Portfolio Investments

3 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Portfolio Investments

Portfolio Investments

Portfolio Composition

As of December 31, 2023, the fair value of the Company's investment portfolio was $2,857.8 million and was composed of investments in 143 portfolio companies. As of September 30, 2023, the fair value of the Company's investment portfolio was $1,927.2 million and was composed of investments in 123 portfolio companies.

As of December 31, 2023 and September 30, 2023, the Company's investment portfolio consisted of the following:

	December 31, 2023				September 30, 2023
Cost:			% of Total Investments				% of Total Investments
Senior Secured Debt	$	2,638,309	93.20	%	$	1,814,372	94.39	%
Subordinated Debt	177,012		6.25	%	98,352		5.12	%
Preferred Equity	12,234		0.43	%	6,023		0.31	%
Common Equity and Warrants	3,471		0.12	%	3,471		0.18	%
Total	$	2,831,026	100.00	%	$	1,922,218	100.00	%

	December 31, 2023						September 30, 2023
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior Secured Debt	$	2,659,602	93.06	%	132.64	%	$	1,817,981	94.32	%	118.88	%
Subordinated Debt	181,043		6.34	%	9.03	%	97,616		5.07	%	6.38	%
Preferred Equity	12,091		0.42	%	0.60	%	5,748		0.30	%	0.38	%
Common Equity and Warrants	5,072		0.18	%	0.25	%	5,892		0.31	%	0.39	%
Total	$	2,857,808	100.00	%	142.52	%	$	1,927,237	100.00	%	126.03	%

The composition of the Company's debt investments as of December 31, 2023 and September 30, 2023 by floating rates and fixed rates was as follows:

	December 31, 2023				September 30, 2023
	Fair Value		% of Debt Investments		Fair Value		% of Debt Investments
Floating rate	$	2,515,425	88.55	%	$	1,716,908	89.63	%
Fixed rate	325,220		11.45	%	198,689		10.37	%
Total	$	2,840,645	100.00	%	$	1,915,597	100.00	%

The geographic composition of the Company's portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the portfolio composition by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:

	December 31, 2023				September 30, 2023
Cost:			% of Total Investments				% of Total Investments
United States	$	2,558,432	90.37	%	$	1,673,820	87.08	%
United Kingdom	76,959		2.72	%	44,465		2.31	%
Canada	50,738		1.79	%	56,725		2.95	%
Luxembourg	41,404		1.46	%	41,426		2.16	%
India	39,340		1.39	%	39,296		2.04	%
France	17,212		0.61	%	14,735		0.77	%
Costa Rica	12,888		0.46	%	12,684		0.66	%
Chile	11,216		0.40	%	11,191		0.58	%
Cayman Islands	10,287		0.36	%	12,746		0.66	%
Switzerland	10,192		0.36	%	10,172		0.53	%
Australia	2,358		0.08	%	—		—	%
Netherlands	—		—	%	4,958		0.26	%
Total	$	2,831,026	100.00	%	$	1,922,218	100.00	%

	December 31, 2023						September 30, 2023
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
United States	$	2,579,632	90.27	%	128.65	%	$	1,677,990	87.07	%	109.75	%
United Kingdom	81,091		2.84	%	4.04	%	45,181		2.34	%	2.95	%
Canada	51,445		1.80	%	2.57	%	56,622		2.94	%	3.70	%
Luxembourg	42,110		1.47	%	2.10	%	41,043		2.13	%	2.68	%
India	39,318		1.38	%	1.96	%	39,318		2.04	%	2.57	%
France	16,890		0.59	%	0.84	%	13,647		0.71	%	0.89	%
Costa Rica	12,426		0.43	%	0.62	%	12,369		0.64	%	0.81	%
Chile	12,370		0.43	%	0.62	%	12,529		0.65	%	0.82	%
Cayman Islands	10,549		0.37	%	0.53	%	13,135		0.68	%	0.86	%
Switzerland	9,873		0.35	%	0.49	%	9,861		0.51	%	0.64	%
Australia	2,104		0.07	%	0.10	%	—		—	%	—	%
Netherlands	—		—	%	—	%	5,542		0.29	%	0.36	%
Total	$	2,857,808	100.00	%	142.52	%	$	1,927,237	100.00	%	126.03	%

The composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of December 31, 2023 and September 30, 2023 was as follows:

	December 31, 2023				September 30, 2023
Cost:			% of Total Investments				% of Total Investments
Application Software	$	353,758	12.48	%	$	261,061	13.60	%
Health Care Technology	158,577		5.60	%	71,145		3.70	%
Diversified Support Services	158,114		5.59	%	40,107		2.09	%
Health Care Services	140,529		4.96	%	57,898		3.01	%
Other Specialty Retail	127,863		4.52	%	104,787		5.45	%
Systems Software	123,324		4.36	%	70,431		3.66	%
Aerospace & Defense	121,966		4.31	%	75,592		3.93	%
Interactive Media & Services	116,561		4.12	%	23,766		1.24	%
Industrial Machinery & Supplies & Components	101,797		3.60	%	29,675		1.54	%
Environmental & Facilities Services	76,149		2.69	%	75,632		3.93	%
Electrical Components & Equipment	75,740		2.68	%	75,692		3.94	%
Diversified Metals & Mining	75,225		2.66	%	95,842		4.99	%
Education Services	75,150		2.65	%	61,437		3.20	%
Property & Casualty Insurance	75,131		2.65	%	41,399		2.15	%
Pharmaceuticals	72,232		2.55	%	64,066		3.33	%
Health Care Supplies	66,265		2.34	%	36,745		1.91	%
Specialized Finance	64,449		2.28	%	48,354		2.52	%
Multi-Sector Holdings	63,254		2.23	%	28,293		1.47	%
Distributors	47,841		1.69	%	52,155		2.71	%
Metal, Glass & Plastic Containers	44,839		1.58	%	25,834		1.34	%
Cable & Satellite	42,657		1.51	%	24,678		1.28	%
Diversified Financial Services	42,148		1.49	%	31,405		1.63	%
Life Sciences Tools & Services	42,123		1.49	%	27,580		1.43	%
Integrated Telecommunication Services	40,629		1.44	%	41,352		2.15	%
Health Care Equipment	40,263		1.42	%	39,946		2.08	%
Diversified Chemicals	39,547		1.40	%	—		—	%
Health Care Distributors	39,416		1.39	%	32,575		1.69	%
Personal Care Products	38,918		1.37	%	44,968		2.34	%
Auto Parts & Equipment	32,404		1.14	%	32,444		1.69	%
Health Care Facilities	30,342		1.07	%	20,456		1.06	%
Biotechnology	28,180		1.00	%	36,433		1.90	%
Office Services & Supplies	28,101		0.99	%	21,160		1.10	%
Gold	27,650		0.98	%	27,607		1.44	%
Research & Consulting Services	27,453		0.97	%	20,717		1.08	%
Alternative Carriers	21,327		0.75	%	—		—	%
Trading Companies & Distributors	19,076		0.67	%	25,328		1.32	%
Restaurants	18,829		0.67	%	18,832		0.98	%
Passenger Airlines	17,750		0.63	%	11,191		0.58	%
Hotels, Resorts & Cruise Lines	17,147		0.61	%	17,167		0.89	%
Real Estate Development	16,223		0.57	%	16,036		0.83	%
Internet Services & Infrastructure	14,541		0.51	%	14,556		0.76	%
Insurance Brokers	13,018		0.46	%	12,979		0.68	%
Advertising	11,207		0.40	%	11,167		0.58	%
Leisure Facilities	9,973		0.35	%	9,445		0.49	%
Paper & Plastic Packaging Products & Materials	6,528		0.23	%	4,785		0.25	%
Food Distributors	6,123		0.22	%	6,111		0.32	%
Oil & Gas Refining & Marketing	5,620		0.20	%	—		—	%
Leisure Products	4,767		0.17	%	4,772		0.25	%
Diversified Real Estate Activities	4,622		0.16	%	4,619		0.24	%
Other Specialized REITs	3,592		0.13	%	3,574		0.19	%
Construction Materials	2,088		0.07	%	2,080		0.11	%
Consumer Finance	—		—	%	6,796		0.35	%
Air Freight & Logistics	—		—	%	6,590		0.34	%
Soft Drinks & Non-alcoholic Beverages	—		—	%	4,958		0.26	%
Total	$	2,831,026	100.00	%	$	1,922,218	100.00	%

