Derivatives (Tables)
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9 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Outstanding Forward Currency Contracts |
The outstanding forward currency contracts as of June 30, 2026 and September 30, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | | | | | | | | | | | | | Counterparty | | Currency to be sold | | Currency to be purchased | | Settlement date | | Unrealized appreciation | | Unrealized depreciation | | Macquarie Bank Limited | | € | 33,000 | | EUR | | $ | 38,801 | | USD | | 4/19/2027 | | $ | 605 | | | $ | — | | | | | | | | | | | | $ | 605 | | | $ | — | | | | | | | | | | | | | | | | Morgan Stanley Capital Services LLC | | € | 14,700 | | EUR | | $ | 16,580 | | USD | | 4/9/2027 | | $ | — | | | $ | (405) | | | Morgan Stanley Capital Services LLC | | £ | 33,200 | | GBP | | $ | 42,765 | | USD | | 4/15/2027 | | — | | | (1,236) | | | | | | | | | | | | $ | — | | | $ | (1,641) | | | | | | | | | | | | | | | | Regions Bank | | £ | 14,000 | | GBP | | $ | 18,623 | | USD | | 10/28/2026 | | $ | 57 | | | $ | — | | | Regions Bank | | £ | 3,500 | | GBP | | $ | 4,426 | | USD | | 11/16/2026 | | — | | | (213) | | | Regions Bank | | € | 22,000 | | EUR | | $ | 24,053 | | USD | | 12/16/2026 | | — | | | (1,233) | | | Regions Bank | | € | 6,400 | | EUR | | $ | 6,936 | | USD | | 12/24/2026 | | — | | | (421) | | | Regions Bank | | € | 24,300 | | EUR | | $ | 27,574 | | USD | | 4/14/2027 | | — | | | (515) | | | Regions Bank | | € | 37,000 | | EUR | | $ | 43,453 | | USD | | 5/27/2027 | | 554 | | | — | | | Regions Bank | | £ | 16,900 | | GBP | | $ | 22,980 | | USD | | 6/16/2027 | | 539 | | | — | | | Regions Bank | | € | 11,200 | | EUR | | $ | 13,483 | | USD | | 6/16/2027 | | 473 | | | — | | | | | | | | | | | | $ | 1,623 | | | $ | (2,382) | | | | | | | | | | | | | | | | SMBC Capital Markets, Inc. | | A$ | 4,000 | | AUD | | $ | 2,796 | | USD | | 6/15/2028 | | $ | 49 | | | $ | — | | | | | | | | | | | | $ | 49 | | | $ | — | | | | | | | | | | | | | | | As of September 30, 2025 | | | | | | | | | | | | | | Counterparty | | Currency to be sold | | Currency to be purchased | | Settlement date | | Unrealized appreciation | | Unrealized depreciation | | Macquarie Bank Limited | | € | 33,000 | | EUR | | $ | 38,801 | | USD | | 4/19/2027 | | $ | — | | | $ | (853) | | | | | | | | | | | | $ | — | | | $ | (853) | | | | | | | | | | | | | | | | Morgan Stanley Capital Services LLC | | € | 14,700 | | EUR | | $ | 16,580 | | USD | | 4/9/2027 | | $ | — | | | $ | (1,045) | | | Morgan Stanley Capital Services LLC | | £ | 33,200 | | GBP | | $ | 42,765 | | USD | | 4/15/2027 | | — | | | (1,590) | | | | | | | | | | | | $ | — | | | $ | (2,635) | | | | | | | | | | | | | | | | Regions Bank | | £ | 3,500 | | GBP | | $ | 4,426 | | USD | | 11/16/2026 | | $ | — | | | $ | (267) | | | Regions Bank | | € | 22,000 | | EUR | | $ | 24,053 | | USD | | 12/16/2026 | | — | | | (2,288) | | | Regions Bank | | € | 6,400 | | EUR | | $ | 6,936 | | USD | | 12/24/2026 | | — | | | (729) | | | Regions Bank | | € | 24,300 | | EUR | | $ | 27,574 | | USD | | 4/14/2027 | | — | | | (1,637) | | | Regions Bank | | € | 37,000 | | EUR | | $ | 43,453 | | USD | | 5/27/2027 | | — | | | (1,089) | | | Regions Bank | | £ | 16,900 | | GBP | | $ | 22,980 | | USD | | 6/16/2027 | | 388 | | | — | | | Regions Bank | | € | 11,200 | | EUR | | $ | 13,483 | | USD | | 6/16/2027 | | — | | | (9) | | | | | | | | | | | | $ | 388 | | | $ | (6,019) | |
