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Portfolio Investments (Tables)
 3 Months Ended
Dec. 31, 2025
Schedule of Investments [Abstract]  
Schedule of Portfolio Composition and Composition of Investments
As of December 31, 2025 and September 30, 2025, the Company’s investment portfolio consisted of the following:
 
 December 31, 2025September 30, 2025
Cost: % of Total Investments% of Total Investments
Senior Secured Debt$7,001,244 94.25 %$6,414,699 93.45 %
Subordinated Debt402,276 5.41 %423,818 6.17 %
Preferred Equity14,303 0.19 %14,080 0.21 %
Common Equity and Warrants11,343 0.15 %11,343 0.17 %
Total$7,429,166 100.00 %$6,863,940 100.00 %

 December 31, 2025September 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 Debt406,637 5.47 %8.72 %429,299 6.22 %9.45 %
Preferred Equity18,935 0.25 %0.41 %18,658 0.27 %0.41 %
Common Equity and Warrants10,298 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 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, 2025September 30, 2025
Cost:% of Total Investments% of Total Investments
United States$6,304,204 84.87 %$5,722,070 83.37 %
United Kingdom387,222 5.21 %403,707 5.88 %
Sweden312,943 4.21 %306,364 4.46 %
Germany137,414 1.85 %176,834 2.58 %
Netherlands110,705 1.49 %110,787 1.61 %
Luxembourg90,100 1.21 %89,870 1.31 %
Greece54,682 0.74 %— — %
Costa Rica16,582 0.22 %16,522 0.24 %
Switzerland10,405 0.14 %10,385 0.15 %
Jamaica4,757 0.06 %4,757 0.07 %
Australia152 0.00 %1,683 0.02 %
Canada— — %20,961 0.31 %
Total$7,429,166 100.00 %$6,863,940 100.00 %

 December 31, 2025September 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 Kingdom399,192 5.37 %8.56 %414,953 6.01 %9.14 %
Sweden319,689 4.30 %6.86 %313,062 4.54 %6.89 %
Germany146,130 1.97 %3.13 %185,742 2.69 %4.09 %
Netherlands116,453 1.57 %2.50 %116,216 1.68 %2.56 %
Luxembourg95,396 1.28 %2.05 %94,947 1.38 %2.09 %
Greece54,800 0.74 %1.18 %— — %— %
Costa Rica16,980 0.23 %0.36 %16,789 0.24 %0.37 %
Switzerland10,332 0.14 %0.22 %10,305 0.15 %0.23 %
Jamaica4,939 0.07 %0.11 %4,894 0.07 %0.11 %
Australia242 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 %
(Share amounts in thousands)Three months ended
December 31, 2025		Three months ended
December 31, 2024
Class IClass SClass DClass TClass IClass SClass D
Net asset value at beginning of period$23.09 $23.09 $23.09 $23.09 $23.56 $23.56 $23.56 
Capital Contribution— — — — — — — 
Net investment income (1)0.51 0.46 0.50 0.46 0.52 0.47 0.51 
Net unrealized appreciation (depreciation) (1)(2)(0.16)(0.16)(0.16)(0.16)0.01 0.01 0.01 
Net realized gains (losses) (1)0.03 0.03 0.03 0.03 0.03 0.03 0.03 
(Provision) benefit for taxes on realized and unrealized gains (losses) (1)— — — — — — — 
Net increase (decrease) in net assets resulting from operations 0.38 0.33 0.37 0.33 0.56 0.51 0.55 
Distributions of net investment income to shareholders(0.51)(0.46)(0.50)(0.46)(0.52)(0.47)(0.51)
Distributions in excess of net investment income(0.03)(0.03)(0.03)(0.03)(0.08)(0.08)(0.08)
Net asset value at end of period$22.93 $22.93 $22.93 $22.93 $23.52 $23.52 $23.52 
Total return (3)1.67 %1.45 %1.61 %1.45 %2.40 %2.18 %2.33 %
Common shares outstanding at beginning of the period139,709 56,785 174 53 89,884 44,323 81 
Common shares outstanding at end of period145,699 57,129 407 142 97,207 47,759 107 
Net assets at the beginning of the period$3,225,643 $1,310,917 $4,028 $1,217 $2,118,000 $1,044,424 $1,916 
Net assets at end of period$3,341,128 $1,309,867 $9,321 $3,247 $2,286,444 $1,123,357 $2,515 
Average net assets (4)$3,423,169 $1,351,855 $7,594 $3,032 $2,245,265 $1,111,550 $2,380 
Ratio of net investment income to average net assets (5)2.20 %1.99 %2.14 %1.99 %2.22 %2.01 %2.16 %
Ratio of total expenses to average net assets (5)(7)1.65 %1.86 %1.71 %1.86 %2.00 %2.18 %2.05 %
Ratio of net expenses to average net assets (5)1.65 %1.86 %1.71 %1.86 %2.00 %2.18 %2.05 %
Ratio of portfolio turnover to average investments at fair value (5)3.93 %3.93 %3.93 %3.93 %9.95 %9.95 %9.95 %
Weighted average outstanding debt$2,669,291 $2,669,291 $2,669,291 $2,669,291 $1,965,163 $1,965,163 $1,965,163 
Average debt per share (1)$12.87 $12.87 $12.87 $12.87 $13.83 $13.83 $13.83 
Asset coverage ratio (6)269.41 %269.41 %269.41 %269.41 %265.13 %265.13 %265.13 %
(1)Calculated based upon weighted average shares outstanding for the period.
