Oaktree Gardens OLP 10-Q 11 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2024	Feb. 10, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act File Number	814-01633
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		22,076,191
Entity Central Index Key	0001974793
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--09-30

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Dec. 31, 2024		Sep. 30, 2024
Assets:
Investments – Non-control/Non-affiliate, at fair value (cost December 31, 2024: $693,001; cost September 30, 2024: $569,556)	$ 699,317	[1]	$ 575,225	[2]
Cash and cash equivalents	187,971		207,344
Interest receivable	3,989		2,861
Deferred financing costs	1,104		1,518
Derivative assets at fair value	118		0
Other assets	100		125
Total assets	892,599		787,073
Liabilities:
Accounts payable, accrued expenses and other liabilities	398		402
Base management fee payable	1,230		1,002
Due to affiliates	865		1,076
Interest payable	576		419
Director fees payable	75		119
Secured borrowings	53,039		52,764
Credit facility payable	382,000		367,000
Total liabilities	438,183		422,782
Commitments and contingencies (Note 12)
Net assets:
Common units (22,076 and 17,718 units issued and outstanding as of December 31, 2024 and September 30, 2024, respectively)	447,300		357,700
Accumulated earnings	7,116		6,591
Total net assets (equivalent to $20.58 and $20.56 per common unit as of December 31, 2024 and September 30, 2024, respectively) (Note 10)	454,416		364,291
Total liabilities and net assets	$ 892,599		$ 787,073
[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. 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.

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024		Sep. 30, 2024
Statement of Financial Position [Abstract]
Investments, cost	$ 693,001	[1]	$ 569,556	[2]
Common stock, units, issued (shares)	22,076,000		17,718,000
Common stock, units, outstanding (shares)	22,076,191		17,718,214
Net asset value per common unit (dollars per share)	$ 20.58		$ 20.56
[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. 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.

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Non-control/Non-affiliate investments	$ 18,336	$ 5,923
Interest on cash and cash equivalents	1,168	641
Total interest income	19,504	6,564
PIK interest income:
Total PIK interest income	436	0
Fee income:
Total fee income	424	3
Total investment income	20,364	6,567
Expenses:
Base management fee	1,606	475
Professional fees	311	108
Directors fees	119	119
Organization expenses	0	5
Amortization of deferred offering costs	0	87
Interest expense	7,592	1,700
Administrator expense	89	87
General and administrative expenses	160	66
Total expenses	9,877	2,647
Management fees waived	(376)	(111)
Net expenses	9,501	2,536
Net investment income	10,863	4,031
Unrealized appreciation (depreciation):
Non-control/Non-affiliate investments	660	1,038
Foreign currency forward contracts	118	(54)
Net unrealized appreciation (depreciation)	778	984
Realized gains (losses):
Non-control/Non-affiliate investments	(62)	0
Foreign currency forward contracts	(54)	54
Net realized gains (losses)	(116)	54
Net realized and unrealized gains (losses)	662	1,038
Net increase (decrease) in net assets resulting from operations	$ 11,525	$ 5,069
Net investment income per common unit - basic and diluted (dollars per share)	$ 0.60	$ 0.46
Earnings (loss) per common unit - basic (dollars per share)	0.64	0.58
Earnings (loss) per common unit - diluted (dollars per share)	$ 0.64	$ 0.58
Weighted average common units outstanding - basic (shares)	18,097	8,679
Weighted average common units outstanding - diluted (shares)	18,097	8,679

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operations:
Net investment income	$ 10,863	$ 4,031
Net unrealized appreciation (depreciation)	778	984
Net realized gains (losses)	(116)	54
Net increase (decrease) in net assets resulting from operations	11,525	5,069
Unit transactions:
Issuance of common units	89,600	63,400
Distributions to unitholders	(11,000)	(6,900)
Net increase (decrease) from unit transactions	78,600	56,500
Total increase (decrease) in net assets	90,125	61,569
Net assets at beginning of period	364,291	168,608
Net assets at end of period	$ 454,416	$ 230,177
Net asset value per common unit (dollars per share)	$ 20.58	$ 20.14
Common units outstanding at end of period (shares)	22,076,191	11,428,581

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities:
Net increase (decrease) in net assets resulting from operations	$ 11,525	$ 5,069
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net unrealized (appreciation) depreciation	(778)	(984)
Net realized (gains) losses	116	(54)
PIK interest income	(436)	0
Accretion of original issue discount on investments	(1,581)	(173)
Amortization of deferred financing costs	414	226
Amortization of deferred offering costs	0	87
Purchases of investments	(167,563)	(160,263)
Proceeds from the sales and repayments of investments	46,075	758
Changes in operating assets and liabilities:
(Increase) decrease in due from affiliates	0	(536)
(Increase) decrease in interest receivable	(1,128)	(2,231)
(Increase) decrease in other assets	25	43
Increase (decrease) in accounts payable, accrued expenses and other liabilities	(4)	(210)
Increase (decrease) in base management fee payable	228	196
Increase (decrease) in due to affiliates	(211)	(107)
Increase (decrease) in interest payable	157	672
Increase (decrease) in director fees payable	(44)	0
Net cash used in operating activities	(113,205)	(157,507)
Financing activities:
Distributions paid in cash	(11,000)	(6,900)
Borrowings under credit facility	85,000	105,000
Repayments of borrowings under credit facility	(70,000)	(75,000)
Borrowings of secured borrowings	276	178,693
Proceeds from the issuance of common units	89,600	63,400
Net cash provided by financing activities	93,876	265,193
Effect of exchange rate changes on foreign currency	(44)	0
Net increase (decrease) in cash and cash equivalents	(19,373)	107,686
Cash and cash equivalents, beginning of period	207,344	137,079
Cash and cash equivalents, end of period	187,971	244,765
Supplemental information:
Cash paid for interest	7,021	802
Reconciliation to the Statements of Assets and Liabilities
Cash and cash equivalents	187,971
Total cash and cash equivalents	$ 187,971	$ 244,765

