Portfolio Investments

3 Months Ended

Dec. 31, 2025

Portfolio Composition

As of December 31, 2025, the fair value of the Company’s investment portfolio was $7,433.9 million and was composed of investments in 167 portfolio companies. As of September 30, 2025, the fair value of the Company’s investment portfolio was $6,899.0 million and was composed of investments in 158 portfolio companies.

As of December 31, 2025 and September 30, 2025, the Company’s investment portfolio consisted of the following:


	December 31, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Senior Secured Debt	$	7,001,244	94.25	%	$	6,414,699	93.45	%
Subordinated Debt	402,276		5.41	%	423,818		6.17	%
Preferred Equity	14,303		0.19	%	14,080		0.21	%
Common Equity and Warrants	11,343		0.15	%	11,343		0.17	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Senior Secured Debt	$	6,997,991	94.14	%	150.05	%	$	6,438,079	93.32	%	141.75	%
Subordinated Debt	406,637		5.47	%	8.72	%	429,299		6.22	%	9.45	%
Preferred Equity	18,935		0.25	%	0.41	%	18,658		0.27	%	0.41	%
Common Equity and Warrants	10,298		0.14	%	0.22	%	12,995		0.19	%	0.29	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

The composition of the Company’s debt investments as of December 31, 2025 and September 30, 2025 by floating rates and fixed rates was as follows:


	December 31, 2025				September 30, 2025
	Fair Value		% of Debt Investments		Fair Value		% of Debt Investments
Floating rate	$	6,930,878	93.60	%	$	6,413,837	93.40	%
Fixed rate	473,750		6.40	%	453,541		6.60	%
Total	$	7,404,628	100.00	%	$	6,867,378	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, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
United States	$	6,304,204	84.87	%	$	5,722,070	83.37	%
United Kingdom	387,222		5.21	%	403,707		5.88	%
Sweden	312,943		4.21	%	306,364		4.46	%
Germany	137,414		1.85	%	176,834		2.58	%
Netherlands	110,705		1.49	%	110,787		1.61	%
Luxembourg	90,100		1.21	%	89,870		1.31	%
Greece	54,682		0.74	%	—		—	%
Costa Rica	16,582		0.22	%	16,522		0.24	%
Switzerland	10,405		0.14	%	10,385		0.15	%
Jamaica	4,757		0.06	%	4,757		0.07	%
Australia	152		0.00	%	1,683		0.02	%
Canada	—		—	%	20,961		0.31	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
United States	$	6,269,708	84.33	%	134.42	%	$	5,718,209	82.89	%	125.89	%
United Kingdom	399,192		5.37	%	8.56	%	414,953		6.01	%	9.14	%
Sweden	319,689		4.30	%	6.86	%	313,062		4.54	%	6.89	%
Germany	146,130		1.97	%	3.13	%	185,742		2.69	%	4.09	%
Netherlands	116,453		1.57	%	2.50	%	116,216		1.68	%	2.56	%
Luxembourg	95,396		1.28	%	2.05	%	94,947		1.38	%	2.09	%
Greece	54,800		0.74	%	1.18	%	—		—	%	—	%
Costa Rica	16,980		0.23	%	0.36	%	16,789		0.24	%	0.37	%
Switzerland	10,332		0.14	%	0.22	%	10,305		0.15	%	0.23	%
Jamaica	4,939		0.07	%	0.11	%	4,894		0.07	%	0.11	%
Australia	242		0.00	%	0.01	%	1,809		0.03	%	0.04	%
Canada	—		—	%	—	%	22,105		0.32	%	0.49	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

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, 2025 and September 30, 2025 was as follows:


