v3.26.1
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2026
Sep. 30, 2025
Assets    
Investments, at fair value $ 8,196,353 [1] $ 8,769,389 [2]
Cash 12,949 0
Cash equivalents 13 11,935
Foreign currencies (cost of $7,132 and $11,685, respectively) 7,044 11,681
Restricted cash 7,098 7,107
Restricted cash equivalents 43,559 81,720
Interest receivable 60,888 68,031
Receivable for investments 5,197 7,273
Net unrealized appreciation on derivatives 5,537 12,129
Other assets 928 9,034
Total Assets 8,339,566 8,978,299
Liabilities    
Debt 4,561,799 4,926,778
Less unamortized debt issuance costs (24,247) (26,005)
Debt less unamortized debt issuance costs 4,537,552 4,900,773
Net unrealized depreciation on derivatives 3,187 5,023
Interest payable 48,007 38,254
Management and income incentive fees payable 36,152 40,884
Accrued trustee fees 489 1,039
Accounts payable and other liabilities 9,310 9,759
Total Liabilities 4,634,697 4,995,732
Commitments and Contingencies (Note 8)
Net Assets    
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2026 and September 30, 2025 0 0
Common stock, par value $0.001 per share, 500,000,000 shares authorized, 260,033,889 and 266,008,083 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively 260 266
Paid in capital in excess of par 3,953,049 4,031,117
Distributable earnings (losses) (248,440) (48,816)
Total Net Assets 3,704,869 3,982,567
Total Liabilities and Total Net Assets $ 8,339,566 $ 8,978,299
Number of common shares outstanding (in shares) 260,033,889 266,008,083
Net asset value per common share (in dollars per share) $ 14.25 $ 14.97
Non-controlled/non-affiliate company investments    
Assets    
Investments, at fair value $ 7,899,057 [1] $ 8,463,764 [2]
Non-controlled affiliate company investments    
Assets    
Investments, at fair value 285,326 [1] 293,763 [2],[3]
Controlled affiliate company investments    
Assets    
Investments, at fair value $ 11,970 [1],[4] $ 11,862 [2],[5]
[1] The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
[2] The fair values of investments were valued using significant unobservable inputs, unless noted otherwise. See Note 6. The fair value of loan investments may include the impact of the unfunded commitment being valued below par.
[3] As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns five percent or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended September 30, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2025Interest, dividend and fee income
Abita Brewing Co. LLC$6,000 $11,690 $(9,725)$(2,749)$— $5,216 $114 
Bayside Opco, LLC29,127 1,165 (156)3,850 — 33,986 3,263 
Benetech, Inc.1,793 — (189)485 — 2,089 8 
Chestnut Optical Midco, Inc.(c)
93,864 3,717 — 4,371 — 101,952 3,440 
Elite Dental Partners LLC11,696 1,145 — (2,149)— 10,692 223 
Fleet Farm Group LLC— 32,523 — 720 — 33,243 416 
G & H Wire Company, Inc.— 6,657 — (587)— 6,070 251 
IMPLUS Footcare, LLC— 23,769 — — — 23,769 238 
Opening Day Borrower 111 LLC24,936 12,900 (8,225)(6,375)— 23,236 303 
Reaction Biology Corporation— 10,426 (1,684)(1,483)— 7,259 182 
SPF Borrower LLC36,653 620 (328)524 — 37,469 2,994 
Switchfly LLC7,313 2,547 (1,427)349 — 8,782 26 
Total Non-Controlled Affiliates$211,382 $107,159 $(21,734)$(3,044)$— $293,763 $11,458 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.
(c)
Formerly known as Imperial Optical Midco Inc.
[4] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the nine months ended June 30, 2026 were as follows:
Portfolio Company
Fair value as of September 30, 2025
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)
Fair value as of June 30, 2026
Interest, dividend and fee income
MMan Acquisition Co.$11,862 $402 $— $(294)$— $11,970 $416 
Total Controlled Affiliates$11,862 $402 $— $(294)$— $11,970 $416 
[5] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” of and “control” this portfolio company as the Company owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company (including through a management agreement) (“controlled affiliate”). Transactions related to investments in controlled affiliates for the year ended September 30, 2025 were as follows:
Portfolio CompanyFair value as of September 30, 2024
Gross additions(a)
Gross reductions(b)
Net change in unrealized appreciation (depreciation)Net realized gain (loss)Fair value as of September 30, 2025Interest, dividend and fee income
MMan Acquisition Co.$12,205 $490 $— $(833)$— $11,862 $510 
Total Controlled Affiliates$12,205 $490 $— $(833)$— $11,862 $510 
(a)
Gross additions could include increases in the cost basis of investments resulting from new investments, amounts related to PIK interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement of an existing portfolio company into this affiliated category from a different category.
(b)
Gross reductions could include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the reversal of capitalized PIK for non-accrual positions and the exchange of one or more existing securities for one or more new securities.