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands		Dec. 31, 2024		Sep. 30, 2024
Cost		$ 693,001	[1]	$ 569,556	[2]
Fair  Value		699,317	[1]	575,225	[2]
Cash and Cash Equivalents (41.4% of net assets)		187,971		207,344
Total investment owned, at cost and money market funds, at carrying value		880,972	[3],[4]	776,900	[5],[6]
Total investment owned, at fair value and money market funds, at carrying value		$ 887,288	[3],[4]	$ 782,569	[5],[6]
Investment, Identifier [Axis]: AVSC Holding Corp., First Lien Revolver
Spread	[7],[8],[9]	5%
Principal (6)	[7],[8],[9],[10]	$ 0
Cost	[7],[8],[9]	(148)
Fair  Value	[7],[8],[9]	$ (146)
Investment, Identifier [Axis]: AVSC Holding Corp., First Lien Term Loan
Spread	[7],[9]	5%
Cash Interest Rate	[7],[9]	9.36%
Principal (6)	[7],[9],[10]	$ 70,235
Cost	[7],[9]	68,845
Fair  Value	[7],[9]	$ 68,853
Investment, Identifier [Axis]: AmSpec Parent LLC, First Lien Revolver
Spread	[11],[12],[13]			5.50%
Principal (6)	[11],[12],[13]			$ 0
Cost	[11],[12],[13]			(120)
Fair  Value	[11],[12],[13]			$ 0
Investment, Identifier [Axis]: AmSpec Parent LLC, First Lien Term Loan 1
Spread	[11],[13]			5.50%
Cash Interest Rate	[11],[13],[14]			10.10%
Principal (6)	[11],[13]			$ 40,937
Cost	[11],[13]			40,038
Fair  Value	[11],[13]			$ 40,933
Investment, Identifier [Axis]: AmSpec Parent LLC, First Lien Term Loan 2
Spread	[11],[12],[13]			5.50%
Principal (6)	[11],[12],[13]			$ 0
Cost	[11],[12],[13]			(74)
Fair  Value	[11],[12],[13]			$ 0
Investment, Identifier [Axis]: Centralsquare Technologies, LLC First Lien Revolver
Spread		5.75%	[7],[8],[9]	6%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(45)	[7],[8],[9]	(47)	[11],[12],[13]
Fair  Value		$ (10)	[7],[8],[9]	$ (22)	[11],[12],[13]
Investment, Identifier [Axis]: Centralsquare Technologies, LLC First Lien Term Loan
Spread		6.25%	[7],[9]	6.50%	[11],[13]
Cash Interest Rate		7.25%	[7],[9]	8.10%	[11],[13],[14]
Investment, interest rate, paid in kind		3.38%	[7],[9]	3.50%	[11],[13]
Principal (6)		$ 18,445	[7],[9],[10]	$ 18,325	[11],[13]
Cost		18,049	[7],[9]	17,909	[11],[13]
Fair  Value		$ 18,353	[7],[9]	$ 18,131	[11],[13]
Investment, Identifier [Axis]: Creek Parent, Inc., First Lien Revolver
Spread	[7],[8],[9]	5.25%
Cash Interest Rate	[7],[8],[9]
Principal (6)	[7],[8],[9],[10]	$ 0
Cost	[7],[8],[9]	(125)
Fair  Value	[7],[8],[9]	$ (126)
Investment, Identifier [Axis]: Creek Parent, Inc., First Lien Term Loan
Spread	[7],[9]	5.25%
Cash Interest Rate	[7],[9]	9.63%
Principal (6)	[7],[9],[10]	$ 50,074
Cost	[7],[9]	49,203
Fair  Value	[7],[9]	$ 49,198
Investment, Identifier [Axis]: Entrata, Inc., First Lien Revolver
Spread		5.75%	[7],[8],[9]	5.75%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(57)	[7],[8],[9]	(61)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ 0	[11],[12],[13]
Investment, Identifier [Axis]: Entrata, Inc., First Lien Term Loan
Spread		5.75%	[7],[9]	5.75%	[11],[13]
Cash Interest Rate		10.09%	[7],[9]	10.67%	[11],[13],[14]
Principal (6)		$ 28,144	[7],[9],[10]	$ 28,215	[11],[13]
Cost		27,589	[7],[9]	27,633	[11],[13]
Fair  Value		$ 28,144	[7],[9]	$ 28,215	[11],[13]
Investment, Identifier [Axis]: Everbridge, Inc., First Lien Revolver
Spread		5%	[7],[8],[9]	5%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(11)	[7],[8],[9]	(11)	[11],[12],[13]
Fair  Value		$ (9)	[7],[8],[9]	$ (10)	[11],[12],[13]
Investment, Identifier [Axis]: Everbridge, Inc., First Lien Term Loan 1
Spread		5%	[7],[9]	5%	[11],[13]
Cash Interest Rate		9.59%	[7],[9]	10.33%	[11],[13],[14]
Principal (6)		$ 21,779	[7],[9],[10]	$ 21,779	[11],[13]
Cost		21,670	[7],[9]	21,670	[11],[13]
Fair  Value		$ 21,685	[7],[9]	$ 21,679	[11],[13]
Investment, Identifier [Axis]: Everbridge, Inc., First Lien Term Loan 2
Spread		5%	[7],[8],[9]	5%	[11],[12],[13]
Cash Interest Rate		9.59%	[7],[8],[9]	10.30%	[11],[12],[13],[14]
Principal (6)		$ 2,134	[7],[8],[9],[10]	$ 2,134	[11],[12],[13]
Cost		2,115	[7],[8],[9]	2,115	[11],[12],[13]
Fair  Value		$ 2,111	[7],[8],[9]	$ 2,122	[11],[12],[13]
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Revolver
Spread		4.75%	[7],[8],[9]	4.75%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(66)	[7],[8],[9]	(69)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ (28)	[11],[12],[13]
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Term Loan 1
Spread		4.75%	[7],[9]	4.75%	[11],[13]
Cash Interest Rate		9.08%	[7],[9]	9.35%	[11],[13],[14]
Principal (6)		$ 29,809	[7],[9],[10]	$ 29,884	[11],[13]
Cost		29,198	[7],[9]	29,245	[11],[13]
Fair  Value		$ 29,809	[7],[9]	$ 29,630	[11],[13]
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Term Loan 2
Spread		4.75%	[7],[9]	4.75%	[11],[13]
Cash Interest Rate		9.08%	[7],[9]	9.35%	[11],[13],[14]
Principal (6)		$ 7,526	[7],[9],[10]	$ 7,545	[11],[13]
Cost		7,451	[7],[9]	7,469	[11],[13]
Fair  Value		$ 7,526	[7],[9]	$ 7,481	[11],[13]
Investment, Identifier [Axis]: Geo Topco Corporation, First Lien Revolver
Spread	[7],[8],[9]	4.75%
Cash Interest Rate	[7],[8],[9]	9.27%
Principal (6)	[7],[8],[9],[10]	$ 1,420
Cost	[7],[8],[9]	1,378
Fair  Value	[7],[8],[9]	$ 1,380
Investment, Identifier [Axis]: Geo Topco Corporation, First Lien Term Loan 1
Spread	[7],[9]	4.75%
Cash Interest Rate	[7],[9]	9.41%
Principal (6)	[7],[9],[10]	$ 30,668
Cost	[7],[9]	30,371
Fair  Value	[7],[9]	$ 30,380
Investment, Identifier [Axis]: Geo Topco Corporation, First Lien Term Loan 2
Spread	[7],[8],[9]	4.75%
Cash Interest Rate	[7],[8],[9]
Principal (6)	[7],[8],[9],[10]	$ 0
Cost	[7],[8],[9]	(55)
Fair  Value	[7],[8],[9]	$ (53)
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Revolver
Spread		6.50%	[7],[8],[9]	6.50%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(22)	[7],[8],[9]	(23)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ (9)	[11],[12],[13]
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Term Loan
Spread		6.50%	[7],[9]	6.50%	[11],[13]
Cash Interest Rate		10.86%	[7],[9]	11.35%	[11],[13],[14]
Principal (6)		$ 13,557	[7],[9],[10]	$ 13,557	[11],[13]
Cost		13,328	[7],[9]	13,317	[11],[13]
Fair  Value		$ 13,557	[7],[9]	$ 13,461	[11],[13]
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Revolver
Spread		5%	[7],[8],[9]	5%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(49)	[7],[8],[9]	(52)	[11],[12],[13]
Fair  Value		$ (17)	[7],[8],[9]	$ (54)	[11],[12],[13]
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Term Loan 1
Spread		5%	[7],[9],[15]	5%	[11],[13]
Cash Interest Rate		9.51%	[7],[9],[15]	10.08%	[11],[13],[14]
Principal (6)		$ 42,728	[7],[9],[10],[15]	$ 40,444	[11],[13]
Cost		42,360	[7],[9],[15]	40,049	[11],[13]
Fair  Value		$ 42,591	[7],[9],[15]	$ 40,040	[11],[13]
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Term Loan 2
Spread		5%	[7],[8],[9]	5%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(131)	[7],[8],[9]	(140)	[11],[12],[13]
Fair  Value		$ (84)	[7],[8],[9]	$ (137)	[11],[12],[13]
Investment, Identifier [Axis]: Minotaur Acquisition, Inc., First Lien Revolver
Spread		5%	[7],[8],[9],[16]	5%	[11],[12],[13],[17]
Principal (6)		$ 0	[7],[8],[9],[10],[16]	$ 0	[11],[12],[13],[17]
Cost		(31)	[7],[8],[9],[16]	(33)	[11],[12],[13],[17]
Fair  Value		$ (17)	[7],[8],[9],[16]	$ (29)	[11],[12],[13],[17]
Investment, Identifier [Axis]: Minotaur Acquisition, Inc., First Lien Term Loan 1
Spread		5%	[7],[9],[16]	5%	[11],[13],[17]
Cash Interest Rate		9.36%	[7],[9],[16]	9.85%	[11],[13],[14],[17]
Principal (6)		$ 17,234	[7],[9],[10],[16]	$ 17,277	[11],[13],[17]
Cost		16,922	[7],[9],[16]	16,950	[11],[13],[17]
Fair  Value		$ 17,061	[7],[9],[16]	$ 16,973	[11],[13],[17]
Investment, Identifier [Axis]: Minotaur Acquisition, Inc., First Lien Term Loan 2
Spread		5%	[7],[8],[9],[16]	5%	[11],[12],[13],[17]
Principal (6)		$ 0	[7],[8],[9],[10],[16]	$ 0	[11],[12],[13],[17]
Cost		(29)	[7],[8],[9],[16]	(29)	[11],[12],[13],[17]
Fair  Value		$ (29)	[7],[8],[9],[16]	$ (26)	[11],[12],[13],[17]
Investment, Identifier [Axis]: Minotaur Acquisition, Inc., First Lien Term Loan 3
Spread		5%	[7],[9],[16]	5%	[11],[13],[17]
Cash Interest Rate		9.36%	[7],[9],[16]	9.85%	[11],[13],[14],[17]
Principal (6)		$ 2,880	[7],[9],[10],[16]	$ 2,880	[11],[13],[17]
Cost		2,822	[7],[9],[16]	2,822	[11],[13],[17]
Fair  Value		$ 2,851	[7],[9],[16]	$ 2,832	[11],[13],[17]
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Revolver
Spread		5.50%	[7],[8],[9]	5.50%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(67)	[7],[8],[9]	(71)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ 0	[11],[12],[13]
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Term Loan 1
Spread		5.50%	[7],[9]	5.50%	[11],[13]
Cash Interest Rate		10.01%	[7],[9]	10.56%	[11],[13],[14]
Principal (6)		$ 41,602	[7],[9],[10]	$ 41,706	[11],[13]
Cost		40,978	[7],[9]	41,081	[11],[13]
Fair  Value		$ 41,602	[7],[9]	$ 41,706	[11],[13]
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc, First Lien Term Loan 2
Spread		5.50%	[7],[8],[9]	5.50%	[11],[12],[13]
Cash Interest Rate	[7],[8],[9]	10.02%
Principal (6)		$ 812	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		780	[7],[8],[9]	(26)	[11],[12],[13]
Fair  Value		$ 812	[7],[8],[9]	$ 0	[11],[12],[13]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Revolver
Spread		5.75%	[7],[8],[9]	6%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(32)	[7],[8],[9]	(33)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ 0	[11],[12],[13]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Term Loan 1
Spread		5.75%	[7],[9]	6%	[11],[13]
Cash Interest Rate		10.27%	[7],[9]	11.06%	[11],[13],[14]
Principal (6)		$ 27,034	[7],[9],[10]	$ 27,102	[11],[13]
Cost		26,628	[7],[9]	26,695	[11],[13]
Fair  Value		$ 27,034	[7],[9]	$ 27,102	[11],[13]
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien Term Loan 2
Spread		5.75%	[7],[8],[9]	6%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(52)	[7],[8],[9]	(52)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ 0	[11],[12],[13]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Revolver
