % — % Other Specialty Retail — — % — % 33,400 31.28 % 19.81 % Total $ 361,062 100.00 % 155.38 % $ 106,794 100.00 % 63.34 % Fair Value Measurements The following table presents the financial instruments carried at fair value as of March 31, 2024 on the Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ — $ 355,670 $ 355,670 Preferred equity — — 5,392 5,392 Total investments at fair value — — 361,062 361,062 Cash equivalents 189,389 — — 189,389 Total assets at fair value $ 189,389 $ — $ 361,062 $ 550,451 The following table presents the financial instruments carried at fair value as of September 30, 2023 on the Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ — $ 106,794 $ 106,794 Total investments at fair value $ — $ — $ 106,794 $ 106,794 When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. The following table provides a roll-forward of the changes in fair value from December 31, 2023 to March 31, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Preferred Equity Total Fair value as of December 31, 2023 $ 262,478 $ 5,086 $ 267,564 Purchases 135,097 — 135,097 Sales and repayments (43,513) — (43,513) Capitalized PIK interest income 252 — 252 Accretion of OID 937 — 937 Net unrealized appreciation (depreciation) 419 306 725 Fair value as of March 31, 2024 $ 355,670 $ 5,392 $ 361,062 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024 $ 419 $ 306 $ 725 The following table provides a roll-forward of the changes in fair value from September 30, 2023 to March 31, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Preferred Equity Total Fair value as of September 30, 2023 $ 106,794 $ — $ 106,794 Purchases 290,278 5,081 295,359 Sales and repayments (44,217) — (44,217) Capitalized PIK interest income 252 — 252 Accretion of OID 1,110 — 1,110 Net unrealized appreciation (depreciation) 1,453 311 1,764 Fair value as of March 31, 2024 $ 355,670 $ 5,392 $ 361,062 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2024 $ 1,453 $ 311 $ 1,764 Significant Unobservable Inputs for Level 3 Investments The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of March 31, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 312,413 Market Yield Market Yield (b) 10.0% - 14.0% 10.9% 43,257 Transaction Precedent Transaction Price (c) N/A - N/A N/A Preferred equity 5,392 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 361,062 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2023: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 77,520 Market Yield Market Yield (b) 11.0% - 13.0% 12.1% 29,274 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 106,794 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company's investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively. The principal values of the Company's credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy.

Fee Income

Fee Income	6 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Fee Income	Fee Income For the three and six months ended March 31, 2024, the Company recorded total fee income of $660 and $663, respectively, of which $3 and $6, respectively, was recurring in nature. Recurring fee income consisted of servicing fees.

Unit Data and Distributions

Unit Data and Distributions	6 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Unit Data and Distributions	Unit Data and Distributions Earnings per Unit The following table sets forth the computation of basic and diluted earnings per unit, pursuant to ASC Topic 260-10, Earnings per Share , for the three and six months ended March 31, 2024: (Unit amounts in thousands) Three months ended Six months ended March 31, 2024 Earnings (loss) per common unit — basic and diluted: Net increase (decrease) in net assets resulting from operations $ 7,293 $ 12,362 Weighted average common units outstanding — basic and diluted 11,429 10,046 Earnings (loss) per common unit — basic and diluted $ 0.64 $ 1.23 Changes in Net Assets The following table presents the changes in net assets for the three and six months ended March 31, 2024: Common Units Accumulated Earnings Total Net Assets Balance at September 30, 2023 $ 166,300 $ 2,308 $ 168,608 Issuance of common units 63,400 — 63,400 Distributions to unitholders — (6,900) (6,900) Net investment income — 4,031 4,031 Net unrealized appreciation (depreciation) — 984 984 Net realized gains (losses) — 54 54 Balance at December 31, 2023 $ 229,700 $ 477 $ 230,177 Distributions to unitholders — (5,100) (5,100) Net investment income — 6,569 6,569 Net unrealized appreciation (depreciation) — 726 726 Net realized gains (losses) — (2) (2) Balance at March 31, 2024 $ 229,700 $ 2,670 $ 232,370 Capital Activity During the six months ended March 31, 2024, the Company issued and sold 3,123,152 units at an aggregate purchase price of $63,400. As of March 31, 2024, the Company had issued and sold 11,428,581 units since inception at an aggregate purchase price of $229,700, which represented approximately 18% of total committed capital. Distributions Distributions to unitholders are recorded on the ex-dividend date. The Company is required to distribute dividends each tax year to its unitholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. For income tax purposes, the Company has reported its distributions for the 2023 calendar year as ordinary income. The character of such distributions will be appropriately reported to the Internal Revenue Service and unitholders for the 2024 calendar year. To the extent the Company’s taxable earnings for a fiscal and taxable year fall below the amount of distributions paid for the fiscal and taxable year, a portion of the total amount of the Company’s distributions for the fiscal and taxable year is deemed a return of capital for U.S. federal income tax purposes to the Company’s unitholders. The following table reflects the distributions that the Company has paid on its units during the six months ended March 31, 2024: Date Declared Record Date Payment Date Aggregate Amount December 14, 2023 December 15, 2023 December 29, 2023 $ 6,900 February 8, 2024 March 15, 2024 March 29, 2024 $ 5,100

