v3.25.2

Financial Highlights (Tables) | 9 Months Ended
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Jun. 30, 2025
Investment Company [Abstract] |
Schedule of Financial Highlights | Summaries of the composition of the Company's portfolio at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets are shown in the following tables:
|  | June 30, 2025 |  | September 30, 2024
Cost: |  |  |  | % of Total Investments |  |  |  | % of Total Investments
Senior secured debt |  | $ | 2,445,232 |  |  | 81.17 | % |  | $ | 2,615,066 |  |  | 83.14 | %
Debt investments in the JVs |  | 165,389 |  |  | 5.49 | % |  | 164,324 |  |  | 5.23 | %
Common equity and warrants |  | 140,320 |  |  | 4.66 | % |  | 134,452 |  |  | 4.28 | %
Subordinated debt |  | 138,724 |  |  | 4.60 | % |  | 108,068 |  |  | 3.44 | %
Preferred equity |  | 68,133 |  |  | 2.26 | % |  | 68,218 |  |  | 2.17 | %
LLC equity interests of the JVs |  | 54,791 |  |  | 1.82 | % |  | 54,791 |  |  | 1.74 | %
Total |  | $ | 3,012,589 |  |  | 100.00 | % |  | $ | 3,144,919 |  |  | 100.00 | %
|  | June 30, 2025 |  | September 30, 2024
Fair Value: |  |  |  | % of Total Investments |  | % of Net Assets |  |  |  | % of Total Investments |  | % of Net Assets
Senior secured debt |  | $ | 2,343,411 |  |  | 83.40 | % |  | 158.72 | % |  | $ | 2,574,937 |  |  | 85.21 | % |  | 173.06 | %
Debt investments in the JVs |  | 159,720 |  |  | 5.69 | % |  | 10.82 | % |  | 161,552 |  |  | 5.35 | % |  | 10.86 | %
Subordinated debt |  | 138,122 |  |  | 4.92 | % |  | 9.35 | % |  | 109,921 |  |  | 3.64 | % |  | 7.39 | %
Common equity and warrants |  | 80,011 |  |  | 2.85 | % |  | 5.42 | % |  | 86,008 |  |  | 2.85 | % |  | 5.78 | %
Preferred equity |  | 73,232 |  |  | 2.61 | % |  | 4.96 | % |  | 66,320 |  |  | 2.20 | % |  | 4.46 | %
LLC equity interests of the JVs |  | 14,881 |  |  | 0.53 | % |  | 1.01 | % |  | 22,541 |  |  | 0.75 | % |  | 1.52 | %
Total |  | $ | 2,809,377 |  |  | 100.00 | % |  | 190.28 | % |  | $ | 3,021,279 |  |  | 100.00 | % |  | 203.07 | %
The geographic composition 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 composition of the Company's portfolio by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets:
|  | June 30, 2025 |  | September 30, 2024
Cost: |  |  |  | % of Total Investments |  |  |  | % of Total Investments
Northeast |  | $ | 1,005,796 |  |  | 33.39 | % |  | $ | 1,033,467 |  |  | 32.86 | %
Midwest |  | 498,752 |  |  | 16.56 | % |  | 397,640 |  |  | 12.64 | %
Southeast |  | 471,215 |  |  | 15.64 | % |  | 464,992 |  |  | 14.79 | %
International |  | 329,690 |  |  | 10.94 | % |  | 343,033 |  |  | 10.91 | %
West |  | 310,077 |  |  | 10.29 | % |  | 320,407 |  |  | 10.19 | %
Southwest |  | 217,930 |  |  | 7.23 | % |  | 285,648 |  |  | 9.08 | %
South |  | 179,129 |  |  | 5.95 | % |  | 241,098 |  |  | 7.67 | %
Northwest |  | — |  |  | — | % |  | 58,634 |  |  | 1.86 | %
Total |  | $ | 3,012,589 |  |  | 100.00 | % |  | $ | 3,144,919 |  |  | 100.00 | %
|  | June 30, 2025 |  | September 30, 2024
Fair Value: |  |  |  | % of Total Investments |  | % of Net Assets |  |  |  | % of Total Investments |  | % of Net Assets
Northeast |  | $ | 891,015 |  |  | 31.72 | % |  | 60.34 | % |  | $ | 965,469 |  |  | 31.94 | % |  | 64.89 | %
Midwest |  | 489,418 |  |  | 17.42 | % |  | 33.15 | % |  | 390,607 |  |  | 12.93 | % |  | 26.25 | %
Southeast |  | 380,023 |  |  | 13.53 | % |  | 25.74 | % |  | 419,669 |  |  | 13.89 | % |  | 28.21 | %
International |  | 344,568 |  |  | 12.26 | % |  | 23.34 | % |  | 354,662 |  |  | 11.74 | % |  | 23.84 | %
West |  | 321,504 |  |  | 11.44 | % |  | 21.78 | % |  | 314,994 |  |  | 10.43 | % |  | 21.17 | %
Southwest |  | 207,486 |  |  | 7.39 | % |  | 14.05 | % |  | 279,653 |  |  | 9.26 | % |  | 18.80 | %
South |  | 175,363 |  |  | 6.24 | % |  | 11.88 | % |  | 237,634 |  |  | 7.87 | % |  | 15.97 | %
Northwest |  | — |  |  | — | % |  | — | % |  | 58,591 |  |  | 1.94 | % |  | 3.94 | %
Total |  | $ | 2,809,377 |  |  | 100.00 | % |  | 190.28 | % |  | $ | 3,021,279 |  |  | 100.00 | % |  | 203.07 | %
Below is a summary of SLF JV I's portfolio, followed by a listing of the individual loans in SLF JV I's portfolio as of June 30, 2025 and September 30, 2024:
|  | June 30, 2025 |  | September 30, 2024
Senior secured loans (1) |  | $339,147 |  | $330,094
Weighted average interest rate on senior secured loans (2) |  | 8.52% |  | 9.56%
