Portfolio Investments (Tables)
|
9 Months Ended |
Jun. 30, 2025 |
|---|
| Schedule of Investments [Abstract] |
|
| Schedule of Portfolio Composition and Composition of Investments |
As of June 30, 2025 and September 30, 2024, the Company’s investment portfolio consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | September 30, 2024 | | Cost: | | | | % of Total Investments | | | | % of Total Investments | | Senior Secured Debt | | $ | 5,706,997 | | | 90.37 | % | | $ | 4,037,376 | | | 89.12 | % | | Subordinated Debt | | 582,374 | | | 9.22 | % | | 468,071 | | | 10.33 | % | | Preferred Equity | | 13,945 | | | 0.22 | % | | 12,234 | | | 0.27 | % | | Common Equity and Warrants | | 11,821 | | | 0.19 | % | | 12,731 | | | 0.28 | % | | Total | | $ | 6,315,137 | | | 100.00 | % | | $ | 4,530,412 | | | 100.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | September 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 Debt | | 586,059 | | | 9.21 | % | | 13.90 | % | | 476,093 | | | 10.40 | % | | 15.05 | % | | Preferred Equity | | 18,731 | | | 0.29 | % | | 0.44 | % | | 14,008 | | | 0.31 | % | | 0.44 | % | | Common Equity and Warrants | | 13,308 | | | 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 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | September 30, 2024 | | Cost: | | | | % of Total Investments | | | | % of Total Investments | | United States | | $ | 5,345,058 | | | 84.64 | % | | $ | 3,845,172 | | | 84.89 | % | | United Kingdom | | 353,844 | | | 5.60 | % | | 273,693 | | | 6.04 | % | | Germany | | 176,616 | | | 2.80 | % | | — | | | — | % | | Sweden | | 175,706 | | | 2.78 | % | | 55,033 | | | 1.21 | % | | Netherlands | | 110,586 | | | 1.75 | % | | 51,988 | | | 1.15 | % | | Canada | | 66,634 | | | 1.06 | % | | 66,649 | | | 1.47 | % | | Luxembourg | | 50,670 | | | 0.80 | % | | 87,862 | | | 1.94 | % | | Costa Rica | | 14,857 | | | 0.24 | % | | 13,174 | | | 0.29 | % | | Switzerland | | 10,366 | | | 0.16 | % | | 10,309 | | | 0.23 | % | | Chile | | 7,775 | | | 0.12 | % | | 11,285 | | | 0.25 | % | | Australia | | 1,771 | | | 0.03 | % | | 2,030 | | | 0.04 | % | | France | | 1,254 | | | 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, 2025 | | September 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 Kingdom | | 373,106 | | | 5.86 | % | | 8.85 | % | | 285,463 | | | 6.24 | % | | 9.02 | % | | Germany | | 186,629 | | | 2.93 | % | | 4.43 | % | | — | | | — | % | | — | % | | Sweden | | 182,784 | | | 2.87 | % | | 4.33 | % | | 55,211 | | | 1.21 | % | | 1.74 | % | | Netherlands | | 116,102 | | | 1.82 | % | | 2.75 | % | | 53,686 | | | 1.17 | % | | 1.70 | % | | Canada | | 68,856 | | | 1.08 | % | | 1.63 | % | | 69,066 | | | 1.51 | % | | 2.18 | % | | Luxembourg | | 55,493 | | | 0.87 | % | | 1.32 | % | | 89,270 | | | 1.95 | % | | 2.82 | % | | Costa Rica | | 14,992 | | | 0.24 | % | | 0.36 | % | | 13,269 | | | 0.29 | % | | 0.42 | % | | Switzerland | | 10,280 | | | 0.16 | % | | 0.24 | % | | 10,199 | | | 0.22 | % | | 0.32 | % | | Chile | | 7,940 | | | 0.12 | % | | 0.19 | % | | 12,093 | | | 0.26 | % | | 0.38 | % | | Australia | | 1,818 | | | 0.03 | % | | 0.04 | % | | 2,027 | | | 0.04 | % | | 0.06 | % | | France | | 1,418 | | | 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 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Share amounts in thousands) | Three months ended