Spread	[11],[12],[13]			6.25%
Principal (6)	[11],[12],[13]			$ 0
Cost	[11],[12],[13]			(67)
Fair  Value	[11],[12],[13]			$ 0
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 1
Spread		5%	[7],[9]	5%	[11],[12],[13]
Cash Interest Rate		9.33%	[7],[9]	10.08%	[11],[12],[13],[14]
Principal (6)		$ 12,742	[7],[9],[10]	$ 8,388	[11],[12],[13]
Cost		12,593	[7],[9]	8,282	[11],[12],[13]
Fair  Value		$ 12,615	[7],[9]	$ 8,261	[11],[12],[13]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 2
Spread		6.25%	[7],[9]	6.25%	[11],[13]
Cash Interest Rate		10.58%	[7],[9]	10.85%	[11],[13],[14]
Principal (6)		$ 16,820	[7],[9],[10]	$ 16,863	[11],[13]
Cost		16,494	[7],[9]	16,520	[11],[13]
Fair  Value		$ 16,820	[7],[9]	$ 16,863	[11],[13]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 3
Spread		6.25%	[7],[9]	6.25%	[11],[13]
Cash Interest Rate		10.58%	[7],[9]	10.85%	[11],[13],[14]
Principal (6)		$ 6,355	[7],[9],[10]	$ 6,371	[11],[13]
Cost		6,196	[7],[9]	6,212	[11],[13]
Fair  Value		$ 6,355	[7],[9]	6,371	[11],[13]
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 4
Spread	[7],[8],[9]	5%
Cash Interest Rate	[7],[8],[9]	9.68%
Principal (6)	[7],[8],[9],[10]	$ 8,559
Cost	[7],[8],[9]	8,457
Fair  Value	[7],[8],[9]	$ 8,389
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Revolver
Spread	[7],[8],[9]	6.25%
Cash Interest Rate	[7],[8],[9]
Principal (6)	[7],[8],[9],[10]	$ 0
Cost	[7],[8],[9]	(63)
Fair  Value	[7],[8],[9]	0
Investment, Identifier [Axis]: Other cash accounts
Cost		68,268		37,811
Fair  Value		$ 68,268		$ 37,811
Investment, Identifier [Axis]: PetVet Care Centers, LLC, Preferred Equity
Investment owned, balance (shares)		5,185	[7]	5,185	[11]
Cost		$ 5,081	[7]	$ 5,081	[11]
Fair  Value		$ 6,015	[7]	$ 5,747	[11]
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Revolver
Spread		6%	[7],[8],[9]	6%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(128)	[7],[8],[9]	(134)	[11],[12],[13]
Fair  Value		$ (141)	[7],[8],[9]	$ (200)	[11],[12],[13]
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Term Loan 1
Spread		6%	[7],[9]	6%	[11],[13],[18]
Cash Interest Rate		10.36%	[7],[9]	10.85%	[11],[13],[14],[18]
Principal (6)		$ 59,632	[7],[9],[10]	$ 59,782	[11],[13],[18]
Cost		58,632	[7],[9]	58,737	[11],[13],[18]
Fair  Value		$ 58,558	[7],[9]	$ 58,258	[11],[13],[18]
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien Term Loan 2
Spread		6%	[7],[8],[9]	6%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(79)	[7],[8],[9]	(79)	[11],[12],[13]
Fair  Value		$ (141)	[7],[8],[9]	$ (122)	[11],[12],[13]
Investment, Identifier [Axis]: Protein for Pets OpCo LLC, First Lien Revolver
Spread		5.25%	[7],[8],[9]	5.25%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(81)	[7],[8],[9]	(85)	[11],[12],[13]
Fair  Value		$ (84)	[7],[8],[9]	$ (88)	[11],[12],[13]
Investment, Identifier [Axis]: Protein for Pets OpCo LLC, First Lien Term Loan
Spread		5.25%	[7],[9]	5.25%	[11],[13]
Cash Interest Rate		9.61%	[7],[9]	10.10%	[11],[13],[14]
Principal (6)		$ 44,013	[7],[9],[10]	$ 44,123	[11],[13]
Cost		43,238	[7],[9]	43,313	[11],[13]
Fair  Value		$ 43,212	[7],[9]	$ 43,281	[11],[13]
Investment, Identifier [Axis]: Sorenson Communications LLC, First Lien Term Loan
Spread		5.75%	[7],[9]	5.75%	[11],[13]
Cash Interest Rate		10.11%	[7],[9]	10.60%	[11],[13],[14]
Principal (6)		$ 61,137	[7],[9],[10]	$ 62,328	[11],[13]
Cost		60,086	[7],[9]	61,194	[11],[13]
Fair  Value		$ 60,208	[7],[9]	$ 61,306	[11],[13]
Investment, Identifier [Axis]: Sorenson Communications LLC,First Lien Revolver
Spread		5.75%	[7],[8],[9]	5.75%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(121)	[7],[8],[9]	(128)	[11],[12],[13]
Fair  Value		$ (107)	[7],[8],[9]	$ (116)	[11],[12],[13]
Investment, Identifier [Axis]: Truck-Lite Co., LLC, First Lien Revolver
Spread		5.75%	[7],[8],[9]	5.75%	[11],[12],[13]
Cash Interest Rate			[7],[8],[9]	10.85%	[11],[12],[13],[14]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 74	[11],[12],[13]
Cost		(60)	[7],[8],[9]	(28)	[11],[12],[13]
Fair  Value		$ (20)	[7],[8],[9]	$ 35	[11],[12],[13]
Investment, Identifier [Axis]: Truck-Lite Co., LLC, First Lien Term Loan 1
Spread		5.75%	[7],[9]	5.75%	[11],[13]
Cash Interest Rate		10.27%	[7],[9]	10.86%	[11],[13],[14]
Principal (6)		$ 32,309	[7],[9],[10]	$ 32,390	[11],[13]
Cost		31,744	[7],[9]	31,801	[11],[13]
Fair  Value		$ 32,144	[7],[9]	$ 32,390	[11],[13]
Investment, Identifier [Axis]: Truck-Lite Co., LLC, First Lien Term Loan 2
Spread		5.75%	[7],[8],[9]	5.75%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(61)	[7],[8],[9]	(64)	[11],[12],[13]
Fair  Value		(18)	[7],[8],[9]	0	[11],[12],[13]
Investment, Identifier [Axis]: U.S. Treasury Bills
Cost		119,703		169,533
Fair  Value		$ 119,703		$ 169,533
Investment, Identifier [Axis]: USIC Holdings, Inc., First Lien Revolver
Spread		5.25%	[7],[8],[9]	5.25%	[11],[12],[13]
Cash Interest Rate		9.84%	[7],[8],[9]	10.10%	[11],[12],[13],[14]
Principal (6)		$ 759	[7],[8],[9],[10]	$ 1,613	[11],[12],[13]
Cost		727	[7],[8],[9]	1,580	[11],[12],[13]
Fair  Value		$ 739	[7],[8],[9]	$ 1,580	[11],[12],[13]
Investment, Identifier [Axis]: USIC Holdings, Inc., First Lien Term Loan 1
Spread		5.50%	[7],[9],[15]	5.50%	[11],[13]
Cash Interest Rate		10.09%	[7],[9],[15]	10.35%	[11],[13],[14]
Principal (6)		$ 26,092	[7],[9],[10],[15]	$ 26,092	[11],[13]
Cost		25,843	[7],[9],[15]	25,833	[11],[13]
Fair  Value		$ 26,040	[7],[9],[15]	$ 25,836	[11],[13]
Investment, Identifier [Axis]: USIC Holdings, Inc., First Lien Term Loan 2
Spread		5.50%	[7],[8],[9]	5.50%	[11],[12],[13]
Cash Interest Rate		10.09%	[7],[8],[9]	10.35%	[11],[12],[13],[14]
Principal (6)		$ 102	[7],[8],[9],[10]	$ 40	[11],[12],[13]
Cost		102	[7],[8],[9]	40	[11],[12],[13]
Fair  Value		$ 99	[7],[8],[9]	$ 25	[11],[12],[13]
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Revolver
Spread		6.75%	[7],[8],[9]	6.75%	[11],[12],[13]
Principal (6)		$ 0	[7],[8],[9],[10]	$ 0	[11],[12],[13]
Cost		(54)	[7],[8],[9]	(57)	[11],[12],[13]
Fair  Value		$ 0	[7],[8],[9]	$ (16)	[11],[12],[13]
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Term Loan 1
Spread		7.50%	[7],[9]	7.50%	[11],[13]
Cash Interest Rate		7.84%	[7],[9]	8.39%	[11],[13],[14]
Investment, interest rate, paid in kind		4.13%	[7],[9]	4.13%	[11],[13]
Principal (6)		$ 24,993	[7],[9],[10]	$ 24,795	[11],[13]
Cost		24,503	[7],[9]	24,278	[11],[13]
Fair  Value		$ 24,993	[7],[9]	$ 24,649	[11],[13]
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Term Loan 2
Spread		7.50%	[7],[9]	7.50%	[11],[13]
Cash Interest Rate		7.84%	[7],[9]	8.39%	[11],[13],[14]
Investment, interest rate, paid in kind		4.13%	[7],[9]	4.13%	[11],[13]
Principal (6)		$ 1,185	[7],[9],[10]	$ 1,175	[11],[13]
Cost		1,185	[7],[9]	1,175	[11],[13]
Fair  Value		$ 1,185	[7],[9]	$ 1,175	[11],[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. 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. 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 December 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. 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 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 December 31, 2024, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.33% and the 90-day SOFR at 4.31%. As of December 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. Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. As of September 30, 2024, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs. 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, 2024, the reference rates for the Company's variable rate loans were the 30-day SOFR at 4.85% and the 90-day SOFR at 4.59%. As of September 30, 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. This investment represents securities that were sold and simultaneously repurchased in connection with the Company's secured borrowings outstanding as of December 31, 2024. Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. 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 December 31, 2024, qualifying assets represented 97.8% of the Company's total assets. Investment is not a "qualifying asset" as defined under Section 55(a) of the Investment Company Act. 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, 2024, qualifying assets represented 97.5% of the Company's total assets. This investment represents securities that were sold and simultaneously repurchased in connection with the Company's secured borrowings outstanding as of September 30, 2024.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments - Derivatives € in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 EUR (€)
Schedule of Investments [Line Items]
Derivative assets at fair value	$ 118
Derivative assets (liability)	118
Open Forward Foreign Currency Contract, Identifier [Axis]: DKK Foreign Currency Forward Contract, Maturing November 7, 2024 - 1
Schedule of Investments [Line Items]
Notional Amount to be Purchased	(3,299)
Notional Amount to be Sold | kr		kr (2,545)
Derivative assets at fair value	(112)
Open Forward Foreign Currency Contract, Identifier [Axis]: DKK Foreign Currency Forward Contract, Maturing November 7, 2024 - 2
Schedule of Investments [Line Items]
Notional Amount to be Purchased	(3,293)
Notional Amount to be Sold | kr		kr (2,545)
Derivative assets at fair value	0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR Foreign Currency Forward Contract, Maturing February 6, 2025 - 1
Schedule of Investments [Line Items]
Notional Amount to be Purchased	(8,353)
Notional Amount to be Sold | €			€ (7,634)
Derivative assets at fair value	437
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR Foreign Currency Forward Contract, Maturing February 6, 2025 - 2
Schedule of Investments [Line Items]
Notional Amount to be Purchased	(8,241)
Notional Amount to be Sold | €			€ (7,634)
Derivative assets at fair value	$ 0

