v3.25.2
Portfolio Investments
 9 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Portfolio Investments Portfolio Investments
Portfolio Composition
As of June 30, 2025, the fair value of the Company’s investment portfolio was $6,362.9 million and was composed of investments in 171 portfolio companies. As of September 30, 2024, the fair value of the Company’s investment portfolio was $4,576.2 million and was composed of investments in 180 portfolio companies.
As of June 30, 2025 and September 30, 2024, the Company’s investment portfolio consisted of the following:
 
 June 30, 2025September 30, 2024
Cost: % of Total Investments% of Total Investments
Senior Secured Debt$5,706,997 90.37 %$4,037,376 89.12 %
Subordinated Debt582,374 9.22 %468,071 10.33 %
Preferred Equity13,945 0.22 %12,234 0.27 %
Common Equity and Warrants11,821 0.19 %12,731 0.28 %
Total$6,315,137 100.00 %$4,530,412 100.00 %
 June 30, 2025September 30, 2024
Fair Value: % of Total Investments% of Net Assets% of Total Investments% of Net Assets
Senior Secured Debt$5,744,828 90.29 %136.24 %$4,073,936 89.02 %128.74 %
Subordinated Debt586,059 9.21 %13.90 %476,093 10.40 %15.05 %
Preferred Equity18,731 0.29 %0.44 %14,008 0.31 %0.44 %
Common Equity and Warrants13,308 0.21 %0.32 %12,196 0.27 %0.39 %
Total$6,362,926 100.00 %150.90 %$4,576,233 100.00 %144.62 %

The composition of the Company’s debt investments as of June 30, 2025 and September 30, 2024 by floating rates and fixed rates was as follows:
 June 30, 2025September 30, 2024
 Fair Value% of Debt InvestmentsFair Value% of Debt Investments
Floating rate $5,904,288 93.26 %$4,184,708 91.97 %
Fixed rate 426,599 6.74 %365,321 8.03 %
Total$6,330,887 100.00 %$4,550,029 100.00 %


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 following tables show the portfolio composition by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
 June 30, 2025September 30, 2024
Cost:% of Total Investments% of Total Investments
United States$5,345,058 84.64 %$3,845,172 84.89 %
United Kingdom353,844 5.60 %273,693 6.04 %
Germany176,616 2.80 %— — %
Sweden175,706 2.78 %55,033 1.21 %
Netherlands110,586 1.75 %51,988 1.15 %
Canada66,634 1.06 %66,649 1.47 %
Luxembourg50,670 0.80 %87,862 1.94 %
Costa Rica14,857 0.24 %13,174 0.29 %
Switzerland10,366 0.16 %10,309 0.23 %
Chile7,775 0.12 %11,285 0.25 %
Australia1,771 0.03 %2,030 0.04 %
France1,254 0.02 %12,907 0.28 %
Cayman Islands— — %60,841 1.34 %
India— — %39,469 0.87 %
Total$6,315,137 100.00 %$4,530,412 100.00 %
 June 30, 2025September 30, 2024
Fair Value: % of Total Investments% of Net Assets% of Total Investments% of Net Assets
United States$5,343,508 84.00 %126.73 %$3,870,681 84.59 %122.34 %
United Kingdom373,106 5.86 %8.85 %285,463 6.24 %9.02 %
Germany186,629 2.93 %4.43 %— — %— %
Sweden182,784 2.87 %4.33 %55,211 1.21 %1.74 %
Netherlands116,102 1.82 %2.75 %53,686 1.17 %1.70 %
Canada68,856 1.08 %1.63 %69,066 1.51 %2.18 %
Luxembourg55,493 0.87 %1.32 %89,270 1.95 %2.82 %
Costa Rica14,992 0.24 %0.36 %13,269 0.29 %0.42 %
Switzerland10,280 0.16 %0.24 %10,199 0.22 %0.32 %
Chile7,940 0.12 %0.19 %12,093 0.26 %0.38 %
Australia1,818 0.03 %0.04 %2,027 0.04 %0.06 %
France1,418 0.02 %0.03 %13,702 0.30 %0.43 %
Cayman Islands— — %— %61,815 1.35 %1.95 %
India— — %— %39,751 0.87 %1.26 %
Total$6,362,926 100.00 %150.90 %$4,576,233 100.00 %144.62 %
