v3.25.0.1
Derivatives (Tables)
 3 Months Ended
Dec. 31, 2024
Foreign Currency [Abstract]  
Schedule of Open Forward Foreign Currency Contract
The outstanding forward currency contracts as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€7,900 EUR8,682 USD2/5/2025$489 $— 
Macquarie Bank Limited€26,000 EUR31,803 USD2/27/20254,787 — 
Macquarie Bank Limited£5,600 GBP7,321 USD3/17/2025317 — 
Macquarie Bank Limited£13,945 GBP19,149 USD3/31/20251,698 — 
Macquarie Bank Limited$7,000 CAD5,386 USD7/18/2025473 — 
Macquarie Bank Limited£8,750 GBP10,667 USD7/21/2025— (255)
Macquarie Bank Limited€20,700 EUR22,363 USD7/21/2025692 — 
Macquarie Bank Limited€10,100 EUR10,918 USD7/21/2025344 — 
Macquarie Bank Limited€16,100 EUR17,902 USD7/30/20251,025 — 
Macquarie Bank Limited€3,900 EUR4,371 USD1/30/2026233 — 
Macquarie Bank Limited£21,900 GBP27,811 USD2/2/2026473 — 
Macquarie Bank Limited€35,000 EUR39,008 USD2/5/20261,873 — 
Macquarie Bank LimitedA$26,100 AUD17,179 USD2/5/2026949 — 
Macquarie Bank Limited€14,650 EUR16,498 USD5/12/2027527 — 
Macquarie Bank Limited€20,300 EUR22,346 USD5/27/2027245 — 
$14,125 $(255)
SMBC Capital Markets, Inc.€22,000 EUR24,594 USD1/20/2026$1,213 $— 
SMBC Capital Markets, Inc.€23,750 EUR26,543 USD1/20/20261,303 — 
SMBC Capital Markets, Inc.$7,400 CAD5,533 USD2/2/2026295 — 
SMBC Capital Markets, Inc.£21,900 GBP27,746 USD2/5/2026356 — 
$3,167 $— 
As of September 30, 2024
CounterpartyCurrency to be soldCurrency to be purchasedSettlement dateUnrealized appreciation Unrealized depreciation
Macquarie Bank Limited€14,650 EUR$17,567 USD11/12/2024$1,225 $— 
Macquarie Bank Limited$5,200 CAD$4,245 USD12/9/2024390 — 
Macquarie Bank Limited€12,400 EUR$14,586 USD12/23/2024732 — 
Macquarie Bank Limited€7,900 EUR$8,682 USD2/5/2025— (152)
Macquarie Bank Limited€26,000 EUR$31,803 USD2/27/20252,654 — 
Macquarie Bank Limited£5,600 GBP$7,321 USD3/17/2025— (152)
Macquarie Bank Limited£13,945 GBP$19,149 USD3/31/2025522 — 
Macquarie Bank Limited$7,000 CAD$5,386 USD7/18/2025172 — 
Macquarie Bank Limited£8,750 GBP$10,667 USD7/21/2025— (964)
Macquarie Bank Limited€20,700 EUR$22,363 USD7/21/2025— (894)
Macquarie Bank Limited€10,100 EUR$10,918 USD7/21/2025— (430)
Macquarie Bank Limited€16,100 EUR$17,902 USD7/30/2025— (209)
Macquarie Bank Limited€3,900 EUR$4,371 USD1/30/2026— (45)
Macquarie Bank Limited£21,900 GBP$27,811 USD2/2/2026— (1,244)
Macquarie Bank Limited€35,000 EUR$39,008 USD2/5/2026— (618)
Macquarie Bank Limited$26,100 AUD$17,179 USD2/5/2026— (761)
$5,695 $(5,469)
SMBC Capital Markets, Inc.€22,000 EUR$24,594 USD1/20/2026$— $(387)
SMBC Capital Markets, Inc.€23,750 EUR$26,543 USD1/20/2026— (425)
SMBC Capital Markets, Inc.$7,400 CAD$5,533 USD2/2/2026— (4)
SMBC Capital Markets, Inc.£21,900 GBP$27,811 USD2/5/2026— (1,406)
$— $(2,222)
Schedule of Realized and Unrealized Gain (Loss) on Forward Currency Contract
The impact of forward currency contracts not designated as an effective hedge accounting relationship for the three months ended December 31, 2024 and 2023 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below:
Realized gain (loss) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20242023
Foreign exchange $1,206 $— 
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income
Risk exposure categoryThree months ended December 31,
20242023
Foreign exchange $21,927 $(5,715)
The table below presents the components of the net gain /(loss) related to the fair value hedge recognized for the hedging instrument, the interest rate swaps, and the hedged items, the 2028 and 2029 Notes, from derivatives designated in a qualifying hedge accounting relationship for the three months ended December 31, 2024 and 2023.
