v3.26.1
Borrowings (Tables)
 9 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Securitization
For the three and nine months ended June 30, 2026 and 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:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$10,818 $1,459 $33,138 $1,459 
Amortization of debt issuance costs191 23 571 23 
Total interest and other debt financing expenses$11,009 $1,482 $33,709 $1,482 
Cash paid for interest expense$10,687 $— $38,240 $— 
Annualized average stated interest rate5.4 %6.1 %5.5 %6.1 %
Average outstanding balance$799,250 $96,613 $799,250 $32,204 
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the PNC Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$— $1,784 $— $8,245 
Facility fees— 47 — 84 
Amortization of debt issuance costs— 335 — 1,004 
Total interest and other debt financing expenses$— $2,166 $— $9,333 
Cash paid for interest expense$— $4,391 $— $14,755 
Annualized average stated interest rate(1)
N/A6.5 %N/A6.7 %
Average outstanding balance$— $110,784 $— $164,495 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the DB Credit Facility were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$1,784 $3,183 $6,825 $12,350 
Facility fees537 254 1,091 673 
Amortization of debt issuance costs312 311 935 604 
Total interest and other debt financing expenses$2,633 $3,748 $8,851 $13,627 
Cash paid for interest expense$2,605 $4,055 $8,666 $14,887 
Annualized average stated interest rate(1)
5.1 %6.4 %5.3 %6.7 %
Average outstanding balance$139,611 $198,687 $173,219 $246,132 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the BNP Credit Facility were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$6,114 $8,367 $14,751 $19,966 
Amortization of debt issuance costs480 480 1,439 1,440 
Total interest and other debt financing expenses$6,594 $8,847 $16,190 $21,406 
Cash paid for interest expense$5,000 $8,202 $12,037 $15,085 
Annualized average stated interest rate(1)
5.3 %6.3 %5.3 %6.4 %
Average outstanding balance$458,874 $531,137 $371,566 $414,351 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.
For the three and nine months ended June 30, 2026 and 2025, the components of interest expense, cash paid for interest expense, annualized average stated interest rates and average outstanding balances for the Adviser Revolver were as follows:
Three months ended June 30,
Nine months ended June 30,
2026202520262025
Stated interest expense$— $140 $— $140 
Cash paid for interest expense— — 127 — 
Annualized average stated interest rate(1)
N/A4.1 %N/A4.1 %
Average outstanding balance$— $13,673 $— $4,559 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies, if any, to U.S. dollar.
Schedule of Interest Rate and Interest Differential Analysis
As of June 30, 2026, 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 June 30, 2026 is as follows:
Payments Due by Period
  TotalLess Than
1 Year		1 – 3 Years3 – 5 YearsMore Than
5 Years
DB Credit Facility$195,595 $— $— $195,595 $— 
BNP Credit Facility502,084 — — 502,084 — 
2025 Debt Securitization799,250 — — — 799,250 
Total borrowings$1,496,929 $— $— $697,679 $799,250