Fair Value Measurements (Tables)
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12 Months Ended |
Sep. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets Measured on Recurring Basis |
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of September 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2025 | | Fair Value Measurements Using | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | Debt investments(1) | | $ | — | | | $ | — | | | $ | 2,174,044 | | | $ | 2,174,044 | | Equity investments(1) | | — | | | — | | | 35,130 | | | 35,130 | | Money market funds(1)(2) | | 46,041 | | | — | | | — | | | 46,041 | | | | | | | | | | | | Total assets, at fair value: | | $ | 46,041 | | | $ | — | | | $ | 2,209,174 | | | $ | 2,255,215 | | | Liabilities, at fair value: | | | | | | | | | | Forward currency contracts | | $ | — | | | $ | (864) | | | $ | — | | | $ | (864) | | | Total liabilities, at fair value: | | $ | — | | | $ | (864) | | | $ | — | | | $ | (864) | | | | | | | | | | | | As of September 30, 2024 | | Fair Value Measurements Using | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | Debt investments(1) | | $ | — | | | $ | — | | | $ | 1,294,931 | | | $ | 1,294,931 | | Equity investments(1) | | — | | | — | | | 16,070 | | | 16,070 | | Money market funds(1)(2) | | 20,893 | | | — | | | — | | | 20,893 | | | | | | | | | | | | Total assets, at fair value: | | $ | 20,893 | | | $ | — | | | $ | 1,311,001 | | | $ | 1,331,894 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) Refer to the Consolidated Schedules of Investments for further details. (2) Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
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| Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following tables present the changes in investments measured at fair value using Level 3 inputs for the years ended September 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | For the year ended September 30, 2025 | | | Debt
Investments | | Equity
Investments | | Total
Investments | | Fair value, beginning of year | $ | 1,294,931 | | | $ | 16,070 | | | $ | 1,311,001 | | | Net change in unrealized appreciation (depreciation) on investments | 1,227 | | | 4,066 | | | 5,293 | | | Net translation of investments in foreign currencies | 7,948 | | | (4) | | | 7,944 | | | | | | | | | Realized gain (loss) on translation of investments in foreign currencies | 122 | | | — | | | 122 | | | Fundings of (proceeds from) revolving loans, net | 5,121 | | | — | | | 5,121 | | | Fundings of investments | 986,577 | | | 17,441 | | | 1,004,018 | | | PIK interest and non-cash dividends | 9,486 | | | 628 | | | 10,114 | | | Proceeds from non-cash dividends | — | | | (208) | | | (208) | | | Proceeds from principal payments and sales of portfolio investments | (136,788) | | | (2,863) | | | (139,651) | | | Accretion of discounts and amortization of premiums | 5,420 | | | — | | | 5,420 | | | Fair value, end of year | $ | 2,174,044 | | | $ | 35,130 | | | $ | 2,209,174 | |
| | | | | | | | | | | | | | | | | | | For the year ended September 30, 2024 | | Debt
Investments | | Equity
Investments | | Total
Investments | | Fair value, beginning of year | $ | 313,688 | | | $ | 5,227 | | | $ | 318,915 | | | Net change in unrealized appreciation (depreciation) on investments | 13,489 | | | 859 | | | 14,348 | | | Net translation of investments in foreign currencies | 3,043 | | | — | | | 3,043 | | | Realized gain (loss) on investments | 33 | | | (3) | | | 30 | | | Realized gain (loss) on translation of investments in foreign currencies | 30 | | | — | | | 30 | | | Fundings of (proceeds from) revolving loans, net | 2,253 | | | — | | | 2,253 | | | Fundings of investments | 989,310 | | | 9,806 | | | 999,116 | | | PIK interest and non-cash dividends | 6,286 | | | 181 | | | 6,467 | | | Proceeds from principal payments and sales of portfolio investments | (36,279) | | | — | | | (36,279) | | | Accretion of discounts and amortization of premiums | 3,078 | | | — | | | 3,078 | | | Fair value, end of year | $ | 1,294,931 | | | $ | 16,070 | | | $ | 1,311,001 | |
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | Fair value as of September 30, 2025 | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average)(1) | | Assets: | | | | | | | | | Senior secured loans | $ | 77,408 | | | Yield analysis | | Market interest rate | | 7.3% - 9.0% (8.3%) | | | | Market comparable companies | | EBITDA multiples | | 6.0x - 20.0x (10.6x) | | | | | | | | | One stop loans(2)(3) | $ | 2,043,193 | | | Yield analysis | | Market interest rate | | 3.8% - 20.5% (8.6%) | | | | Market comparable companies | | EBITDA multiples | | 8.0x - 33.0x (15.8x) | | | | Market comparable companies | | Revenue multiples | | 2.0x - 15.0x (9.1x) | | 19,980 | | | Broker/dealer bids or quotes | | Broker/dealer bids or quotes | | N/A | Subordinated debt and second lien loans(4) | $ | 33,463 | | | Yield analysis | | Market interest rate | | 9.8% - 15.0% (11.1%) | | | | Market comparable companies | | EBITDA multiples | | 9.5x - 24.0x (17.8x) | | | | | | | | | Equity(5) | $ | 35,130 | | | Market comparable companies | | EBITDA multiples | | 8.0x - 28.0x (17.4x) | | | | | | Revenue multiples | | 2.0x - 15.0x (11.3x) |
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)$49 of loans at fair value were valued using the market comparable companies approach only. (3)The Company valued $1,758,059 and $285,134 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (4)$66 of loans at fair value were valued using the market comparable companies approach only. (5)The Company valued $29,941 and $5,189 of equity investments using EBITDA and revenue multiples, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | Fair value as of September 30, 2024 | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average)(1) | | Assets: | | | | | | | | | Senior secured loans | $ | 39,358 | | | Yield analysis | | Market interest rate | | 8.5% - 9.5% (8.9%) | | | | Market comparable companies | | EBITDA multiples | | 6.5x - 16.0x (8.6x) | | | | | | | | | One stop loans(2) | $ | 1,215,534 | | | Yield analysis | | Market interest rate | | 6.3% - 21.0% (9.3%) | | | | Market comparable companies | | EBITDA multiples | | 8.0x - 38.0x (16.4x) | | | | Market comparable companies | | Revenue multiples | | 2.8x - 16.5x (9.4x) | | $ | 34,672 | | | Broker/dealer bids or quotes | | Broker/dealer bids or quotes | | N/A | | | | | | | | | | Subordinated debt and second lien loans | $ | 5,367 | | | Yield analysis | | Market interest rate | | 10.8% - 15.0% (12.2%) | | | | Market comparable companies | | EBITDA multiples | | 9.5x - 24.0x (12.3x) | | | | | | | | | Equity(3) | $ | 16,070 | | | Market comparable companies | | EBITDA multiples | | 9.0x - 23.0x (16.6x) | | | | | | Revenue multiples | | 2.8x - 16.5x (15.3x) |
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)The Company valued $1,027,881 and $187,653 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (3)The Company valued $14,365 and $1,705 of equity investments using EBITDA and revenue multiples, respectively.
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following are the carrying values and fair values of the Company’s debt as of September 30, 2025 and 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2025 | | As of September 30, 2024 | | | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | | | | | Debt | $ | 1,189,555 | | | $ | 1,189,555 | | | $ | 691,985 | | | $ | 691,985 | | | | | | | | | | | | | | | | | |
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