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 expense, annualized average stated interest rates and average outstanding balances for the 2025-R Debt Securitization and the 2023 Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,220 $7,327 $22,057 $22,675 
Accretion of discounts on notes issued— 24 — 72 
Amortization of debt issuance costs151 112 450 336 
Total interest and other debt financing expenses$7,371 $7,463 $22,507 $23,083 
Cash paid for interest expense$7,221 $7,340 $17,486 $23,721 
Annualized average stated interest rate
5.2 %6.8 %5.3 %7.0 %
Average outstanding balance$556,000 $434,000 $556,000 $434,000 
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 2025 Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,859 $— $24,035 $— 
Amortization of debt issuance costs124 — 372 — 
Total interest and other debt financing expenses$7,983 $— $24,407 $— 
Cash paid for interest expense$7,764 $— $19,041 $— 
Annualized average stated interest rate
5.3 %N/A5.4 %N/A
Average outstanding balance$599,090 $— $599,090 $— 
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 2026-B Debt Securitization were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$4,078 $— $7,528 $— 
Amortization of debt issuance costs42 — 78 — 
Total interest and other debt financing expenses$4,120 $— $7,606 $— 
Cash paid for interest expense$— $— $— $— 
Annualized average stated interest rate
4.9 %N/A4.9 %N/A
Average outstanding balance$335,000 $— $206,154 $— 
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 SMBC Credit Facility were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$13,838 $16,370 $53,358 $29,911 
Facility fees1,707 366 3,736 1,801 
Amortization of debt issuance costs1,679 930 3,966 2,299 
Total interest and other debt financing expenses$17,224 $17,666 $61,060 $34,011 
Cash paid for interest expense$18,491 $13,609 $57,350 $28,782 
Annualized average stated interest rate(1)
5.1 %6.0 %5.3 %5.9 %
Average outstanding balance$1,082,714 $1,093,822 $1,351,513 $676,057 
(1)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
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 BANA Credit Facility were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$5,089 $1,546 $18,070 $1,546 
Facility fees144 122 207 122 
Amortization of debt issuance costs168 91 505 91 
Total interest and other debt financing expenses$5,401 $1,759 $18,782 $1,759 
Cash paid for interest expense$6,252 $— $17,608 $— 
Annualized average stated interest rate
5.3 %6.3 %5.4 %6.3 %
Average outstanding balance$386,818 $97,626 $446,366 $32,542 
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 2027 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,249 $7,463 $21,887 $22,523 
Net contractual interest rate swap expense(586)(87)(1,410)165 
Net (gain)/loss related to fair value hedge220 (139)474 3,537 
Amortization of debt issuance costs450 423 1,350 1,296 
Total interest and other debt financing expenses$7,333 $7,660 $22,301 $27,521 
Cash paid for interest expense(1)
$(1,762)$(1,073)$12,417 $14,887 
Annualized average contractual interest rate swap and stated interest rate(2)
6.2 %6.9 %6.4 %7.1 %
Average outstanding balance$428,892 $427,049 $429,342 $427,840 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.
(2)The annualized average stated interest rate reflects the translation of the stated interest expense and borrowings in foreign currencies to U.S. dollars.
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 2028 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$6,812 $— $20,438 $— 
Net contractual interest rate swap expense202 — 871 — 
Accretion of discounts on notes issued270 — 811 — 
Amortization of debt issuance costs357 — 1,049 — 
Total interest and other debt financing expenses$7,641 $— $23,169 $— 
Cash paid for interest expense(1)
$6,792 $— $21,741 $— 
Annualized average contractual interest rate swap and stated interest rate
5.6 %N/A5.7 %N/A
Average outstanding balance$500,000 $— $500,000 $— 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.
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 2029 Notes were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,250 $7,250 $21,750 $21,750 
Net contractual interest rate swap expense601 1,399 2,249 4,951 
Net (gain)/loss related to fair value hedge(89)(121)(257)(1,051)
Accretion of discounts on notes issued261 261 783 783 
Amortization of debt issuance costs314 284 941 866 
Total interest and other debt financing expenses$8,337 $9,073 $25,466 $27,299 
Cash paid for interest expense(1)
$8,251 $9,048 $24,411 $27,172 
Annualized average contractual interest rate swap and stated interest rate
6.3 %6.9 %6.4 %7.1 %
Average outstanding balance$500,000 $500,000 $500,000 $500,000 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.
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 2030 Notes were as follows:

Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,343 $7,348 $22,031 $10,367 
Net contractual interest rate swap expense(524)333 (1,152)344 
Accretion of discounts on notes issued281 280 842 391 
Amortization of debt issuance costs299 291 897 417 
Total interest and other debt financing expenses$7,399 $8,252 $22,618 $11,519 
Cash paid for interest expense(1)
$6,653 $5,579 $21,509 $5,579 
Annualized average contractual interest rate swap and stated interest rate
5.5 %6.2 %5.6 %6.2 %
Average outstanding balance$500,000 $500,000 $500,000 $232,601 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument.
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 2031 Notes were as follows:

Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$7,000 $— $11,822 $— 
Net contractual interest rate swap expense60 — 76 — 
Accretion of discounts on notes issued272 — 457 — 
Amortization of debt issuance costs268 — 446 — 
Total interest and other debt financing expenses$7,600 $— $12,801 $— 
Cash paid for interest expense(1)
$5,929 $— $5,929 $— 
Annualized average contractual interest rate swap and stated interest rate
5.7 %N/A5.7 %N/A
Average outstanding balance$500,000 $— $280,220 $— 
(1)Includes cash paid or received for contractual interest rate swaps, which may have different contractual settlement dates among the (i) fixed interest leg, (ii) floating interest leg and (iii) the debt instrument, if any.
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$19 $535 $34 $535 
Cash paid for interest expense15 — 15 — 
Annualized average stated interest rate
3.5 %4.1 %3.6 %4.1 %
Average outstanding balance$2,104 $52,302 $1,269 $17,434 
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 short-term borrowings were as follows:
Three months ended June 30,Nine months ended June 30,
2026202520262025
Stated interest expense$1,684 $59 $4,991 $59 
Cash paid for interest expense1,714 — 4,892 — 
Annualized average stated interest rate
4.8 %5.5 %4.9 %5.5 %
Average outstanding balance$141,699 $4,263 $136,995 $1,421 
Schedule of Interest Rate and Interest Differential Analysis
As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1R and A-2R 2025 Reset Notes are as follows:

DescriptionClass A-1R
2025 Reset Notes		Class A-2R
2025 Reset Notes
TypeSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$500,000$56,000
S&P Rating"AAA""AAA"
Fitch Rating "AAA"N/A
Interest Rate
SOFR + 1.45%
SOFR + 1.65%
As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1, Class A-2, and Class B 2025 Notes, and of the Class A-1L-1, Class A-1L-2, Class A-2L and Class B-L 2025 Loans are as follows:
DescriptionClass A-1 2025 NotesClass A-2 2025 NotesClass B
2025 Notes		Class A-1L-1 2025 LoansClass A-1L-2 2025 LoansClass A-2L 2025 LoansClass B-L 2025 Loans
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating Rate
Amount Outstanding$430,000$14,440$59,650$60,000$10,000$20,000$5,000
S&P Rating"AAA""AAA""AA""AAA""AAA""AAA""AA"
Fitch Rating "AAA""AAA""AA""AAA""AAA""AAA""AA"
Interest Rate
SOFR +
1.47%
SOFR +
1.65%
SOFR +
1.80%
SOFR +
1.47%
SOFR +
1.47%
SOFR +
1.65%
SOFR +
1.80%
As of June 30, 2026, the classes, amounts, ratings and interest rates (expressed as a spread to three-month term SOFR, as applicable) of the Class A-1, Class A-2, and Class B Notes are as follows:
DescriptionClass A-1 2026-B NotesClass A-2 2026-B NotesClass B 2026-B NotesClass C 2026-B Notes
TypeSenior Secured Floating RateSenior Secured Floating RateSenior Secured Floating RateSecured Deferrable Floating Rate
Amount Outstanding$264,000$8,000$35,000$28,000
Fitch Rating "AAA""AAA""AA""A"
Interest Rate
SOFR + 1.05%
SOFR + 1.30%
SOFR + 1.45%
SOFR + 1.70%
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
2025 Debt Securitization(1)
$599,090 $— $— $— $599,090 
2025-R Debt Securitization(1)
556,000 — — — 556,000 
2026-B Debt Securitization(1)
335,000 — — — 335,000 
SMBC Credit Facility(1)
975,061 — — 975,061 — 
BANA Credit Facility310,900 — — 310,900 — 
2027 Notes(2)
429,871 — 429,871 — — 
2028 Notes(1)(2)
492,933 — 492,933 — — 
2029 Notes(1)(2)
486,352 — — 486,352 — 
2030 Notes(1)(2)
497,930 — — 497,930 — 
2031 Notes(1)(2)
487,089 — — 487,089 — 
Other short-term borrowings134,315 134,315 — — — 
Total borrowings$5,304,541 $134,315 $922,804 $2,757,332 $1,490,090 
(1) Represents principal outstanding plus unamortized premium and/or unaccreted original issue discount.
(2) Carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship. See Note 5 for additional information.