v3.25.0.1
Investments (Tables)
 3 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Investments as of December 31, 2024 and September 30, 2024 consisted of the following:
As of December 31, 2024As of September 30, 2024
  PrincipalAmortized
Cost		Fair
Value		PrincipalAmortized
Cost		Fair
Value
Senior secured$481,445 $481,012 $476,601 $510,503 $506,178 $502,386 
One stop7,670,400 7,646,607 7,543,323 7,271,543 7,216,368 7,110,258 
Second lien29,621 28,069 25,086 18,430 17,125 14,054 
Subordinated debt31,330 31,058 31,246 30,410 29,943 30,175 
EquityN/A568,820 608,975 N/A533,299 578,538 
Total$8,212,796 $8,755,566 $8,685,231 $7,830,886 $8,302,913 $8,235,411 
Schedules of Portfolio Composition at Amortization Cost and Fair Value
The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business.
As of December 31, 2024As of September 30, 2024
Amortized Cost:        
United States        
Mid-Atlantic$1,640,965 18.7 %$1,502,136 18.1 %
Midwest1,386,094 15.8 1,391,538 16.8 
West1,309,131 15.0 1,133,878 13.7 
Southeast1,694,324 19.4 1,638,221 19.7 
Southwest1,114,761 12.7 1,041,814 12.5 
Northeast737,414 8.4 713,024 8.6 
Canada169,995 1.9 182,002 2.2 
United Kingdom327,130 3.7 395,769 4.8 
Australia20,042 0.2 20,909 0.2 
Luxembourg65,364 0.8 58,328 0.7 
Netherlands96,172 1.1 95,950 1.2 
Finland79,360 0.9 52,670 0.6 
Sweden33,708 0.4 33,243 0.4 
Israel855 0.0 *855 0.0 *
Denmark4,862 0.1 4,860 0.1 
Germany57,508 0.7 19,896 0.2 
France17,881 0.2 17,820 0.2 
Jersey— — — — 
Total$8,755,566 100.0 %$8,302,913 100.0 %
Fair Value:        
United States        
Mid-Atlantic$1,652,333 19.0 %$1,506,726 18.3 %
Midwest1,367,958 15.8 1,352,353 16.4 
West1,309,619 15.1 1,130,497 13.7 
Southeast1,675,140 19.3 1,634,599 19.8 
Southwest1,101,557 12.7 1,020,950 12.4 
Northeast739,290 8.5 713,123 8.7 
Canada160,542 1.8 178,003 2.2 
United Kingdom315,881 3.6 395,840 4.8 
Australia17,281 0.2 20,113 0.2 
Luxembourg64,141 0.7 57,439 0.7 
Netherlands 89,822 1.0 89,708 1.1 
Finland78,994 0.9 56,608 0.7 
Sweden33,317 0.4 34,709 0.4 
Israel1,051 0.0 *1,008 0.0 *
Denmark4,906 0.1 4,896 0.1 
Germany56,186 0.7 20,493 0.3 
France17,272 0.2 18,346 0.2 
Jersey(1)
(59)0.0 *— — 
Total$8,685,231 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%
(1) The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
The industry compositions of the portfolio at amortized cost and fair value as a percentage of total investments in portfolio companies as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024As of September 30, 2024
Amortized Cost:        
Aerospace & Defense$39,728 0.5 %$39,344 0.5 %
Air Freight & Logistics49,832 0.6 — — 
Airlines8,795 0.1 8,808 0.1 
Auto Components53,724 0.6 48,377 0.6 
Automobiles394,333 4.5 390,804 4.7 
Banks11,334 0.1 2,094 0.0 *
Beverages83,853 1.0 82,478 1.0 
Biotechnology1,993 0.0 *1,993 0.0 *
Building Products61,226 0.7 60,815 0.7 
Capital Markets2,549 0.0 *2,557 0.0 *
Chemicals132,846 1.5 133,436 1.6 
Commercial Services & Supplies208,307 2.4 198,252 2.4 
Communications Equipment16,522 0.2 16,519 0.2 
Construction & Engineering4,031 0.0 *4,042 0.1 
Containers & Packaging102,850 1.2 102,694 1.3 
Diversified Consumer Services431,133 4.9 391,054 4.7 
Diversified Financial Services105,118 1.2 90,456 1.1 
Diversified Telecommunication Services1,523 0.0 *1,521 0.0 *
Electrical Equipment25,092 0.3 1,406 0.0 *
Electronic Equipment, Instruments & Components33,571 0.4 33,600 0.4 
Energy Equipment & Services4,459 0.1 4,543 0.1 
Food & Staples Retailing22,127 0.3 21,957 0.3 
Food Products222,737 2.5 260,340 3.1 
Healthcare Equipment & Supplies306,845 3.5 270,891 3.3 
