v3.26.1
Borrowings (Tables)
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Securitization
For the year ended September 30, 2025, the components of interest expense, cash paid for interest, annualized average stated interest rates and average outstanding balances for the 2025 Debt Securitization were as follows:
Year ended September 30,
202520242023
Stated interest expense$13,664 $— $— 
Amortization of debt issuance costs214 — — 
Total interest expense$13,878 $— $— 
Cash paid for interest expense$— $— $— 
Average stated interest rate6.1 %N/AN/A
Average outstanding balance$225,542 $— $— 
For the years ended September 30, 2025, 2024 and 2023, the components of interest expense, cash paid for interest expense, average stated interest rates, and average outstanding balances for the PNC Facility were as follows:
Year ended September 30,
202520242023
Stated interest expense$8,245 $23,367 $6,777 
Facility fees84 129 39 
Amortization of debt issuance costs1,004 1,122 327 
Total interest expense$9,333 $24,618 $7,143 
Cash paid for interest expense$14,755 $19,615 $4,684 
Average stated interest rate(1)
6.7 %7.7 %6.8 %
Average outstanding balance$123,928 $305,019 $100,127 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:
Year ended September 30,
202520242023
Stated interest expense$15,258 $7,882 $— 
Facility fees934 499 — 
Amortization of debt issuance costs918 274 — 
Total interest expense$17,110 $8,655 $— 
Cash paid for interest expense$18,261 $3,427 $— 
Average stated interest rate(1)
6.5 %7.7 %N/A
Average outstanding balance$234,266 $102,313 $— 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the BNP Credit Facility were as follows:
Year ended September 30,
202520242023
Stated interest expense$22,153 $914 $— 
Amortization of debt issuance costs1,925 248 — 
Total interest expense$24,078 $1,162 $— 
Cash paid for interest expense$21,498 $— $— 
Average stated interest rate(1)
6.3 %7.3 %N/A
Average outstanding balance$349,688 $12,454 $— 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the years ended September 30, 2025, 2024 and 2023, the stated interest expense, cash paid for interest expense, average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Year ended September 30,
202520242023
Stated interest expense$267 $68 $84 
Cash paid for interest expense140 67 158 
Average stated interest rate(1)
4.1 %5.0 %5.0 %
Average outstanding balance$6,507 $1,361 $1,675 
(1)The average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollar.
For the years ended September 30, 2025, 2024 and 2023 the components of interest expense, average stated interest rates and average outstanding balances for short-term borrowings were as follows:
Year ended September 30,
202520242023
Stated interest expense$— $3,682 $— 
Cash paid for interest expense— 3,682 — 
Average stated interest rate— %8.3 %N/A
Average outstanding balance$— $44,215 $— 
Schedule of Interest Rate and Interest Differential Analysis
As of September 30, 2025, the classes, amounts, ratings and interest rates in effect (expressed as a spread to three-month SOFR) of the Class A-1 2025 Notes, Class A-2 2025 Notes and Class B 2025 Notes are as follows:
DescriptionClass A-1 2025 NotesClass A-2 2025 NotesClass B 2025 Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$667,000$40,250$92,000
S&P Rating“AAA”“AAA”“AA”
Interest Rate
SOFR + 1.63%
SOFR + 1.80%
SOFR + 2.00%
Schedule of Maturities of Long-Term Debt
A summary of the Company’s maturity requirements for borrowings as of September 30, 2025 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
DB Credit Facility$198,117 $— $— $198,117 $— 
BNP Credit Facility192,188 — — 192,188 — 
2025 Debt Securitization799,250 — — — 799,250 
Total borrowings$1,189,555 $— $— $390,305 $799,250