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 June 30, 2025 and September 30, 2024 was as follows:
June 30, 2025September 30, 2024
Cost: % of Total Investments% of Total Investments
Application Software$954,058 15.08 %$802,052 17.68 %
Aerospace & Defense409,960 6.49 %167,035 3.69 %
Health Care Services298,453 4.73 %198,585 4.38 %
Pharmaceuticals294,366 4.66 %127,146 2.81 %
Systems Software252,981 4.01 %211,410 4.67 %
Interactive Media & Services249,986 3.96 %168,052 3.71 %
Diversified Support Services247,818 3.92 %217,545 4.80 %
Life Sciences Tools & Services240,601 3.81 %45,002 0.99 %
Health Care Equipment218,650 3.46 %42,787 0.94 %
Packaged Foods & Meats187,329 2.97 %80,098 1.77 %
Specialized Consumer Services177,205 2.81 %54,395 1.20 %
Specialized Finance171,667 2.72 %58,235 1.29 %
Diversified Financial Services163,701 2.59 %161,995 3.58 %
Education Services145,636 2.31 %123,399 2.72 %
Insurance Brokers140,285 2.22 %113,638 2.51 %
Building Products129,528 2.05 %— — %
Multi-Sector Holdings121,133 1.92 %185,750 4.10 %
Health Care Technology113,061 1.79 %128,155 2.83 %
Industrial Machinery & Supplies & Components98,783 1.56 %104,147 2.30 %
Construction & Engineering97,237 1.54 %71,267 1.57 %
Wireless Telecommunication Services91,056 1.44 %71,808 1.59 %
Research & Consulting Services89,425 1.42 %36,858 0.81 %
Communications Equipment83,210 1.32 %87,981 1.94 %
Electrical Components & Equipment79,763 1.26 %83,736 1.85 %
Environmental & Facilities Services78,103 1.24 %77,721 1.72 %
Construction Machinery & Heavy Transportation Equipment77,329 1.22 %60,915 1.34 %
Property & Casualty Insurance76,793 1.22 %68,452 1.51 %
Other Specialty Retail75,179 1.19 %82,825 1.83 %
Office Services & Supplies73,153 1.16 %85,692 1.89 %
Cable & Satellite69,427 1.10 %20,900 0.46 %
Real Estate Services58,581 0.93 %— — %
Distributors56,946 0.90 %28,823 0.64 %
Soft Drinks & Non-alcoholic Beverages56,436 0.89 %— — %
Health Care Supplies54,758 0.87 %67,927 1.50 %
Asset Management & Custody Banks50,725 0.80 %58,889 1.30 %
Financial Exchanges & Data47,167 0.75 %47,635 1.05 %
Movies & Entertainment45,450 0.72 %39,844 0.88 %
Diversified Chemicals44,202 0.70 %15,085 0.33 %
Footwear43,690 0.69 %— — %
Trading Companies & Distributors43,309 0.69 %83,101 1.83 %
Air Freight & Logistics41,419 0.66 %— — %
Paper & Plastic Packaging Products & Materials37,688 0.60 %56,443 1.25 %
Food Distributors35,147 0.56 %21,638 0.48 %
Commodity Chemicals31,398 0.50 %31,556 0.70 %
Gold27,904 0.44 %27,777 0.61 %
Alternative Carriers25,035 0.40 %— — %
Hotels, Resorts & Cruise Lines20,557 0.33 %20,621 0.46 %
Consumer Finance18,262 0.29 %14,086 0.31 %
Specialty Chemicals17,325 0.27 %— — %
Biotechnology12,430 0.20 %12,632 0.28 %
Metal, Glass & Plastic Containers12,281 0.19 %24,703 0.55 %
Health Care Distributors10,598 0.17 %32,423 0.72 %
Real Estate Development10,079 0.16 %25,391 0.56 %
Passenger Airlines7,775 0.12 %11,285 0.25 %
Electronic Components99 — %28,843 0.64 %
Data Processing & Outsourced Services— — %55,825 1.23 %
Diversified Metals & Mining— — %39,469 0.87 %
Health Care Facilities— — %25,320 0.56 %
Advertising— — %13,983 0.31 %
Leisure Facilities— — %9,532 0.21 %
Total$6,315,137 100.00 %$4,530,412 100.00 %
June 30, 2025September 30, 2024
Fair Value: % of Total Investments% of Net Assets% of Total Investments% of Net Assets
