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Fair value of Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2025

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, 2025				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	105,885			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			2,185,345			Market Comparable		Market yield		4.0% - 27.3% (10.1%)
First lien			18,160			Enterprise Market Value		EBITDA multiple		7.5x - 8.0x (7.7x)
First lien			852			Market Comparable		Revenue multiple		0.3x
Second Lien			995			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt			18,610			Market Comparable		Market yield		1.4% - 25.3% (17.7%)
Subordinated debt			539			Enterprise Market Value		EBITDA multiple		14.5x
Equity			185,414			Enterprise Market Value		EBITDA multiple		0.3x - 16.8x (11.0x)
Total Level 3 investments		$	2,515,800
Long-Term Credit Facility		$	488,859			Market Comparable		Market yield		5.3%

____________________________________________

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

Asset Category		Fair value at September 30, 2025				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	114,625			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			2,377,201			Market Comparable		Market Yield		4.0% - 24.5% (9.9%)
First lien			17,969			Enterprise Market Value		EBITDA multiple		8.3x
First lien			3,836			Market Comparable		Revenue Multiple		0.6x
Second Lien			995			Market Comparable		Broker/Dealer bids or quotes		N/A
Subordinated debt			17,439			Market Comparable		Market Yield		7.0% - 25.4% (17.1%)
Subordinated debt			547			Enterprise Market Value		EBITDA multiple		14.8x
Equity			196,398			Enterprise Market Value		EBITDA multiple		0.6x - 28.3x (10.8x)
Total Level 3 investments		$	2,729,010
Long-Term Credit Facility		$	683,837			Market Comparable		Market Yield		4.8%

(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, 2036 Asset-Backed Debt, and 2037 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

		Fair Value at December 31, 2025
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	2,310,242			$	—			$	—			$	2,310,242			$	—
Second Lien and Subordinate debt			20,144				—				—				20,144				—
Equity			274,961				—				—				185,414				89,547
Total investments			2,605,347				—				—				2,515,800				89,547
Cash equivalents			40,143				40,143				—				—				—
Total investments and cash equivalents		$	2,645,490			$	40,143			$	—			$	2,515,800			$	89,547
Long Term Credit Facility payable		$	488,859			$	—			$	—			$	488,859			$	—
2026 Notes payable(2)			184,803				—				184,803				—				—
2036 Asset-Backed Debt(2)			284,762				—				—				284,762				—
2036-R Asset-Backed Debt(2)			286,561				—				—				286,561				—
2037 Asset-Backed Debt (2)			387,025				—				—				387,025				—
Total debt		$	1,632,010			$	—			$	184,803			$	1,447,207			$	—

———————————————

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL and PSSL II are measured using 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, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2037 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, 2025
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	2,513,631			$	—			$	—			$	2,513,631			$	—
Second lien and Subordinate debt			18,981				—				—				18,981				—
Equity			240,716				—				—				196,398				44,318
Total investments			2,773,328				—				—				2,729,010				44,318
Cash equivalents			40,729				40,729				—				—				—
Total investments and cash equivalents		$	2,814,057			$	40,729			$	—			$	2,729,010			$	44,318
Long Term Credit Facility payable		$	683,837			$	—			$	—			$	683,837			$	—
2026 Notes payable(2)			184,609				—				184,609				—				—
2036 Asset-Backed Debt(2)			284,627				—				—				284,627				—
2036-R Asset-Backed Debt(2)			265,366				—				—				265,366				—
2037 Asset-Backed Debt(2)			358,331				—				—				358,331				—
Total debt		$	1,776,770			$	—			$	184,609			$	1,592,161			$	—

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL is measured using net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, 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, 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, and the 2037 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, 2025
Description		First Lien				Second lien, subordinated debt and equity investments				Totals
Beginning balance		$	2,513,631			$	215,379			$	2,729,010
Net realized gain (loss)			597				871				1,468
Net change in unrealized appreciation (depreciation)			(12,638	)			(8,632	)			(21,270	)
Purchases, PIK interest, net discount accretion and non-cash exchanges			150,963				1,460				152,423
Sales, repayments and non-cash exchanges			(342,311	)			(3,520	)			(345,831	)
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	2,310,242			$	205,558			$	2,515,800
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciation (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.		$	(12,483	)		$	(7,973	)		$	(20,456	)

		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 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.		$	(2,261	)		$	6,964			$	4,703

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):

Schedule of Non US Dollar Outstanding Borrowings on Credit Facility

As of December 31, 2025, we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S. dollar borrowings as of December 31, 2025 (CAD and $ in thousands):

Foreign Currency

Amount Borrowed

Borrowing Cost

Current Value

Reset Date

Unrealized appreciation (depreciation)

Canadian Dollar

CAD 2,000

$

1,455

$

1,459

1/2/26

4

As of September 30, 2025 we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S dollar borrowings as of September 30, 2025. (CAD and $ in thousands):

Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation (depreciation)
Canadian Dollar			CAD 2,000			$	1,455			$	1,437			10/1/2025			(18	)

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