	December 31, 2025				September 30, 2025
Cost:			% of Total Investments				% of Total Investments
Application Software	$	1,138,786	15.28	%	$	1,077,261	15.67	%
Aerospace & Defense	536,187		7.22	%	440,518		6.42	%
Health Care Services	419,658		5.65	%	408,129		5.95	%
Life Sciences Tools & Services	318,106		4.28	%	311,963		4.54	%
Diversified Support Services	311,456		4.19	%	269,009		3.92	%
Pharmaceuticals	274,461		3.69	%	307,950		4.49	%
Interactive Media & Services	263,698		3.55	%	259,735		3.78	%
Specialized Finance	242,985		3.27	%	242,474		3.53	%
Systems Software	241,909		3.26	%	230,953		3.36	%
Health Care Equipment	223,662		3.01	%	221,030		3.22	%
Packaged Foods & Meats	222,023		2.99	%	221,939		3.23	%
Health Care Technology	217,218		2.92	%	114,695		1.67	%
Diversified Financial Services	202,991		2.73	%	141,952		2.07	%
Building Products	195,075		2.63	%	179,198		2.61	%
Construction & Engineering	183,928		2.48	%	107,579		1.57	%
Specialized Consumer Services	179,751		2.42	%	177,353		2.58	%
Education Services	170,176		2.29	%	159,758		2.33	%
Health Care Supplies	157,204		2.12	%	153,582		2.24	%
Paper & Plastic Packaging Products & Materials	146,283		1.97	%	37,703		0.55	%
Insurance Brokers	134,868		1.82	%	131,423		1.91	%
Property & Casualty Insurance	96,348		1.30	%	76,662		1.12	%
Electrical Components & Equipment	96,302		1.30	%	96,510		1.41	%
Construction Machinery & Heavy Transportation Equipment	86,354		1.16	%	84,857		1.24	%
Environmental & Facilities Services	85,024		1.14	%	84,561		1.23	%
Drug Retail	83,869		1.13	%	84,288		1.23	%
Communications Equipment	80,015		1.08	%	81,615		1.19	%
Research & Consulting Services	76,406		1.03	%	93,967		1.37	%
Cable & Satellite	74,740		1.01	%	67,734		0.99	%
Other Specialty Retail	69,095		0.93	%	69,073		1.01	%
Alternative Carriers	67,486		0.91	%	45,152		0.66	%
Real Estate Services	58,382		0.79	%	58,482		0.85	%
Soft Drinks & Non-alcoholic Beverages	56,251		0.76	%	56,343		0.82	%
Industrial Machinery & Supplies & Components	55,984		0.75	%	58,103		0.85	%
Casinos & Gaming	54,682		0.74	%	—		—	%
Air Freight & Logistics	53,518		0.72	%	51,249		0.75	%
Distributors	52,527		0.71	%	56,976		0.83	%
Asset Management & Custody Banks	50,765		0.68	%	50,745		0.74	%
Office Services & Supplies	48,398		0.65	%	76,041		1.11	%
Movies & Entertainment	45,241		0.61	%	45,345		0.66	%
Diversified Chemicals	44,476		0.60	%	44,349		0.65	%
Personal Care Products	36,482		0.49	%	—		—	%
Food Distributors	35,415		0.48	%	35,193		0.51	%
Footwear	31,650		0.43	%	31,650		0.46	%
Multi-Sector Holdings	28,718		0.39	%	84,056		1.22	%
Wireless Telecommunication Services	27,559		0.37	%	27,550		0.40	%
Trading Companies & Distributors	22,429		0.30	%	38,561		0.56	%
Oil & Gas Drilling	22,270		0.30	%	—		—	%
Hotels, Resorts & Cruise Lines	21,399		0.29	%	20,535		0.30	%
Consumer Finance	19,749		0.27	%	19,701		0.29	%
Broadcasting	19,154		0.26	%	—		—	%
Specialty Chemicals	17,282		0.23	%	17,325		0.25	%
Biotechnology	10,850		0.15	%	12,361		0.18	%
Health Care Distributors	10,328		0.14	%	10,422		0.15	%
Real Estate Development	9,593		0.13	%	10,083		0.15	%
Financial Exchanges & Data	—		—	%	47,035		0.69	%
Gold	—		—	%	20,961		0.31	%
Metal, Glass & Plastic Containers	—		—	%	12,251		0.18	%
Total	$	7,429,166	100.00	%	$	6,863,940	100.00	%