Application Software$953,271 15.01 %22.63 %$804,201 17.60 %25.39 %
Aerospace & Defense413,3086.50 %9.80 %168,2003.68 %5.32 %
Health Care Services300,4324.72 %7.12 %200,2454.38 %6.33 %
Pharmaceuticals298,3824.69 %7.08 %127,4192.78 %4.03 %
Systems Software255,5094.02 %6.06 %215,1194.70 %6.80 %
Interactive Media & Services254,4484.00 %6.03 %170,6823.73 %5.39 %
Diversified Support Services248,3213.90 %5.89 %219,8224.80 %6.95 %
Life Sciences Tools & Services241,8863.80 %5.74 %44,6240.98 %1.41 %
Health Care Equipment222,2723.49 %5.27 %44,1700.97 %1.40 %
Packaged Foods & Meats188,0632.96 %4.46 %80,6571.76 %2.55 %
Specialized Consumer Services177,2272.79 %4.20 %54,4111.19 %1.72 %
Specialized Finance171,8002.70 %4.07 %58,7041.28 %1.86 %
Diversified Financial Services167,8942.64 %3.98 %162,9433.56 %5.15 %
Education Services146,0082.29 %3.46 %125,1012.73 %3.95 %
Insurance Brokers140,8822.21 %3.34 %113,6932.48 %3.59 %
Building Products129,6312.04 %3.07 %— — %— %
Multi-Sector Holdings123,0431.93 %2.92 %190,5544.16 %6.02 %
Health Care Technology121,4161.91 %2.88 %131,3582.87 %4.15 %
Industrial Machinery & Supplies & Components99,4591.56 %2.36 %104,7542.29 %3.31 %
Wireless Telecommunication Services93,1401.46 %2.21 %71,9681.57 %2.27 %
Research & Consulting Services89,5971.41 %2.12 %38,103 0.83 %1.20 %
Construction & Engineering86,9211.37 %2.06 %71,0671.55 %2.25 %
Communications Equipment82,8701.30 %1.97 %88,1601.93 %2.79 %
Other Specialty Retail81,1211.27 %1.92 %87,9621.92 %2.78 %
Electrical Components & Equipment79,4411.25 %1.88 %83,4901.82 %2.64 %
Construction Machinery & Heavy Transportation Equipment77,7121.22 %1.84 %62,2911.36 %1.97 %
Property & Casualty Insurance76,8331.21 %1.82 %68,6541.50 %2.17 %
Environmental & Facilities Services75,7211.19 %1.80 %77,6221.70 %2.45 %
Office Services & Supplies69,7371.10 %1.65 %83,8431.83 %2.65 %
Cable & Satellite68,5721.08 %1.63 %21,1050.46 %0.67 %
Real Estate Services58,5560.92 %1.39 %— — %— %
Soft Drinks & Non-alcoholic Beverages56,5100.89 %1.34 %— — %— %
Distributors56,1550.88 %1.33 %29,131 0.64 %0.92 %
Asset Management & Custody Banks55,2720.87 %1.31 %62,2591.36 %1.97 %
Health Care Supplies54,7270.86 %1.30 %68,395 1.49 %2.16 %
Diversified Chemicals50,2840.79 %1.19 %15,8750.35 %0.50 %
Financial Exchanges & Data47,8230.75 %1.13 %47,7261.04 %1.51 %
Movies & Entertainment45,9630.72 %1.09 %40,0110.87 %1.26 %
Footwear45,3950.71 %1.08 %— — %— %
Trading Companies & Distributors43,4040.68 %1.03 %84,343 1.84 %2.67 %
Air Freight & Logistics41,4300.65 %0.98 %— — %— %
Food Distributors38,3590.60 %0.91 %23,6410.52 %0.75 %
Paper & Plastic Packaging Products & Materials37,7900.59 %0.90 %56,6461.24 %1.79 %
Commodity Chemicals31,2230.49 %0.74 %31,9160.70 %1.01 %
Gold29,4500.46 %0.70 %29,6720.65 %0.94 %
Alternative Carriers26,8680.42 %0.64 %— — %— %
Hotels, Resorts & Cruise Lines20,3290.32 %0.48 %20,4150.45 %0.65 %
Consumer Finance18,4860.29 %0.44 %13,9520.30 %0.44 %
Specialty Chemicals17,3740.27 %0.41 %— — %— %
Biotechnology12,1190.19 %0.29 %12,2730.27 %0.39 %
Metal, Glass & Plastic Containers12,0840.19 %0.29 %25,3070.55 %0.80 %
Health Care Distributors10,2300.16 %0.24 %31,7320.69 %1.00 %
Real Estate Development10,1380.16 %0.24 %25,3740.55 %0.80 %
Passenger Airlines7,9400.12 %0.19 %12,0930.26 %0.38 %
Electronic Components100— %— %28,8260.63 %0.91 %
Data Processing & Outsourced Services— — %— %57,2201.25 %1.81 %