Consolidated Schedule of Inve_3

Consolidated Schedule of Investments - Parenthetical	Dec. 31, 2024		Sep. 30, 2024
Schedule of Investments [Line Items]
% of Net Assets	153.89%	[1]	157.90%
Money market funds, percent of net assets	41.40%		56.90%
Total portfolio investments, percent of net assets	195.30%		214.80%
Percentage of total assets representing qualifying assets	97.80%		97.50%
Minimum
Schedule of Investments [Line Items]
Floor interest rate	0%		0%
Maximum
Schedule of Investments [Line Items]
Floor interest rate	1%		1%
[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.

Organization

Organization	3 Months Ended
	Dec. 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 has elected to be treated, and intends 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 Brookfield Oaktree Holdings, LLC ("BOH") (formerly known as Oaktree Capital Group, LLC). In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management, Inc., collectively with its affiliates, "Brookfield") acquired a majority economic interest in BOH. BOH 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	3 Months Ended
	Dec. 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: The Adviser, as the valuation designee of the 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 Topic 820, Fair Value Measurements and Disclosures ("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 December 31, 2024 and September 30, 2024 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," "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 Statements 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 December 31, 2024 and September 30, 2024, 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 Statements 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 Statements 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 months ended December 31, 2024, the Company did not incur any organization costs. For the three months ended December 31, 2023, the Company incurred organization costs $5. For the three months ended December 31, 2024 and 2023, the Company amortized offering costs of $0 and $87, respectively. Income Taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code. 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 years 2024 and 2023. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025. 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 taken on returns filed for open tax year 2023. 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	3 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Portfolio Investments	Portfolio Investments Portfolio Composition As of December 31, 2024, the fair value of the Company's investment portfolio was $699,317 and was composed of investments in 19 portfolio companies. As of September 30, 2024, the fair value of the Company's investment portfolio was $575,225 and was composed of investments in 17 portfolio companies. As of December 31, 2024 and September 30, 2024, all of the Company's debt investments were floating rate loans. As of December 31, 2024 and September 30, 2024, all of the Company's investments were in the U.S. 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. The composition of the Company's investments as of December 31, 2024 and September 30, 2024 at cost and fair value was as follows: December 31, 2024 September 30, 2024 Cost: % of Total Investments % of Total Investments Senior secured debt $ 687,920 99.27 % $ 564,475 99.11 % Preferred equity 5,081 0.73 % 5,081 0.89 % Total $ 693,001 100.00 % $ 569,556 100.00 % December 31, 2024 September 30, 2024 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior secured debt $ 693,302 99.14 % 152.57 % $ 569,478 99.00 % 156.32 % Preferred equity 6,015 0.86 % 1.32 % 5,747 1.00 % 1.58 % Total $ 699,317 100.00 % 153.89 % $ 575,225 100.00 % 157.90 % 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 December 31, 2024 and September 30, 2024 was as follows: December 31, 2024 September 30, 2024 Cost: % of Total Investments % of Total Investments Application Software $ 160,890 23.22 % $ 160,131 28.11 % Health Care Services 107,183 15.47 % 94,552 16.60 % Specialized Consumer Services 68,697 9.91 % — — % Communications Equipment 59,965 8.65 % 61,066 10.72 % Life Sciences Tools & Services 49,078 7.08 % — — % Packaged Foods & Meats 43,157 6.23 % 43,228 7.59 % Insurance Brokers 42,180 6.09 % 39,857 7.00 % Building Products 31,694 4.57 % — — % Construction Machinery & Heavy Transportation Equipment 31,623 4.56 % 31,709 5.57 % Diversified Support Services 26,672 3.85 % 67,297 11.82 % Health Care Technology 26,544 3.83 % 26,610 4.67 % Aerospace & Defense 25,634 3.70 % 25,396 4.46 % Financial Exchanges & Data 19,684 2.84 % 19,710 3.46 % Total $ 693,001 100.00 % $ 569,556 100.00 % December 31, 2024 September 30, 2024 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 163,580 23.39 % 35.99 % $ 162,356 28.21 % 44.56 % Health Care Services 108,470 15.51 % 23.87 % 95,178 16.55 % 26.13 % Specialized Consumer Services 68,712 9.83 % 15.12 % — — % — % Communications Equipment 60,101 8.59 % 13.23 % 61,190 10.64 % 16.80 % Life Sciences Tools & Services 49,067 7.02 % 10.80 % — — % — % Packaged Foods & Meats 43,128 6.17 % 9.49 % 43,193 7.51 % 11.86 % Insurance Brokers 42,490 6.08 % 9.35 % 39,849 6.93 % 10.94 % Construction Machinery & Heavy Transportation Equipment 32,106 4.59 % 7.07 % 32,425 5.64 % 8.90 % Building Products 31,707 4.53 % 6.98 % — — % — % Health Care Technology 27,034 3.87 % 5.95 % 27,102 4.71 % 7.44 % Diversified Support Services 26,878 3.84 % 5.91 % 68,374 11.89 % 18.77 % Aerospace & Defense 26,178 3.74 % 5.76 % 25,808 4.49 % 7.08 % Financial Exchanges & Data 19,866 2.84 % 4.37 % 19,750 3.43 % 5.42 % Total $ 699,317 100.00 % 153.89 % $ 575,225 100.00 % 157.90 % Fair Value Measurements The following table presents the financial instruments carried at fair value as of December 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 $ — $ — $ 693,302 $ 693,302 Preferred equity — — 6,015 6,015 Total investments at fair value — — 699,317 699,317 Derivative assets — 118 — 118 Cash equivalents 119,703 — — 119,703 Total assets at fair value $ 119,703 $ 118 $ 699,317 $ 819,138 The following table presents the financial instruments carried at fair value as of September 30, 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 $ — $ — $ 569,478 $ 569,478 Preferred equity — — 5,747 5,747 Total investments at fair value — — 575,225 575,225 Cash equivalents 169,533 — — 169,533 Total assets at fair value $ 169,533 $ — $ 575,225 $ 744,758 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 September 30, 2024 to December 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, 2024 $ 569,478 $ 5,747 $ 575,225 Purchases 167,563 — 167,563 Sales and repayments (46,135) — (46,135) Capitalized PIK interest income 436 — 436 Accretion of OID 1,581 — 1,581 Net unrealized appreciation (depreciation) 379 268 647 Fair value as of December 31, 2024 $ 693,302 $ 6,015 $ 699,317 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the three months ended December 31, 2024 $ 1,475 $ 268 $ 1,743 The following table provides a roll-forward of the changes in fair value from September 30, 2023 to December 31, 2023 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 155,182 5,081 160,263 Sales and repayments (704) — (704) Accretion of OID 173 — 173 Net unrealized appreciation (depreciation) 1,033 5 1,038 Fair value as of December 31, 2023 $ 262,478 $ 5,086 $ 267,564 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2023 $ 1,033 $ 5 $ 1,038 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 December 31, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 644,230 Market Yield Market Yield (b) 9.0% - 11.0% 9.9% 49,072 Transaction Precedent Transaction Price (c) N/A - N/A N/A Preferred equity 6,015 Market Yield Market Yield (b) 15.8% - 17.8% 16.8% Total $ 699,317 _____________________ (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, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 569,478 Market Yield Market Yield (b) 8.0% - 11.0% 9.4% Preferred equity 5,747 Market Yield Market Yield (b) 16.0% - 18.0% 17.0% Total $ 575,225 _____________________ (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. 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. The principal values of the Company's secured borrowings approximate fair value due to the short-term maturity.

Fee Income

Fee Income	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Fee Income	Fee Income For the three months ended December 31, 2024, the Company recorded total fee income of $424, of which $14 was recurring in nature. For the three months ended December 31, 2023, the Company recorded total fee income of $3, all of which was recurring in nature. Recurring fee income consisted of servicing fees.