Healthcare Providers & Services591,573 6.8 559,659 6.7 
Healthcare Technology396,118 4.5 315,628 3.8 
Hotels, Restaurants & Leisure273,832 3.1 271,416 3.3 
Household Products8,627 0.1 8,636 0.1 
Industrial Conglomerates85,141 1.0 72,399 0.9 
Insurance494,536 5.6 460,242 5.5 
Internet & Direct Marketing Retail103,795 1.2 103,829 1.3 
IT Services282,263 3.2 294,569 3.5 
Leisure Products69,730 0.8 69,755 0.8 
Life Sciences Tools & Services138,640 1.6 115,691 1.4 
Machinery30,481 0.3 30,586 0.4 
Marine34,936 0.4 35,033 0.4 
Media13,796 0.2 13,883 0.2 
Multiline Retail23,874 0.3 43,416 0.5 
Oil, Gas & Consumable Fuels7,063 0.1 85,736 1.0 
Paper & Forest Products18,768 0.2 18,771 0.2 
Personal Products36,510 0.4 36,460 0.4 
Pharmaceuticals319,069 3.6 257,011 3.1 
Professional Services221,818 2.5 217,009 2.6 
Real Estate Management & Development212,038 2.4 211,484 2.6 
Road & Rail41,741 0.5 41,776 0.5 
Software2,355,050 26.9 2,229,206 26.9 
Specialty Retail504,077 5.8 476,296 5.7 
Textiles, Apparel & Luxury Goods43,759 0.5 43,892 0.5 
Trading Companies & Distributors55,173 0.6 55,166 0.7 
Water Utilities68,630 0.8 67,383 0.8 
Total$8,755,566 100.0 %$8,302,913 100.0 %
* * Represents an amount less than 0.1%.
As of December 31, 2024As of September 30, 2024
Fair Value:        
Aerospace & Defense$40,480 0.5 %$40,073 0.5 %
Air Freight & Logistics49,822 0.6 — — 
Airlines8,725 0.1 8,547 0.1 
Auto Components52,044 0.6 45,376 0.6 
Automobiles394,689 4.5 389,281 4.7 
Banks11,314 0.1 2,076 0.0 *
Beverages78,046 0.9 76,785 0.9 
Biotechnology670 0.0 *764 0.0 *
Building Products60,605 0.7 59,962 0.7 
Capital Markets2,533 0.0 *2,540 0.0 *
Chemicals120,414 1.4 119,535 1.5 
Commercial Services & Supplies209,584 2.4 198,921 2.4 
Communications Equipment16,375 0.2 16,494 0.2 
Construction & Engineering4,040 0.0 *4,050 0.0 *
Containers & Packaging102,853 1.2 101,467 1.2 
Diversified Consumer Services425,406 4.9 385,797 4.7 
Diversified Financial Services104,672 1.2 90,588 1.1 
Diversified Telecommunication Services1,529 0.0 *1,529 0.0 *
Electrical Equipment25,104 0.3 1,425 0.0 *
Electronic Equipment, Instruments & Components34,315 0.4 34,420 0.4 
Energy Equipment & Services2,086 0.0 *1,793 0.0 *
Food & Staples Retailing22,538 0.3 22,811 0.3 
Food Products222,936 2.6 258,812 3.1 
Healthcare Equipment & Supplies306,511 3.5 264,737 3.2 
Healthcare Providers & Services578,754 6.7 545,927 6.6 
Healthcare Technology399,226 4.6 317,594 3.9 
Hotels, Restaurants & Leisure275,734 3.2 271,656 3.3 
Household Products8,625 0.1 8,636 0.1 
Industrial Conglomerates84,302 1.0 72,439 0.9 
Insurance490,900 5.7 458,447 5.6 
Internet & Direct Marketing Retail90,907 1.1 108,880 1.3 
IT Services289,358 3.3 302,581 3.7 
Leisure Products71,488 0.8 71,152 0.9 
Life Sciences Tools & Services134,484 1.5 113,608 1.4 
Machinery29,902 0.3 29,750 0.4 
Marine34,780 0.4 34,517 0.4 
Media13,626 0.2 13,717 0.2 
Multiline Retail24,070 0.3 31,866 0.4 
Oil, Gas & Consumable Fuels7,135 0.1 85,689 1.0 
Paper & Forest Products18,736 0.2 18,727 0.2 
Personal Products29,573 0.3 32,813 0.4 
Pharmaceuticals314,814 3.6 254,314 3.1 
Professional Services224,972 2.6 218,402 2.7 
Real Estate Management & Development208,695 2.4 211,343 2.6 
Road & Rail41,126 0.5 41,172 0.5 
Software2,356,082 27.1 2,229,502 27.1 
Specialty Retail495,241 5.7 473,726 5.8 
Textiles, Apparel & Luxury Goods43,820 0.5 43,633 0.5 
Trading Companies & Distributors52,413 0.6 50,288 0.6 
Water Utilities69,177 0.8 67,249 0.8 
Total$8,685,231 100.0 %$8,235,411 100.0 %
* Represents an amount less than 0.1%.