(2)
The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three months ended December 31, 2025 and 2024 as it includes the effect of the timing of equity issuances.
(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price equal to the NAV per share at the beginning of the period.
(4)Calculated based upon the weighted average net assets for the period.
(5)
Financial results for the three months ended December 31, 2025 and 2024 have not been annualized for purposes of this ratio.
(6)
Based on outstanding senior securities of $2,755.6 million and $2,060.4 million as of December 31, 2025 and 2024, respectively.
(7)Total expenses to average net assets is prior to expense support/reimbursements provided by the Adviser.
Schedule of Portfolio of Investments by Industry
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, 2025September 30, 2025
 Fair Value% of Debt InvestmentsFair 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 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, 2025September 30, 2025
Cost: % of Total Investments% of Total Investments
Application Software$1,138,786 15.28 %$1,077,261 15.67 %
Aerospace & Defense536,187 7.22 %440,518 6.42 %
Health Care Services419,658 5.65 %408,129 5.95 %
Life Sciences Tools & Services318,106 4.28 %311,963 4.54 %
Diversified Support Services311,456 4.19 %269,009 3.92 %
Pharmaceuticals274,461 3.69 %307,950 4.49 %
Interactive Media & Services263,698 3.55 %259,735 3.78 %
Specialized Finance242,985 3.27 %242,474 3.53 %
Systems Software241,909 3.26 %230,953 3.36 %
Health Care Equipment223,662 3.01 %221,030 3.22 %
Packaged Foods & Meats222,023 2.99 %221,939 3.23 %
Health Care Technology217,218 2.92 %114,695 1.67 %
Diversified Financial Services202,991 2.73 %141,952 2.07 %
Building Products195,075 2.63 %179,198 2.61 %
Construction & Engineering183,928 2.48 %107,579 1.57 %
Specialized Consumer Services179,751 2.42 %177,353 2.58 %
Education Services170,176 2.29 %159,758 2.33 %
Health Care Supplies157,204 2.12 %153,582 2.24 %
Paper & Plastic Packaging Products & Materials146,283 1.97 %37,703 0.55 %
Insurance Brokers134,868 1.82 %131,423 1.91 %
Property & Casualty Insurance96,348 1.30 %76,662 1.12 %
Electrical Components & Equipment96,302 1.30 %96,510 1.41 %
Construction Machinery & Heavy Transportation Equipment86,354 1.16 %84,857 1.24 %
Environmental & Facilities Services85,024 1.14 %84,561 1.23 %
Drug Retail83,869 1.13 %84,288 1.23 %
Communications Equipment80,015 1.08 %81,615 1.19 %
Research & Consulting Services76,406 1.03 %93,967 1.37 %
Cable & Satellite74,740 1.01 %67,734 0.99 %
Other Specialty Retail69,095 0.93 %69,073 1.01 %
Alternative Carriers67,486 0.91 %45,152 0.66 %
Real Estate Services58,382 0.79 %58,482 0.85 %
Soft Drinks & Non-alcoholic Beverages56,251 0.76 %56,343 0.82 %
Industrial Machinery & Supplies & Components55,984 0.75 %58,103 0.85 %
Casinos & Gaming54,682 0.74 %— — %
Air Freight & Logistics53,518 0.72 %51,249 0.75 %
Distributors52,527 0.71 %56,976 0.83 %
Asset Management & Custody Banks50,765 0.68 %50,745 0.74 %
Office Services & Supplies48,398 0.65 %76,041 1.11 %
Movies & Entertainment45,241 0.61 %45,345 0.66 %
Diversified Chemicals44,476 0.60 %44,349 0.65 %
Personal Care Products36,482 0.49 %— — %
Food Distributors35,415 0.48 %35,193 0.51 %
Footwear31,650 0.43 %31,650 0.46 %
Multi-Sector Holdings28,718 0.39 %84,056 1.22 %
Wireless Telecommunication Services27,559 0.37 %27,550 0.40 %