June 30, 2025 | | Three months ended
June 30, 2024 | | Nine months ended
June 30, 2025 | | Nine months ended
June 30, 2024 | | Class I | | Class S | | Class D | | Class I | | Class S | | Class D | | Class I | | Class S | | Class D | | Class I | | Class S | | Class D | | Net asset value at beginning of period | $ | 23.28 | | | $ | 23.28 | | | $ | 23.28 | | | $ | 23.61 | | | $ | 23.61 | | | $ | 23.61 | | | $ | 23.56 | | | $ | 23.56 | | | $ | 23.56 | | | $ | 23.56 | | | $ | 23.56 | | | $ | 23.56 | | | Net investment income (1) | 0.46 | | | 0.41 | | | 0.45 | | | 0.54 | | | 0.49 | | | 0.53 | | | 1.50 | | | 1.35 | | | 1.46 | | | 1.58 | | | 1.43 | | | 1.54 | | | Net unrealized appreciation (depreciation) (1)(2) | 0.09 | | | 0.09 | | | 0.09 | | | (0.02) | | | (0.02) | | | (0.02) | | | (0.08) | | | (0.08) | | | (0.08) | | | 0.15 | | | 0.15 | | | 0.15 | | | Net realized gains (losses) (1) | (0.09) | | | (0.09) | | | (0.09) | | | — | | | — | | | — | | | (0.04) | | | (0.04) | | | (0.04) | | | 0.04 | | | 0.04 | | | 0.04 | | | Net increase (decrease) in net assets resulting from operations | 0.46 | | | 0.41 | | | 0.45 | | | 0.52 | | | 0.47 | | | 0.51 | | | 1.38 | | | 1.23 | | | 1.34 | | | 1.77 | | | 1.62 | | | 1.73 | | | Distributions of net investment income to shareholders | (0.46) | | | (0.41) | | | (0.45) | | | (0.54) | | | (0.49) | | | (0.53) | | | (1.50) | | | (1.35) | | | (1.46) | | | (1.58) | | | (1.43) | | | (1.54) | | | Distributions in excess of net investment income | (0.14) | | | (0.14) | | | (0.14) | | | (0.06) | | | (0.06) | | | (0.06) | | | (0.30) | | | (0.30) | | | (0.30) | | | (0.22) | | | (0.22) | | | (0.22) | | | Net asset value at end of period | $ | 23.14 | | | $ | 23.14 | | | $ | 23.14 | | | $ | 23.53 | | | $ | 23.53 | | | $ | 23.53 | | | $ | 23.14 | | | $ | 23.14 | | | $ | 23.14 | | | $ | 23.53 | | | $ | 23.53 | | | $ | 23.53 | | | Total return (3) | 2.00 | % | | 1.79 | % | | 1.94 | % | | 2.22 | % | | 2.00 | % | | 2.16 | % | | 6.05 | % | | 5.38 | % | | 5.86 | % | | 7.77 | % | | 7.09 | % | | 7.57 | % | | Common shares outstanding at beginning of the period | 110,042 | | | 52,027 | | | 157 | | | 69,973 | | | 34,601 | | | 53 | | | 89,884 | | | 44,323 | | | 81 | | | 44,103 | | | 20,787 | | | 6 | | | Common shares outstanding at end of period | 127,124 | | | 54,922 | | | 158 | | | 81,487 | | | 40,803 | | | 74 | | | 127,124 | | | 54,922 | | | 158 | | | 81,487 | | | 40,803 | | | 74 | | | Net assets at the beginning of the period | $ | 2,561,941 | | | $ | 1,211,427 | | | $ | 3,646 | | | $ | 1,652,401 | | | $ | 817,091 | | | $ | 1,254 | | | $ | 2,118,000 | | | $ | 1,044,424 | | | $ | 1,916 | | | $ | 1,039,238 | | | $ | 489,821 | | | $ | 146 | | | Net assets at end of period | $ | 2,942,033 | | | $ | 1,271,064 | | | $ | 3,663 | | | $ | 1,917,516 | | | $ | 960,135 | | | $ | 1,735 | | | $ | 2,942,033 | | | $ | 1,271,064 | | | $ | 3,663 | | | $ | 1,917,516 | | | $ | 960,135 | | | $ | 1,735 | | | Average net assets (4) | $ | 3,010,527 | | | $ | 1,268,911 | | | $ | 3,665 | | | $ | 1,844,178 | | | $ | 923,776 | | | $ | 1,507 | | | $ | 2,578,139 | | | $ | 1,191,417 | | | $ | 3,046 | | | $ | 1,549,514 | | | $ | 763,420 | | | $ | 964 | | | Ratio of net investment income to average net assets (5) | 2.02 | % | | 1.81 | % | | 1.97 | % | | 2.29 | % | | 2.08 | % | | 2.23 | % | | 6.41 | % | | 5.77 | % | | 6.25 | % | | 6.70 | % | | 6.07 | % | | 6.51 | % | | Ratio of total expenses to average net assets (5)(7) | 1.66 | % | | 1.87 | % | | 1.71 | % | | 1.84 | % | | 2.05 | % | | 1.91 | % | | 5.41 | % | | 6.01 | % | | 5.58 | % | | 5.41 | % | | 6.04 | % | | 5.61 | % | | Ratio of net expenses to average net assets (5) | 1.66 | % | | 1.87 | % | | 1.71 | % | | 1.84 | % | | 2.05 | % | | 1.91 | % | | 5.41 | % | | 6.01 | % | | 5.58 | % | | 5.46 | % | | 6.10 | % | | 5.67 | % | | Ratio of portfolio turnover to average investments at fair value (5) | 6.89 | % | | 6.89 | % | | 6.89 | % | | 10.13 | % | | 10.13 | % | | 10.13 | % | | 22.31 | % | | 22.31 | % | | 22.31 | % | | 25.67 | % | | 25.67 | % | | 25.67 | % | | Weighted average outstanding debt | $ | 2,042,351 | | | $ | 2,042,351 | | | $ | 2,042,351 | | | $ | 1,366,868 | | | $ | 1,366,868 | | | $ | 1,366,868 | | | $ | 2,027,190 | | | $ | 2,027,190 | | | $ | 2,027,190 | | | $ | 1,035,128 | | | $ | 1,035,128 | | | $ | 1,035,128 | | | Average debt per share (1) | $ | 11.09 | | | $ | 11.09 | | | $ | 11.09 | | | $ | 11.68 | | | $ | 11.68 | | | $ | 11.68 | | | $ | 12.61 | | | $ | 12.61 | | | $ | 12.61 | | | $ | 10.58 | | | $ | 10.58 | | | $ | 10.58 | | | Asset coverage ratio (6) | 275.22 | % | | 275.22 | % | | 275.22 | % | | 278.60 | % | | 278.60 | % | | 278.60 | % | | 275.22 | % | | 275.22 | % | | 275.22 | % | | 278.60 | % | | 278.60 | % | | 278.60 | % |
| | | | | | | (1) | Calculated based upon weighted average shares outstanding for the period. | | (2) | The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances. | | (3) | Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price equal to the NAV per share at the beginning of the period. | | (4) | Calculated based upon the weighted average net assets for the period. | | (5) | Financial results for the three and nine months ended June 30, 2025 and 2024 have not been annualized for purposes of this ratio. | | (6) | Based on outstanding senior securities of $2,409.4 million and $1,610.0 million as of June 30, 2025 and 2024, respectively. | | (7) | Total expenses to average net assets is prior to expense support/reimbursements provided by the Adviser. |
|
| Schedule of Portfolio of Investments by Industry |