	December 31, 2025						September 30, 2025
Fair Value:			% of Total Investments		% of Net Assets				% of Total Investments		% of Net Assets
Application Software	$	1,130,307	15.19	%	24.22	%	$	1,075,502	15.57	%	23.69	%
Aerospace & Defense	542,263		7.29	%	11.63	%	442,866		6.42	%	9.75	%
Health Care Services	419,360		5.64	%	8.99	%	406,784		5.90	%	8.96	%
Life Sciences Tools & Services	320,048		4.31	%	6.86	%	312,748		4.53	%	6.89	%
Diversified Support Services	309,127		4.16	%	6.63	%	269,835		3.91	%	5.94	%
Pharmaceuticals	280,075		3.77	%	6.01	%	314,560		4.56	%	6.93	%
Interactive Media & Services	267,708		3.60	%	5.74	%	263,529		3.82	%	5.80	%
Specialized Finance	243,678		3.28	%	5.23	%	243,369		3.53	%	5.36	%
Systems Software	238,395		3.21	%	5.11	%	231,233		3.35	%	5.09	%
Health Care Equipment	227,116		3.06	%	4.87	%	224,448		3.25	%	4.94	%
Health Care Technology	226,066		3.04	%	4.85	%	123,048		1.78	%	2.71	%
Packaged Foods & Meats	222,093		2.99	%	4.76	%	223,605		3.24	%	4.92	%
Diversified Financial Services	209,482		2.82	%	4.49	%	148,590		2.15	%	3.27	%
Building Products	194,844		2.62	%	4.18	%	179,114		2.60	%	3.94	%
Specialized Consumer Services	179,518		2.41	%	3.85	%	177,197		2.57	%	3.90	%
Education Services	165,706		2.23	%	3.55	%	155,806		2.26	%	3.43	%
Construction & Engineering	164,474		2.21	%	3.53	%	101,248		1.47	%	2.23	%
Health Care Supplies	157,240		2.12	%	3.37	%	153,918		2.23	%	3.39	%
Paper & Plastic Packaging Products & Materials	138,080		1.86	%	2.96	%	37,857		0.55	%	0.83	%
Insurance Brokers	135,216		1.82	%	2.90	%	132,313		1.92	%	2.91	%
Property & Casualty Insurance	97,565		1.31	%	2.09	%	77,904		1.13	%	1.72	%
Electrical Components & Equipment	96,744		1.30	%	2.07	%	96,323		1.40	%	2.12	%
Construction Machinery & Heavy Transportation Equipment	86,687		1.17	%	1.86	%	85,255		1.24	%	1.88	%
Drug Retail	83,970		1.13	%	1.80	%	84,282		1.22	%	1.86	%
Environmental & Facilities Services	81,793		1.10	%	1.75	%	82,078		1.19	%	1.81	%
Communications Equipment	79,845		1.07	%	1.71	%	81,450		1.18	%	1.79	%
Cable & Satellite	76,126		1.02	%	1.63	%	68,135		0.99	%	1.50	%
Research & Consulting Services	74,902		1.01	%	1.61	%	88,990		1.29	%	1.96	%
Other Specialty Retail	71,803		0.97	%	1.54	%	71,224		1.03	%	1.57	%
Alternative Carriers	65,004		0.87	%	1.39	%	45,601		0.66	%	1.00	%
Real Estate Services	58,534		0.79	%	1.26	%	58,656		0.85	%	1.29	%
Soft Drinks & Non-alcoholic Beverages	57,096		0.77	%	1.22	%	56,388		0.82	%	1.24	%
Industrial Machinery & Supplies & Components	55,823		0.75	%	1.20	%	58,068		0.84	%	1.28	%
Casinos & Gaming	54,800		0.74	%	1.18	%	—		—	%	—	%
Asset Management & Custody Banks	54,251		0.73	%	1.16	%	54,300		0.79	%	1.20	%
Air Freight & Logistics	53,677		0.72	%	1.15	%	51,502		0.75	%	1.13	%
Distributors	53,154		0.72	%	1.14	%	57,204		0.83	%	1.26	%
Diversified Chemicals	50,562		0.68	%	1.08	%	50,531		0.73	%	1.11	%
Office Services & Supplies	48,821		0.66	%	1.05	%	71,936		1.04	%	1.58	%
Movies & Entertainment	45,501		0.61	%	0.98	%	45,965		0.67	%	1.01	%
Food Distributors	37,556		0.51	%	0.81	%	37,590		0.54	%	0.83	%
Personal Care Products	36,486		0.49	%	0.78	%	—		—	%	—	%
Footwear	34,962		0.47	%	0.75	%	34,219		0.50	%	0.75	%
Multi-Sector Holdings	28,766		0.39	%	0.62	%	86,117		1.25	%	1.90	%
Wireless Telecommunication Services	27,702		0.37	%	0.59	%	27,695		0.40	%	0.61	%
Trading Companies & Distributors	22,428		0.30	%	0.48	%	38,349		0.56	%	0.84	%
Oil & Gas Drilling	21,894		0.29	%	0.47	%	—		—	%	—	%
Hotels, Resorts & Cruise Lines	20,936		0.28	%	0.45	%	20,095		0.29	%	0.44	%
Consumer Finance	19,888		0.27	%	0.43	%	19,912		0.29	%	0.44	%
Broadcasting	18,080		0.24	%	0.39	%	—		—	%	—	%
Specialty Chemicals	17,456		0.23	%	0.37	%	17,400		0.25	%	0.38	%
Biotechnology	10,600		0.14	%	0.23	%	12,154		0.18	%	0.27	%
Health Care Distributors	10,053		0.14	%	0.22	%	10,119		0.15	%	0.22	%
Real Estate Development	9,600		0.13	%	0.21	%	10,138		0.15	%	0.22	%
Financial Exchanges & Data	—		—	%	—	%	47,723		0.69	%	1.05	%
Gold	—		—	%	—	%	22,105		0.32	%	0.49	%
Metal, Glass & Plastic Containers	—		—	%	—	%	12,053		0.17	%	0.27	%
Total	$	7,433,861	100.00	%	159.40	%	$	6,899,031	100.00	%	151.90	%