Trading Companies & Distributors22,429 0.30 %38,561 0.56 %
Oil & Gas Drilling22,270 0.30 %— — %
Hotels, Resorts & Cruise Lines21,399 0.29 %20,535 0.30 %
Consumer Finance19,749 0.27 %19,701 0.29 %
Broadcasting19,154 0.26 %— — %
Specialty Chemicals17,282 0.23 %17,325 0.25 %
Biotechnology10,850 0.15 %12,361 0.18 %
Health Care Distributors10,328 0.14 %10,422 0.15 %
Real Estate Development9,593 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, 2025September 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 & Defense542,2637.29 %11.63 %442,8666.42 %9.75 %
Health Care Services419,3605.64 %8.99 %406,7845.90 %8.96 %
Life Sciences Tools & Services320,0484.31 %6.86 %312,7484.53 %6.89 %
Diversified Support Services309,1274.16 %6.63 %269,8353.91 %5.94 %
Pharmaceuticals280,0753.77 %6.01 %314,5604.56 %6.93 %
Interactive Media & Services267,7083.60 %5.74 %263,5293.82 %5.80 %
Specialized Finance243,6783.28 %5.23 %243,3693.53 %5.36 %
Systems Software238,3953.21 %5.11 %231,2333.35 %5.09 %
Health Care Equipment227,1163.06 %4.87 %224,4483.25 %4.94 %
Health Care Technology226,0663.04 %4.85 %123,0481.78 %2.71 %
Packaged Foods & Meats222,0932.99 %4.76 %223,605 3.24 %4.92 %
Diversified Financial Services209,4822.82 %4.49 %148,590 2.15 %3.27 %
Building Products194,8442.62 %4.18 %179,114 2.60 %3.94 %
Specialized Consumer Services179,5182.41 %3.85 %177,197 2.57 %3.90 %
Education Services165,7062.23 %3.55 %155,806 2.26 %3.43 %
Construction & Engineering164,4742.21 %3.53 %101,248 1.47 %2.23 %
Health Care Supplies157,2402.12 %3.37 %153,918 2.23 %3.39 %
Paper & Plastic Packaging Products & Materials138,0801.86 %2.96 %37,857 0.55 %0.83 %
Insurance Brokers135,2161.82 %2.90 %132,313 1.92 %2.91 %
Property & Casualty Insurance97,5651.31 %2.09 %77,904 1.13 %1.72 %
Electrical Components & Equipment96,7441.30 %2.07 %96,323 1.40 %2.12 %
Construction Machinery & Heavy Transportation Equipment86,6871.17 %1.86 %85,255 1.24 %1.88 %
Drug Retail83,9701.13 %1.80 %84,282 1.22 %1.86 %
Environmental & Facilities Services81,7931.10 %1.75 %82,078 1.19 %1.81 %
Communications Equipment79,8451.07 %1.71 %81,450 1.18 %1.79 %
Cable & Satellite76,1261.02 %1.63 %68,135 0.99 %1.50 %
Research & Consulting Services74,9021.01 %1.61 %88,990 1.29 %1.96 %
Other Specialty Retail71,8030.97 %1.54 %71,224 1.03 %1.57 %
Alternative Carriers65,0040.87 %1.39 %45,601 0.66 %1.00 %
Real Estate Services58,5340.79 %1.26 %58,656 0.85 %1.29 %
Soft Drinks & Non-alcoholic Beverages57,0960.77 %1.22 %56,388 0.82 %1.24 %
Industrial Machinery & Supplies & Components55,8230.75 %1.20 %58,068 0.84 %1.28 %
Casinos & Gaming54,8000.74 %1.18 %— — %— %
Asset Management & Custody Banks54,2510.73 %1.16 %54,300 0.79 %1.20 %
Air Freight & Logistics53,6770.72 %1.15 %51,502 0.75 %1.13 %
Distributors53,1540.72 %1.14 %57,204 0.83 %1.26 %
Diversified Chemicals50,5620.68 %1.08 %50,531 0.73 %1.11 %
Office Services & Supplies48,8210.66 %1.05 %71,936 1.04 %1.58 %
Movies & Entertainment45,5010.61 %0.98 %45,965 0.67 %1.01 %
Food Distributors37,5560.51 %0.81 %37,590 0.54 %0.83 %
Personal Care Products36,4860.49 %0.78 %— — %— %
Footwear34,9620.47 %0.75 %34,219 0.50 %0.75 %
Multi-Sector Holdings28,7660.39 %0.62 %86,117 1.25 %1.90 %
Wireless Telecommunication Services27,7020.37 %0.59 %27,695 0.40 %0.61 %
Trading Companies & Distributors22,4280.30 %0.48 %38,349 0.56 %0.84 %
Oil & Gas Drilling21,8940.29 %0.47 %— — %— %
Hotels, Resorts & Cruise Lines20,9360.28 %0.45 %20,095 0.29 %0.44 %
