Fair Value Measurements (Tables)
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3 Months Ended |
Dec. 31, 2024 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value as of December 31, 2024 and September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | Fair Value Measurements Using | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | Debt investments(1) | | $ | — | | | $ | — | | | $ | 8,076,256 | | | $ | 8,076,256 | | Equity investments(1) | | 102 | | | — | | | 608,873 | | | 608,975 | | Money market funds(1)(2) | | 153,214 | | | — | | | — | | | 153,214 | | | Forward currency contracts | | — | | | 17,292 | | | — | | | 17,292 | | | Interest rate swaps | | — | | | 2,691 | | | — | | | 2,691 | | | | | | | | | | | | Total assets, at fair value: | | $ | 153,316 | | | $ | 19,983 | | | $ | 8,685,129 | | | $ | 8,858,428 | | | Liabilities, at fair value: | | | | | | | | | | Forward currency contracts | | $ | — | | | $ | (255) | | | $ | — | | | $ | (255) | | | Interest rate swaps | | — | | | (10,148) | | | — | | | (10,148) | | | Total liabilities, at fair value: | | $ | — | | | $ | (10,403) | | | $ | — | | | $ | (10,403) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | Fair Value Measurements Using | | Description | | Level 1 | | Level 2 | | Level 3 | | Total | | Assets, at fair value: | | | | | | | | | Debt investments(1) | | $ | — | | | $ | — | | | $ | 7,656,873 | | | $ | 7,656,873 | | Equity investments(1) | | 118 | | | — | | | 578,420 | | | 578,538 | | Money market funds(1)(2) | | 213,101 | | | — | | | — | | | 213,101 | | | Forward currency contracts | | — | | | 5,695 | | | | | 5,695 | | | Interest rate swaps | | | | 31,486 | | | | | 31,486 | | | Total assets, at fair value: | | $ | 213,219 | | | $ | 37,181 | | | $ | 8,235,293 | | | $ | 8,485,693 | | | Liabilities at fair value: | | | | | | | | | | Forward currency contracts | | $ | — | | | $ | (7,691) | | | $ | — | | | $ | (7,691) | | | Total liabilities, at fair value: | | $ | — | | | $ | (7,691) | | | $ | — | | | $ | (7,691) | |
(1)Refer to the Consolidated Schedules of Investments for further details. (2)Included in cash and cash equivalents and restricted cash and cash equivalents on the Consolidated Statements of Financial Condition.
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following tables present the changes in investments measured at fair value using Level 3 inputs for the three months ended December 31, 2024 and 2023: | | | | | | | | | | | | | | | | | | | For the three months ended December 31, 2024 | | | Debt
Investments | | Equity
Investments | | Total
Investments | | Fair value, beginning of period | $ | 7,656,873 | | | $ | 578,420 | | | $ | 8,235,293 | | | Net change in unrealized appreciation (depreciation) on investments | 48,673 | | | (5,044) | | | 43,629 | | | Net translation of investments in foreign currencies | (46,421) | | | (23) | | | (46,444) | | | Realized gain (loss) on investments | (25,589) | | | 233 | | | (25,356) | | | Realized gain (loss) on translation of investments in foreign currencies | (2,722) | | | — | | | (2,722) | | | Fundings of (proceeds from) revolving loans, net | 2,169 | | | — | | | 2,169 | | | Fundings of investments | 871,564 | | | 37,950 | | | 909,514 | | | PIK interest and non-cash dividends | 13,211 | | | 7,264 | | | 20,475 | | | Proceeds from non-cash dividends | — | | | (1,824) | | | (1,824) | | | Proceeds from principal payments and sales of portfolio investments | (442,071) | | | (8,103) | | | (450,174) | | | | | | | | | Accretion of discounts and amortization of premiums | 569 | | | — | | | 569 | | | Fair value, end of period | $ | 8,076,256 | | | $ | 608,873 | | | $ | 8,685,129 | |
| | | | | | | | | | | | | | | | | | | For the three months ended December 31, 2023 | | | Debt
Investments | | Equity
Investments | | Total
Investments | | Fair value, beginning of period | $ | 5,219,183 | | | $ | 297,330 | | | $ | 5,516,513 | | | Net change in unrealized appreciation (depreciation) on investments | (8,002) | | | (1,302) | | | (9,304) | | | Net translation of investments in foreign currencies | 19,491 | | | 7 | | | 19,498 | | | Realized gain (loss) on investments | 58 | | | 851 | | | 909 | | | Realized gain (loss) on translation of investments in foreign currencies | 1 | | | — | | | 1 | | | Funding of (proceeds from) revolving loans, net | 235 | | | — | | | 235 | | | Fundings of investments | 70,461 | | | 2,781 | | | 73,242 | | | PIK interest and non-cash dividends | 13,715 | | | 4,251 | | | 17,966 | | | | | | | | | Proceeds from principal payments and sales of portfolio investments | (176,449) | | | (2,962) | | | (179,411) | | | Accretion of discounts and amortization of premiums | 3,673 | | | — | | | 3,673 | | | | | | | | | Fair value, end of period | $ | 5,142,366 | | | $ | 300,956 | | | $ | 5,443,322 | |