Fair Value Measurements

The following table presents the financial instruments carried at fair value as of December 31, 2025 on the Company’s Consolidated Statements 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	$	—	$	1,529,797	$	5,468,194	$	6,997,991
Subordinated debt (including CLO notes and credit linked notes)	—		150,188		256,449		406,637
Common equity and warrants	20		—		10,278		10,298
Preferred equity	—		—		18,935		18,935
Total investments at fair value	20		1,679,985		5,753,856		7,433,861
Cash equivalents	157,177		—		—		157,177
Derivative assets	—		19,544		—		19,544
Total assets at fair value	$	157,197	$	1,699,529	$	5,753,856	$	7,610,582
Derivative liabilities	—		1,189		—		1,189
Total liabilities at fair value	$	—	$	1,189	$	—	$	1,189

The following table presents the financial instruments carried at fair value as of September 30, 2025 on the Company’s Consolidated Statements 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	$	—	$	1,418,025	$	5,020,054	$	6,438,079
Subordinated debt (including CLO notes and credit linked notes)	—		164,010		265,289		429,299
Common equity and warrants	33		—		12,962		12,995
Preferred equity	—		—		18,658		18,658
Total investments at fair value	33		1,582,035		5,316,963		6,899,031
Cash equivalents	210,587		—		—		210,587
Derivative assets	—		24,182		—		24,182
Total assets at fair value	$	210,620	$	1,606,217	$	5,316,963	$	7,133,800

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. Transfers between levels are recognized at the beginning of the reporting period.

The principal values of the credit facilities payable approximate fair value due to their variable interest rates and are included in Level 3 of the hierarchy. The Adviser used market quotes as of the valuation date to estimate the fair value of the Company’s 8.400% notes due 2028, 6.500% notes due 2029 and 6.190% notes due 2030, which are included in Level 2 of the hierarchy.