	December 31, 2023						September 30, 2023
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	357,063	12.53	%	17.79	%	$	263,077	13.67	%	17.23	%
Diversified Support Services	158,863		5.56	%	7.92	%	40,493		2.10	%	2.65	%
Health Care Technology	156,316		5.47	%	7.80	%	72,102		3.74	%	4.71	%
Health Care Services	140,641		4.92	%	7.01	%	57,832		3.00	%	3.78	%
Other Specialty Retail	130,579		4.57	%	6.51	%	104,861		5.44	%	6.86	%
Systems Software	124,217		4.35	%	6.19	%	70,227		3.64	%	4.59	%
Aerospace & Defense	122,287		4.28	%	6.10	%	75,628		3.92	%	4.95	%
Interactive Media & Services	116,803		4.09	%	5.83	%	23,999		1.25	%	1.57	%
Industrial Machinery & Supplies & Components	102,817		3.60	%	5.13	%	30,448		1.58	%	1.99	%
Property & Casualty Insurance	76,715		2.68	%	3.83	%	41,911		2.17	%	2.74	%
Environmental & Facilities Services	76,139		2.66	%	3.80	%	75,755		3.93	%	4.95	%
Education Services	75,943		2.66	%	3.79	%	61,653		3.20	%	4.03	%
Electrical Components & Equipment	75,725		2.65	%	3.78	%	75,916		3.94	%	4.96	%
Diversified Metals & Mining	75,287		2.63	%	3.75	%	95,449		4.95	%	6.24	%
Pharmaceuticals	72,601		2.54	%	3.62	%	63,149		3.28	%	4.13	%
Health Care Supplies	67,650		2.37	%	3.37	%	37,137		1.93	%	2.43	%
Specialized Finance	65,288		2.28	%	3.26	%	48,815		2.53	%	3.19	%
Multi-Sector Holdings	64,930		2.27	%	3.24	%	28,863		1.50	%	1.89	%
Distributors	47,280		1.65	%	2.36	%	51,939		2.69	%	3.40	%
Metal, Glass & Plastic Containers	45,589		1.60	%	2.27	%	25,799		1.34	%	1.69	%
Diversified Financial Services	45,547		1.59	%	2.27	%	31,860		1.65	%	2.08	%
Cable & Satellite	44,408		1.55	%	2.21	%	24,360		1.26	%	1.59	%
Life Sciences Tools & Services	42,625		1.49	%	2.13	%	27,419		1.42	%	1.79	%
Health Care Equipment	40,904		1.43	%	2.04	%	39,945		2.07	%	2.61	%
Integrated Telecommunication Services	40,658		1.42	%	2.03	%	39,481		2.05	%	2.58	%
Diversified Chemicals	40,430		1.41	%	2.02	%	—		—	%	—	%
Health Care Distributors	40,095		1.40	%	2.00	%	33,083		1.72	%	2.16	%
Personal Care Products	38,164		1.34	%	1.90	%	44,284		2.30	%	2.90	%
Auto Parts & Equipment	32,895		1.15	%	1.64	%	33,061		1.72	%	2.16	%
Health Care Facilities	30,529		1.07	%	1.52	%	20,564		1.07	%	1.34	%
Research & Consulting Services	28,390		0.99	%	1.42	%	21,180		1.10	%	1.39	%
Office Services & Supplies	28,077		0.98	%	1.40	%	21,588		1.12	%	1.41	%
Gold	27,855		0.97	%	1.39	%	27,627		1.43	%	1.81	%
Biotechnology	27,238		0.95	%	1.36	%	35,838		1.86	%	2.34	%
Alternative Carriers	22,395		0.78	%	1.12	%	—		—	%	—	%
Trading Companies & Distributors	19,497		0.68	%	0.97	%	25,536		1.33	%	1.67	%
Restaurants	19,289		0.67	%	0.96	%	19,013		0.99	%	1.24	%
Passenger Airlines	19,274		0.67	%	0.96	%	12,529		0.65	%	0.82	%
Hotels, Resorts & Cruise Lines	17,085		0.60	%	0.85	%	17,051		0.88	%	1.12	%
Real Estate Development	16,012		0.56	%	0.80	%	15,849		0.82	%	1.04	%
Internet Services & Infrastructure	14,848		0.52	%	0.74	%	14,726		0.76	%	0.96	%
Insurance Brokers	14,302		0.50	%	0.71	%	13,857		0.72	%	0.91	%
Advertising	11,727		0.41	%	0.58	%	11,343		0.59	%	0.74	%
Leisure Facilities	9,620		0.34	%	0.48	%	9,093		0.47	%	0.59	%
Food Distributors	6,555		0.23	%	0.33	%	6,109		0.32	%	0.40	%
Paper & Plastic Packaging Products & Materials	6,279		0.22	%	0.31	%	4,543		0.24	%	0.30	%
Oil & Gas Refining & Marketing	5,950		0.21	%	0.30	%	—		—	%	—	%
Diversified Real Estate Activities	4,717		0.17	%	0.24	%	4,696		0.24	%	0.31	%
Leisure Products	4,398		0.15	%	0.22	%	4,131		0.21	%	0.27	%
Other Specialized REITs	3,163		0.11	%	0.16	%	2,947		0.15	%	0.19	%
Construction Materials	2,149		0.08	%	0.11	%	2,022		0.10	%	0.13	%
Air Freight & Logistics	—		—	%	—	%	6,800		0.35	%	0.44	%
Consumer Finance	—		—	%	—	%	6,107		0.32	%	0.40	%
Soft Drinks & Non-alcoholic Beverages	—		—	%	—	%	5,542		0.29	%	0.36	%
Total	$	2,857,808	100.00	%	142.52	%	$	1,927,237	100.00	%	126.03	%