Number of borrowers in SLF JV I |  | 52 |  | 48
Largest exposure to a single borrower (1) |  | $10,416 |  | $10,495
Total of five largest loan exposures to borrowers (1) |  | $49,904 |  | $49,413
__________ (1) At principal amount. (2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value. Below is a summary of the Glick JV's portfolio, followed by a listing of the individual loans in the Glick JV's portfolio as of June 30, 2025 and September 30, 2024:
| June 30, 2025 |  | September 30, 2024
Senior secured loans (1) | $111,423 |  | $125,405
Weighted average current interest rate on senior secured loans (2) | 8.83% |  | 9.65%
Number of borrowers in the Glick JV | 42 |  | 44
Largest loan exposure to a single borrower (1) | $4,316 |  | $5,898
Total of five largest loan exposures to borrowers (1) | $20,426 |  | $22,152
__________ (1) At principal amount. (2) Computed using the weighted average annual interest rate on accruing senior secured loans at fair value.
(Share amounts in thousands) |  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Net asset value per share at beginning of period |  | $16.75 |  | $18.72 |  | $18.09 |  | $19.63
Net investment income (1) |  | 0.38 |  | 0.54 |  | 1.37 |  | 1.63
Net unrealized appreciation (depreciation) (1)(7) |  | 0.20 |  | 0.33 |  | (0.98) |  | (0.28)
Net realized gains (losses) (1) |  | (0.15) |  | (0.85) |  | (0.28) |  | (1.06)
(Provision) benefit for taxes on realized and unrealized gains (losses) (1) |  | — |  | — |  | — |  | (0.01)
Distributions of net investment income to stockholders |  | (0.42) |  | (0.55) |  | (1.44) |  | (1.72)
Net asset value per share at end of period |  | $16.76 |  | $18.19 |  | $16.76 |  | $18.19
Per share market value at beginning of period |  | $15.36 |  | $19.66 |  | $16.31 |  | $20.12
Per share market value at end of period |  | $13.66 |  | $18.81 |  | $13.66 |  | $18.81
Total return (2) |  | (8.39)% |  | (1.51)% |  | (7.93)% |  | 2.13%
Common shares outstanding at beginning of period |  | 88,086 |  | 81,396 |  | 82,245 |  | 77,225
Common shares outstanding at end of period |  | 88,086 |  | 82,245 |  | 88,086 |  | 82,245
Net assets at beginning of period |  | $1,475,113 |  | $1,524,099 |  | $1,487,811 |  | $1,515,764
Net assets at end of period |  | $1,476,469 |  | $1,496,133 |  | $1,476,469 |  | $1,496,133
Average net assets (3) |  | $1,488,823 |  | $1,524,503 |  | $1,487,303 |  | $1,524,180
Ratio of net investment income to average net assets (3)(6) |  | 9.02% |  | 11.76% |  | 10.50% |  | 11.40%
Ratio of total expenses to average net assets (3)(6) |  | 12.69% |  | 14.54% |  | 12.72% |  | 14.42%
Ratio of net expenses to average net assets (3)(6) |  | 11.24% |  | 13.29% |  | 10.97% |  | 13.75%
Ratio of portfolio turnover to average investments at fair value |  | 4.86% |  | 5.95% |  | 25.59% |  | 23.97%
Weighted average outstanding debt (4) |  | $1,477,143 |  | $1,711,978 |  | $1,595,421 |  | $1,680,876
Average debt per share (1) |  | $16.77 |  | $20.92 |  | $18.68 |  | $21.06
Asset coverage ratio at end of period (5) |  | 199.86% |  | 183.36% |  | 199.86% |  | 183.36%
__________
(1) | Calculated based upon weighted average shares outstanding for the period.
(2) | Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming dividend reinvestment prices obtained under the Company's DRIP. Total return does not include sales load.
(3) | Calculated based upon the weighted average net assets for the period.
(4) | Calculated based upon the weighted average of principal debt outstanding for the period.
(5) | Based on outstanding senior securities of $1,466.1 million and $1,743.4 million as of June 30, 2025 and 2024, respectively.
(6) | Interim periods are annualized.
(7) | The amount shown may not correspond with the net unrealized appreciation (depreciation) on investments for the three and nine months ended June 30, 2025 and 2024 as it includes the effect of the timing of equity issuances.

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- Definition Tabular disclosure of financial highlights. Includes, but is not limited to, per share information, income and expense ratios, total return, capital commitment and fee waiver. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478494/946-205-50-1 + Details
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