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| Schedule of Realized and Unrealized Gains (Losses) on Forward Currency Contract |
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three and nine months ended June 30, 2026 and 2025 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Realized gain (loss) on forward currency contracts recognized in income | | | | Risk exposure category | | Three months ended June 30, | | | | Nine months ended June 30, | | | | | 2026 | | 2025 | | | | | | 2026 | | 2025 | | | | Foreign exchange | | $ | — | | | $ | — | | | | | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income | | | | Risk exposure category | | Three months ended June 30, | | | | Nine months ended June 30, | | | | | 2026 | | 2025 | | | | | | 2026 | | 2025 | | | | Foreign exchange | | $ | 1,515 | | | $ | (12,446) | | | | | | | $ | 7,373 | | | $ | (12,744) | | | |
The table below presents the components of the net unrealized gain/(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2027 Tranche A Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three and nine months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Nine months ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Hedging instruments (Interest rate swaps) | | $ | (24,094) | | | $ | 10,402 | | | $ | (40,040) | | | $ | 5,453 | | | Hedged items (Unsecured notes) | | 23,963 | | | (10,142) | | | 39,824 | | | (7,940) | | | Fair market value adjustments for hedge accounting recognized in interest and other debt financing expenses | | $ | (131) | | | $ | 260 | | | $ | (216) | | | $ | (2,487) | |
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| Schedule of Average Outstanding Daily Volume for Forward Currency Contract |
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three and nine months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Average U.S. Dollar notional outstanding | | Three months ended June 30, | | Nine months ended June 30, | | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | Forward currency contracts | | $ | 260,165 | | | $ | 179,933 | | | $ | 258,064 | | | $ | 92,670 | | | |
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| Schedule of Interest Rate Swap Contracts |
The outstanding interest rate swap contracts as of June 30, 2026 and September 30, 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Counterparty | | Hedged Item | | Company Receives | | Company Pays | | Maturity Date | | Notional Amount | | Unrealized Appreciation | | Unrealized Depreciation | | SMBC Capital Markets, Inc. | | 2027 Tranche A Notes | | 7.12% | | 3M SOFR+ | 2.5975% | | 9/18/2027 | | $ | 225,000 | | | $ | 1,088 | | | $ | — | | | SMBC Capital Markets, Inc. | | 2028 Notes | | 5.45% | | D SOFR+ | 1.834% | | 8/15/2028 | | 500,000 | | | — | | | (4,761) | | | SMBC Capital Markets, Inc. | | 2030 Notes | | 5.875% | | D SOFR+ | 1.727% | | 5/1/2030 | | 350,000 | | | 1,637 | | | — | | | SMBC Capital Markets, Inc. | | 2031 Notes | | 5.60% | | D SOFR+ | 1.9485% | | 4/15/2031 | | 300,000 | | | — | | | (4,576) | | | | | | | | | | | | | | | $ | 2,725 | | | $ | (9,337) | | | | | | | | | | | | | | | | | | | Macquarie Bank Limited | | 2027 Tranche A Notes | | 7.12% | | 3M SOFR+ | 2.644% | | 9/20/2027 | | $ | 75,000 | | | $ | 320 | | | $ | — | | | Macquarie Bank Limited | | 2029 Notes | | 6.046% | | 3M SOFR+ | 2.770% | | 8/12/2029 | | 150,000 | | | — | | | (3,352) | | | | | | | | | | | | | | | $ | 320 | | | $ | (3,352) | | | | | | | | | | | | | | | | | | | Regions