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| Fair Value Measurement Inputs and Valuation Techniques |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2024 and September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | Fair value as of December 31, 2024 | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average) (1) | | Assets: | | | | | | | | Senior secured loans(2) | $ | 476,601 | | | Yield analysis | | Market interest rate | | 6.5% - 14.0% (9.5%) | | | | | Market comparable companies | | EBITDA multiples | | 2.6x - 20.0x (13.1x) | | | | | | | | | | | | | | | | | One stop loans(3)(4) | $ | 7,490,751 | | | Yield analysis | | Market interest rate | | 3.8% - 20.0% (9.6%) | | | | | Market comparable companies | | EBITDA multiples | | 3.3x - 55.2x (16.3x) | | | | | | | Revenue multiples | | 1.4x - 18.0x (8.2x) | | 52,572 | | | Broker/dealer bids or quotes | | Broker/dealer bids or quotes | | N/A | Subordinated debt and second lien loans(5)(6) | $ | 56,332 | | | Yield analysis | | Market interest rate | | 8.8% - 17.5% (12.1%) | | | | | Market comparable companies | | EBITDA multiples | | 4.5x - 24.0x (15.4x) | | | | | | | Revenue multiples | | 6.5x | Equity(7) | $ | 608,873 | | | Market comparable companies | | EBITDA multiples | | 4.5x - 55.2x (18.2x) | | | | | | | Revenue multiples | | 1.1x - 18.0x (8.2x) |
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)$2,916 of loans at fair value were valued using the market comparable companies approach only. (3)$95,694 of loans at fair value were valued using the market comparable companies approach only. (4)The Company valued $6,386,539 and $1,104,212 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (5)$5,685 of loans at fair value were valued using the market comparable companies approach only. (6)The Company valued $56,286 and $46 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. (7)The Company valued $531,141 and $77,732 of equity investments using EBITDA and revenue multiples, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | Fair value as of September 30, 2024 | | Valuation Techniques | | Unobservable Input | | Range (Weighted Average)(1) | | Assets: | | | | | | | | Senior secured loans(2) | $ | 502,386 | | | Yield analysis | | Market interest rate | | 6.5% - 20.3% (10.5%) | | | | | Market comparable companies | | EBITDA multiples | | 1.5x - 24.0x (12.3x) | | | | | | | | | | | | | | | | | One stop loans(3)(4) | $ | 7,057,577 | | | Yield analysis | | Market interest rate | | 4.3% - 21.0% (9.9%) | | | | | Market comparable companies | | EBITDA multiples | | 2.8x - 53.2x (16.0x) | | | | | | | Revenue multiples | | 1.0x - 18.0x (7.9x) | | 52,681 | | | Broker/dealer bids or quotes | | Broker/dealer bids or quotes | | N/A | | | | | | | | | Subordinated debt and second lien loans(5) | $ | 44,229 | | | Yield analysis | | Market interest rate | | 10.0% - 15.5% (13.3%) | | | | | Market comparable companies | | EBITDA multiples | | 5.5x - 24.0x (16.0x) | | | | | | | | | Equity(6) | $ | 578,420 | | | Market comparable companies | | EBITDA multiples | | 5.5x - 53.2x (18.2x) | | | | | | | Revenue multiples | | 1.2x - 18.0x (8.1x) | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Unobservable inputs were weighted by the relative fair value of the instruments. (2)$2,807 of loans at fair value were valued using the market comparable companies approach only. (3)$64,786 of loans at fair value were valued using the market comparable companies approach only. (4)The Company valued $6,036,312 and $1,021,265 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (5)$435 of loans at fair value were valued using the market comparable companies approach only. (6)The Company valued $505,597 and $72,823 of equity investments using EBITDA and revenue multiples, respectively.
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following are the carrying values and fair values of the Company’s debt as of December 31, 2024 and September 30, 2024. | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | As of September 30, 2024 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Debt | $ | 4,919,258 | | | $ | 4,901,113 | | | $ | 4,624,791 | | | $ | 4,591,161 | | | | | | | | | |
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