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, 2025 | | September 30, 2024 | | | | Fair Value | | % of Debt Investments | | Fair 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 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, 2025 | | September 30, 2024 | | Cost: | | | % of Total Investments | | | | % of Total Investments | | Application Software | $ | 954,058 | | | 15.08 | % | | $ | 802,052 | | | 17.68 | % | | Aerospace & Defense | 409,960 | | | 6.49 | % | | 167,035 | | | 3.69 | % | | Health Care Services | 298,453 | | | 4.73 | % | | 198,585 | | | 4.38 | % | | Pharmaceuticals | 294,366 | | | 4.66 | % | | 127,146 | | | 2.81 | % | | Systems Software | 252,981 | | | 4.01 | % | | 211,410 | | | 4.67 | % | | Interactive Media & Services | 249,986 | | | 3.96 | % | | 168,052 | | | 3.71 | % | | Diversified Support Services | 247,818 | | | 3.92 | % | | 217,545 | | | 4.80 | % | | Life Sciences Tools & Services | 240,601 | | | 3.81 | % | | 45,002 | | | 0.99 | % | | Health Care Equipment | 218,650 | | | 3.46 | % | | 42,787 | | | 0.94 | % | | Packaged Foods & Meats | 187,329 | | | 2.97 | % | | 80,098 | | | 1.77 | % | | Specialized Consumer Services | 177,205 | | | 2.81 | % | | 54,395 | | | 1.20 | % | | Specialized Finance | 171,667 | | | 2.72 | % | | 58,235 | | | 1.29 | % | | Diversified Financial Services | 163,701 | | | 2.59 | % | | 161,995 | | | 3.58 | % | | Education Services | 145,636 | | | 2.31 | % | | 123,399 | | | 2.72 | % | | Insurance Brokers | 140,285 | | | 2.22 | % | | 113,638 | | | 2.51 | % | | Building Products | 129,528 | | | 2.05 | % | | — | | | — | % | | Multi-Sector Holdings | 121,133 | | | 1.92 | % | | 185,750 | | | 4.10 | % | | Health Care Technology | 113,061 | | | 1.79 | % | | 128,155 | | | 2.83 | % | | Industrial Machinery & Supplies & Components | 98,783 | | | 1.56 | % | | 104,147 | | | 2.30 | % | | Construction & Engineering | 97,237 | | | 1.54 | % | | 71,267 | | | 1.57 | % | | Wireless Telecommunication Services | 91,056 | | | 1.44 | % | | 71,808 | | | 1.59 | % | | Research & Consulting Services | 89,425 | | | 1.42 | % | | 36,858 | | | 0.81 | % | | Communications Equipment | 83,210 | | | 1.32 | % | | 87,981 | | | 1.94 | % | | Electrical Components & Equipment | 79,763 | | | 1.26 | % | | 83,736 | | | 1.85 | % | | Environmental & Facilities Services | 78,103 | | | 1.24 | % | | 77,721 | | | 1.72 | % | | Construction Machinery & Heavy Transportation Equipment | 77,329 | | | 1.22 | % | | 60,915 | | | 1.34 | % | | Property & Casualty Insurance | 76,793 | | | 1.22 | % | | 68,452 | | | 1.51 | % | | Other Specialty Retail | 75,179 | | | 1.19 | % | | 82,825 | | | 1.83 | % | | Office Services & Supplies | 73,153 | | | 1.16 | % | | 85,692 | | | 1.89 | % | | Cable & Satellite | 69,427 | | | 1.10 | % | | 20,900 | | | 0.46 | % | | Real Estate Services | 58,581 | | | 0.93 | % | | — | | | — | % | | Distributors | 56,946 | | | 0.90 | % | | 28,823 | | | 0.64 | % | | Soft Drinks & Non-alcoholic Beverages | 56,436 | | | 0.89 | % | | — | | | — | % | | Health Care Supplies | 54,758 | | | 0.87 | % | | 67,927 | | | 1.50 | % | | Asset Management & Custody Banks | 50,725 | | | 0.80 | % | | 58,889 | | | 1.30 | % | | Financial Exchanges & Data | 47,167 | | | 0.75 | % | | 47,635 | | | 1.05 | % | | Movies & Entertainment | 45,450 | | | 0.72 | % | | 39,844 | | | 0.88 | % | | Diversified Chemicals | 44,202 | | | 0.70 | % | | 15,085 | | | 0.33 | % | | Footwear | 43,690 | | | 0.69 | % | | — | | | — | % | | Trading Companies & Distributors | 43,309 | | | 0.69 | % | | 83,101 | | | 1.83 | % | | Air Freight & Logistics | 41,419 | | | 0.66 | % | | — | | | — | % | | Paper & Plastic Packaging Products & Materials | 37,688 | | | 0.60 | % | | 56,443 | | | 1.25 | % | | Food Distributors | 35,147 | | | 0.56 | % | | 21,638 | | | 0.48 | % | | Commodity Chemicals | 31,398 | | | 0.50 | % | | 31,556 | | | 0.70 | % | | Gold | 27,904 | | | 0.44 | % | | 27,777 | | | 0.61 | % | | Alternative Carriers | 25,035 | | | 0.40 | % | | — | | | — | % | | Hotels, Resorts & Cruise Lines | 20,557 | | | 0.33 | % | | 20,621 | | | 0.46 | % | | Consumer Finance | 18,262 | | | 0.29 | % | | 14,086 | | | 0.31 | % | | Specialty Chemicals | 17,325 | | | 0.27 | % | | — | | | — | % | | Biotechnology | 12,430 | | | 0.20 | % | | 12,632 | | | 0.28 | % | | Metal, Glass & Plastic Containers | 12,281 | | | 0.19 | % | | 24,703 | | | 0.55 | % | | Health Care Distributors | 10,598 | | | 0.17 | % | | 32,423 | | | 0.72 | % | | Real Estate Development | 10,079 | | | 0.16 | % | | 25,391 | | | 0.56 | % | | Passenger Airlines | 7,775 | | | 0.12 | % | | 11,285 | | | 0.25 | % | | Electronic Components | 99 | | | — | % | | 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, 2025 | | September 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 & Defense | 413,308 | | 6.50 | % | | 9.80 | % | | 168,200 | | 3.68 | % | | 5.32 | % | | Health Care Services | 300,432 | | 4.72 | % | | 7.12 | % | | 200,245 | | 4.38 | % | | 6.33 | % | | Pharmaceuticals | 298,382 | | 4.69 | % | | 7.08 | % | | 127,419 | | 2.78 | % | | 4.03 | % | | Systems Software | 255,509 | | 4.02 | % | | 6.06 | % | | 215,119 | | 4.70 | % | | 6.80 | % | | Interactive Media & Services | 254,448 | | 4.00 | % | | 6.03 | % | | 170,682 | | 3.73 | % | | 5.39 | % | | Diversified Support Services | 248,321 | | 3.90 | % | | 5.89 | % | | 219,822 | | 4.80 | % | | 6.95 | % | | Life Sciences Tools & Services | 241,886 | | 3.80 | % | | 5.74 | % | | 44,624 | | 0.98 | % | | 1.41 | % | | Health Care Equipment | 222,272 | | 3.49 | % | | 5.27 | % | | 44,170 | | 0.97 | % | | 1.40 | % | | Packaged Foods & Meats | 188,063 | | 2.96 | % | | 4.46 | % | | 80,657 | | 1.76 | % | | 2.55 | % | | Specialized Consumer Services | 177,227 | | 2.79 | % | | 4.20 | % | | 54,411 | | 1.19 | % | | 1.72 | % | | Specialized Finance | 171,800 | | 2.70 | % | | 4.07 | % | | 58,704 | | 1.28 | % | | 1.86 | % | | Diversified Financial Services | 167,894 | | 2.64 | % | | 3.98 | % | | 162,943 | | 3.56 | % | | 5.15 | % | | Education Services | 146,008 | | 2.29 | % | | 3.46 | % | | 125,101 | | 2.73 | % | | 3.95 | % | | Insurance Brokers | 140,882 | | 2.21 | % | | 3.34 | % | | 113,693 | | 2.48 | % | | 3.59 | % | | Building Products | 129,631 | | 2.04 | % | | 3.07 | % | | — | | | — | % | | — | % | | Multi-Sector Holdings | 123,043 | | 1.93 | % | | 2.92 | % | | 190,554 | | 4.16 | % | | 6.02 | % | | Health Care Technology | 121,416 | | 1.91 | % | | 2.88 | % | | 131,358 | | 2.87 | % | | 4.15 | % | | Industrial Machinery & Supplies & Components | 99,459 | | 1.56 | % | | 2.36 | % | | 104,754 | | 2.29 | % | | 3.31 | % | | Wireless Telecommunication Services | 93,140 | | 1.46 | % | | 2.21 | % | | 71,968 | | 1.57 | % | | 2.27 | % | | Research & Consulting Services | 89,597 | | 1.41 | % | | 2.12 | % | | 38,103 | | | 0.83 | % | | 1.20 | % | | Construction & Engineering | 86,921 | | 1.37 | % | | 2.06 | % | | 71,067 | | 1.55 | % | | 2.25 | % | | Communications Equipment | 82,870 | | 1.30 | % | | 1.97 | % | | 88,160 | | 1.93 | % | | 2.79 | % | | Other Specialty Retail | 81,121 | | 1.27 | % | | 1.92 | % | | 87,962 | | 1.92 | % | | 2.78 | % | | Electrical Components & Equipment | 79,441 | | 1.25 | % | | 1.88 | % | | 83,490 | | 1.82 | % | | 2.64 | % | | Construction Machinery & Heavy Transportation Equipment | 77,712 | | 1.22 | % | | 1.84 | % | | 62,291 | | 1.36 | % | | 1.97 | % | | Property & Casualty Insurance | 76,833 | | 1.21 | % | | 1.82 | % | | 68,654 | | 1.50 | % | | 2.17 | % | | Environmental & Facilities Services | 75,721 | | 1.19 | % | | 1.80 | % | | 77,622 | | 1.70 | % | | 2.45 | % | | Office Services & Supplies | 69,737 | | 1.10 | % | | 1.65 | % | | 83,843 | | 1.83 | % | | 2.65 | % | | Cable & Satellite | 68,572 | | 1.08 | % | | 1.63 | % | | 21,105 | | 0.46 | % | | 0.67 | % | | Real Estate Services | 58,556 | | 0.92 | % | | 1.39 | % | | — | | | — | % | | — | % | | Soft Drinks & Non-alcoholic Beverages | 56,510 | | 0.89 | % | | 1.34 | % | | — | | | — | % | | — | % | | Distributors | 56,155 | | 0.88 | % | | 1.33 | % | | 29,131 | | | 0.64 | % | | 0.92 | % | | Asset Management & Custody Banks | 55,272 | | 0.87 | % | | 1.31 | % | | 62,259 | | 1.36 | % | | 1.97 | % | | Health Care Supplies | 54,727 | | 0.86 | % | | 1.30 | % | | 68,395 | | | 1.49 | % | | 2.16 | % | | Diversified Chemicals | 50,284 | | 0.79 | % | | 1.19 | % | | 15,875 | | 0.35 | % | | 0.50 | % | | Financial Exchanges & Data | 47,823 | | 0.75 | % | | 1.13 | % | | 47,726 | | 1.04 | % | | 1.51 | % | | Movies & Entertainment | 45,963 | | 0.72 | % | | 1.09 | % | | 40,011 | | 0.87 | % | | 1.26 | % | | Footwear | 45,395 | | 0.71 | % | | 1.08 | % | | — | | | — | % | | — | % | | Trading Companies & Distributors | 43,404 | | 0.68 | % | | 1.03 | % | | 84,343 | | | 1.84 | % | | 2.67 | % | | Air Freight & Logistics | 41,430 | | 0.65 | % | | 0.98 | % | | — | | | — | % | | — | % | | Food Distributors | 38,359 | | 0.60 | % | | 0.91 | % | | 23,641 | | 0.52 | % | | 0.75 | % | | Paper & Plastic Packaging Products & Materials | 37,790 | | 0.59 | % | | 0.90 | % | | 56,646 | | 1.24 | % | | 1.79 | % | | Commodity Chemicals | 31,223 | | 0.49 | % | | 0.74 | % | | 31,916 | | 