Unit Data and Distributions

Unit Data and Distributions	3 Months Ended
	Dec. 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 months ended December 31, 2024 and 2023: (Unit amounts in thousands) Three months ended December 31, 2024 Three months ended December 31, 2023 Earnings (loss) per common unit — basic and diluted: Net increase (decrease) in net assets resulting from operations $ 11,525 $ 5,069 Weighted average common units outstanding — basic and diluted 18,097 8,679 Earnings (loss) per common unit — basic and diluted $ 0.64 $ 0.58 Changes in Net Assets The following table presents the changes in net assets for the three months ended December 31, 2024: Common Units Accumulated Earnings Total Net Assets Balance at September 30, 2024 $ 357,700 $ 6,591 $ 364,291 Issuance of common units 89,600 — 89,600 Distributions to unitholders — (11,000) (11,000) Net investment income — 10,863 10,863 Net unrealized appreciation (depreciation) — 778 778 Net realized gains (losses) — (116) (116) Balance at December 31, 2024 $ 447,300 $ 7,116 $ 454,416 The following table presents the changes in net assets for the three months ended December 31, 2023: 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 Capital Activity During the three months ended December 31, 2024, the Company issued and sold 4,357,977 units at an aggregate purchase price of $89,600. As of December 31, 2024, the Company had issued and sold 22,076,191 units since inception at an aggregate purchase price of $447,300, which represented approximately 35% of total committed capital. During the three months ended December 31, 2023, the Company issued and sold 3,123,152 units at an aggregate purchase price of $63,400. 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 2024 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 three months ended December 31, 2024: Date Declared Record Date Payment Date Aggregate Amount December 17, 2024 December 16, 2024 December 27, 2024 $ 11,000 The following table reflects the distributions that the Company has paid on its units during the three months ended December 31, 2023: Date Declared Record Date Payment Date Aggregate Amount December 14, 2023 December 15, 2023 December 29, 2023 $ 6,900

Borrowings

Borrowings	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Subscription Facility On September 26, 2023, the Company entered into a senior secured revolving credit facility (as amended, 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, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders from time to time party thereto. As of December 31, 2024 , the Subscription Facility provided for borrowings of up to $437,500 in aggregate principal amount or, if smaller, 90% of unfunded commitments from certain eligible investors. The maturity date of the Subscription Facility is September 25, 2025. Borrowings under the Subscription Facility bear interest at a rate equal to (1) term SOFR for the selected period plus 2.30% per annum for SOFR loans or (2) the greatest of (a) the Prime Rate plus 1.30% per annum, (b) the Federal Funds Rate plus 1.80% per annum, and (c) Daily Simple SOFR in effect for such day plus 1.30% 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 December 31, 2024 , the Company had $382,000 outstanding under the Subscription Facility, which had a fair value of $382,000. As of September 30, 2024 , the Company had $367,000 outstanding under the Subscription Facility, which had a fair value of $367,000. T he Company's borrowings under the Subscription Facility bore interest at a weighted average interest rate of 7.00% and 7.90% for the three months ended December 31, 2024 and 2023, respectively . For the three months ended December 31, 2024 , the Company recorded interest expense (inclusive of fees) of $6,519 related to the Subscription Facility. For the three months ended December 31, 2023 , the Company recorded interest expense (inclusive of fees) of $1,268 related to the Subscription Facility. Secured Borrowings As of December 31, 2024 and September 30, 2024, the Company had $53,039 and $52,764 of secured borrowings outstanding, respectively. The Company's secured borrowings bore interest at a weighted average rate of 7.55% for the three months ended December 31, 2024. The Company recorded $1,073 of interest expense, in connection with secured borrowings for the three months ended December 31, 2024. The Company's secured borrowings bore interest at a weighted average rate of 8.69% for the three months ended December 31, 2023. The Company recorded $432 of interest expense in connection with secured borrowings for the three months ended December 31, 2023.

Taxable_Distributable Income

Taxable/Distributable Income	3 Months Ended
	Dec. 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 months ended December 31, 2024 and 2023: Three months ended December 31, 2024 Three months ended December 31, 2023 Net increase (decrease) in net assets resulting from operations $ 11,525 $ 5,069 Net unrealized (appreciation) depreciation (778) (984) Other book/tax differences 118 34 Taxable income (1) $ 10,865 $ 4,119 __________________ (1) The Company's taxable income for the three months ended December 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, 2025. The final taxable income may be different than the estimate. As of September 30, 2024, the components of accumulated earnings on a tax basis were as follows: Undistributed ordinary loss, net $ (60) Net realized capital gains 1,387 Unrealized gains, net 5,264 Accumulated earnings $ 6,591 The aggregate cost of investments for U.S. federal income tax purposes was $569.7 million as of September 30, 2024. As of September 30, 2024, 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 $6.4 million . As of September 30, 2024, 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 $1.1 million . Net unrealized appreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $5.3 million .

Concentration of Credit Risks

Concentration of Credit Risks	3 Months Ended
	Dec. 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	3 Months Ended
	Dec. 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 December 31, 2024, the Company incurred $1,606 of management fees, of which $376 were irrevocably waived by the Adviser. For the three months ended December 31, 2023, the Company incurred $475 of management fees, of which $111 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 December 31, 2024, the Company incurred $105 of expenses under the Administration Agreement, of which $89 was included in administrator expense and $16 was included in general and administrative expense. For the three months ended December 31, 2023, the Company incurred $104 of expenses under the Administration Agreement, of which $87 was included in administrator expense and $17 was included in general and administrative expense. As of December 31, 2024 and September 30, 2024, $865 and $1,076, 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	3 Months Ended
	Dec. 31, 2024
Investment Company [Abstract]
Financial Highlights	Financial Highlights For the three months ended December 31, 2024 For the three months ended December 31, 2023 Net asset value at beginning of period $ 20.56 $ 20.30 Net investment income (1) 0.60 0.46 Net unrealized appreciation (depreciation) (1) 0.05 0.21 Net realized gains (losses) (1) (0.01) — Distributions of net investment income to unitholders (0.62) (0.83) Net asset value at end of period $ 20.58 $ 20.14 Total return (2) 3.12 % 3.27 % Common units outstanding at beginning of period 17,718,214 8,305,429 Common units outstanding at end of period 22,076,191 11,428,581 Net assets at beginning of period $ 364,291 $ 168,608 Net assets at end of period $ 454,416 $ 230,177 Average net assets (3) $ 376,058 $ 177,503 Ratio of net investment income to average net assets (4) 2.89 % 2.27 % Ratio of total expenses to average net assets (4) 2.63 % 1.49 % Ratio of net expenses to average net assets (4) 2.53 % 1.43 % Ratio of portfolio turnover to average investments at fair value (4) 7.23 % 0.41 % Weighted average outstanding debt $ 390,473 $ 71,311 Average debt per unit (1) $ 21.58 $ 8.22 Asset coverage ratio (5) 204.45 % 181.14 % (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 Statements of Operations for the three months ended December 31, 2024 and 2023, 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 months ended December 31, 2024 and 2023 have not been annualized for purposes of this ratio. (5) Based on outstanding senior securities of $435,039 and $283,693 as of December 31, 2024 and 2023, respectively.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company entered into an International Swaps and Derivatives Association, Inc. Master Agreement (the “ISDA Master Agreement”) with its derivative counterparty, Bank of New York Mellon. The ISDA Master Agreement permits a single net payment in the event of a default or similar event. As of December 31, 2024, no cash collateral has been pledged to cover obligations and no cash collateral has been received from the counterparty with respect to the Company’s forward currency contracts. Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2024. Description Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Net Amounts Foreign currency forward contract $ 8,353 € 7,634 2/6/2025 $ 437 $ — Derivative asset Foreign currency forward contract $ (8,241) € (7,634) 2/6/2025 — (324) Derivative asset Foreign currency forward contract $ 3,299 kr 2,545 2/6/2025 112 — Derivative asset Foreign currency forward contract $ (3,293) kr (2,545) 2/6/2025 — (107) Derivative asset $ 549 $ (431) As of September 30, 2024, the Company did not have any foreign currency forward contracts outstanding.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 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 December 31, 2024 and September 30, 2024, off-balance sheet arrangements consisted of $150,123 and $131,834, 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 December 31, 2024 and September 30, 2024 is shown in the table below: December 31, 2024 September 30, 2024 Integrity Marketing Acquisition, LLC $ 31,432 $ 33,983 PetVet Care Centers, LLC 15,712 15,712 Geo Topco Corporation 14,198 — OneOncology, LLC 11,868 7,793 Next Holdco, LLC 9,606 9,606 Monotype Imaging Holdings Inc. 7,898 8,710 Creek Parent, Inc. 7,175 — Sorenson Communications, LLC 7,063 7,063 Truck-Lite Co., LLC 6,999 7,003 AVSC Holding Corp. 6,951 — Everbridge, Inc. 5,488 5,488 Protein For Pets Opco, LLC 4,608 4,608 Minotaur Acquisition, Inc. 4,608 4,608 USIC Holdings, Inc. 3,997 3,205 Evergreen IX Borrower 2023, LLC 3,322 3,322 Entrata, Inc. 3,249 3,249 WP CPP Holdings, LLC 2,653 2,653 Centralsquare Technologies, LLC 2,005 2,051 Icefall Parent, Inc. 1,291 1,291 AmSpec Parent LLC — 11,489 $ 150,123 $ 131,834

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 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 December 31, 2024, except as discussed below: Distribution Declaration On February 6, 2025, the board of directors declared a distribution of $11,000, payable in cash on March 27, 2025 to unitholders of record as of March 17, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 11,525	$ 5,069

