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Fair value of Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Unobservable Inputs and Ranges

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):

Asset Category		Fair value at December 31, 2024				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	107,391			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			1,833,348			Market Comparable		Market yield		6.5% - 21.0% (10.4%)
First lien			7,262			Enterprise Market Value		EBITDA multiple		8.0x - 10.5.x (10.3x)
First lien			15,775			Enterprise Market Value		Revenue multiple		0.7x - 1.0.x (0.8x)
Subordinated debt			2,826			Market Comparable		Market yield		5.3% - 23.2% (20.0%)
Subordinated debt			609			Enterprise Market Value		EBITDA multiple		15.0x
Equity			168,869			Enterprise Market Value		EBITDA multiple		1.8x - 16.8x (12.0x)
Total Level 3 investments		$	2,136,080
Long-Term Credit Facility		$	608,791			Market Comparable		Market yield		5.8%

____________________________________________

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Asset Category		Fair value at September 30, 2024				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	132,197			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			1,589,437			Market Comparable		Market Yield		7.9% - 21.1% (9.1%)
First lien			25,063			Enterprise Market Value		EBITDA multiple		0.8x - 9.8x (3.4x)
Subordinated debt			2,688			Market Comparable		Market Yield		11.8% - 16.5% (14.0 %)
Subordinated debt			4			Enterprise Market Value		EBITDA multiple		5x
Equity			168,450			Enterprise Market Value		EBITDA multiple		0.4x - 18.8x (11.0x)
Total Level 3 investments		$	1,917,839
Long-Term Credit Facility		$	443,880			Market Comparable		Market Yield		5.4%

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Summary of Investments, Cash and Cash Equivalents, Credit Facility, or Prior Credit Facility, Notes and Asset Backed Debt

Our investments, cash and cash equivalents, Credit Facility, 2026 Notes, 2031 Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2036 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

		Fair Value at December 31, 2024
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	1,963,776			$	—			$	—			$	1,963,776			$	—
Subordinate debt			3,435				—				—				3,435				—
Equity			226,699				—				—				168,869				57,830
Total investments			2,193,910				—				—				2,136,080				57,830
Cash and cash equivalents			102,262				102,262				—				—				—
Total investments and cash and cash equivalents		$	2,296,172			$	102,262			$	—			$	2,136,080			$	57,830
Credit Facility payable		$	608,791			$	—			$	—			$	608,791			$	—
2026 Notes payable(2)			184,026				—				184,026				—				—
2036 Asset-Backed Debt(2)			284,222				—				—				284,222				—
2036-R Asset-Backed Debt(2)			265,268				—				—				265,268				—
Total debt		$	1,342,307			$	—			$	184,026			$	1,158,281			$	—

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSSL and PTSF are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.

(2)We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes, 2031 Asset-Backed Debt, and 2036 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

		Fair Value at September 30, 2024
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	1,746,697			$	—			$	—			$	1,746,697			$	—
Second lien			2,692				—				—				2,692				—
Equity			234,115				—				—				168,450				65,665
Total investments			1,983,504				—				—				1,917,839				65,665
Cash and cash equivalents			112,050				112,050				—				—				—
Total investments and cash and cash equivalents		$	2,095,554			$	112,050			$	—			$	1,917,839			$	65,665
Credit Facility payable		$	443,880			$	—			$	—			$	443,880			$	—
2026 Notes payable(2)			183,832				—				183,832				—				—
2036 Asset-Backed Debt(2)			284,086				—				—				284,086				—
2036-R Asset-Backed Debt(2)			265,235				—				—				265,235				—
Total debt		$	1,177,033			$	—			$	183,832			$	993,201			$	—

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSSL and PTSF is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes the 2036 Asset-Backed Debt, and the 2036-R Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3

The tables below show a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3)

($ in thousands):

		Three Months Ended December 31, 2024
Description		First Lien				Second lien, subordinated debt and equity investments				Totals
Beginning balance		$	1,746,697			$	171,142			$	1,917,839
Net realized gain (loss)			634				26,040				26,674
Net change in unrealized appreciation (depreciation)			(7,513	)			(13,600	)			(21,113	)
Purchases, PIK interest, net discount accretion and non-cash exchanges			597,859				16,121				613,980
Sales, repayments and non-cash exchanges			(373,901	)			(27,399	)			(401,300	)
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	1,963,776			$	172,304			$	2,136,080
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciaiton (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.		$	(2,261	)		$	6,964			$	4,703

		Three Months Ended December 31, 2023
Description		First Lien				Second lien, subordinated debt and equity investments				Totals
Beginning balance		$	906,166			$	100,782			$	1,006,948
Net realized gain (loss)			(4,304	)			1,215				(3,089	)
Net change in unrealized appreciation (depreciation)			5,478				(858	)			4,620
Purchases, PIK interest, net discount accretion and non-cash exchanges			288,248				18,950				307,198
Sales, repayments and non-cash exchanges			(105,124	)			(1,384	)			(106,508	)
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	1,090,464			$	118,705			$	1,209,169
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.		$	(1,085	)		$	295			$	(790	)

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3

The table below shows a reconciliation of the beginning and ending balances for liabilities recognized at fair value and measured using significant unobservable inputs (Level 3)($ in thousands):

		Three months ended December 31,
Long-Term Credit Facility		2024				2023
Beginning balance (cost – $443,855 and $85,619, respectively)		$	443,880			$	85,619
Net change in unrealized (depreciation) appreciation included in earnings			(89	)			62
Borrowings			165,000				251,455
Repayments			—				(76,219	)
Ending balance (cost – $608,855 and $260,855 respectively)		$	608,791			$	260,917

Schedule of Non US Dollar Outstanding Borrowings on Credit Facility

As of December 31, 2024, we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following information related to such borrowings ($ in thousands):

Foreign Currency

Amount Borrowed

Borrowing Cost

Current Value

Reset Date

Unrealized appreciation (depreciation)

Canadian Dollar

CAD 2,000

$

1,455

1,391

1/1/2025

64

As of September 30, 2024 we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following information related to such borrowings (CAD and $ in thousands):

Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation (depreciation)
Canadian Dollar			CAD 2,000			$	1,455			$	1,481			10/1/2024			(26	)

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