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Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2025

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of March 31, 2025 and September 30, 2024:


As of March 31, 2025	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	8,007,593	$	8,007,593
Equity investments(1)	94		—		613,533		613,627
Money market funds(1)(2)	181,333		—		—		181,333
Forward currency contracts	—		3,495		—		3,495
Interest rate swaps	—		10,261		—		10,261

Total assets, at fair value:	$	181,427	$	13,756	$	8,621,126	$	8,816,309
Liabilities, at fair value:
Forward currency contracts	$	—	$	(2,120)	$	—	$	(2,120)

Total liabilities, at fair value:	$	—	$	(2,120)	$	—	$	(2,120)


As of September 30, 2024	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	7,656,873	$	7,656,873
Equity investments(1)	118		—		578,420		578,538
Money market funds(1)(2)	213,101		—		—		213,101
Forward currency contracts	—		5,695		—		5,695
Interest rate swaps	—		31,486		—		31,486
Total assets, at fair value:	$	213,219	$	37,181	$	8,235,293	$	8,485,693
Liabilities at fair value:
Forward currency contracts	$	—	$	(7,691)	$	—	$	(7,691)
Total liabilities, at fair value:	$	—	$	(7,691)	$	—	$	(7,691)

(1)Refer to the Consolidated Schedules of Investments for further details.

(2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.

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 six months ended March 31, 2025 and 2024:


	For the six months ended March 31, 2025
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	7,656,873	$	578,420	$	8,235,293
Net change in unrealized appreciation (depreciation) on investments	52,525		(13,601)		38,924
Net translation of investments in foreign currencies	(22,777)		(23)		(22,800)
Realized gain (loss) on investments	(41,842)		(378)		(42,220)
Realized gain (loss) on translation of investments in foreign currencies	(2,913)		—		(2,913)
Fundings of (proceeds from) revolving loans, net	5,016		—		5,016
Fundings of investments	1,156,083		51,965		1,208,048
PIK interest and non-cash dividends	27,921		15,071		42,992
Proceeds from non-cash dividends	—		(3,549)		(3,549)
Proceeds from principal payments and sales of portfolio investments	(825,971)		(14,372)		(840,343)

Accretion of discounts and amortization of premiums	2,678		—		2,678
Fair value, end of period	$	8,007,593	$	613,533	$	8,621,126


	For the six months ended March 31, 2024
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	5,219,183	$	297,330	$	5,516,513
Net change in unrealized appreciation (depreciation) on investments	7,198		9,809		17,007
Net translation of investments in foreign currencies	11,332		1		11,333
Realized gain (loss) on investments	(15,784)		(1,584)		(17,368)
Realized gain (loss) on translation of investments in foreign currencies	30		—		30
Funding of (proceeds from) revolving loans, net	1,658		—		1,658
Fundings of investments	134,121		13,146		147,267
PIK interest and non-cash dividends	23,397		8,603		32,000

Proceeds from principal payments and sales of portfolio investments	(316,680)		(4,584)		(321,264)
Accretion of discounts and amortization of premiums	7,450		—		7,450

Fair value, end of period	$	5,071,905	$	322,721	$	5,394,626

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 March 31, 2025 and September 30, 2024.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of March 31, 2025

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

466,973

Yield analysis

Market interest rate

7.0% - 14.0% (9.5%)

Market comparable companies

EBITDA multiples

2.8x - 20.6x (14.1x)

One stop loans(3)(4)

7,428,945

Yield analysis

Market interest rate

2.0% - 20.0% (9.7%)

Market comparable companies

EBITDA multiples

3.6x - 38.0x (15.9x)

Revenue multiples

1.4x - 18.0x (8.3x)

52,402

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(5)(6)

59,273

Yield analysis

Market interest rate

9.3% - 17.3% (12.5%)

Market comparable companies

EBITDA multiples

4.7x - 24.0x (15.1x)

Revenue multiples

8.5x

Equity(7)

613,533

Market comparable companies

EBITDA multiples

4.6x - 29.2x (15.6x)

Revenue multiples

1.4x - 18.0x (8.5x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$8,606 of loans at fair value were valued using the market comparable companies approach only.

(3)$132,417 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,479,895 and $949,050 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$407 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $59,224 and $49 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively.

(7)The Company valued $540,535 and $72,998 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative Information about Level 3 Fair Value Measurements

Fair value as of September 30, 2024

Valuation Techniques

Unobservable Input

Range

(Weighted Average)(1)

Assets:

Senior secured loans(2)

502,386

Yield analysis

Market interest rate

6.5% - 20.3% (10.5%)

Market comparable companies

EBITDA multiples

1.5x - 24.0x (12.3x)

One stop loans(3)(4)

7,057,577

Yield analysis

Market interest rate

4.3% - 21.0% (9.9%)

Market comparable companies

EBITDA multiples

2.8x - 53.2x (16.0x)

Revenue multiples

1.0x - 18.0x (7.9x)

52,681

Broker/dealer bids or quotes

N/A

Subordinated debt and second lien loans(5)

44,229

Yield analysis

Market interest rate

10.0% - 15.5% (13.3%)

Market comparable companies

EBITDA multiples

5.5x - 24.0x (16.0x)

Equity(6)

578,420

Market comparable companies

EBITDA multiples

5.5x - 53.2x (18.2x)

Revenue multiples

1.2x - 18.0x (8.1x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$2,807 of loans at fair value were valued using the market comparable companies approach only.

(3)$64,786 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)$435 of loans at fair value were valued using the market comparable companies approach only.

(6)The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples, respectively.

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 as of March 31, 2025 and September 30, 2024.


	As of March 31, 2025				As of September 30, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt(1)	$	4,833,150	$	4,815,346	$	4,624,791	$	4,591,161

(1) As of March 31, 2025 and September 30, 2024, carrying value is inclusive of an adjustment for the change in fair value of an effective hedge accounting relationship related to the 2028 and 2029 Notes. See Note 5 for additional information.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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