v3.25.2
Derivatives (Tables)
 9 Months Ended
Jun. 30, 2025
Foreign Currency [Abstract]  
Schedule of Open Forward Foreign Currency Contract
The outstanding forward currency contracts as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited$7,000 CAD5,386 USD7/18/2025$242 $— 
Macquarie Bank Limited£8,750 GBP10,667 USD7/21/2025— (1,340)
Macquarie Bank Limited€20,700 EUR22,363 USD7/21/2025— (2,042)
Macquarie Bank Limited€10,100 EUR10,918 USD7/21/2025— (990)
Macquarie Bank Limited€16,100 EUR17,902 USD7/30/2025— (1,091)
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026— (277)
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026— (2,221)
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/2026— (2,712)
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026— (69)
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027— (1,253)
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027— (2,228)
$242 $(14,223)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$— $(1,600)
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/2026— (1,734)
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/202646 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026— (2,266)
SMBC Capital Markets, Inc.€33,200 EUR39,008 USD5/27/2027— (1,309)
$46 $(6,909)
As of September 30, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€14,650 EUR$17,567 USD11/12/2024$1,225 $— 
Macquarie Bank Limited$5,200 CAD$4,245 USD12/9/2024390 — 
Macquarie Bank Limited€12,400 EUR$14,586 USD12/23/2024732 — 
Macquarie Bank Limited€7,900 EUR$8,682 USD2/5/2025— (152)
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20252,654 — 
Macquarie Bank Limited£5,600 GBP$7,321 USD3/17/2025— (152)
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/2025522 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/2025172 — 
Macquarie Bank Limited£8,750 GBP$10,667 USD7/21/2025— (964)
Macquarie Bank Limited€20,700 EUR$22,363 USD7/21/2025— (894)
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (430)
Macquarie Bank Limited€16,100 EUR$17,902 USD7/30/2025— (209)
Macquarie Bank Limited€3,900 EUR$4,371 USD1/30/2026— (45)
Macquarie Bank Limited£21,900 GBP$27,811 USD2/2/2026— (1,244)
Macquarie Bank Limited€35,000 EUR$39,008 USD2/5/2026— (618)
Macquarie Bank Limited$26,100 AUD$17,179 USD2/5/2026— (761)
$5,695 $(5,469)
SMBC Capital Markets, Inc.€22,000 EUR$24,594 USD1/20/2026$— $(387)
SMBC Capital Markets, Inc.€23,750 EUR$26,543 USD1/20/2026— (425)
SMBC Capital Markets, Inc.$7,400 CAD$5,533 USD2/2/2026— (4)
SMBC Capital Markets, Inc.£21,900 GBP$27,811 USD2/5/2026— (1,406)
$— $(2,222)
Schedule of Realized and Unrealized Gain (Loss) on Forward Currency Contract
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended June 30,Nine months ended June 30,
2025202420252024
Foreign exchange $— $624 $7,203 $624 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended June 30,Nine months ended June 30,
2025202420252024
Foreign exchange $(22,219)$2,972 $(15,787)$1,589 
The table below presents the components of the net unrealized gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and nine months ended June 30, 2025 and 2024.
Three months ended June 30,
Nine months ended June 30,
2025202420252024
Hedging Instruments (Interest rate swaps)$9,598 $(7,916)$(11,627)$(13,744)
Hedged items (Unsecured notes)(9,443)2,153 7,086 10,753 
Fair market value adjustments for hedge accounting recognized in interest expense$155 $(5,763)$(4,541)$(2,991)
Schedule of Average Outstanding Daily Volume for Forward Currency Contract
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2025 and 2024:
Average U.S. Dollar notional outstandingThree months ended June 30,Nine months ended June 30,
2025202420252024
Forward currency contracts$296,011 $442,838 $324,980 $343,044 
Schedule of Interest Rate Derivatives The outstanding interest rate swap contracts as of June 30, 2025 and September 30, 2024 were as follows:
As of June 30, 2025
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $3,403 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 6,910 — 
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 7,279 — 
$17,592 $— 
Macquarie Bank Limited2029 Notes5.881%3M SOFR+2.012 %6/15/2029150,000 $2,267 $— 
$2,267 $— 
As of September 30, 2024
CounterpartyHedged itemCompany receivesCompany paysMaturity dateNotional amountUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+3.327 %11/5/2028$225,000 $8,925 $— 
SMBC Capital Markets, Inc2028 Notes7.310%1M SOFR+2.835 %11/5/2028225,000 13,298 — 
SMBC Capital Markets, Inc2029 Notes6.248%1M SOFR+2.444 %6/15/2029600,000 9,263 — 
$31,486 $— 
Schedule of Derivative Instruments, Fair Value
The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2025 and September 30, 2024.
As of June 30, 2025
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized depreciation on derivatives$2,509 $(14,223)$(11,714)$9,060 $(2,654)
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives17,638 (6,909)10,729 — 10,729 
As of September 30, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$5,695 $(5,469)$226 $— $226 
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives31,486 (2,222)29,264 — 29,264 
(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
Schedule of Derivative Liabilities at Fair Value
The table below presents the carrying value of the 2028 and 2029 Notes as of June 30, 2025 and September 30, 2024 that are designated in qualifying hedging relationships and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationships included in such carrying value:
As of June 30, 2025
As of September 30, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$456,834 $10,145 $460,642 $14,675 
2029 Notes755,252 9,657 606,271 12,213