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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)	3 Months Ended
	Dec. 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: The Adviser, as the valuation designee of the 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 Topic 820, Fair Value Measurements and Disclosures ("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 December 31, 2024 and September 30, 2024 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," "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 Statements 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 December 31, 2024 and September 30, 2024, 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 Statements 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 Statements 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 months ended December 31, 2024, the Company did not incur any organization costs. For the three months ended December 31, 2023, the Company incurred organization costs $5. For the three months ended December 31, 2024 and 2023, the Company amortized offering costs of $0 and $87, respectively.
Income Taxes	Income Taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code. 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 years 2024 and 2023. The Company does not expect to incur a U.S. federal excise tax for calendar year 2025. 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 taken on returns filed for open tax year 2023.
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)	3 Months Ended
	Dec. 31, 2024
Schedule of Investments [Abstract]
Schedule of Composition of Investments	The composition of the Company's investments as of December 31, 2024 and September 30, 2024 at cost and fair value was as follows: December 31, 2024 September 30, 2024 Cost: % of Total Investments % of Total Investments Senior secured debt $ 687,920 99.27 % $ 564,475 99.11 % Preferred equity 5,081 0.73 % 5,081 0.89 % Total $ 693,001 100.00 % $ 569,556 100.00 % December 31, 2024 September 30, 2024 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior secured debt $ 693,302 99.14 % 152.57 % $ 569,478 99.00 % 156.32 % Preferred equity 6,015 0.86 % 1.32 % 5,747 1.00 % 1.58 % Total $ 699,317 100.00 % 153.89 % $ 575,225 100.00 % 157.90 % 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 December 31, 2024 and September 30, 2024 was as follows: December 31, 2024 September 30, 2024 Cost: % of Total Investments % of Total Investments Application Software $ 160,890 23.22 % $ 160,131 28.11 % Health Care Services 107,183 15.47 % 94,552 16.60 % Specialized Consumer Services 68,697 9.91 % — — % Communications Equipment 59,965 8.65 % 61,066 10.72 % Life Sciences Tools & Services 49,078 7.08 % — — % Packaged Foods & Meats 43,157 6.23 % 43,228 7.59 % Insurance Brokers 42,180 6.09 % 39,857 7.00 % Building Products 31,694 4.57 % — — % Construction Machinery & Heavy Transportation Equipment 31,623 4.56 % 31,709 5.57 % Diversified Support Services 26,672 3.85 % 67,297 11.82 % Health Care Technology 26,544 3.83 % 26,610 4.67 % Aerospace & Defense 25,634 3.70 % 25,396 4.46 % Financial Exchanges & Data 19,684 2.84 % 19,710 3.46 % Total $ 693,001 100.00 % $ 569,556 100.00 % December 31, 2024 September 30, 2024 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 163,580 23.39 % 35.99 % $ 162,356 28.21 % 44.56 % Health Care Services 108,470 15.51 % 23.87 % 95,178 16.55 % 26.13 % Specialized Consumer Services 68,712 9.83 % 15.12 % — — % — % Communications Equipment 60,101 8.59 % 13.23 % 61,190 10.64 % 16.80 % Life Sciences Tools & Services 49,067 7.02 % 10.80 % — — % — % Packaged Foods & Meats 43,128 6.17 % 9.49 % 43,193 7.51 % 11.86 % Insurance Brokers 42,490 6.08 % 9.35 % 39,849 6.93 % 10.94 % Construction Machinery & Heavy Transportation Equipment 32,106 4.59 % 7.07 % 32,425 5.64 % 8.90 % Building Products 31,707 4.53 % 6.98 % — — % — % Health Care Technology 27,034 3.87 % 5.95 % 27,102 4.71 % 7.44 % Diversified Support Services 26,878 3.84 % 5.91 % 68,374 11.89 % 18.77 % Aerospace & Defense 26,178 3.74 % 5.76 % 25,808 4.49 % 7.08 % Financial Exchanges & Data 19,866 2.84 % 4.37 % 19,750 3.43 % 5.42 % Total $ 699,317 100.00 % 153.89 % $ 575,225 100.00 % 157.90 %
Schedule of Financial Instruments Carried at Fair Value	The following table presents the financial instruments carried at fair value as of December 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 $ — $ — $ 693,302 $ 693,302 Preferred equity — — 6,015 6,015 Total investments at fair value — — 699,317 699,317 Derivative assets — 118 — 118 Cash equivalents 119,703 — — 119,703 Total assets at fair value $ 119,703 $ 118 $ 699,317 $ 819,138 The following table presents the financial instruments carried at fair value as of September 30, 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 $ — $ — $ 569,478 $ 569,478 Preferred equity — — 5,747 5,747 Total investments at fair value — — 575,225 575,225 Cash equivalents 169,533 — — 169,533 Total assets at fair value $ 169,533 $ — $ 575,225 $ 744,758
Schedule of Roll-Forward in the Changes in Fair Value	The following table provides a roll-forward of the changes in fair value from September 30, 2024 to December 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, 2024 $ 569,478 $ 5,747 $ 575,225 Purchases 167,563 — 167,563 Sales and repayments (46,135) — (46,135) Capitalized PIK interest income 436 — 436 Accretion of OID 1,581 — 1,581 Net unrealized appreciation (depreciation) 379 268 647 Fair value as of December 31, 2024 $ 693,302 $ 6,015 $ 699,317 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the three months ended December 31, 2024 $ 1,475 $ 268 $ 1,743 The following table provides a roll-forward of the changes in fair value from September 30, 2023 to December 31, 2023 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 155,182 5,081 160,263 Sales and repayments (704) — (704) Accretion of OID 173 — 173 Net unrealized appreciation (depreciation) 1,033 5 1,038 Fair value as of December 31, 2023 $ 262,478 $ 5,086 $ 267,564 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2023 $ 1,033 $ 5 $ 1,038
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 December 31, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 644,230 Market Yield Market Yield (b) 9.0% - 11.0% 9.9% 49,072 Transaction Precedent Transaction Price (c) N/A - N/A N/A Preferred equity 6,015 Market Yield Market Yield (b) 15.8% - 17.8% 16.8% Total $ 699,317 _____________________ (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, 2024: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 569,478 Market Yield Market Yield (b) 8.0% - 11.0% 9.4% Preferred equity 5,747 Market Yield Market Yield (b) 16.0% - 18.0% 17.0% Total $ 575,225 _____________________ (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)	3 Months Ended
	Dec. 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 months ended December 31, 2024 and 2023: (Unit amounts in thousands) Three months ended December 31, 2024 Three months ended December 31, 2023 Earnings (loss) per common unit — basic and diluted: Net increase (decrease) in net assets resulting from operations $ 11,525 $ 5,069 Weighted average common units outstanding — basic and diluted 18,097 8,679 Earnings (loss) per common unit — basic and diluted $ 0.64 $ 0.58
Schedule of Changes in Net Assets	The following table presents the changes in net assets for the three months ended December 31, 2024: Common Units Accumulated Earnings Total Net Assets Balance at September 30, 2024 $ 357,700 $ 6,591 $ 364,291 Issuance of common units 89,600 — 89,600 Distributions to unitholders — (11,000) (11,000) Net investment income — 10,863 10,863 Net unrealized appreciation (depreciation) — 778 778 Net realized gains (losses) — (116) (116) Balance at December 31, 2024 $ 447,300 $ 7,116 $ 454,416 The following table presents the changes in net assets for the three months ended December 31, 2023: 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
Schedule of Distributions	The following table reflects the distributions that the Company has paid on its units during the three months ended December 31, 2024: Date Declared Record Date Payment Date Aggregate Amount December 17, 2024 December 16, 2024 December 27, 2024 $ 11,000 The following table reflects the distributions that the Company has paid on its units during the three months ended December 31, 2023: Date Declared Record Date Payment Date Aggregate Amount December 14, 2023 December 15, 2023 December 29, 2023 $ 6,900

Taxable_Distributable Income (T

Taxable/Distributable Income (Tables)	3 Months Ended
	Dec. 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 months ended December 31, 2024 and 2023: Three months ended December 31, 2024 Three months ended December 31, 2023 Net increase (decrease) in net assets resulting from operations $ 11,525 $ 5,069 Net unrealized (appreciation) depreciation (778) (984) Other book/tax differences 118 34 Taxable income (1) $ 10,865 $ 4,119 __________________ (1) The Company's taxable income for the three months ended December 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, 2025. The final taxable income may be different than the estimate.
Schedule of Components of Accumulated Overdistributed Earnings	As of September 30, 2024, the components of accumulated earnings on a tax basis were as follows: Undistributed ordinary loss, net $ (60) Net realized capital gains 1,387 Unrealized gains, net 5,264 Accumulated earnings $ 6,591

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Dec. 31, 2024
Investment Company [Abstract]
Schedule of Financial Highlights	For the three months ended December 31, 2024 For the three months ended December 31, 2023 Net asset value at beginning of period $ 20.56 $ 20.30 Net investment income (1) 0.60 0.46 Net unrealized appreciation (depreciation) (1) 0.05 0.21 Net realized gains (losses) (1) (0.01) — Distributions of net investment income to unitholders (0.62) (0.83) Net asset value at end of period $ 20.58 $ 20.14 Total return (2) 3.12 % 3.27 % Common units outstanding at beginning of period 17,718,214 8,305,429 Common units outstanding at end of period 22,076,191 11,428,581 Net assets at beginning of period $ 364,291 $ 168,608 Net assets at end of period $ 454,416 $ 230,177 Average net assets (3) $ 376,058 $ 177,503 Ratio of net investment income to average net assets (4) 2.89 % 2.27 % Ratio of total expenses to average net assets (4) 2.63 % 1.49 % Ratio of net expenses to average net assets (4) 2.53 % 1.43 % Ratio of portfolio turnover to average investments at fair value (4) 7.23 % 0.41 % Weighted average outstanding debt $ 390,473 $ 71,311 Average debt per unit (1) $ 21.58 $ 8.22 Asset coverage ratio (5) 204.45 % 181.14 % (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 Statements of Operations for the three months ended December 31, 2024 and 2023, 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 months ended December 31, 2024 and 2023 have not been annualized for purposes of this ratio. (5) Based on outstanding senior securities of $435,039 and $283,693 as of December 31, 2024 and 2023, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Forward Contracts	Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2024. Description Notional Amount to be Purchased Notional Amount to be Sold Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Balance Sheet Location of Net Amounts Foreign currency forward contract $ 8,353 € 7,634 2/6/2025 $ 437 $ — Derivative asset Foreign currency forward contract $ (8,241) € (7,634) 2/6/2025 — (324) Derivative asset Foreign currency forward contract $ 3,299 kr 2,545 2/6/2025 112 — Derivative asset Foreign currency forward contract $ (3,293) kr (2,545) 2/6/2025 — (107) Derivative asset $ 549 $ (431)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	A list of unfunded commitments by portfolio company as of December 31, 2024 and September 30, 2024 is shown in the table below: December 31, 2024 September 30, 2024 Integrity Marketing Acquisition, LLC $ 31,432 $ 33,983 PetVet Care Centers, LLC 15,712 15,712 Geo Topco Corporation 14,198 — OneOncology, LLC 11,868 7,793 Next Holdco, LLC 9,606 9,606 Monotype Imaging Holdings Inc. 7,898 8,710 Creek Parent, Inc. 7,175 — Sorenson Communications, LLC 7,063 7,063 Truck-Lite Co., LLC 6,999 7,003 AVSC Holding Corp. 6,951 — Everbridge, Inc. 5,488 5,488 Protein For Pets Opco, LLC 4,608 4,608 Minotaur Acquisition, Inc. 4,608 4,608 USIC Holdings, Inc. 3,997 3,205 Evergreen IX Borrower 2023, LLC 3,322 3,322 Entrata, Inc. 3,249 3,249 WP CPP Holdings, LLC 2,653 2,653 Centralsquare Technologies, LLC 2,005 2,051 Icefall Parent, Inc. 1,291 1,291 AmSpec Parent LLC — 11,489 $ 150,123 $ 131,834

