Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present fair value measurements of the Company’s assets and liabilities recorded at fair value and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of June 30, 2026 and September 30, 2025:


As of June 30, 2026	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	2,626,368	$	2,626,368
Equity investments(1)	—		—		41,121		41,121
Money market funds(1)(2)	39,950		—		—		39,950
Forward currency contracts	—		51		—		51
Total assets, at fair value:	$	39,950	$	51	$	2,667,489	$	2,707,490
Liabilities, at fair value:
Forward currency contracts	$	—	$	(554)	$	—	$	(554)
Total liabilities, at fair value:	$	—	$	(554)	$	—	$	(554)

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)

(1) Refer to the Consolidated Schedules of Investments for further details.

(2) Included in “Cash equivalents” and “Restricted cash equivalents” on the Consolidated Statements of Financial Condition.

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 nine months ended June 30, 2026 and 2025:


	For the nine months ended June 30, 2026
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	2,174,044	$	35,130	$	2,209,174
Net change in unrealized appreciation (depreciation) on investments	(33,984)		(1,772)		(35,756)
Net translation of investments in foreign currencies	(4,225)		(10)		(4,235)
Realized gain (loss) on investments	64		1,255		1,319
Realized gain (loss) on translation of investments in foreign currencies	823		—		823
Fundings of (proceeds from) revolving loans, net	15,684		—		15,684
Fundings of investments	626,595		16,480		643,075
PIK interest and non-cash dividends	11,390		711		12,101
Proceeds from non-cash dividends	—		(111)		(111)
Proceeds from principal payments and sales of portfolio investments	(169,194)		(10,562)		(179,756)
Accretion of discounts and amortization of premiums	5,171		—		5,171
Fair value, end of period	$	2,626,368	$	41,121	$	2,667,489


	For the nine months ended June 30, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	1,294,931	$	16,070	$	1,311,001
Net change in unrealized appreciation (depreciation) on investments	1,803		2,257		4,060
Net translation of investments in foreign currencies	9,225		—		9,225

Realized gain (loss) on translation of investments in foreign currencies	105		—		105
Fundings of (proceeds from) revolving loans, net	5,697		—		5,697
Fundings of investments	623,803		12,373		636,176
PIK interest and non-cash dividends	6,973		387		7,360
Proceeds from non-cash dividends	—		(170)		(170)
Proceeds from principal payments and sales of portfolio investments	(81,345)		(349)		(81,694)
Accretion of discounts and amortization of premiums	3,722		—		3,722
Fair value, end of period	$	1,864,914	$	30,568	$	1,895,482

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 June 30, 2026 and September 30, 2025:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of

June 30, 2026

Valuation Techniques

Unobservable Input

Range (Weighted Average)(1)

Assets:

Senior secured loans

120,063

Yield analysis

Market interest rate

8.5% - 10.3% (8.8%)

Market comparable companies

EBITDA multiples

5.5x - 20.5x (10.6x)

One stop loans(2)(3)

2,456,010

Yield analysis

Market interest rate

7.5% - 21.0% (9.5%)

Market comparable companies

EBITDA multiples

7.5x - 29.3x (14.7x)

Revenue multiples

1.3x - 14.0x (8.2x)

24,718

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans

25,577

Yield analysis

Market interest rate

10.5% - 13.5% (11.5%)

Market comparable companies

EBITDA multiples

9.5x - 21.0x (18.4x)

Equity(4)

41,121

Market comparable companies

EBITDA multiples

5.5x - 26.0x (16.1x)

Revenue multiples

1.3x - 14.0x (9.9x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$2,274 of loans at fair value were valued using the market comparable companies approach only.

(3)The Company valued $2,173,599 and $282,411 of one stop loans using EBITDA and revenue multiples, respectively.

(4)The Company valued $33,790 and $7,331 of equity investments using EBITDA and revenue multiples, respectively.

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)

Revenue multiples

2.0x - 15.0x (9.1x)

19,980

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.

(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.

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 June 30, 2026 and September 30, 2025:


	As of June 30, 2026				As of September 30, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	1,496,929	$	1,496,929	$	1,189,555	$	1,189,555

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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