Borrowings

Borrowings	6 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Subscription Facility On September 26, 2023, the Company entered into a senior secured revolving credit facility (the “Subscription Facility”) with the Company, as borrower, Gardens Coinvest, LLC, as initial qualified borrower, Oaktree Gardens OLP SPV, L.P. (the “SPV”), as initial guarantor, Oaktree OLPG GP, L.P. (the “GP”), as general partner, Oaktree OLPG GP Ltd. (the “Ultimate GP”), as ultimate general partner, and Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders from time to time party thereto. As of March 31, 2024, the Subscription Facility provided for borrowings of up to $250,000 in aggregate principal amount or, if smaller, 90% of unfunded commitments from certain of eligible investors. The maximum size of Subscription Facility may be increased to $400,000 pursuant to an “accordion” feature. The maturity date of the Subscription Facility is September 26, 2024. Borrowings under the Subscription Facility bear interest at a rate equal to (1) term SOFR for the selected period plus 2.45% per annum for SOFR loans or (2) the greatest of (a) the Prime Rate plus 1.45% per annum, (b) the Federal Funds Rate plus 1.95% per annum, and (c) Daily Simple SOFR in effect for such day plus 1.45% per annum for reference rate loans. There is a non-usage fee of 0.25% per annum on the unused portion of the Subscription Facility, payable quarterly. The Subscription Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all capital commitments of investors in the SPV, (ii) the SPV’s, GP’s and Ultimate GP’s right to make capital calls, receive payment of capital contributions from investors and enforce payment of capital commitments and capital contributions under the SPV’s subscription agreements with investors and other operative documents and (iii) a cash collateral account into which the capital contributions from investors are made. The Company made customary representations and warranties and are required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. As of March 31, 2024 , the Company had $240,000 outstanding under the Subscription Facility, which had a fair value of $240,000. As of September 30, 2023 , the Company had $75,000 outstanding under the Subscription Facility, which had a fair value of $75,000. T he Company's borrowings under the Subscription Facility bore interest at a weighted average interest rate of 7.90% for the six months ended March 31, 2024 . For the three and six months ended March 31, 2024 , the Company recorded interest expense (inclusive of fees) of $1,176 and $2,445, respectively, related to the Subscription Facility. Secured Borrowings As of March 31, 2024, the Company had $98,429 of secured borrowings outstanding. As of September 30, 2023, the Company had no secured borrowings outstanding. The Company's secured borrowings bore interest at a weighted average rate of 8.56% for the six months ended March 31, 2024. The Company recorded $1,623 and $2,054 of interest expense, respectively, in connection with secured borrowings for the three and six months ended March 31, 2024.

Taxable_Distributable Income

Taxable/Distributable Income	6 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxable/Distributable Income	Taxable/Distributable Income Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized and (2) organizational and deferred offering costs. Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the three and six months ended March 31, 2024: Three months ended March 31, 2024 Six months ended March 31, 2024 Net increase (decrease) in net assets resulting from operations $ 7,293 $ 12,362 Net unrealized (appreciation) depreciation (726) (1,710) Other book/tax differences 79 113 Taxable income (1) $ 6,646 $ 10,765 __________________ (1) The Company's taxable income for the three and six months ended March 31, 2024 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2024. The final taxable income may be different than the estimate. As of September 30, 2023, the components of accumulated earnings on a tax basis were as follows: Undistributed ordinary income, net $ 2,480 Net realized capital gains 1 Unrealized losses, net (173) Accumulated earnings $ 2,308 The aggregate cost of investments for U.S. federal income tax purposes was $107.0 million as of September 30, 2023. As of September 30, 2023, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $0.1 million . As of September 30, 2023, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $0.3 million . Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $0.2 million .

Concentration of Credit Risks

Concentration of Credit Risks	6 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentration of Credit Risks	Concentration of Credit Risks The Company deposits its cash with financial institutions and at times such balances may be in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Investment Advisory Agreement The Company has entered into an Investment Advisory Agreement with the Adviser. Pursuant to the Investment Advisory Agreement, the Company pays the Adviser a management fee for investment advisory and management services. The management fee is payable quarterly in arrears and equals 1.00% per annum of the Company’s gross assets (excluding cash and cash equivalents). The management fee for each quarter is calculated based on the average gross assets of the Company (excluding cash and cash equivalents) at the end of such quarter and at the end of the preceding quarter. The Adviser does not receive any fees on Capital Commitments not yet drawn. For the three months ended March 31, 2024, the Company incurred $794 of management fees, of which $186 were irrevocably waived by the Adviser. For the six months ended March 31, 2024, the Company incurred $1,269 of management fees, of which $297 were irrevocably waived by the Adviser. Administration Agreement Pursuant to an Administration Agreement, the Administrator furnishes the Company with office facilities (certain of which are located in buildings owned by a Brookfield affiliate), equipment and clerical, bookkeeping and record keeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, and being responsible for the financial records that the Company is required to maintain and preparing reports to unitholders and reports filed with the SEC. In addition, the Administrator assists the Company in determining and publishing the net asset value, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to unitholders, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement and providing personnel and facilities, including the allocable portion of personnel. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Administrator. Additionally, the Company bears all of the costs and expenses of any sub-administration agreements that the Administrator enters into. The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under the Administration Agreement, the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including the Adviser and any person affiliated with its members or the Adviser, to the extent they are providing services for or otherwise acting on behalf of the Administrator, the Adviser or the Company) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under the Administration Agreement or otherwise as administrator for the Company, and the Company shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator, including the Adviser and any person affiliated with its members or the Adviser, to the extent they are providing services for or otherwise acting on behalf of the Administrator, the Adviser or the Company) and hold them harmless from and against all damages, liabilities, fees, penalties, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by them in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its members) arising out of or otherwise based upon the performance of any of the Administrator’s duties or obligations under the Administration Agreement or otherwise as administrator for the Company. For the three months ended March 31, 2024, the Company incurred $173 of expenses under the Administration Agreement, of which $138 was included in administrator expense and $35 was included in general and administrative expense. For the six months ended March 31, 2024, the Company incurred $277 of expenses under the Administration Agreement, of which $225 was included in administrator expense and $52 was included in general and administrative expense. As of March 31, 2024 and September 30, 2023, $781 and $1,137, respectively, was included in “Due to affiliates” in the Statements of Assets and Liabilities and was payable to the Administrator. Placement Agent Agreement The Company has entered into a Placement Agent Agreement with OCM Investments, LLC (the “Placement Agent”), an affiliate of the Adviser. Although the Company does not pay any fees to the Placement Agent, the Company has agreed to indemnify the Placement Agent in connection with its activities.