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	May 04, 2023	May 02, 2023	May 01, 2023	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Net asset value per common unit (dollars per share)	$ 20			$ 20.58	$ 20.56	$ 20.14	$ 20.30
Initial investment	$ 1,280,000
Investment Company, Investment Objective, Threshold Loan Amount				$ 500,000
Investment Company, Investment Objective, Threshold EBITDA				$ 100,000
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
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Amortization period	12 months
Organization expenses	$ 0	$ 5
Amortization of deferred offering costs	$ 0	$ 87

Portfolio Investments - Narrati

Portfolio Investments - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) portfolio_company		Sep. 30, 2024 USD ($) portfolio_company
Schedule of Investments [Abstract]
Fair  Value | $	$ 699,317	[1]	$ 575,225	[2]
Number of portfolio companies | portfolio_company	19		17
[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. 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.

Portfolio Investments - Portfol

Portfolio Investments - Portfolio Composition (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024		Sep. 30, 2024
Schedule of Investments [Line Items]
Cost	$ 693,001	[1]	$ 569,556	[2]
Fair  Value	$ 699,317	[1]	$ 575,225	[2]
% of Net Assets	153.89%	[1]	157.90%
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	$ 687,920		$ 564,475
Fair  Value	$ 693,302		$ 569,478
% of Net Assets	152.57%		156.32%
Senior secured debt | Investment Owned, At Cost, Netting | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	99.27%		99.11%
Senior secured debt | Investment Owned, At Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	99.14%		99%
Preferred equity
Schedule of Investments [Line Items]
Cost	$ 5,081		$ 5,081
Fair  Value	$ 6,015		$ 5,747
% of Net Assets	1.32%		1.58%
Preferred equity | Investment Owned, At Cost, Netting | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	0.73%		0.89%
Preferred equity | Investment Owned, At Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	0.86%		1%
[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. 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.

Portfolio Investments - Portf_2

Portfolio Investments - Portfolio of Investments by Industry (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024		Sep. 30, 2024
Schedule of Investments [Line Items]
Cost	$ 693,001	[1]	$ 569,556	[2]
Fair  Value	$ 699,317	[1]	$ 575,225	[2]
% of Net Assets	153.89%	[1]	157.90%
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	$ 160,890		$ 160,131
Fair  Value	$ 163,580		$ 162,356
% of Net Assets	35.99%		44.56%
Application Software | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	23.22%		28.11%
Application Software | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	23.39%		28.21%
Health Care Services
Schedule of Investments [Line Items]
Cost	$ 107,183		$ 94,552
Fair  Value	$ 108,470		$ 95,178
% of Net Assets	23.87%		26.13%
Health Care Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	15.47%		16.60%
Health Care Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	15.51%		16.55%
Specialized Consumer Services
Schedule of Investments [Line Items]
Cost	$ 68,697		$ 0
Fair  Value	$ 68,712		$ 0
% of Net Assets	15.12%		0%
Specialized Consumer Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	9.91%		0%
Specialized Consumer Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	9.83%		0%
Communications Equipment
Schedule of Investments [Line Items]
Cost	$ 59,965		$ 61,066
Fair  Value	$ 60,101		$ 61,190
% of Net Assets	13.23%		16.80%
Communications Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	8.65%		10.72%
Communications Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	8.59%		10.64%
Life Sciences Tools & Services
Schedule of Investments [Line Items]
Cost	$ 49,078		$ 0
Fair  Value	$ 49,067		$ 0
% of Net Assets	10.80%		0%
Life Sciences Tools & Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	7.08%		0%
Life Sciences Tools & Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	7.02%		0%
Packaged Foods & Meats
Schedule of Investments [Line Items]
Cost	$ 43,157		$ 43,228
Fair  Value	$ 43,128		$ 43,193
% of Net Assets	9.49%		11.86%
Packaged Foods & Meats | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.23%		7.59%
Packaged Foods & Meats | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.17%		7.51%
Insurance Brokers
Schedule of Investments [Line Items]
Cost	$ 42,180		$ 39,857
Fair  Value	$ 42,490		$ 39,849
% of Net Assets	9.35%		10.94%
Insurance Brokers | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.09%		7%
Insurance Brokers | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	6.08%		6.93%
Building Products
Schedule of Investments [Line Items]
Cost	$ 31,694		$ 0
Fair  Value	$ 31,707		$ 0
% of Net Assets	6.98%		0%
Building Products | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	4.57%		0%
Building Products | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	4.53%		0%
Construction Machinery & Heavy Transportation Equipment
Schedule of Investments [Line Items]
Cost	$ 31,623		$ 31,709
Fair  Value	$ 32,106		$ 32,425
% of Net Assets	7.07%		8.90%
Construction Machinery & Heavy Transportation Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	4.56%		5.57%
Construction Machinery & Heavy Transportation Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	4.59%		5.64%
Diversified Support Services
Schedule of Investments [Line Items]
Cost	$ 26,672		$ 67,297
Fair  Value	$ 26,878		$ 68,374
% of Net Assets	5.91%		18.77%
Diversified Support Services | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.85%		11.82%
Diversified Support Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.84%		11.89%
Health Care Technology
Schedule of Investments [Line Items]
Cost	$ 26,544		$ 26,610
Fair  Value	$ 27,034		$ 27,102
% of Net Assets	5.95%		7.44%
Health Care Technology | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.83%		4.67%
Health Care Technology | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.87%		4.71%
Aerospace & Defense
Schedule of Investments [Line Items]
Cost	$ 25,634		$ 25,396
Fair  Value	$ 26,178		$ 25,808
% of Net Assets	5.76%		7.08%
Aerospace & Defense | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.70%		4.46%
Aerospace & Defense | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	3.74%		4.49%
Financial Exchanges & Data
Schedule of Investments [Line Items]
Cost	$ 19,684		$ 19,710
Fair  Value	$ 19,866		$ 19,750
% of Net Assets	4.37%		5.42%
Financial Exchanges & Data | Investment Owned, At Cost | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	2.84%		3.46%
Financial Exchanges & Data | Investment Owned, At Fair Value | Investment Sector Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments	2.84%		3.43%
[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. 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.

Portfolio Investments - Schedul

Portfolio Investments - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Sep. 30, 2024
Schedule of Investments [Line Items]
Fair  Value	$ 699,317	[1]	$ 575,225	[2]
Derivative assets	118		0
Cash equivalents	119,703		169,533
Total assets at fair value	819,138		744,758
Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	693,302		569,478
Preferred equity
Schedule of Investments [Line Items]
Fair  Value	6,015		5,747
Level 1
Schedule of Investments [Line Items]
Fair  Value	0		0
Derivative assets	0
Cash equivalents	119,703		169,533
Total assets at fair value	119,703		169,533
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		0
Level 2
Schedule of Investments [Line Items]
Fair  Value	0		0
Derivative assets	118
Cash equivalents	0		0
Total assets at fair value	118		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		0
Level 3
Schedule of Investments [Line Items]
Fair  Value	699,317		575,225
Derivative assets	0
Cash equivalents	0		0
Total assets at fair value	699,317		575,225
Level 3 | Senior secured debt
Schedule of Investments [Line Items]
Fair  Value	693,302		569,478
Level 3 | Preferred equity
Schedule of Investments [Line Items]
Fair  Value	$ 6,015		$ 5,747
[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. 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.

Portfolio Investments - Roll-Fo

Portfolio Investments - Roll-Forward in the Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 575,225	$ 106,794
Purchases	167,563	160,263
Sales and repayments	(46,135)	(704)
Capitalized PIK interest income	436
Accretion of OID	1,581	173
Net unrealized appreciation (depreciation)	647	1,038
Fair value, ending balance	699,317	267,564
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the year ended December 31, 2024 and 2023	$ 1,743	$ 1,038
Gain (loss), location	Debt and Equity Securities, Unrealized Gain (Loss)	Debt and Equity Securities, Unrealized Gain (Loss)
Unrealized appreciation (depreciation) relating to assets still held, location	Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax	Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax
Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	$ 569,478	$ 106,794
Purchases	167,563	155,182
Sales and repayments	(46,135)	(704)
Capitalized PIK interest income	436
Accretion of OID	1,581	173
Net unrealized appreciation (depreciation)	379	1,033
Fair value, ending balance	693,302	262,478
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the year ended December 31, 2024 and 2023	1,475	1,033
Preferred Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning balance	5,747	0
Purchases	0	5,081
Sales and repayments	0	0
Capitalized PIK interest income	0
Accretion of OID	0	0
Net unrealized appreciation (depreciation)	268	5
Fair value, ending balance	6,015	5,086
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the year ended December 31, 2024 and 2023	$ 268	$ 5

Portfolio Investments - Signifi

Portfolio Investments - Significant Unobservable Inputs for Level 3 Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($)		Sep. 30, 2024 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 699,317	[1]	$ 575,225	[2]
Senior secured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	693,302		569,478
Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	6,015		5,747
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	699,317		575,225
Level 3 | Senior secured debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	693,302		569,478
Level 3 | Senior secured debt | Market Yield | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 644,230		$ 569,478
Level 3 | Senior secured debt | Market Yield | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.090		0.080
Level 3 | Senior secured debt | Market Yield | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.110		0.110
Level 3 | Senior secured debt | Market Yield | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.099		0.094
Level 3 | Senior secured debt | Transaction Precedent | Transaction Precedent
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 49,072
Level 3 | Preferred equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	6,015		$ 5,747
Level 3 | Preferred equity | Market Yield | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair  Value	$ 6,015		$ 5,747
Level 3 | Preferred equity | Market Yield | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.158		0.160
Level 3 | Preferred equity | Market Yield | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.178		0.180
Level 3 | Preferred equity | Market Yield | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.168		0.170
[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. 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.