Diversified Metals & Mining— — %— %39,7510.87 %1.26 %
Health Care Facilities— — %— %25,5240.56 %0.81 %
Advertising— — %— %13,988 0.31 %0.44 %
Leisure Facilities— — %— %9,241 0.20 %0.29 %
Total$6,362,926 100.00 %150.90 %$4,576,233 100.00 %144.62 %
Fair Value Measurements
The following table presents the financial instruments carried at fair value as of June 30, 2025 on the Company’s Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Total
Senior secured debt $— $1,209,294 $4,535,534 $5,744,828 
Subordinated debt (including CLO notes and credit linked notes)— 243,174 342,885 586,059 
Common equity and warrants23 — 13,285 13,308 
Preferred equity— — 18,731 18,731 
Total investments at fair value23 1,452,468 4,910,435 6,362,926 
Cash equivalents
100,743 — — 100,743 
Derivative assets— 15,079 — 15,079 
Total assets at fair value
$100,766 $1,467,547 $4,910,435 $6,478,748 
Derivative liabilities— 20,475 — 20,475 
Total liabilities at fair value$— $20,475 $— $20,475 
The following table presents the financial instruments carried at fair value as of September 30, 2024 on the Company’s Consolidated Statements of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:
Level 1Level 2Level 3Total
Senior secured debt $— $1,183,356 $2,890,580 $4,073,936 
Subordinated debt (including CLO notes and credit linked notes)— 252,151 223,942 476,093 
Preferred equity— — 14,008 14,008 
Common equity and warrants— — 12,196 12,196 
Total investments at fair value— 1,435,507 3,140,726 4,576,233 
Derivative assets— 21,546 — 21,546 
Total assets at fair value
$— $1,457,053 $3,140,726 $4,597,779 
Derivative liabilities— 11,927 — 11,927 
Total liabilities at fair value$— $11,927 $— $11,927 
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. Transfers between levels are recognized at the beginning of the reporting period.
The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. The Adviser used market quotes as of the valuation date to estimate the fair value of the Company’s 8.400% notes due 2028 and 6.500% notes due 2029, which are included in Level 2 of the hierarchy.
The following table provides a roll-forward of the changes in fair value from March 31, 2025 to June 30, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:
Senior Secured Debt Subordinated Debt (including CLO Notes and Credit-Linked Notes)Preferred EquityCommon Equity and WarrantsTotal
Fair value as of March 31, 2025$3,893,763 $256,237 $16,582 $12,287 $4,178,869 
Purchases767,295 85,708 162 35 853,200 
Sales and repayments(129,693)(266)— (257)(130,216)
Transfers in (a)— — 603 — 603 
Transfers out (a)(b)(31,820)— — (603)(32,423)
Capitalized PIK interest income1,504 783 — — 2,287 
Accretion of OID3,950 130 — — 4,080 
Net unrealized appreciation (depreciation)27,382 293 1,384 1,823 30,882 
Net realized gains (losses)3,153 — — — 3,153 
Fair value as of June 30, 2025$4,535,534 $342,885 $18,731 $13,285 $4,910,435 
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2025$29,553 $293 $1,384 $1,556 $32,786 
__________
(a) There was an investment restructuring during the three months ended June 30, 2025 in which Level 3 common equity was exchanged for Level 3 preferred equity.
(b) There was a transfer out of Level 3 to Level 2 for an investment during the three months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.