0.70 | % | | 1.01 | % | | Gold | 29,450 | | 0.46 | % | | 0.70 | % | | 29,672 | | 0.65 | % | | 0.94 | % | | Alternative Carriers | 26,868 | | 0.42 | % | | 0.64 | % | | — | | | — | % | | — | % | | Hotels, Resorts & Cruise Lines | 20,329 | | 0.32 | % | | 0.48 | % | | 20,415 | | 0.45 | % | | 0.65 | % | | Consumer Finance | 18,486 | | 0.29 | % | | 0.44 | % | | 13,952 | | 0.30 | % | | 0.44 | % | | Specialty Chemicals | 17,374 | | 0.27 | % | | 0.41 | % | | — | | | — | % | | — | % | | Biotechnology | 12,119 | | 0.19 | % | | 0.29 | % | | 12,273 | | 0.27 | % | | 0.39 | % | | Metal, Glass & Plastic Containers | 12,084 | | 0.19 | % | | 0.29 | % | | 25,307 | | 0.55 | % | | 0.80 | % | | Health Care Distributors | 10,230 | | 0.16 | % | | 0.24 | % | | 31,732 | | 0.69 | % | | 1.00 | % | | Real Estate Development | 10,138 | | 0.16 | % | | 0.24 | % | | 25,374 | | 0.55 | % | | 0.80 | % | | Passenger Airlines | 7,940 | | 0.12 | % | | 0.19 | % | | 12,093 | | 0.26 | % | | 0.38 | % | | Electronic Components | 100 | | — | % | | — | % | | 28,826 | | 0.63 | % | | 0.91 | % | | Data Processing & Outsourced Services | — | | | — | % | | — | % | | 57,220 | | 1.25 | % | | 1.81 | % | | Diversified Metals & Mining | — | | | — | % | | — | % | | 39,751 | | 0.87 | % | | 1.26 | % | | Health Care Facilities | — | | | — | % | | — | % | | 25,524 | | 0.56 | % | | 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 | % |
|
| Schedule of Financial Instruments Carried at Fair Value |
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 1 | | Level 2 | | Level 3 | | Total | | 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 warrants | | 23 | | | — | | | 13,285 | | | 13,308 | | | Preferred equity | | — | | | — | | | 18,731 | | | 18,731 | | | Total investments at fair value | | 23 | | | 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 1 | | Level 2 | | Level 3 | | Total | | 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 | |
|
| Schedule of Roll-forward of the Changes in Fair Value |
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 Equity | | Common Equity and Warrants | | Total | | Fair value as of March 31, 2025 | | $ | 3,893,763 | | | $ | 256,237 | | | $ | 16,582 | | | $ | 12,287 | | | $ | 4,178,869 | | | Purchases | | 767,295 | | | 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 income | | 1,504 | | | 783 | | | — | | | — | | | 2,287 | | | Accretion of OID | | 3,950 | | | 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 Equity | | Common Equity and Warrants | | Total | | Fair value as of March 31, 2024 | | $ | 2,009,889 | | | $ | 33,795 | | | $ | 12,814 | | | $ | 4,022 | | | $ | 2,060,520 | | | Purchases | | 541,256 | | | 188,809 | | | — | | | 124 | | | 730,189 | | | Sales and repayments | | (42,281) | | | — | | | — | | | — | | | (42,281) | | | Capitalized PIK interest income | | 1,803 | | | 567 | | | — | | | — | | | 2,370 | | | Accretion of OID | | 2,979 | | | 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 Equity | | Common Equity and Warrants | | Total | | Fair value as of September 30, 2024 | | $ | 2,890,580 | | | $ | 223,942 | | | $ | 14,008 | | | $ | 12,196 | | | $ | 3,140,726 | | | Purchases | | 2,074,529 | | | 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 income | | 5,198 | | | 2,240 | | | — | | | — | | | 7,438 | | | Accretion of OID | | 15,549 | | | 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 Equity | | Common Equity and Warrants | | Total | | Fair value as of September 30, 2023 | | $ | 1,063,761 | | | $ | 13,792 | | | $ | 5,748 | | | $ | 5,839 | | | $ | 1,089,140 | | | Purchases | | 1,577,752 | | | 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 income | | 4,011 | | | 1,398 | | | — | | | — | | | 5,409 | | | Accretion of OID | | 9,275 | | | 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.
|
| 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 June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | | Weighted
Average (a) | | Senior secured debt | | $ | 4,359,174 | | | Market Yield | | Market Yield | | (b) | 6.0% | - | 24.0% | | 9.7% | | | 10,751 | | Enterprise Value | | Revenue Multiple | | (e) | 2.1x | - | 2.3x | | 2.2x | | | 3,485 | | Enterprise Value | | EBITDA Multiple | | (e) | 7.2x | - | 9.2x | | 8.2x | | | 121,152 | | Transaction Precedent | | Transaction Price | | (c) | N/A | - | N/A | | N/A | | | 40,972 | | Broker Quotations | | Broker Quoted Price | | (d) | N/A | - | N/A | | N/A | | Subordinated debt | | 239,261 | | Market Yield | | Market Yield | | (b) | 5.0% | - | 12.0% | | 8.6% | | | 85,710 | | Transaction Precedent | | Transaction Price | | (c) | N/A | - | N/A | | N/A | | | 17,914 | | Broker Quotations | | Broker Quoted Price | | (d) | N/A | - | N/A | | N/A | | Common equity and warrants & preferred equity | | 22,582 | | Market Yield | | Market Yield | | (b) | 12.0% | - | 18.0% | | 14.3% | | | 7,212 | | Enterprise Value | | Revenue Multiple | | (e) | 1.9x | - | 5.0x | | 2.2x | | | 2,222 | | Enterprise Value | | EBITDA Multiple | | (e) | 6.5x | - | 11.8x | | 10.4x | | 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: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | | Weighted
Average (a) | | Senior secured debt | | $ | 2,693,219 | | | Market Yield | | Market Yield | | (b) | 5.7% | - | 22.0% | | 10.1% | | | 10,208 | | Enterprise Value | | Revenue Multiple | | (e) | 1.9x | - | 2.1x | | 2.0x | | | 2,391 | | Enterprise Value | | EBITDA Multiple | | (e) | 6.5x | - | 8.5x | | 7.5x | | | 92,340 | | Transaction Precedent | | Transaction Price | | (c) | N/A | - | N/A | | N/A | | | 92,422 | | Broker Quotations | | Broker Quoted Price | | (d) | N/A | - | N/A | | N/A | | Subordinated debt | | 223,942 | | Market Yield | | Market Yield | | (b) | 5.0% | - | 12.0% | | 8.6% | | Common equity and warrants & preferred equity | | 18,187 | | Enterprise Value | | Revenue Multiple | | (e) | 0.5x | - | 7.2x | | 2.0x | | | 8,017 | | Enterprise Value | | EBITDA Multiple | | (e) | 7.3x | - | 15.0x | | 13.5x | | 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.
|