v3.26.1
Fair Value Measurements
 9 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6. Fair Value Measurements

The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. Effective August 2, 2024, the Board designated the Investment Adviser as the Company’s Valuation Designee in accordance with Rule 2a-5 under the 1940 Act. The Company’s fair value analysis, currently undertaken by the Valuation Designee, includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: 
Level 1:     Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities.
Level 3:     Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation.
In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Currently, the Valuation Designee assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. During the nine months ended June 30, 2026 and 2025, certain debt investments with a fair value of $46,027 and $7,992, respectively, transferred from Level 2 to Level 3 of the fair value hierarchy. During the nine months ended June 30, 2026 and 2025, certain debt investments with a fair value of $63,031 and $22,872, respectively, transferred from Level 3 to Level 2 of the fair value hierarchy. The transfers into or out of Level 3 were primarily due to decreased or increased transparency of the observable prices for both the nine months ended June 30, 2026 and 2025. The following section describes the valuation techniques used to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.
Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Valuation Designee, based on input of the Valuation Designee’s personnel and independent valuation firms that have been engaged at the direction of the Valuation Designee to assist in the valuation of each portfolio investment without a readily available market quotation. For periods ending on or before December 31, 2025, at least every other quarter, the valuation for each portfolio investment prepared by the professionals of the Valuation Designee responsible for the valuation function, based on the fair value methodology in accordance with ASC Topic 820 described below (subject to a de minimis threshold) was reviewed by an independent valuation firm. This valuation process was conducted at the end of each fiscal quarter, with each portfolio investment being reviewed at least every other quarter (subject to a de minimis threshold) with approximately 50% (based on the fair value of portfolio company investments) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. For periods beginning after December 31, 2025, the valuation process is conducted on a monthly basis and this monthly valuation process begins with each portfolio investment being initially valued, based on the fair value methodology in accordance with ASC Topic 820 described below, either by (i) professionals of the Valuation Designee responsible for the valuation function or (ii) investment valuation firms that have been engaged to support the valuation of portfolio investments. The valuation for each portfolio investment, or approximately 100% (based on the fair value of portfolio company investments) of the Company’s debt and equity investments without readily available market quotations (subject to a de minimis threshold), was either (i) performed by or (ii) reviewed by an independent valuation firm. As of June 30, 2026, $1,276,609 and $8,339,916 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of September 30, 2025, $1,750,395 and $6,804,856 of investments were valued using Level 2 inputs and Level 3 inputs, respectively. As of June 30, 2026 and September 30, 2025, all interest rate swaps and forward currency contracts were valued using Level 2 inputs and all money market funds included in cash equivalents and restricted cash equivalents were valued using Level 1 inputs.
When determining fair value of Level 3 debt and equity investments, the Valuation Designee takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly-traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. The Valuation Designee may also employ other valuation multiples to determine enterprise value, such as revenues. If debt investments are credit impaired, the Valuation Designee will use the enterprise value analysis or a liquidation basis analysis to determine fair value, which may include evaluating multiple recovery scenarios and weighting the expected outcomes based on their likelihood. For debt investments that are not determined to be credit impaired, the Valuation Designee uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Valuation Designee bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service or directly from independent brokers. Bid prices reflect the highest price that the Company and others could be willing to pay. Ask prices represent the lowest price that the Company and others could be willing to accept. The Valuation Designee generally uses the midpoint of the independent third-party market “bid” and “ask” quotes to determine the value of our portfolio investments but may use another value if the Valuation Designee determines it better represents the investment’s fair value. While market price quotes from third-party pricing sources may be available, the Valuation Designee has the discretion to seek and utilize independent quotes from independent broker dealers to determine the fair value of the applicable portfolio investment. The Valuation Designee may obtain and consider both “bid” and “ask” quotes from either independent third-party vendors or directly from independent brokers.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments could differ significantly from the values that would have been used had a ready market existed for such investments and could differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly-traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded.

