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Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2022

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 by the Company to determine such fair value as of September 30, 2022 and September 30, 2021:


As of September 30, 2022	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	5,168,537	$	5,168,537
Equity investments(1)	—		—		277,819		277,819
Money market funds(1)(2)	37,208		—		—		37,208
Forward currency contracts	—		32,333		—		32,333
Total assets, at fair value:	$	37,208	$	32,333	$	5,446,356	$	5,515,897


As of September 30, 2021	Fair Value Measurements Using
Description	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Debt investments(1)	$	—	$	—	$	4,709,148	$	4,709,148
Equity investments(1)	508		—		185,230		185,738
Money market funds(1)(2)	38,317		—		—		38,317
Forward currency contracts	—		2,716		—		2,716
Total assets, at fair value:	$	38,825	$	2,716	$	4,894,378	$	4,935,919
Liabilities at fair value:
Forward currency contracts	$	—	$	(2,626)	$	—	$	(2,626)
Total liabilities, at fair value:	$	—	$	(2,626)	$	—	$	(2,626)

(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.

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 years ended September 30, 2022 and 2021:


	For the year ended September 30, 2022
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	4,709,148	$	185,230	$	4,894,378
Net change in unrealized appreciation (depreciation) on investments	(53,378)		(3,365)		(56,743)
Net translation of investments in foreign currencies	(65,751)		(179)		(65,930)
Realized gain (loss) on investments	(228)		20,122		19,894
Funding of (proceeds from) revolving loans, net	1,812		—		1,812
Fundings of investments	1,766,974		116,106		1,883,080
PIK interest	21,506		—		21,506
Proceeds from principal payments and sales of portfolio investments	(1,220,593)		(40,095)		(1,260,688)



Accretion of discounts and amortization of premiums	9,047		—		9,047

Fair value, end of period	$	5,168,537	$	277,819	$	5,446,356


	For the year ended September 30, 2021
	Debt Investments		Equity Investments		Total Investments
Fair value, beginning of period	$	4,146,013	$	92,197	$	4,238,210
Net change in unrealized appreciation (depreciation) on investments	116,561		43,550		160,111
Realized gain (loss) on investments	(5,319)		18,643		13,324
Funding of (proceeds from) revolving loans, net	(12,170)		—		(12,170)
Fundings of investments	2,010,541		71,142		2,081,683
PIK interest	16,092		—		16,092
Proceeds from principal payments and sales of portfolio investments	(1,553,176)		(40,302)		(1,593,478)
Accretion of discounts and amortization of premiums	(9,394)		—		(9,394)

Fair value, end of period	$	4,709,148	$	185,230	$	4,894,378

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 September 30, 2022 and September 30, 2021.

Quantitative information about Level 3 Fair Value Measurements

Fair value as of September 30, 2022

Valuation Techniques

Unobservable Input

Range (Weighted Average) (1)

Assets:

Senior secured loans(2)

472,873

Market rate approach

Market interest rate

6.8% - 20.0% (9.6%)

Market comparable companies

EBITDA multiples

6.5x - 26.2x (14.7x)

—

Collateral analysis

Recovery rate

N/A

One stop loans(3)(4)

4,668,609

Market rate approach

Market interest rate

7.0% - 17.3% (9.6%)

Market comparable companies

EBITDA multiples

4.5x - 37.3x (16.4x)

Revenue multiples

2.0x - 22.0x (8.3x)

Subordinated debt and second lien loans

27,055

Market rate approach

Market interest rate

9.8% - 13.8% (12.2%)

Market comparable companies

EBITDA multiples

6.5x - 23.0x (21.0x)

Equity(5)

277,819

Market comparable companies

EBITDA multiples

4.5x - 38.0x (18.0x)

Revenue multiples

2.0x - 24.4x (12.6x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$25,661 of loans at fair value were valued using the market comparable companies approach only.

(3)$60,948 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $4,009,492 and $659,117 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $237,257 and $40,562 of equity investments using EBITDA and revenue multiples, respectively.

Quantitative information about Level 3 Fair Value Measurements

Fair value as of September 30, 2021

Valuation Techniques

Unobservable Input

Range

(Weighted Average)(1)

Assets:

Senior secured loans(2)

778,413

Market rate approach

Market interest rate

2.5% - 14.8% (5.6%)

Market comparable companies

EBITDA multiples

6.0x - 24.2x (15.1x)

6,172

Market comparable

Broker/dealer bids or quotes

N/A

220

Collateral analysis

Recovery rate

1.6%

One stop loans(3)(4)

3,882,314

Market rate approach

Market interest rate

1.0% - 18.0% (7.5%)

Market comparable companies

EBITDA multiples

4.5x - 35.0x (15.5x)

Revenue multiples

2.0x - 18.5x (8.0x)

Subordinated debt and second lien loans(5)

42,029

Market rate approach

Market interest rate

6.8% - 19.5% (9.5%)

Market comparable companies

EBITDA multiples

6.0x - 23.6x (17.2x)

Revenue multiples

3.4x

Equity(6)

185,230

Market comparable companies

EBITDA multiples

4.5x - 26.0x (17.4x)

Revenue multiples

2.0x - 25.0x (12.3x)

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

(2)$23,989 of loans at fair value were valued using the market comparable companies approach only.

(3)$76,290 of loans at fair value were valued using the market comparable companies approach only.

(4)The Company valued $3,354,556 and $527,758 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach.

(5)The Company valued $42,020 and $9 of subordinated debt and second lien loans using EBITDA and revenue multiples, respectively. All second lien and subordinated debt loans were also valued using the market rate approach.

(6)The Company valued $159,620 and $25,610 of equity investments using EBITDA and revenue multiples, respectively.

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 September 30, 2022 and September 30, 2021.


	As of September 30, 2022				As of September 30, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt	$	3,093,603	$	2,902,210	$	2,569,228	$	2,594,368