Financial Highlights

Financial Highlights	6 Months Ended
	Mar. 31, 2024
Investment Company [Abstract]
Financial Highlights	Financial Highlights For the three months ended March 31, 2024 For the six months ended March 31, 2024 Net asset value at beginning of period $ 20.14 $ 20.30 Net investment income (1) 0.57 1.06 Net unrealized appreciation (depreciation) (1) 0.07 0.25 Distributions of net investment income to unitholders (0.45) (1.28) Net asset value at end of period $ 20.33 $ 20.33 Total return (2) 3.18 % 6.56 % Common units outstanding at beginning of period 11,428,581 8,305,429 Common units outstanding at end of period 11,428,581 11,428,581 Net assets at beginning of period $ 230,177 $ 168,608 Net assets at end of period $ 232,370 $ 232,370 Average net assets (3) $ 232,911 $ 205,056 Ratio of net investment income to average net assets (4) 2.82 % 5.17 % Ratio of total expenses to average net assets (4) 1.80 % 3.33 % Ratio of net expenses to average net assets (4) 1.72 % 3.19 % Ratio of portfolio turnover to average investments at fair value (4) 13.84 % 18.06 % Weighted average outstanding debt $ 113,501 $ 92,291 Average debt per unit (1) $ 9.93 $ 9.19 Asset coverage ratio (5) 168.66 % 168.66 % (1) Calculated based upon weighted average units outstanding for the period. The amount shown does not correspond with the net unrealized appreciation (depreciation) per unit shown on the Consolidated Statement of Operations for the three and six months ended March 31, 2024 as it includes the effect of the timing of equity issuances. (2) Total return is calculated as the change in net asset value (“NAV”) per unit during the period, plus distributions per unit or capital activity, if any, divided by the beginning NAV per unit, assuming a dividend reinvestment price equal to the NAV per unit at the beginning of the period. (3) Calculated based upon the weighted average net assets for the period. (4) Financial results for the three and six months ended March 31, 2024 have not been annualized for purposes of this ratio. (5) Based on outstanding senior securities of $338,429 as of March 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Off-Balance Sheet Arrangements The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As indicated in the table below, as of March 31, 2024 and September 30, 2023, off-balance sheet arrangements consisted of $75,141 and $23,773, respectively, of unfunded commitments to provide debt financing to certain of the Company's portfolio companies. Such commitments are subject to the portfolio company's satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities. A list of unfunded commitments by portfolio company as of March 31, 2024 and September 30, 2023 is shown in the table below: March 31, 2024 September 30, 2023 PetVet Care Centers, LLC $ 15,712 $ — AmSpec Parent LLC 11,489 — Next Holdco, LLC 9,606 — Monotype Imaging Holdings Inc 8,710 — OneOncology, LLC 7,580 9,794 Ecco Holdings Corp. 6,921 — Protein for Pets OpCo LLC 4,608 — Evergreen IX Borrower 2023, LLC 3,322 3,322 Entrata, Inc. 3,249 3,249 WP CPP Holdings, LLC 2,653 — Icefall Parent, Inc. 1,291 — MND Holdings III Corp — 7,408 $ 75,141 $ 23,773

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of and for the three months ended March 31, 2024, except as discussed below: Distribution Declaration On May 9, 2024, the board of directors declared a distribution of $8,100, payable in cash on June 28, 2024 to unitholders of record as of June 15, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 7,293	$ 12,362

