v3.25.2
Investments (Tables)
 9 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Investments as of June 30, 2025 and September 30, 2024 consisted of the following:
As of June 30, 2025As of September 30, 2024
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$487,388 $481,388 $480,592 $510,503 $506,178 $502,386 
One stop7,922,217 7,818,613 7,785,066 7,271,543 7,216,368 7,110,258 
Second lien33,322 31,640 28,625 18,430 17,125 14,054 
Subordinated debt37,477 36,988 37,419 30,410 29,943 30,175 
EquityN/A598,889 629,847 N/A533,299 578,538 
Total$8,480,404 $8,967,518 $8,961,549 $7,830,886 $8,302,913 $8,235,411 
Schedules of Portfolio Composition at Amortization Cost and Fair Value
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of June 30, 2025As of September 30, 2024
Amortized Cost:        
United States        
Mid-Atlantic$1,577,535 17.6 %$1,502,136 18.1 %
Midwest1,388,979 15.5 1,391,538 16.8 
West1,352,377 15.1 1,133,878 13.7 
Southeast1,794,992 20.0 1,638,221 19.7 
Southwest1,144,848 12.8 1,041,814 12.5 
Northeast570,645 6.4 713,024 8.6 
Canada374,296 4.2 182,002 2.2 
United Kingdom390,652 4.4 395,769 4.8 
Australia54,195 0.6 20,909 0.2 
Luxembourg4,566 0.0 *58,328 0.7 
Netherlands12,824 0.1 95,950 1.2 
Finland78,915 0.9 52,670 0.6 
Sweden34,681 0.4 33,243 0.4 
Israel17,381 0.2 855 0.0 *
Denmark4,865 0.0 *4,860 0.1 
Germany79,107 0.9 19,896 0.2 
France20,238 0.2 17,820 0.2 
Jersey57,476 0.6 — — 
Spain8,946 0.1 — — 
Total$8,967,518 100.0 %$8,302,913 100.0 %
Fair Value:        
United States        
Mid-Atlantic$1,598,556 17.8 %$1,506,726 18.3 %
Midwest1,395,298 15.6 1,352,353 16.4 
West1,355,968 15.1 1,130,497 13.7 
Southeast1,750,634 19.5 1,634,599 19.8 
Southwest1,120,584 12.5 1,020,950 12.4 
Northeast571,480 6.4 713,123 8.7 
Canada370,838 4.1 178,003 2.2 
United Kingdom402,492 4.5 395,840 4.8 
Australia53,257 0.6 20,113 0.2 
Luxembourg4,882 0.1 57,439 0.7 
Netherlands 13,226 0.1 89,708 1.1 
Finland88,369 1.0 56,608 0.7 
Sweden36,891 0.4 34,709 0.4 
Israel17,665 0.2 1,008 0.0 *
Denmark4,843 0.1 4,896 0.1 
Germany85,152 1.0 20,493 0.3 
France22,204 0.2 18,346 0.2 
Jersey60,125 0.7 — — 
Spain9,085 0.1 — — 
Total$8,961,549 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025As of September 30, 2024
Amortized Cost:        
Aerospace & Defense$49,044 0.5 %$39,344 0.5 %
Air Freight & Logistics49,886 0.6 — — 
Airlines8,946 0.1 8,808 0.1 
Auto Components39,076 0.4 48,377 0.6 
Automobiles415,431 4.6 390,804 4.7 
Banks11,778 0.1 2,094 0.0 *
Beverages99,884 1.1 82,478 1.0 
Biotechnology1,998 0.0 *1,993 0.0 *
Building Products62,081 0.7 60,815 0.7 
Capital Markets12,715 0.1 2,557 0.0 *
Chemicals142,630 1.6 133,436 1.6 
Commercial Services & Supplies211,144 2.4 198,252 2.4 
Communications Equipment16,526 0.2 16,519 0.2 
Construction & Engineering12,022 0.1 4,042 0.1 
Containers & Packaging111,244 1.2 102,694 1.3 
Diversified Consumer Services474,804 5.3 391,054 4.7 
Diversified Financial Services172,669 1.9 90,456 1.1 
Diversified Telecommunication Services1,524 0.0 *1,521 0.0 *
Electric Utilities7,019 0.1 — — 
Electrical Equipment25,338 0.3 1,406 0.0 *
Electronic Equipment, Instruments & Components33,511 0.4 33,600 0.4 
Energy Equipment & Services4,355 0.0 *4,543 0.1 
Food & Staples Retailing29,891 0.3 21,957 0.3 
Food Products223,130 2.5 260,340 3.1 
Healthcare Equipment & Supplies316,835 3.5 270,891 3.3 
Healthcare Providers & Services678,332 7.6 559,659 6.7 
Healthcare Technology402,374 4.5 315,628 3.8 
Hotels, Restaurants & Leisure322,874 3.6 271,416 3.3 