Bank | | 2029 Notes | | 6.046% | | 3M SOFR+ | 2.7875% | | 8/12/2029 | | $ | 350,000 | | | $ | — | | | $ | (8,003) | | | | | | | | | | | | | | | $ | — | | | $ | (8,003) | | | | | | | | | | | | | | | | | | | Morgan Stanley Capital Services LLC | | 2030 Notes | | 5.875% | | D SOFR+ | 1.745% | | 5/1/2030 | | $ | 150,000 | | | $ | 606 | | | $ | — | | | | | | | | | | | | | | | $ | 606 | | | $ | — | | | | | | | | | | | | | | | | | | | BNP Paribas | | 2031 Notes | | 5.60% | | D SOFR+ | 1.955% | | 4/15/2031 | | $ | 200,000 | | | $ | — | | | $ | (3,107) | | | | | | | | | | | | | | | $ | — | | | $ | (3,107) | | | | | | | | | | | | | | | | | | As of September 30, 2025 | | Counterparty | | Hedged Item | | Company Receives | | Company Pays | | Maturity Date | | Notional Amount | | Unrealized Appreciation | | Unrealized Depreciation | | SMBC Capital Markets, Inc. | | 2027 Tranche A Notes | | 7.12% | | 3M SOFR+ | 2.5975% | | 9/18/2027 | | $ | 225,000 | | | $ | 4,466 | | | $ | — | | | SMBC Capital Markets, Inc. | | 2028 Notes | | 5.45% | | D SOFR+ | 1.834% | | 8/15/2028 | | 500,000 | | | 2,569 | | | — | | | SMBC Capital Markets, Inc. | | 2030 Notes | | 5.875% | | D SOFR+ | 1.727% | | 5/1/2030 | | 350,000 | | | 10,267 | | | — | | | | | | | | | | | | | | | $ | 17,302 | | | $ | — | | | | | | | | | | | | | | | | | | | Macquarie Bank Limited | | 2027 Tranche A Notes | | 7.12% | | 3M SOFR+ | 2.644% | | 9/20/2027 | | $ | 75,000 | | | $ | 1,425 | | | $ | — | | | Macquarie Bank Limited | | 2029 Notes | | 6.046% | | 3M SOFR+ | 2.770% | | 8/12/2029 | | 150,000 | | | — | | | (869) | | | | | | | | | | | | | | | $ | 1,425 | | | $ | (869) | | | | | | | | | | | | | | | | | | | Regions Bank | | 2029 Notes | | 6.046% | | 3M SOFR+ | 2.7875% | | 8/12/2029 | | $ | 350,000 | | | $ | — | | | $ | (2,252) | | | | | | | | | | | | | | | $ | — | | | $ | (2,252) | | | | | | | | | | | | | | | | | | | Morgan Stanley Capital Services LLC | | 2030 Notes | | 5.875% | | D SOFR+ | 1.745% | | 5/1/2030 | | $ | 150,000 | | | $ | 4,286 | | | $ | — | | | | | | | | | | | | | | | $ | 4,286 | | | $ | — | |
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| Schedule of Derivative Liabilities at Fair Value |
The table below presents the carrying value, which is inclusive of (i) unamortized premium and/or unaccreted original issue discount and (ii) the cumulative adjustment for the change in fair value of an effective hedge accounting relationship, of the 2027 Tranche A Notes, 2028 Notes, 2029 Notes, 2030 Notes and 2031 Notes as of June 30, 2026 and September 30, 2025 that are designated in a qualifying hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | As of September 30, 2025 | | Description | | Carrying Value | | Cumulative Hedging Adjustment | | Carrying Value | | Cumulative Hedging Adjustment | | 2027 Tranche A Notes | | $ | 301,315 | | | $ | 1,315 | | | $ | 305,326 | | | $ | 5,326 | | | 2028 Notes | | 492,933 | | | (4,761) | | | 499,452 | | | 2,569 | | | 2029 Notes | | 486,352 | | | (10,294) | | | 494,058 | | | (1,804) | | | 2030 Notes | | 497,930 | | | 2,243 | | | 509,398 | | | 14,553 | | | 2031 Notes | | 487,089 | | | (7,683) | | | — | | | — | |
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| Schedule of Derivative Instruments, Fair Value |