Consumer Finance19,8880.27 %0.43 %19,912 0.29 %0.44 %
Broadcasting18,0800.24 %0.39 %— — %— %
Specialty Chemicals17,456 0.23 %0.37 %17,400 0.25 %0.38 %
Biotechnology10,600 0.14 %0.23 %12,154 0.18 %0.27 %
Health Care Distributors10,053 0.14 %0.22 %10,1190.15 %0.22 %
Real Estate Development9,600 0.13 %0.21 %10,1380.15 %0.22 %
Financial Exchanges & Data— — %— %47,7230.69 %1.05 %
Gold— — %— %22,1050.32 %0.49 %
Metal, Glass & Plastic Containers— — %— %12,0530.17 %0.27 %
Total$7,433,861 100.00 %159.40 %$6,899,031 100.00 %151.90 %
Schedule of Financial Instruments Carried at Fair Value
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 1Level 2Level 3Total
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 warrants20 — 10,278 10,298 
Preferred equity— — 18,935 18,935 
Total investments at fair value20 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 1Level 2Level 3Total
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 warrants33 — 12,962 12,995 
Preferred equity— — 18,658 18,658 
Total investments at fair value33 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 
Schedule of Roll-forward of the Changes in Fair Value
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 EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2025$5,020,054 $265,289 $18,658 $12,962 $5,316,963 
Purchases613,861 — — — 613,861 
Sales and repayments(171,157)(9,502)— — (180,659)
Capitalized PIK interest income1,327 508 224 — 2,059 
Accretion of OID6,741 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 EquityCommon Equity and WarrantsTotal
Fair value as of September 30, 2024$2,890,580 $223,942 $14,008 $12,196 $3,140,726 
Purchases675,027 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 income2,009 686 — — 2,695 
Accretion of OID6,388 132 — — 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.
Schedule of 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:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$5,289,380 Market YieldMarket Yield(b)6.0%-27.0%9.3%
9,363Enterprise ValueRevenue Multiple(d)1.5x-1.7x1.6x
2,935Enterprise ValueEBITDA Multiple(d)4.3x-6.3x5.3x
165,648Transaction Precedent Transaction Price(c)N/A-N/AN/A
868Broker QuotationsBroker Quoted Price(e)N/A-N/AN/A
Subordinated debt187,133Market YieldMarket Yield(b)3.0%-11.0%5.7%
69,316Enterprise ValueRevenue multiple(d)(f)7.4x7.6x7.5x
Common equity and warrants & preferred equity11,577Enterprise ValueRevenue Multiple(d)1.6x-7.5x7.5x
17,636Enterprise ValueEBITDA Multiple(d)6.8x-14.3x12.9x
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.
(c) Used when there is an observable transaction or pending event for 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:
AssetFair ValueValuation TechniqueUnobservable InputRangeWeighted
Average (a)
Senior secured debt$4,896,387 Market YieldMarket Yield(b)6.0%-26.0%9.3%
10,924Enterprise ValueRevenue Multiple(d)2.1x-2.3x2.2x
2,935Enterprise ValueEBITDA Multiple(d)6.3x-8.3x7.3x
109,808Transaction Precedent Transaction Price(c)N/A-N/AN/A
Subordinated debt265,289Market YieldMarket Yield(b)3.0%-12.0%7.1%
Common equity and warrants & preferred equity14,236Enterprise ValueRevenue Multiple(d)2.2x-5.0x2.6x
17,384Enterprise ValueEBITDA Multiple(d)6.5x-14.3x12.8x
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.
(c) Used when there is an observable transaction or pending event for the investment.
(d) Used when a market participant would use such multiple when pricing the investment.