Fair Value Measurements

The following table presents the financial instruments carried at fair value as of December 31, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	1,038,374	$	1,621,228	$	2,659,602
Subordinated debt (including CLO Notes)	—		155,691		25,352		181,043
Preferred equity	—		—		12,091		12,091
Common equity and warrants	—		—		5,072		5,072
Total investments at fair value	—		1,194,065		1,663,743		2,857,808
Derivative asset	—		10,566		—		10,566
Total assets at fair value	$	—	$	1,204,631	$	1,663,743	$	2,868,374
Derivative liabilities	$	—	$	2,817	$	—	$	2,817
Total liabilities at fair value	$	—	$	2,817	$	—	$	2,817

The following table presents the financial instruments carried at fair value as of September 30, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820:

	Level 1		Level 2		Level 3		Total
Senior secured debt	$	—	$	754,220	$	1,063,761	$	1,817,981
Subordinated debt (including CLO Notes)	—		83,824		13,792		97,616
Common equity and warrants	—		53		5,839		5,892
Preferred equity	—		—		5,748		5,748
Total investments at fair value	—		838,097		1,089,140		1,927,237
Derivative asset	—		2,041		—		2,041
Total assets at fair value	$	—	$	840,138	$	1,089,140	$	1,929,278

When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology.

The principal value of any borrowings outstanding under the ING Credit Agreement (as defined below), the JPM Loan and Security Agreement (as defined below), the SMBC Loan and Security Agreement (as defined below) and the CIBC Loan and Servicing Agreement (as defined below) approximates fair value due to its variable rate and is included in Level 3 of the hierarchy.