The following table provides a roll-forward of the changes in fair value from March 31, 2024 to June 30, 2024 for all investments for which the Company determined fair value using unobservable (Level 3) factors:
Senior Secured Debt Subordinated Debt (including CLO Notes and Credit-Linked Notes)Preferred EquityCommon Equity and WarrantsTotal
Fair value as of March 31, 2024$2,009,889 $33,795 $12,814 $4,022 $2,060,520 
Purchases541,256 188,809 — 124 730,189 
Sales and repayments(42,281)— — — (42,281)
Capitalized PIK interest income1,803 567 — — 2,370 
Accretion of OID2,979 83 — — 3,062 
Net unrealized appreciation (depreciation)(2,184)65 450 (192)(1,861)
Net realized gains (losses)14 — — — 14 
Fair value as of June 30, 2024$2,511,476 $223,319 $13,264 $3,954 $2,752,013 
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended June 30, 2024$(3,797)$65 $450 $(192)$(3,474)
The following table provides a roll-forward of the changes in fair value from September 30, 2024 to June 30, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:
Senior Secured Debt Subordinated Debt (including CLO Notes and Credit-Linked Notes)Preferred EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2024$2,890,580 $223,942 $14,008 $12,196 $3,140,726 
Purchases2,074,529 114,790 162 35 2,189,516 
Sales and repayments(439,936)(557)— (257)(440,750)
Transfers in (a)(b)36,264 — 1,552 — 37,816 
Transfers out (a)(b)(68,256)— — (603)(68,859)
Capitalized PIK interest income5,198 2,240 — — 7,438 
Accretion of OID15,549 391 — — 15,940 
Net unrealized appreciation (depreciation)20,035 2,079 3,009 2,003 27,126 
Net realized gains (losses)1,571 — — (89)1,482 
Fair value as of June 30, 2025$4,535,534 $342,885 $18,731 $13,285 $4,910,435 
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2025$26,990 $2,079 $3,009 $2,236 $34,314 
__________
(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the nine months ended June 30, 2025 as a result of a change in the number of market quotes available and/or a change in market liquidity.
(b) There were investment restructurings during the nine months ended June 30, 2025 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.
The following table provides a roll-forward of the changes in fair value from September 30, 2023 to June 30, 2024 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:
Senior Secured Debt Subordinated Debt (including CLO Notes and Credit-Linked Notes)Preferred EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2023$1,063,761 $13,792 $5,748 $5,839 $1,089,140 
Purchases1,577,752 207,980 6,211 124 1,792,067 
Sales and repayments(150,226)— — — (150,226)
Transfers in (a)10,757 — — — 10,757 
Capitalized PIK interest income4,011 1,398 — — 5,409 
Accretion of OID9,275 84 — — 9,359 
Net unrealized appreciation (depreciation)(4,053)65 1,305 (2,009)(4,692)
Net realized gains (losses)199 — — — 199 
Fair value as of June 30, 2024$2,511,476 $223,319 $13,264 $3,954 $2,752,013 
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at June 30, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the nine months ended June 30, 2024$(5,097)$65 $1,305 $(2,009)$(5,736)
__________
(a) There were transfers into Level 3 from Level 2 for certain investments during the nine months ended June 30, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

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 June 30, 2025:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$4,359,174 Market YieldMarket Yield(b)6.0%-24.0%9.7%
10,751Enterprise ValueRevenue Multiple(e)2.1x-2.3x2.2x
3,485Enterprise ValueEBITDA Multiple(e)7.2x-9.2x8.2x
121,152Transaction Precedent Transaction Price(c)N/A-N/AN/A
40,972Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Subordinated debt239,261Market YieldMarket Yield(b)5.0%-12.0%8.6%
85,710Transaction Precedent Transaction Price(c)N/A-N/AN/A
17,914Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Common equity and warrants & preferred equity22,582Market YieldMarket Yield(b)12.0%-18.0%14.3%
7,212Enterprise ValueRevenue Multiple(e)1.9x-5.0x2.2x
2,222Enterprise ValueEBITDA Multiple(e)6.5x-11.8x10.4x
Total$4,910,435 
_____________________
(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.
(d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. 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.
(e) Used when a market participant would use such multiple when pricing 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:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$2,693,219 Market YieldMarket Yield(b)5.7%-22.0%10.1%
10,208Enterprise ValueRevenue Multiple(e)1.9x-2.1x2.0x
2,391Enterprise ValueEBITDA Multiple(e)6.5x-8.5x7.5x
92,340Transaction Precedent Transaction Price(c)N/A-N/AN/A
92,422Broker QuotationsBroker Quoted Price(d)N/A-N/AN/A
Subordinated debt223,942Market YieldMarket Yield(b)5.0%-12.0%8.6%
Common equity and warrants & preferred equity18,187Enterprise ValueRevenue Multiple(e)0.5x-7.2x2.0x
8,017Enterprise ValueEBITDA Multiple(e)7.3x-15.0x13.5x
Total$3,140,726 
_____________________
(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.
(d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. 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.
(e) Used when a market participant would use such multiple 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.
Under the EV technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.