Subsequent Events |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 and nine months ended June 30, 2025, except as discussed below. Share Issuances On July 1, 2025, the Company issued and sold pursuant to its continuous public offering 5,979,739 Class I shares for proceeds of $138.4 million, 810,134 Class S shares for proceeds of $18.7 million and 4,051 Class D shares for proceeds of $0.1 million. Distributions On July 24, 2025, the Board of Trustees of the Company declared a regular distribution on its outstanding Common Shares in the amount per share set forth below:
The distribution is payable to shareholders of record as of July 29, 2025 and will be paid on or about August 27, 2025. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company’s distribution reinvestment plan. Amendments to Credit Agreements On July 3, 2025, the Company entered into Amendment No. 3 (the “JPM Amendment”) to the JPM Loan and Security Agreement. Among other things, the JPM Amendment: •increased the commitment under the JPM Loan and Security Agreement from $500 million to $700 million; •reduced the interest rate margin on SOFR loans from 2.50% to (i) 1.50% if the borrowings are used to purchase broadly syndicated loans and other liquid debt securities (as defined in the JPM Loan and Security Agreement) or (ii) 1.90% on all other borrowings; •extended the reinvestment period from May 29, 2027 to July 3, 2029; and •extended the final maturity date from May 29, 2029 to July 3, 2030. On July 3, 2025, the Company also entered into First Amendment to Loan and Servicing Agreement (the “MS Amendment”) to the MS Loan and Servicing Agreement. Among other things, the MS Amendment: •increased the commitment under the MS Loan and Servicing Agreement from $200 million to $400 million; •adds an “accordion” feature that allows the borrower, subject to certain conditions, to propose one or more increases in the maximum commitment up to an amount not to exceed $600 million; •reduced the interest rate margin on SOFR loans during the reinvestment period from 2.35% to (i) 1.60% if the borrowings are used to purchase broadly syndicated loans or (ii) 1.85% on all other borrowings; •extended the reinvestment period from February 23, 2027 to July 3, 2028; and •extended the final maturity date from February 23, 2029 to July 3, 2029. On July 3, 2025, the Company repaid all outstanding borrowings under the CIBC Loan and Servicing Agreement, following which the CIBC Loan and Servicing Agreement was terminated. Obligations under the CIBC Loan and Servicing Agreement would have otherwise matured on November 21, 2025. On July 25, 2025, the Company entered into an Omnibus Amendment to Transaction Documents and Fourth Amendment (collectively, the “DBNY Amendment”) to the DBNY Loan Financing and Servicing Agreement. Among other things, the DBNY Amendment: •increased the commitment under the DBNY Loan Financing and Servicing Agreement from $300 million to $400 million; •reduced the interest rate margin on SOFR loans from 2.40% to 1.60%; •extended the reinvestment period from February 15, 2027 to July 25, 2028; •extended the final maturity date from February 15, 2029 to July 25, 2029; and •appointed Computershare Trust Company, N.A. to replace Deutsche Bank National Trust Company as collateral agent and collateral custodian. 2030 Unsecured Notes On July 15, 2025, the Company issued $400 million aggregate principal amount of its 6.190% Notes due 2030 (the “2030 Unsecured Notes”) pursuant to the Base Indenture and a third supplemental indenture (the “Third Supplemental Indenture”) to the Base Indenture. The 2030 Unsecured Notes bear interest at a rate of 6.190% per year payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2026. The 2030 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2030 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities. The Third Supplemental Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2030 Unsecured Notes and the trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Third Supplemental Indenture. In connection with the 2030 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2030 Unsecured Notes with its investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement, the Company receives a fixed interest rate of 6.190% and pays a floating interest rate of the three-month SOFR plus 2.49255% on a notional amount of $400 million.
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