Fee Income (Details)

Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Fee income	$ 424	$ 3
Recurring fee income	$ 14

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
	Dec. 31, 2024	Dec. 31, 2023
Earnings (loss) per common share — basic and diluted:
Net increase (decrease) in net assets resulting from operations	$ 11,525	$ 5,069
Weighted average common units outstanding - basic (shares)	18,097	8,679
Weighted average common units outstanding - diluted (shares)	18,097	8,679
Earnings (loss) per common unit - basic (dollars per share)	$ 0.64	$ 0.58
Earnings (loss) per common unit - diluted (dollars per share)	$ 0.64	$ 0.58

Unit Data and Distributions -_2

Unit Data and Distributions - Schedule of Changes in Net Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period	$ 364,291	$ 168,608
Issuance of common units	89,600	63,400
Distributions to unitholders	(11,000)	(6,900)
Net investment income	10,863	4,031
Net unrealized appreciation (depreciation)	778	984
Net realized gains (losses)	(116)	54
Net assets at end of period	454,416	230,177
Common Units
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period	357,700	166,300
Issuance of common units	89,600	63,400
Net assets at end of period	447,300	229,700
Accumulated Earnings
Investment Company, Net Assets [Roll Forward]
Net assets at beginning of period	6,591	2,308
Distributions to unitholders	(11,000)	(6,900)
Net investment income	10,863	4,031
Net unrealized appreciation (depreciation)	778	984
Net realized gains (losses)	(116)	54
Net assets at end of period	$ 7,116	$ 477

Unit Data and Distributions - N

Unit Data and Distributions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		20 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shares issued and sold (shares)	4,357,977	3,123,152	22,076,191
Aggregate purchase price	$ 89,600	$ 63,400	$ 447,300
Percent of committed capital			35%

Unit Data and Distributions -_3

Unit Data and Distributions - Schedule of Distributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Aggregate Amount	$ 11,000	$ 6,900

Borrowings (Details)

Borrowings (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Line of Credit Facility [Line Items]
Credit facility payable	$ 382,000,000		$ 367,000,000
Senior securities	435,039,000	$ 283,693,000
Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 437,500,000
Aggregate principal amount, percent of unfunded commitments	90%
Non-usage fee	0.25%
Credit facility payable	$ 382,000,000		367,000,000
Borrowings fair value	$ 382,000,000		367,000,000
Weighted average interest rate	7%	7.90%
Interest expense	$ 6,519,000	$ 1,268,000
Subscription Facility | Line of Credit | Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.30%
Subscription Facility | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Subscription Facility | Line of Credit | Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.80%
Subscription Facility | Line of Credit | Reference Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Secured Borrowings | Secured Debt
Line of Credit Facility [Line Items]
Interest expense	$ 1,073,000	$ 432,000
Senior securities	$ 53,039,000		$ 52,764,000
Weighted average interest rate	7.55%	8.69%

Taxable_Distributable Income -

Taxable/Distributable Income - Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 11,525	$ 5,069
Net unrealized (appreciation) depreciation	(778)	(984)
Other book/tax differences	118	34
Taxable income	$ 10,865	$ 4,119

Taxable_Distributable Income _2

Taxable/Distributable Income - Components of Accumulated Overdistributed Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Undistributed ordinary loss, net		$ (60)
Net realized capital gains		1,387
Unrealized gains, net		5,264
Accumulated earnings	$ 7,116	$ 6,591

Taxable_Distributable Income _3

Taxable/Distributable Income - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Income Tax Disclosure [Abstract]
Cost of investments	$ 569.7
Unrealized appreciation	6.4
Unrealized depreciation	1.1
Unrealized depreciation	$ 5.3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Related Party Transaction [Line Items]
Base management fee	$ 1,606	$ 475
General and administrative expenses	160	66
Due to affiliates	$ 865		$ 1,076
Affiliated Entity | Investment Advisory Agreement
Related Party Transaction [Line Items]
Base management fee rate	1%
Base management fee	$ 1,606	475
Investment company, contractual fee waived	$ 376	111
Affiliated Entity | Administration Agreement
Related Party Transaction [Line Items]
Agreement termination, written notice period	60 days
Expenses	$ 105	104
Administrator expense	89	87
General and administrative expenses	16	$ 17
Due to affiliates	$ 865		$ 1,076

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Net asset value beginning of period (dollars per share)	$ 20.56	$ 20.30
Net investment income (dollars per share)	0.60	0.46
Net unrealized appreciation (depreciation) (dollars per share)	0.05	0.21
Net realized gains (losses) (dollars per share)	(0.01)	0
Distributions of net investment income to unitholders (dollars per share)	(0.62)	(0.83)
Net asset value end of period (dollars per share)	$ 20.58	$ 20.14
Total return	3.12%	3.27%
Common units outstanding at beginning of period (shares)	17,718,214	8,305,429
Common units outstanding at end of period (shares)	22,076,191	11,428,581
Net assets at beginning of period	$ 364,291	$ 168,608
Net assets at end of period	454,416	230,177
Average net assets	$ 376,058	$ 177,503
Ratio of net investment income to average net assets	2.89%	2.27%
Ratio of total expenses to average net assets	2.63%	1.49%
Ratio of net expenses to average net assets	2.53%	1.43%
Ratio of portfolio turnover to average investments at fair value	7.23%	0.41%
Weighted average outstanding debt	$ 390,473	$ 71,311
Average debt per unit (dollars per share)	$ 21.58	$ 8.22
Asset coverage ratio	204.45%	181.14%
Senior securities	$ 435,039	$ 283,693

Derivative Instruments (Details

Derivative Instruments (Details) € in Thousands, kr in Thousands, $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 DKK (kr)	Dec. 31, 2024 EUR (€)	Sep. 30, 2024 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets	$ 118			$ 0
Foreign currency forward contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Amount of Recognized Assets	549
Gross Amount of Recognized Liabilities	431
Open Forward Foreign Currency Contract, Identifier [Axis]: DKK Foreign Currency Forward Contract, Maturing November 7, 2024 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount to be Purchased	3,299
Notional Amount to be Sold | kr		kr 2,545
Gross Amount of Recognized Assets	(112)
Gross Amount of Recognized Liabilities	0
Open Forward Foreign Currency Contract, Identifier [Axis]: DKK Foreign Currency Forward Contract, Maturing November 7, 2024 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount to be Purchased	3,293
Notional Amount to be Sold | kr		kr 2,545
Gross Amount of Recognized Assets	0
Gross Amount of Recognized Liabilities	(107)
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR Foreign Currency Forward Contract, Maturing February 6, 2025 - 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount to be Purchased	8,353
Notional Amount to be Sold | €			€ 7,634
Gross Amount of Recognized Assets	437
Gross Amount of Recognized Liabilities	0
Open Forward Foreign Currency Contract, Identifier [Axis]: EUR Foreign Currency Forward Contract, Maturing February 6, 2025 - 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount to be Purchased	8,241
Notional Amount to be Sold | €			€ 7,634
Gross Amount of Recognized Assets	0
Gross Amount of Recognized Liabilities	$ 324

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Unfunded commitments	$ 150,123	$ 131,834

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Unfunded Commitments by Investment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 150,123	$ 131,834
Investment, Identifier [Axis]: AVSC Holding Corp.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	6,951	0
Investment, Identifier [Axis]: AmSpec Parent LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	0	11,489
Investment, Identifier [Axis]: Centralsquare Technologies, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	2,005	2,051
Investment, Identifier [Axis]: Creek Parent, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	7,175	0
Investment, Identifier [Axis]: Entrata, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	3,249	3,249
Investment, Identifier [Axis]: Everbridge, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	5,488	5,488
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]: Geo Topco Corporation
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	14,198	0
Investment, Identifier [Axis]: Icefall Parent, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,291	1,291
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	31,432	33,983
Investment, Identifier [Axis]: Minotaur Acquisition, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,608	4,608
Investment, Identifier [Axis]: Monotype Imaging Holdings Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	7,898	8,710
Investment, Identifier [Axis]: Next Holdco, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	9,606	9,606
Investment, Identifier [Axis]: OneOncology, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	11,868	7,793
Investment, Identifier [Axis]: PetVet Care Centers, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	15,712	15,712
Investment, Identifier [Axis]: Protein For Pets Opco, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,608	4,608
Investment, Identifier [Axis]: Sorenson Communications, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	7,063	7,063
Investment, Identifier [Axis]: Truck-Lite Co., LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	6,999	7,003
Investment, Identifier [Axis]: USIC Holdings, Inc.
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	3,997	3,205
Investment, Identifier [Axis]: WP CPP Holdings, LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 2,653	$ 2,653

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 06, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividend distribution declared		$ 11,000	$ 6,900
Subsequent Event
Subsequent Event [Line Items]
Dividend distribution declared	$ 11,000