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

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
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$— $1,276,609 $8,240,249 $9,516,858 
Equity investments(1)
— — 99,667 99,667 
Money market funds(1)(2)
94,337 — — 94,337 
Forward currency contracts— 2,277 — 2,277 
Interest rate swaps— 3,651 — 3,651 
Total assets, at fair value:$94,337 $1,282,537 $8,339,916 $9,716,790 
Liabilities, at fair value:
Forward currency contracts$— $(4,023)$— $(4,023)
Interest rate swaps— (23,799)— (23,799)
Total liabilities, at fair value:$— $(27,822)$— $(27,822)
As of September 30, 2025
Fair Value Measurements Using
DescriptionLevel 1Level 2Level 3Total
Assets, at fair value:
Debt investments(1)
$— $1,750,395 $6,740,019 $8,490,414 
Equity investments(1)
— — 64,837 64,837 
Money market funds(1)(2)
412,636 — — 412,636 
Forward currency contracts— 388 — 388 
Interest rate swaps— 23,013 — 23,013 
Total assets, at fair value:$412,636 $1,773,796 $6,804,856 $8,991,288 
Liabilities, at fair value:
Forward currency contracts$— $(9,507)$— $(9,507)
Interest rate swaps— (3,121)— (3,121)
Total liabilities, at fair value:$— $(12,628)$— $(12,628)
(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.

The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2026 reported within the “Net change in unrealized appreciation (depreciation) from investments” in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held at the end of each period was $6,231 and $(117,669), respectively. The net change in unrealized appreciation (depreciation) for the three and nine months ended June 30, 2025 reported within the "Net change in unrealized appreciation (depreciation) from investments” in the Company’s Consolidated Statements of Operations attributable to the Company’s Level 3 assets held at the end of each period was $45,227 and $51,099, respectively.
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$6,740,019 $64,837 $6,804,856 
Net change in unrealized appreciation (depreciation) on investments(111,245)(1,209)(112,454)
Net translation of investments in foreign currencies(14,796)(58)(14,854)
Realized gain (loss) on investments(5,301)589 (4,712)
Realized gain (loss) on translation of investments in foreign currencies4,956 — 4,956 
Fundings of (proceeds from) revolving loans, net45,572 — 45,572 
Purchases and fundings of investments2,335,409 76,705 2,412,114 
PIK interest and non-cash dividends36,268 1,926 38,194 
Proceeds from non-cash dividends— (255)(255)
Proceeds from principal payments and sales of portfolio investments(786,964)(42,868)(829,832)
Accretion of discounts and amortization of premiums13,335 — 13,335 
Transfers into Level 3(1)
46,027 — 46,027 
Transfers out of Level 3(1)
(63,031)— (63,031)
Fair value, end of period$8,240,249 $99,667 $8,339,916 