The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of June 30, 2026 and September 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Counterparty | | Instrument | | Statement of Financial Condition Location of Amounts | | Gross Amount of Recognized Assets | | Gross Amount of Recognized (Liabilities) | | Net amounts presented in the Consolidated Statements of Financial Condition | | Collateral (Received) / Pledged (1) | | Net Amounts(2) | | Regions Bank | | Interest rate swaps | | Net unrealized depreciation on derivatives | | $ | — | | | $ | (8,003) | | | $ | (8,003) | | | $ | — | | | $ | (8,003) | | | Regions Bank | | Foreign currency forward contracts | | Net unrealized depreciation on derivatives | | 1,623 | | | (2,382) | | | (759) | | | — | | | (759) | | | SMBC Capital Markets, Inc. | | Interest rate swaps | | Net unrealized depreciation on derivatives | | 2,725 | | | (9,337) | | | (6,612) | | | — | | | (6,612) | | | SMBC Capital Markets, Inc. | | Foreign currency forward contracts | | Net unrealized appreciation on derivatives | | 49 | | | — | | | 49 | | | — | | | 49 | | | Macquarie Bank Limited | | Interest rate swaps | | Net unrealized depreciation on derivatives | | 320 | | | (3,352) | | | (3,032) | | | — | | | (3,032) | | | Macquarie Bank Limited | | Foreign currency forward contracts | | Net unrealized appreciation on derivatives | | 605 | | | — | | | 605 | | | — | | | 605 | | Morgan Stanley Capital Services LLC | | Interest rate swaps | | Net unrealized appreciation on derivatives | | 606 | | | — | | | 606 | | | — | | | 606 | | Morgan Stanley Capital Services LLC | | Foreign currency forward contracts | | Net unrealized depreciation on derivatives | | — | | | (1,641) | | | (1,641) | | | — | | | (1,641) | | BNP Paribas | | Interest rate swaps | | Net unrealized depreciation on derivatives | | — | | | (3,107) | | | (3,107) | | | — | | | (3,107) | | | | | | | | | | | | | | | | | | As of September 30, 2025 | | Counterparty | | Instrument | | Statement of Financial Condition Location of Amounts | | Gross Amount of Recognized Assets | | Gross Amount of Recognized (Liabilities) | | Net amounts presented in the Consolidated Statements of Financial Condition | | Collateral (Received) / Pledged (1) | | Net Amounts(2) | | Regions Bank | | Interest rate swaps | | Net unrealized depreciation on derivatives | | $ | — | | | $ | (2,252) | | | $ | (2,252) | | | $ | — | | | $ | (2,252) | | | Regions Bank | | Foreign currency forward contracts | | Net unrealized depreciation on derivatives | | 388 | | | (6,019) | | | (5,631) | | | — | | | (5,631) | | | SMBC Capital Markets, Inc. | | Interest rate swaps | | Net unrealized appreciation on derivatives | | 17,302 | | | — | | | 17,302 | | | — | | | 17,302 | | | Macquarie Bank Limited | | Interest rate swaps | | Net unrealized appreciation on derivatives | | 1,425 | | | (869) | | | 556 | | | — | | | 556 | | | Macquarie Bank Limited | | Foreign currency forward contracts | | Net unrealized depreciation on derivatives | | — | | | (853) | | | (853) | | | — | | | (853) | | | Morgan Stanley Capital Services LLC | | Interest rate swaps | | Net unrealized appreciation on derivatives | | 4,286 | | | — | | | 4,286 | | | — | | | 4,286 | | | Morgan Stanley Capital Services LLC | | Foreign currency forward contracts | | Net unrealized depreciation on derivatives | | — | | | (2,635) | | | (2,635) | | | — | | | (2,635) | |
(1)The actual collateral pledged could be more than the amount shown due to over collateralization. (2)Represents the net amount due from/(to) counterparties in the event of default.
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