Fair Value Measurements (Tables)
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9 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Measurements |
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) | | $ | — | | | $ | 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 | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | 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.
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| 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 | $ | 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 currencies | 4,956 | | | — | | | 4,956 | | | Fundings of (proceeds from) revolving loans, net | 45,572 | | | — | | | 45,572 | | | Purchases and fundings of investments | 2,335,409 | | | 76,705 | | | 2,412,114 | | | PIK interest and non-cash dividends | 36,268 | | | 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 premiums | 13,335 | | | — | | | 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 investments | 12,819 | | | 1,159 | | | 13,978 | | | Net translation of investments in foreign currencies | 35,679 | | | — | | | 35,679 | | | Realized gain (loss) on investments | 1 | | | — | | | 1 | | | Realized gain (loss) on translation of investments in foreign currencies | (23) | | | — | | | (23) | | | Fundings of (proceeds from) revolving loans, net | 8,896 | | | — | | | 8,896 | | | Purchases and fundings of investments | 2,879,760 | | | 32,811 | | | 2,912,571 | | | PIK interest and non-cash dividends | 14,928 | | | 649 | | | 15,577 | | | | | | | | | Proceeds from principal payments and sales of portfolio investments | (280,015) | | | — | | | (280,015) | | | Accretion of discounts and amortization of premiums | 9,568 | | | — | | | 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.
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| 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 | $ | 343,769 | | | Yield analysis | | Market interest rate | | 8.5% - 14.0% (9.0%) | | | | Market comparable companies | | EBITDA multiples | | 5.5x - 20.5x (11.2x) | | 105,602 | | | Broker quotes | | Broker quotes | | N/A | One stop loans(2)(3) | $ | 7,414,204 | | | Yield analysis | | Market interest rate | | 7.5% - 21.0% (9.5%) | | | | Market comparable companies | | EBITDA multiples | | 6.8x - 29.3x (14.6x) | | | | | | Revenue multiples | | 0.8x - 14.0x (7.8x) | | 76,611 | | | Broker quotes | | Broker quotes | | N/A | | Subordinated debt and second lien loans | $ | 88,966 | | | Yield analysis | | Market interest rate | | 10.5% - 14.0% (12.1%) | | | | Market comparable companies | | EBITDA multiples | | 13.0x - 21.0x (18.1x) | | Structured finance notes | $ | 211,097 | | | Broker quotes | | Broker quotes | | N/A | | | | | | | | | Equity(4) | $ | 99,667 | | | Market comparable companies | | EBITDA 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 Techniques | | Unobservable Input | | Range (Weighted Average)(1) | | Assets: | | | | | | | | | Senior secured loans | $ | 358,580 | | | Yield analysis | | Market interest rate | | 7.3% - 12.5% (8.3%) | | | | Market comparable companies | | EBITDA multiples | | 6.0x - 20.0x (13.5x) | | 178,937 | | | Broker quotes | | Broker quotes | | N/A | One stop loans(2)(3) | $ | 5,901,144 | | | Yield analysis | | Market interest rate | | 3.8% - 20.5% (8.6%) | | | | Market comparable companies | | EBITDA multiples | | 8.0x - 34.4x (15.9x) | | | | | | Revenue multiples | | 1.8x - 15.0x (8.2x) | | 47,696 | | | Broker quotes | | Broker quotes | | N/A | Subordinated debt and second lien loans(4) | $ | 92,730 | | | Yield analysis | | Market interest rate | | 8.8% - 15.0% (10.1%) | | | | Market comparable companies | | EBITDA multiples | | 12.5x - 24.0x (18.4x) | | | | | | | | | | Structured finance note | $ | 147,182 | | | Broker quotes | | Broker quotes | | N/A | | 13,750 | | | Transactional value | | Cost | | N/A | Equity(5) | $ | 64,837 | | | Market comparable companies | | EBITDA 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.
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| 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 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 Value | | Fair Value | | Carrying Value | | Fair Value | Debt(1) | $ | 5,170,226 | | | $ | 5,174,039 | | | $ | 4,699,707 | | | $ | 4,729,387 | | | Other short-term borrowings | 134,315 | | | 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.
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