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the consolidated financial statements have been made. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies ("ASC 946").
Use of Estimates	Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition.
Consolidation	Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiary. The consolidated subsidiary is wholly-owned and, as such, consolidated into the consolidated financial statements. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.
Fair Value Measurements	Fair Value Measurements: Our Adviser, as the valuation designee of our Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of our assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that reflect the Adviser's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser's set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. Generally, the Adviser does not adjust any of the prices received from these sources. If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. The Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The Board has designated the Adviser to serve as its valuation designee under Rule 2a-5 under the Investment Company Act. The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments: • The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser's valuation team; • Preliminary valuations are then reviewed and discussed with management of the Adviser; • Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; • The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; • The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and • The Adviser, as valuation designee, determines the fair value of each investment in the Company's portfolio. The fair value of the Company's investments as of March 31, 2024 and September 30, 2023 was determined by the Adviser, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms to provide assistance each quarter regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "secured borrowings" and "credit facility payable," which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled "interest receivable," "accounts payable, accrued expenses and other liabilities," "base management fee payable," "due to affiliates," "interest payable" and "director fees payable" approximate fair value due to their short maturities.
Foreign Currency Translation	Foreign Currency Translation: The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Derivative Instruments	Derivative Instruments: Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.
Secured Borrowings	Secured Borrowings: Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Consolidated Statements of Assets and Liabilities as secured borrowings. Premiums payable are separately reported as accrued interest.
Investment Income	Investment Income: Interest Income Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of March 31, 2024 and September 30, 2023, there were no investments on non-accrual status. For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statement of Operations. PIK Interest Income The Company's investments in debt securities may contain payment-in-kind ("PIK") interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost bases of these investments in the consolidated financial statements including for purposes of computing the capital gains incentive fee payable by the Company to the Adviser. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed (or deemed distributed) to the Company’s unitholders, even though the Company has not yet collected the cash and may never do so. Fee Income The Adviser or its affiliates may provide financial advisory services to portfolio companies in connection with structuring a transaction and in return the Company may receive fees for capital structuring services. These fees are generally non-recurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered. Dividend Income The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Cash and Cash Equivalents	Cash and Cash Equivalents: Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less when acquired. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets.
Deferred Financing Costs	Deferred Financing Costs: Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities. Deferred financing costs incurred in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs incurred in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Consolidated Statement of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense.
Organization and Offering Costs	Organization and Offering Costs: Costs associated with the organization of the Company are expensed as incurred. Costs associated with the offering of the units are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a 12-month period from incurrence. For the three and six months ended March 31, 2024, the Company incurred organization costs of zero and $5, respectively. As of March 31, 2024 and September 30, 2023, $59 and $232, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the three and six months ended March 31, 2024, the Company amortized offering costs of $87 and $174, respectively.
Income Taxes	Income Taxes: The Company intends to elect to be treated as a RIC under Subchapter M of the Code on its tax return for its first tax year. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes (or, is deemed to distribute, except with respect to certain retained capital gains, as discussed below) at least annually to its unitholders as dividends. Rather, any tax liability related to income earned and timely distributed (or deemed timely distributed) by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. Any net operating losses, foreign tax credits and most other tax attributes generally will not pass through to the Company's investors. The Company will be subject to corporate-level U.S. federal income tax on any undistributed income and/or gains. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its unitholders, for each taxable year, at least 90% of its “investment company taxable income” (as defined in the Code) for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur any U.S. federal excise tax for calendar year 2023. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company does not expect this guidance to materially impact its consolidated financial statements.

Portfolio Investments (Tables)

Portfolio Investments (Tables)	6 Months Ended
	Mar. 31, 2024
Schedule of Investments [Abstract]
Schedule of Composition of Investments	The composition of the Company's investments as of March 31, 2024 and September 30, 2023 at cost and fair value was as follows: March 31, 2024 September 30, 2023 Cost: % of Total Investments % of Total Investments Senior secured debt $ 354,204 98.59 % $ 106,781 100.00 % Preferred equity 5,081 1.41 % — — Total $ 359,285 100.00 % $ 106,781 100.00 % March 31, 2024 September 30, 2023 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior secured debt $ 355,670 98.51 % 153.06 % $ 106,794 100.00 % 63.34 % Preferred equity 5,392 1.49 % 2.32 % — — — Total $ 361,062 100.00 % 155.38 % $ 106,794 100.00 % 63.34 % The composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of March 31, 2024 and September 30, 2023 was as follows: March 31, 2024 September 30, 2023 Cost: % of Total Investments % of Total Investments Application Software $ 111,265 30.97 % $ 56,937 53.32 % Health Care Services 82,408 22.94 % 16,466 15.42 % Packaged Foods & Meats 43,261 12.04 % — — % Diversified Support Services 39,957 11.12 % — — % Construction Machinery & Heavy Transportation Equipment 31,893 8.88 % — — % Health Care Technology 26,740 7.44 % — — % Aerospace & Defense 23,761 6.61 % — — % Other Specialty Retail — — % 33,378 31.26 % Total $ 359,285 100.00 % $ 106,781 100.00 % March 31, 2024 September 30, 2023 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 112,207 31.08 % 48.28 % $ 56,910 53.28 % 33.75 % Health Care Services 83,087 23.01 % 35.76 % 16,484 15.44 % 9.78 % Packaged Foods & Meats 43,257 11.98 % 18.62 % — — % — % Diversified Support Services 40,017 11.08 % 17.22 % — — % — % Construction Machinery & Heavy Transportation Equipment 31,906 8.84 % 13.73 % — — % — % Health Care Technology 26,795 7.42 % 11.53 % — — % — % Aerospace & Defense 23,793 6.59 % 10.24 % — — % — % Other Specialty Retail — — % — % 33,400 31.28 % 19.81 % Total $ 361,062 100.00 % 155.38 % $ 106,794 100.00 % 63.34 %
Schedule of Financial Instruments Carried at Fair Value	The following table presents the financial instruments carried at fair value as of March 31, 2024 on the Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ — $ 355,670 $ 355,670 Preferred equity — — 5,392 5,392 Total investments at fair value — — 361,062 361,062 Cash equivalents 189,389 — — 189,389 Total assets at fair value $ 189,389 $ — $ 361,062 $ 550,451 The following table presents the financial instruments carried at fair value as of September 30, 2023 on the Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ — $ 106,794 $ 106,794 Total investments at fair value $ — $ — $ 106,794 $ 106,794
Schedule of Roll-Forward in the Changes in Fair Value	The following table provides a roll-forward of the changes in fair value from December 31, 2023 to March 31, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Preferred Equity Total Fair value as of December 31, 2023 $ 262,478 $ 5,086 $ 267,564 Purchases 135,097 — 135,097 Sales and repayments (43,513) — (43,513) Capitalized PIK interest income 252 — 252 Accretion of OID 937 — 937 Net unrealized appreciation (depreciation) 419 306 725 Fair value as of March 31, 2024 $ 355,670 $ 5,392 $ 361,062 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024 $ 419 $ 306 $ 725 The following table provides a roll-forward of the changes in fair value from September 30, 2023 to March 31, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Preferred Equity Total Fair value as of September 30, 2023 $ 106,794 $ — $ 106,794 Purchases 290,278 5,081 295,359 Sales and repayments (44,217) — (44,217) Capitalized PIK interest income 252 — 252 Accretion of OID 1,110 — 1,110 Net unrealized appreciation (depreciation) 1,453 311 1,764 Fair value as of March 31, 2024 $ 355,670 $ 5,392 $ 361,062 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the six months ended March 31, 2024 $ 1,453 $ 311 $ 1,764
Schedule of Significant Unobservable Inputs for Level 3 Investments	The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of March 31, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 312,413 Market Yield Market Yield (b) 10.0% - 14.0% 10.9% 43,257 Transaction Precedent Transaction Price (c) N/A - N/A N/A Preferred equity 5,392 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 361,062 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2023: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 77,520 Market Yield Market Yield (b) 11.0% - 13.0% 12.1% 29,274 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 106,794 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment.