The following table provides a roll-forward of the changes in fair value from September 30, 2023 to December 31, 2023, for all investments for which the Company determined fair value using unobservable (Level 3) factors:

	Senior Secured Debt		Subordinated Debt (including CLO Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2023	$	1,063,761	$	13,792	$	5,748	$	5,839	$	1,089,140
Purchases	566,371		11,560		6,211		—		584,142
Sales and repayments	(19,401)		—		—		—		(19,401)
Transfers in (a)	7,094		—		—		—		7,094
Capitalized PIK interest income	621		—		—		—		621
Accretion of OID	2,353		—		—		—		2,353
Net unrealized appreciation (depreciation)	666		—		132		(767)		31
Net realized gains (losses)	(237)		—		—		—		(237)
Fair value as of December 31, 2023	$	1,621,228	$	25,352	$	12,091	$	5,072	$	1,663,743
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2023	$	373	$	—	$	132	$	(768)	$	(263)

__________

(a) There were transfers into Level 3 from Level 2 for certain investments during the three months ended December 31, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity.

The following table provides a roll-forward of the changes in fair value from September 30, 2022 to December 31, 2022, for all investments for which the Company determined fair value using unobservable (Level 3) factors:

	Senior Secured Debt		Subordinated Debt (including CLO Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2022	$	153,069	$	3,303	$	5,497	$	1,023	$	162,892
Purchases	132,635		3,303		—		2,162		138,100
Sales and repayments	(444)		—		—		—		(444)
Transfers in (a)	3,815		—		—		—		3,815
Capitalized PIK interest income	527		—		—		—		527
Accretion of OID	390		—		—		—		390
Net unrealized appreciation (depreciation)	(4,289)		—		(302)		372		(4,219)
Fair value as of December 31, 2022	$	285,703	$	6,606	$	5,195	$	3,557	$	301,061
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2022	$	(4,291)	$	—	$	(302)	$	372	$	(4,221)

__________

(a) There were transfers into Level 3 from Level 2 for certain investments during the three months ended December 31, 2022 as a result of a change in the number of market quotes available and/or a change in market liquidity.

Significant Unobservable Inputs for Level 3 Investments

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of December 31, 2023:

Asset	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average (a)
Senior secured debt	$	1,312,632	Market Yield	Market Yield	(b)	10.0%	-	21.0%	12.5%
	6,562		Enterprise Value	Revenue Multiple	(e)	0.2x	-	0.4x	0.3x
	240,902		Transaction Precedent	Transaction Price	(c)	N/A	-	N/A	N/A
	61,132		Broker Quotations	Broker Quoted Price	(d)	N/A	-	N/A	N/A
Subordinated debt	25,352		Market Yield	Market Yield	(b)	9.0%	-	11.0%	10.0%
Common equity and warrants & preferred equity	2,742		Enterprise Value	Revenue Multiple	(e)	0.7x	-	3.2x	0.7x
	7,872		Enterprise Value	EBITDA Multiple	(e)	6.0x	-	15.1x	13.0x
	6,549		Transaction Precedent	Transaction Price	(c)	N/A	-	N/A	N/A
Total	$	1,663,743

_____________________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when a market participant would take into account market yield when pricing the investment.

(c) Used when there is an observable transaction or pending event for the investment.

(d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.

(e) Used when a market participant would use such multiple when pricing the investment.

The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2023:

Asset	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average (a)
Senior secured debt	$	906,639	Market Yield	Market Yield	(b)	10.0%	-	32.0%	13.3%
	93,170		Transaction Precedent	NA	(c)	N/A	-	N/A	N/A
	63,952		Broker Quotations	Broker Quoted Price	(d)	N/A	-	N/A	N/A
Subordinated debt	13,792		Market Yield	Market Yield	(b)	9.0%	-	11.0%	10.0%
Common equity and warrants & preferred equity	3,424		Enterprise Value	Revenue Multiple	(e)	0.7x	-	3.2x	0.7x
	7,831		Enterprise Value	EBITDA Multiple	(e)	6.0x	-	15.1x	12.9x
	332		Transaction Precedent	Transaction Price	(c)	N/A	-	N/A	N/A
Total	$	1,089,140

_____________________

(a) Weighted averages are calculated based on fair value of investments.

(b) Used when a market participant would take into account market yield when pricing the investment.

(c) Used when there is an observable transaction or pending event for the investment.

(d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated.

(e) Used when a market participant would use such multiple when pricing the investment.