The following table provides a roll-forward of the changes in fair value from September 30, 2025 to December 31, 2025 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2025	$	5,020,054	$	265,289	$	18,658	$	12,962	$	5,316,963
Purchases	613,861		—		—		—		613,861
Sales and repayments	(171,157)		(9,502)		—		—		(180,659)
Capitalized PIK interest income	1,327		508		224		—		2,059
Accretion of OID	6,741		14		—		—		6,755
Net unrealized appreciation (depreciation)	(2,868)		115		53		(2,684)		(5,384)
Net realized gains (losses)	236		25		—		—		261
Fair value as of December 31, 2025	$	5,468,194	$	256,449	$	18,935	$	10,278	$	5,753,856
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2025 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2025	$	100	$	115	$	53	$	(2,684)	$	(2,416)

The following table provides a roll-forward of the changes in fair value from September 30, 2024 to December 31, 2024 for all investments for which the Adviser determined fair value using unobservable (Level 3) factors:


	Senior Secured Debt		Subordinated Debt (including CLO Notes and Credit-Linked Notes)		Preferred Equity		Common Equity and Warrants		Total
Fair value as of September 30, 2024	$	2,890,580	$	223,942	$	14,008	$	12,196	$	3,140,726
Purchases	675,027		29,320		—		—		704,347
Sales and repayments	(143,757)		(186)		—		—		(143,943)
Transfers in (a)(b)	36,264		—		949		—		37,213
Transfers out (a)(b)	(12,929)		—		—		—		(12,929)
Capitalized PIK interest income	2,009		686		—		—		2,695
Accretion of OID	6,388		132		—		—		6,520
Net unrealized appreciation (depreciation)	(23,036)		1,380		672		(1,819)		(22,803)
Net realized gains (losses)	(1,764)		—		—		—		(1,764)
Fair value as of December 31, 2024	$	3,428,782	$	255,274	$	15,629	$	10,377	$	3,710,062
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2024 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2024	$	(18,727)	$	1,380	$	672	$	(1,819)	$	(18,494)

__________

(a) There were transfers into/out of Level 3 from/to Level 2 for certain investments during the three months ended December 31, 2024 as a result of a change in the number of market quotes available and/or a change in market liquidity.

(b) There were investment restructurings during the three months ended December 31, 2024 in which Level 3 senior secured debt was exchanged for Level 3 preferred equity.

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, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

5,289,380

Market Yield

(b)

6.0%

27.0%

9.3%

9,363

Enterprise Value

Revenue Multiple

(d)

1.5x

1.7x

1.6x

2,935

Enterprise Value

EBITDA Multiple

(d)

4.3x

6.3x

5.3x

165,648

Transaction Precedent

Transaction Price

(c)

N/A

868

Broker Quotations

Broker Quoted Price

(e)

N/A

Subordinated debt

187,133

Market Yield

(b)

3.0%

11.0%

5.7%

69,316

Enterprise Value

Revenue multiple

(d)(f)

7.4x

7.6x

7.5x

Common equity and warrants & preferred equity

11,577

Enterprise Value

Revenue Multiple

(d)

1.6x

7.5x

17,636

Enterprise Value

EBITDA Multiple

(d)

6.8x

14.3x

12.9x

Total

5,753,856

_____________________

(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.

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

(e) 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 nonbinding, 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.

(f) Since September 30, 2025, the valuation technique for two subordinated debt investments changed from Market Yield to Enterprise Value. There have been no other changes in techniques utilized to value Level III investments that resulted in a material impact to the financial statements.

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, 2025:

Asset

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted
Average (a)

Senior secured debt

4,896,387

Market Yield

(b)

6.0%

26.0%

9.3%

10,924

Enterprise Value

Revenue Multiple

(d)

2.1x

2.3x

2.2x

2,935

Enterprise Value

EBITDA Multiple

(d)

6.3x

8.3x

7.3x

109,808

Transaction Precedent

Transaction Price

(c)

N/A

Subordinated debt

265,289

Market Yield

(b)

3.0%

12.0%

7.1%

Common equity and warrants & preferred equity

14,236

Enterprise Value

Revenue Multiple

(d)

2.2x

5.0x

2.6x

17,384

Enterprise Value

EBITDA Multiple

(d)

6.5x

14.3x

12.8x

Total

5,316,963

_____________________

(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.

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

Under the market yield technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt securities is the market yield. Increases or decreases in the market yield may result in a lower or higher fair value measurement, respectively.

Under the EV technique, the significant unobservable input used in the fair value measurement of the Company’s investments in debt or equity securities is the earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue or asset multiple, as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

- Definition

The entire disclosure for investments owned by investment company.

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