Unit Data and Distributions (Ta

Unit Data and Distributions (Tables)	6 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Basic and Diluted Earnings Per Unit	The following table sets forth the computation of basic and diluted earnings per unit, pursuant to ASC Topic 260-10, Earnings per Share , for the three and six months ended March 31, 2024: (Unit amounts in thousands) Three months ended Six months ended March 31, 2024 Earnings (loss) per common unit — basic and diluted: Net increase (decrease) in net assets resulting from operations $ 7,293 $ 12,362 Weighted average common units outstanding — basic and diluted 11,429 10,046 Earnings (loss) per common unit — basic and diluted $ 0.64 $ 1.23
Schedule of Changes in Net Assets	The following table presents the changes in net assets for the three and six months ended March 31, 2024: Common Units Accumulated Earnings Total Net Assets Balance at September 30, 2023 $ 166,300 $ 2,308 $ 168,608 Issuance of common units 63,400 — 63,400 Distributions to unitholders — (6,900) (6,900) Net investment income — 4,031 4,031 Net unrealized appreciation (depreciation) — 984 984 Net realized gains (losses) — 54 54 Balance at December 31, 2023 $ 229,700 $ 477 $ 230,177 Distributions to unitholders — (5,100) (5,100) Net investment income — 6,569 6,569 Net unrealized appreciation (depreciation) — 726 726 Net realized gains (losses) — (2) (2) Balance at March 31, 2024 $ 229,700 $ 2,670 $ 232,370
Schedule of Distributions	The following table reflects the distributions that the Company has paid on its units during the six months ended March 31, 2024: Date Declared Record Date Payment Date Aggregate Amount December 14, 2023 December 15, 2023 December 29, 2023 $ 6,900 February 8, 2024 March 15, 2024 March 29, 2024 $ 5,100

Taxable_Distributable Income (T

Taxable/Distributable Income (Tables)	6 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations	Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the three and six months ended March 31, 2024: Three months ended March 31, 2024 Six months ended March 31, 2024 Net increase (decrease) in net assets resulting from operations $ 7,293 $ 12,362 Net unrealized (appreciation) depreciation (726) (1,710) Other book/tax differences 79 113 Taxable income (1) $ 6,646 $ 10,765 __________________ (1) The Company's taxable income for the three and six months ended March 31, 2024 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2024. The final taxable income may be different than the estimate.
Schedule of Components of Accumulated Overdistributed Earnings	As of September 30, 2023, the components of accumulated earnings on a tax basis were as follows: Undistributed ordinary income, net $ 2,480 Net realized capital gains 1 Unrealized losses, net (173) Accumulated earnings $ 2,308

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Mar. 31, 2024
Investment Company [Abstract]
Schedule of Financial Highlights	For the three months ended March 31, 2024 For the six months ended March 31, 2024 Net asset value at beginning of period $ 20.14 $ 20.30 Net investment income (1) 0.57 1.06 Net unrealized appreciation (depreciation) (1) 0.07 0.25 Distributions of net investment income to unitholders (0.45) (1.28) Net asset value at end of period $ 20.33 $ 20.33 Total return (2) 3.18 % 6.56 % Common units outstanding at beginning of period 11,428,581 8,305,429 Common units outstanding at end of period 11,428,581 11,428,581 Net assets at beginning of period $ 230,177 $ 168,608 Net assets at end of period $ 232,370 $ 232,370 Average net assets (3) $ 232,911 $ 205,056 Ratio of net investment income to average net assets (4) 2.82 % 5.17 % Ratio of total expenses to average net assets (4) 1.80 % 3.33 % Ratio of net expenses to average net assets (4) 1.72 % 3.19 % Ratio of portfolio turnover to average investments at fair value (4) 13.84 % 18.06 % Weighted average outstanding debt $ 113,501 $ 92,291 Average debt per unit (1) $ 9.93 $ 9.19 Asset coverage ratio (5) 168.66 % 168.66 % (1) Calculated based upon weighted average units outstanding for the period. The amount shown does not correspond with the net unrealized appreciation (depreciation) per unit shown on the Consolidated Statement of Operations for the three and six months ended March 31, 2024 as it includes the effect of the timing of equity issuances. (2) Total return is calculated as the change in net asset value (“NAV”) per unit during the period, plus distributions per unit or capital activity, if any, divided by the beginning NAV per unit, assuming a dividend reinvestment price equal to the NAV per unit at the beginning of the period. (3) Calculated based upon the weighted average net assets for the period. (4) Financial results for the three and six months ended March 31, 2024 have not been annualized for purposes of this ratio. (5) Based on outstanding senior securities of $338,429 as of March 31, 2024.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	A list of unfunded commitments by portfolio company as of March 31, 2024 and September 30, 2023 is shown in the table below: March 31, 2024 September 30, 2023 PetVet Care Centers, LLC $ 15,712 $ — AmSpec Parent LLC 11,489 — Next Holdco, LLC 9,606 — Monotype Imaging Holdings Inc 8,710 — OneOncology, LLC 7,580 9,794 Ecco Holdings Corp. 6,921 — Protein for Pets OpCo LLC 4,608 — Evergreen IX Borrower 2023, LLC 3,322 3,322 Entrata, Inc. 3,249 3,249 WP CPP Holdings, LLC 2,653 — Icefall Parent, Inc. 1,291 — MND Holdings III Corp — 7,408 $ 75,141 $ 23,773

