v3.25.2
Financial Highlights (Tables)
 9 Months Ended
Jun. 30, 2025
Investment Company [Abstract]  
Schedule of Financial Highlights
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 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 %
(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 IClass SClass DClass IClass SClass DClass IClass SClass DClass IClass SClass 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 period110,042 52,027 157 69,973 34,601 53 89,884 44,323 81 44,103 20,787 6 
Common shares outstanding at end of period127,124 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.