Household Products9,507 0.1 8,636 0.1 
Industrial Conglomerates84,973 1.0 72,399 0.9 
Insurance531,664 5.9 460,242 5.5 
Internet & Direct Marketing Retail103,637 1.2 103,829 1.3 
IT Services311,294 3.5 294,569 3.5 
Leisure Products14,615 0.2 69,755 0.8 
Life Sciences Tools & Services133,738 1.5 115,691 1.4 
Machinery30,918 0.3 30,586 0.4 
Marine34,727 0.4 35,033 0.4 
Media15,508 0.2 13,883 0.2 
Multiline Retail29,147 0.3 43,416 0.5 
Oil, Gas & Consumable Fuels7,192 0.1 85,736 1.0 
Paper & Forest Products18,739 0.2 18,771 0.2 
Personal Products38,067 0.4 36,460 0.4 
Pharmaceuticals320,587 3.6 257,011 3.1 
Professional Services222,737 2.5 217,009 2.6 
Real Estate Management & Development110,772 1.2 211,484 2.6 
Road & Rail41,733 0.5 41,776 0.5 
Software2,346,989 26.2 2,229,206 26.9 
Specialty Retail446,639 5.0 476,296 5.7 
Textiles, Apparel & Luxury Goods44,737 0.5 43,892 0.5 
Trading Companies & Distributors56,126 0.6 55,166 0.7 
Transportation Infrastructure7,367 0.1 — — 
Water Utilities69,044 0.8 67,383 0.8 
Total$8,967,518 100.0 %$8,302,913 100.0 %
* Represents an amount less than 0.1%.
As of June 30, 2025As of September 30, 2024
Fair Value:        
Aerospace & Defense$49,485 0.6 %$40,073 0.5 %
Air Freight & Logistics51,131 0.6 — — 
Airlines9,085 0.1 8,547 0.1 
Auto Components33,772 0.4 45,376 0.6 
Automobiles414,744 4.6 389,281 4.7 
Banks11,811 0.1 2,076 0.0 *
Beverages93,317 1.1 76,785 0.9 
Biotechnology167 0.0 *764 0.0 *
Building Products61,404 0.7 59,962 0.7 
Capital Markets12,745 0.1 2,540 0.0 *
Chemicals133,509 1.5 119,535 1.5 
Commercial Services & Supplies212,507 2.4 198,921 2.4 
Communications Equipment16,591 0.2 16,494 0.2 
Construction & Engineering12,102 0.1 4,050 0.0 *
Containers & Packaging111,315 1.2 101,467 1.2 
Diversified Consumer Services463,060 5.2 385,797 4.7 
Diversified Financial Services177,673 2.0 90,588 1.1 
Diversified Telecommunication Services1,529 0.0 *1,529 0.0 *
Electric Utilities7,284 0.1 — — 
Electrical Equipment25,686 0.3 1,425 0.0 *
Electronic Equipment, Instruments & Components34,195 0.4 34,420 0.4 
Energy Equipment & Services2,121 0.0 *1,793 0.0 *
Food & Staples Retailing29,467 0.3 22,811 0.3 
Food Products228,970 2.6 258,812 3.1 
Healthcare Equipment & Supplies324,092 3.6 264,737 3.2 
Healthcare Providers & Services675,526 7.5 545,927 6.6 
Healthcare Technology406,310 4.5 317,594 3.9 
Hotels, Restaurants & Leisure324,265 3.6 271,656 3.3 
Household Products9,500 0.1 8,636 0.1 
Industrial Conglomerates91,429 1.0 72,439 0.9 
Insurance534,375 6.0 458,447 5.6 
Internet & Direct Marketing Retail84,087 0.9 108,880 1.3 
IT Services324,207 3.6 302,581 3.7 
Leisure Products16,172 0.2 71,152 0.9 
Life Sciences Tools & Services136,318 1.5 113,608 1.4 
Machinery30,640 0.3 29,750 0.4 
Marine34,588 0.4 34,517 0.4 
Media15,314 0.2 13,717 0.2 
Multiline Retail29,670 0.3 31,866 0.4 
Oil, Gas & Consumable Fuels6,776 0.1 85,689 1.0 
Paper & Forest Products18,947 0.2 18,727 0.2 
Personal Products20,910 0.2 32,813 0.4 
Pharmaceuticals323,059 3.6 254,314 3.1 
Professional Services225,511 2.5 218,402 2.7 
Real Estate Management & Development111,141 1.2 211,343 2.6 
Road & Rail41,179 0.5 41,172 0.5 
Software2,374,281 26.5 2,229,502 27.1 
Specialty Retail435,905 4.9 473,726 5.8 
Textiles, Apparel & Luxury Goods44,608 0.5 43,633 0.5 
Trading Companies & Distributors52,393 0.6 50,288 0.6 
Transportation Infrastructure7,427 0.1 — — 
Water Utilities69,249 0.8 67,249 0.8 
Total$8,961,549 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%.