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	May 04, 2023	May 02, 2023	May 01, 2023	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Net asset value per common unit (dollars per share)	$ 20			$ 20.33	$ 20.14	$ 20.30
Initial investment	$ 1,280,000
Oaktree Fund GP I, L.P.
Related Party Transaction [Line Items]
Initial investment			$ 2
Units redeemed (shares)		100

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Amortization period	12 months	12 months
Organization expenses	$ 0	$ 5
Deferred offering costs	59	59	$ 232
Amortization of deferred offering costs	$ 87	$ 174

Portfolio Investments - Narrati

Portfolio Investments - Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($) portfolio_company		Sep. 30, 2023 USD ($) portfolio_company
Schedule of Investments [Abstract]
Fair  Value | $	$ 361,062	[1],[2]	$ 106,794	[3],[4]
Number of portfolio companies | portfolio_company	11		4
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Portfolio Investments - Portfol

Portfolio Investments - Portfolio Composition (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Mar. 31, 2024		Sep. 30, 2023
Schedule of Investments [Line Items]
Cost	$ 359,285	[1],[2]	$ 106,781	[3],[4]
Fair  Value	$ 361,062	[1],[2]	$ 106,794	[3],[4]
% of Net Assets	155.38%	[1],[2]	63.34%
Investment Owned, At Cost, Netting | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	100%		100%
Investment Owned, At Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	100%		100%
Senior secured debt
Schedule of Investments [Line Items]
Cost	$ 354,204		$ 106,781
Fair  Value	$ 355,670		$ 106,794
% of Net Assets	153.06%		63.34%
Senior secured debt | Investment Owned, At Cost, Netting | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	98.59%		100%
Senior secured debt | Investment Owned, At Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	98.51%		100%
Preferred equity
Schedule of Investments [Line Items]
Cost	$ 5,081		$ 0
Fair  Value	$ 5,392		$ 0
% of Net Assets	2.32%		0%
Preferred equity | Investment Owned, At Cost, Netting | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	1.41%		0%
Preferred equity | Investment Owned, At Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	1.49%		0%
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Portfolio Investments - Portf_2

Portfolio Investments - Portfolio of Investments by Industry (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Mar. 31, 2024		Sep. 30, 2023
Schedule of Investments [Line Items]
Cost	$ 359,285	[1],[2]	$ 106,781	[3],[4]
Fair  Value	$ 361,062	[1],[2]	$ 106,794	[3],[4]
% of Net Assets	155.38%	[1],[2]	63.34%
Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	100%		100%
Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	100%		100%
Application Software
Schedule of Investments [Line Items]
Cost	$ 111,265		$ 56,937
Fair  Value	$ 112,207		$ 56,910
% of Net Assets	48.28%		33.75%
Application Software | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	30.97%		53.32%
Application Software | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	31.08%		53.28%
Health Care Services
Schedule of Investments [Line Items]
Cost	$ 82,408		$ 16,466
Fair  Value	$ 83,087		$ 16,484
% of Net Assets	35.76%		9.78%
Health Care Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	22.94%		15.42%
Health Care Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	23.01%		15.44%
Packaged Foods & Meats
Schedule of Investments [Line Items]
Cost	$ 43,261		$ 0
Fair  Value	$ 43,257		$ 0
% of Net Assets	18.62%		0%
Packaged Foods & Meats | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	12.04%		0%
Packaged Foods & Meats | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	11.98%		0%
Diversified Support Services
Schedule of Investments [Line Items]
Cost	$ 39,957		$ 0
Fair  Value	$ 40,017		$ 0
% of Net Assets	17.22%		0%
Diversified Support Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	11.12%		0%
Diversified Support Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	11.08%		0%
Construction Machinery & Heavy Transportation Equipment
Schedule of Investments [Line Items]
Cost	$ 31,893		$ 0
Fair  Value	$ 31,906		$ 0
% of Net Assets	13.73%		0%
Construction Machinery & Heavy Transportation Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	8.88%		0%
Construction Machinery & Heavy Transportation Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	8.84%		0%
Health Care Technology
Schedule of Investments [Line Items]
Cost	$ 26,740		$ 0
Fair  Value	$ 26,795		$ 0
% of Net Assets	11.53%		0%
Health Care Technology | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	7.44%		0%
Health Care Technology | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	7.42%		0%
Aerospace & Defense
Schedule of Investments [Line Items]
Cost	$ 23,761		$ 0
Fair  Value	$ 23,793		$ 0
% of Net Assets	10.24%		0%
Aerospace & Defense | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.61%		0%
Aerospace & Defense | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.59%		0%
Other Specialty Retail
Schedule of Investments [Line Items]
Cost	$ 0		$ 33,378
Fair  Value	$ 0		$ 33,400
% of Net Assets	0%		19.81%
Other Specialty Retail | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	0%		31.26%
Other Specialty Retail | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	0%		31.28%
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Portfolio Investments - Schedul