For the nine months ended June 30, 2025
Debt
Investments		Equity
Investments		Total
Investments
Fair value, beginning of period$2,638,140 $11,443 $2,649,583 
Net change in unrealized appreciation (depreciation) on investments12,819 1,159 13,978 
Net translation of investments in foreign currencies35,679 — 35,679 
Realized gain (loss) on investments1 — 1 
Realized gain (loss) on translation of investments in foreign currencies(23)— (23)
Fundings of (proceeds from) revolving loans, net8,896 — 8,896 
Purchases and fundings of investments2,879,760 32,811 2,912,571 
PIK interest and non-cash dividends14,928 649 15,577 
Proceeds from principal payments and sales of portfolio investments(280,015)— (280,015)
Accretion of discounts and amortization of premiums9,568 — 9,568 
Transfers into Level 3(1)
7,992 — 7,992 
Transfers out of Level 3(1)
(22,872)— (22,872)
Fair value, end of period$5,304,873 $46,062 $5,350,935 
(1) Transfers between levels are recognized at the beginning of the period in which the transfers occur.
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 TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:
Senior secured loans$343,769 Yield analysisMarket interest rate
8.5% - 14.0% (9.0%)
Market comparable companiesEBITDA multiples
5.5x - 20.5x (11.2x)
105,602 Broker quotesBroker quotesN/A
One stop loans(2)(3)
$7,414,204 Yield analysisMarket interest rate
7.5% - 21.0% (9.5%)
Market comparable companiesEBITDA multiples
6.8x - 29.3x (14.6x)
Revenue multiples
0.8x - 14.0x (7.8x)
76,611 Broker quotesBroker quotesN/A
Subordinated debt and second lien loans$88,966 Yield analysisMarket interest rate
10.5% - 14.0% (12.1%)
Market comparable companiesEBITDA multiples
13.0x - 21.0x (18.1x)
Structured finance notes$211,097 Broker quotesBroker quotesN/A
Equity(4)
$99,667 Market comparable companiesEBITDA multiples
5.5x - 26.0x (16.5x)
Revenue multiples
0.8x - 13.0x (9.0x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)The Company valued $6,771,664 and $642,540 of one stop loans using EBITDA and revenue multiples, respectively.
(3)$6,732 of loans at fair value were valued using the market comparable companies approach only.
(4)The Company valued $67,851 and $31,816 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 TechniquesUnobservable Input
Range (Weighted Average)(1)
Assets:
Senior secured loans$358,580 Yield analysisMarket interest rate
7.3% - 12.5% (8.3%)
Market comparable companiesEBITDA multiples
6.0x - 20.0x (13.5x)
178,937 Broker quotesBroker quotesN/A
One stop loans(2)(3)
$5,901,144 Yield analysisMarket interest rate
3.8% - 20.5% (8.6%)
Market comparable companiesEBITDA multiples
8.0x - 34.4x (15.9x)
Revenue multiples
1.8x - 15.0x (8.2x)
47,696 Broker quotesBroker quotesN/A
Subordinated debt and second lien loans(4)
$92,730 Yield analysisMarket interest rate
8.8% - 15.0% (10.1%)
Market comparable companiesEBITDA multiples
12.5x - 24.0x (18.4x)
Structured finance note$147,182 Broker quotesBroker quotesN/A
13,750 Transactional valueCostN/A
Equity(5)
$64,837 Market comparable companiesEBITDA multiples
8.0x - 25.5x (18.2x)
Revenue multiples
1.8x - 11.1x (9.3x)
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
(2)The Company valued $5,262,911 and $638,233 of one stop loans using EBITDA and revenue multiples, respectively.
(3)$11,327 of loans at fair value were valued using the market comparable companies approach only.
(4)$66 of loans at fair value were valued using the market comparable companies approach only.
(5)The Company valued $50,649 and $14,188 of equity investments using EBITDA and revenue multiples, respectively.
The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Valuation Designee.
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Valuation Designee uses EBITDA multiples and, to a lesser extent, revenue multiples on the Company’s debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Valuation Designee uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan could have been lower.

Other Financial Assets and Liabilities

ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. As a result, with the exception of the line item titled “Debt” and “Other short-term borrowings” which are reported at cost or the carrying value (as defined in the table below), all assets and liabilities approximate fair value on the Consolidated Statements of Financial Condition due to their short maturity. The fair value of the Company's 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes are based on vendor pricing received by the Company, which is considered a Level 2 input. The fair value of the Company’s 2027 Notes and debt securitizations are estimated using Level 3 inputs by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date, if available. The fair value of the Company’s revolving credit facilities and short-term borrowings approximates their carrying value due to their variable interest rates based on selected short-term rates.

The following are the carrying values and fair values of the Company’s debt and other short-term borrowings as of June 30, 2026 and September 30, 2025:

As of June 30, 2026
As of September 30, 2025
  Carrying ValueFair ValueCarrying ValueFair Value
Debt(1)
$5,170,226 $5,174,039 $4,699,707 $4,729,387 
Other short-term borrowings134,315 134,315 74,178 74,178 
(1)As of June 30, 2026 and September 30, 2025, carrying value is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2027 Tranche A Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes. See Note 5 for additional information.