Three months ended December 31,
20242023
Hedging Instruments (Interest rate swaps)$(38,943)$3,266 
Hedged items34,281 (2,965)
Fair market value adjustments for hedge accounting recognized in interest expense$(4,662)$301 
Schedule of Average Outstanding Daily Volume for Forward Currency Contract
The following table is a summary of the average outstanding daily volume for forward currency contracts for the three months ended December 31, 2024 and 2023:
Average U.S. Dollar notional outstandingThree months ended December 31,
20242023
Forward currency contracts$350,520 $183,226 
Schedule of Derivative Instruments, Fair Value
The outstanding interest rate swap contracts as of December 31, 2024 and September 30, 2024 were as follows:
As of December 31, 2024
CounterpartyNotional AmountMaturity DateUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc.$225,000 11/5/2028$— $(1,267)
SMBC Capital Markets, Inc.225,000 11/5/20282,691 — 
SMBC Capital Markets, Inc.600,000 6/15/2029— (7,497)
$2,691 $(8,764)
Macquarie Bank Limited150,000 6/15/2029— (1,384)
$— $(1,384)
As of September 30, 2024
CounterpartyNotional AmountMaturity DateUnrealized appreciationUnrealized depreciation
SMBC Capital Markets, Inc.$225,000 11/5/2028$8,925 $— 
SMBC Capital Markets, Inc.225,000 11/5/202813,298 — 
SMBC Capital Markets, Inc.600,000 6/15/20299,263 — 
$31,486 $— 
The following table is intended to provide additional information about the effect of the offsetting derivative contracts on the consolidated financial statements of the Company including: the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities
available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of December 31, 2024 and September 30, 2024.
As of December 31, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$14,125 $(1,639)$12,486 $— $12,486 
SMBC Capital Markets, Inc.Net unrealized depreciation on derivatives5,858 (8,764)(2,906)2,906 — 
As of September 30, 2024
CounterpartyStatement of Financial Condition Location of AmountsGross Amount of Recognized AssetsGross Amount of Recognized (Liabilities)Net amounts presented in the Consolidated Statements of Financial Condition
Collateral (Received) / Pledged(1)
Net Amounts(2)
Macquarie Bank LimitedNet unrealized appreciation on derivatives$5,695 $(5,469)$226 $— $226 
SMBC Capital Markets, Inc.Net unrealized appreciation on derivatives31,486 (2,222)29,264 — 29,264 
(1)The actual collateral pledged could be more than the amount shown due to over collateralization.
(2)Represents the net amount due from/(to) counterparties in the event of default.
Schedule of Derivative Liabilities at Fair Value
The table below presents the carrying value of the 2028 and 2029 Notes as of December 31, 2024 and September 30, 2024 that is designated in a qualifying hedging relationship and the related hedging adjustment (increase/(decrease)) from the current hedging relationship included in such carrying value:
As of December 31, 2024
As of September 30, 2024
DescriptionCarrying ValueCumulative Hedging AdjustmentCarrying ValueCumulative Hedging Adjustment
2028 Notes$447,495 $1,285 $460,642 $14,675 
2029 Notes736,377 (8,678)606,271 12,213