Portfolio Investments - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Sep. 30, 2023
Schedule of Investments [Line Items]
Fair  Value	$ 361,062	[1],[2]	$ 106,794	[3],[4]
Cash equivalents	189,389
Total assets at fair value	550,451
Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	355,670		106,794
Preferred equity
Schedule of Investments [Line Items]
Fair  Value	5,392		0
Level 1
Schedule of Investments [Line Items]
Fair  Value	0		0
Cash equivalents	189,389
Total assets at fair value	189,389
Level 1 | Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	0		0
Level 1 | Preferred equity
Schedule of Investments [Line Items]
Fair  Value	0
Level 2
Schedule of Investments [Line Items]
Fair  Value	0		0
Cash equivalents	0
Total assets at fair value	0
Level 2 | Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	0		0
Level 2 | Preferred equity
Schedule of Investments [Line Items]
Fair  Value	0
Level 3
Schedule of Investments [Line Items]
Fair  Value	361,062		106,794
Cash equivalents	0
Total assets at fair value	361,062
Level 3 | Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	355,670		$ 106,794
Level 3 | Preferred equity
Schedule of Investments [Line Items]
Fair  Value	$ 5,392
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Portfolio Investments - Roll-Fo

Portfolio Investments - Roll-Forward in the Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 267,564	$ 106,794
Purchases	135,097	295,359
Sales and repayments	(43,513)	(44,217)
Capitalized PIK interest income	252	252
Accretion of OID	$ 937	$ 1,110
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Debt and Equity Securities, Unrealized Gain (Loss)	Debt and Equity Securities, Unrealized Gain (Loss)
Net unrealized appreciation (depreciation)	$ 725	$ 1,764
Fair value, ending balance	$ 361,062	$ 361,062
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax	Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024	$ 725	$ 1,764
Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	262,478	106,794
Purchases	135,097	290,278
Sales and repayments	(43,513)	(44,217)
Capitalized PIK interest income	252	252
Accretion of OID	937	1,110
Net unrealized appreciation (depreciation)	419	1,453
Fair value, ending balance	355,670	355,670
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024	419	1,453
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	5,086	0
Purchases	0	5,081
Sales and repayments	0	0
Capitalized PIK interest income	0	0
Accretion of OID	0	0
Net unrealized appreciation (depreciation)	306	311
Fair value, ending balance	5,392	5,392
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at March 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended March 31, 2024	$ 306	$ 311

Portfolio Investments - Signifi

Portfolio Investments - Significant Unobservable Inputs for Level 3 Investments (Details) $ in Thousands	Mar. 31, 2024 USD ($)		Sep. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 361,062	[1],[2]	$ 106,794	[3],[4]
Senior secured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	355,670		106,794
Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	5,392		0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	361,062		106,794
Level 3 | Senior secured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	355,670		106,794
Level 3 | Senior secured debt | Market Yield | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 312,413		$ 77,520
Level 3 | Senior secured debt | Market Yield | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.100		0.110
Level 3 | Senior secured debt | Market Yield | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.140		0.130
Level 3 | Senior secured debt | Market Yield | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.109		0.121
Level 3 | Senior secured debt | Transaction Precedent | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 43,257		$ 29,274
Level 3 | Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	5,392
Level 3 | Preferred equity | Transaction Precedent | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 5,392
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2024, qualifying assets represented 100.0% of the Company's total assets. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 100.0% of the Company's total assets.

Fee Income (Details)

Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Fee income	$ 660	$ 663
Recurring fee income	$ 3	$ 6

Unit Data and Distributions - S

Unit Data and Distributions - Schedule of Basic and Diluted Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 7,293	$ 12,362
Weighted average common units outstanding - basic (shares)	11,429	10,046
Weighted average common units outstanding - diluted (shares)	11,429	10,046
Earnings (loss) per common unit - basic (dollars per share)	$ 0.64	$ 1.23
Earnings (loss) per common unit - diluted (dollars per share)	$ 0.64	$ 1.23

Unit Data and Distributions -_2

Unit Data and Distributions - Schedule of Changes in Net Assets (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period			$ 230,177	$ 168,608	$ 168,608
Issuance of common units			0	63,400	63,400
Distributions to unitholders	$ (5,100)	$ (6,900)	(5,100)	(6,900)	(12,000)
Net investment income			6,569	4,031	10,600
Net unrealized appreciation (depreciation)			726	984	1,710
Net realized gains (losses)			(2)	54
Net assets at end of period			232,370	230,177	232,370
Common Units
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period			229,700	166,300	166,300
Issuance of common units				63,400
Net assets at end of period			229,700	229,700	229,700
Accumulated Earnings
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period			477	2,308	2,308
Distributions to unitholders			(5,100)	(6,900)
Net investment income			6,569	4,031
Net unrealized appreciation (depreciation)			726	984
Net realized gains (losses)			(2)	54
Net assets at end of period			$ 2,670	$ 477	$ 2,670

Unit Data and Distributions - N

Unit Data and Distributions - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	11 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Shares issued and sold (shares)	3,123,152	11,428,581
Aggregate purchase price	$ 63,400	$ 229,700
Percent of committed capital		18%

Unit Data and Distributions -_3

Unit Data and Distributions - Schedule of Distributions (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Aggregate Amount	$ 5,100	$ 6,900	$ 5,100	$ 6,900	$ 12,000

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Sep. 30, 2023
Line of Credit Facility [Line Items]
Borrowings outstanding	$ 240,000	$ 240,000	$ 75,000
Senior securities	338,429	338,429
Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 250,000	$ 250,000
Aggregate principal amount, percent of unfunded commitments	90%	90%
Maximum size of subscription facility	$ 400,000	$ 400,000
Non-usage fee		0.25%
Borrowings outstanding	240,000	$ 240,000	75,000
Borrowings fair value	240,000	$ 240,000	75,000
Weighted average interest rate		7.90%
Interest expense	1,176	$ 2,445
Subscription Facility | Line of Credit | Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.45%
Subscription Facility | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.45%
Subscription Facility | Line of Credit | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.95%
Subscription Facility | Line of Credit | Reference Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.45%
Secured Borrowings | Secured Debt
Line of Credit Facility [Line Items]
Senior securities	$ 98,429	$ 98,429	$ 0
Weighted average interest rate	8.56%	8.56%
Interest expense	$ 1,623	$ 2,054

Taxable_Distributable Income -

Taxable/Distributable Income - Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 7,293	$ 12,362
Net unrealized (appreciation) depreciation	(726)	(1,710)
Other book/tax differences	79	113
Taxable income	$ 6,646	$ 10,765

Taxable_Distributable Income _2

Taxable/Distributable Income - Components of Accumulated Overdistributed Earnings (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Undistributed ordinary income, net		$ 2,480
Net realized capital gains		1
Unrealized losses, net		(173)
Accumulated earnings	$ 2,670	$ 2,308

Taxable_Distributable Income _3

Taxable/Distributable Income - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Cost of investments	$ 107
Unrealized appreciation	0.1
Unrealized depreciation	0.3
Unrealized depreciation	$ 0.2

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Base management fee	$ 794	$ 1,269
General and administrative expenses	77	143
Due to affiliates	781	$ 781	$ 1,137
Investment Advisory Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Base management fee rate		1%
Base management fee		$ 1,269
Investment company, contractual fee waived	186	$ 297
Administration Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Agreement termination, written notice period		60 days
Expenses	173	$ 277
Administrator expense	138	225
General and administrative expenses	35	52
Due to affiliates	$ 781	$ 781	$ 1,137

Financial Highlights (Details)

Financial Highlights (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares
Investment Company, Financial Highlights [Roll Forward]
Net asset value per share at beginning of period (dollars per share)	$ 20.14	$ 20.30
Net investment income (dollars per share)	0.57	1.06
Net unrealized appreciation (depreciation) (dollars per share)	0.07	0.25
Distributions of net investment income to unitholders (dollars per share)	(0.45)	(1.28)
Net asset value per share at end of period (dollars per share)	$ 20.33	$ 20.33
Total return	3.18%	6.56%
Common units outstanding at beginning of period (shares) | shares	11,428,581	8,305,429
Common units outstanding at end of period (shares) | shares	11,428,581	11,428,581
Net assets at beginning of period | $	$ 230,177	$ 168,608
Net assets at end of period | $	232,370	232,370
Average net assets | $	$ 232,911	$ 205,056
Ratio of net investment income to average net assets	2.82%	5.17%
Ratio of total expenses to average net assets	1.80%	3.33%
Ratio of net expenses to average net assets	1.72%	3.19%
Ratio of portfolio turnover to average investments at fair value	13.84%	18.06%
Weighted average outstanding debt | $	$ 113,501	$ 92,291
Average debt per unit (dollars per share)	$ 9.93	$ 9.19
Asset coverage ratio	168.66%	168.66%
Senior securities | $	$ 338,429	$ 338,429

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 75,141	$ 23,773

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Unfunded Commitments by Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Sep. 30, 2023
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 75,141	$ 23,773
Investment, Identifier [Axis]: AmSpec Parent LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	11,489	0
Investment, Identifier [Axis]: Ecco Holdings Corp.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	6,921	0
Investment, Identifier [Axis]: Entrata, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	3,249	3,249
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	3,322	3,322
Investment, Identifier [Axis]: Icefall Parent, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,291	0
Investment, Identifier [Axis]: MND Holdings III Corp
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	0	7,408
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	8,710	0
Investment, Identifier [Axis]: Next Holdco, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	9,606	0
Investment, Identifier [Axis]: OneOncology, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	7,580	9,794
Investment, Identifier [Axis]: PetVet Care Centers, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	15,712	0
Investment, Identifier [Axis]: Protein for Pets OpCo LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,608	0
Investment, Identifier [Axis]: WP CPP Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 2,653	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended
	May 09, 2024	Mar. 29, 2024	Dec. 29, 2023	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Subsequent Event [Line Items]
Distributions		$ 5,100	$ 6,900	$ 5,100	$ 6,900	$ 12,000
Subsequent Event
Subsequent Event [Line Items]
Distributions	$ 8,100