Investments

9 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. Investments

Investments as of June 30, 2024 and September 30, 2023 consisted of the following:

	As of June 30, 2024						As of September 30, 2023
	Principal		Amortized Cost		Fair Value		Principal		Amortized Cost		Fair Value
Senior secured	$	572,956	$	574,913	$	567,375	$	518,721	$	527,449	$	503,985
One stop	6,907,436		6,863,356		6,734,334		4,812,987		4,763,128		4,678,099
Second lien	17,364		16,345		13,298		32,173		33,514		29,154
Subordinated debt	27,535		27,085		26,972		8,907		7,866		7,945
Equity	N/A		484,189		525,535		N/A		261,879		297,430
Total	$	7,525,291	$	7,965,888	$	7,867,514	$	5,372,788	$	5,593,836	$	5,516,613

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 June 30, 2024				As of September 30, 2023
Amortized Cost:
United States
Mid-Atlantic	$	1,367,833	17.2	%	$	936,563	16.7	%
Midwest	1,503,978		18.9		1,061,739		19.0
West	1,295,075		16.2		895,353		16.0
Southeast	1,577,148		19.8		1,092,833		19.6
Southwest	712,767		8.9		487,270		8.7
Northeast	672,484		8.4		461,711		8.3
Canada	164,741		2.1		170,492		3.1
United Kingdom	396,102		5.0		308,977		5.5
Australia	20,883		0.3		17,050		0.3
Luxembourg	58,195		0.7		29,523		0.5
Netherlands	94,951		1.2		80,112		1.4
Finland	52,584		0.7		30,455		0.5
Sweden	32,627		0.4		18,099		0.3
Israel	855		0.0	*	508		0.0	*
Denmark	4,847		0.1		3,151		0.1
Germany	10,818		0.1		—		—
Total	$	7,965,888	100.0	%	$	5,593,836	100.0	%
Fair Value:
United States
Mid-Atlantic	$	1,364,993	17.3	%	$	937,002	17.0	%
Midwest	1,479,360		18.8		1,046,284		19.0
West	1,279,228		16.3		887,364		16.1
Southeast	1,571,296		20.0		1,094,393		19.8
Southwest	704,477		8.9		484,949		8.8
Northeast	659,842		8.4		448,383		8.1
Canada	159,083		2.0		161,668		2.9
United Kingdom	383,013		4.9		287,313		5.2
Australia	20,071		0.3		16,075		0.3
Luxembourg	57,310		0.7		28,486		0.5
Netherlands	84,626		1.1		69,730		1.3
Finland	54,462		0.7		32,488		0.6
Sweden	33,118		0.4		18,650		0.3
Israel	999		0.0	*	612		0.0	*
Denmark	4,906		0.1		3,216		0.1
Germany	10,730		0.1		—		—
Total	$	7,867,514	100.0	%	$	5,516,613	100.0	%

* Represents an amount less than 0.1%

The industry compositions of the portfolio at amortized cost and fair value as of June 30, 2024 and September 30, 2023 were as follows:

	As of June 30, 2024				As of September 30, 2023
Amortized Cost:
Aerospace and Defense	$	36,840	0.5	%	$	24,860	0.4	%
Airlines	8,738		0.1		955		0.0	*
Auto Components	47,984		0.6		41,234		0.7
Automobiles	390,793		4.9		273,381		4.9
Banks	2,054		0.0	*	—		—
Beverages	82,509		1.0		53,386		1.0
Biotechnology	1,990		0.0	*	1,769		0.0	*
Building Products	69,947		0.9		18,282		0.3
Capital Markets	2,565		0.0	*	—		—
Chemicals	122,434		1.5		87,729		1.6
Commercial Services and Supplies	181,589		2.3		156,336		2.8
Communications Equipment	16,517		0.2		11,448		0.2
Construction & Engineering	4,042		0.1		—		—
Containers and Packaging	107,125		1.3		46,372		0.8
Diversified Consumer Services	404,150		5.1		271,430		4.9
Diversified Financial Services	72,563		0.9		44,183		0.8
Diversified Telecommunication Services	2,213		0.0	*	1,601		0.0	*
Electrical Equipment	1,409		0.0	*	—		—
Electronic Equipment, Instruments and Components	33,638		0.4		24,389		0.4
Energy Equipment and Services	4,459		0.1		4,605		0.1
Food and Staples Retailing	43,471		0.6		62,592		1.1
Food Products	246,883		3.1		154,596		2.8
Healthcare Equipment and Supplies	248,519		3.1		136,283		2.4
Healthcare Providers and Services	554,495		7.0		468,748		8.4
Healthcare Technology	284,520		3.6		220,862		4.0
Hotels, Restaurants and Leisure	245,588		3.1		130,946		2.3
Household Durables	—		—		6,688		0.1
Household Products	7,091		0.1		5,410		0.1
Industrial Conglomerates	72,399		0.9		39,570		0.7
Insurance	422,260		5.3		247,825		4.4
Internet and Direct Marketing Retail	103,902		1.3		67,793		1.2
IT Services	370,506		4.7		270,772		4.8
Leisure Products	13,024		0.2		11,557		0.2
Life Sciences Tools & Services	115,161		1.4		72,065		1.3
Machinery	20,262		0.3		34,336		0.6
Marine	35,048		0.4		19,490		0.4
Media	13,915		0.2		6,351		0.1
Multiline Retail	43,402		0.5		45,113		0.8
Oil, Gas and Consumable Fuels	85,979		1.1		117,176		2.1
Paper and Forest Products	19,223		0.2		10,481		0.2
Personal Products	36,457		0.5		36,551		0.7
Pharmaceuticals	250,384		3.1		171,783		3.1
Professional Services	191,761		2.4		123,318		2.2
Real Estate Management and Development	208,309		2.6		131,488		2.4
Road and Rail	41,826		0.5		38,921		0.7
Software	2,092,953		26.3		1,462,611		26.2
Specialty Retail	473,440		5.9		313,197		5.6
Technology Hardware, Storage and Peripherals	7,013		0.1		23,546		0.4
Textiles, Apparel and Luxury Goods	44,569		0.6		44,256		0.8
Trading Companies and Distributors	55,285		0.7		38,403		0.7
Water Utilities	24,684		0.3		19,148		0.3
Total	$	7,965,888	100.0	%	$	5,593,836	100.0	%

* Represents an amount less than 0.1%.

	As of June 30, 2024				As of September 30, 2023
Fair Value:
Aerospace and Defense	$	37,288	0.5	%	$	25,557	0.5	%
Airlines	8,547		0.1		917		0.0	*
Auto Components	45,566		0.6		39,648		0.7
Automobiles	388,200		4.9		270,598		4.9
Banks	2,034		0.0	*	—		—
Beverages	77,570		1.0		49,787		0.9
Biotechnology	754		0.0	*	1,315		0.0	*
Building Products	69,099		0.9		18,278		0.3
Capital Markets	2,547		0.0	*	—		—
Chemicals	106,609		1.4		75,851		1.4
Commercial Services and Supplies	182,830		2.3		159,232		2.9
Communications Equipment	16,430		0.2		11,358		0.2
Construction & Engineering	4,008		0.1		—		0.0
Containers and Packaging	105,715		1.3		45,597		0.8
Diversified Consumer Services	402,239		5.1		271,351		4.9
Diversified Financial Services	72,200		0.9		44,147		0.8
Diversified Telecommunication Services	2,225		0.0	*	1,612		0.0	*
Electrical Equipment	1,429		0.0	*	—		—
Electronic Equipment, Instruments and Components	34,510		0.4		24,967		0.5
Energy Equipment and Services	1,650		0.0	*	1,353		0.0	*
Food and Staples Retailing	43,680		0.6		56,675		1.0
Food Products	248,660		3.2		158,312		2.9
Healthcare Equipment and Supplies	242,319		3.1		132,677		2.4
Healthcare Providers and Services	539,793		6.9		451,795		8.2
Healthcare Technology	286,947		3.7		222,984		4.1
Hotels, Restaurants and Leisure	245,117		3.1		132,972		2.4
Household Durables	—		—		6,891		0.1
Household Products	7,079		0.1		5,217		0.1
Industrial Conglomerates	71,603		0.9		39,056		0.7
Insurance	419,983		5.3		246,424		4.5
Internet and Direct Marketing Retail	108,565		1.4		70,228		1.3
IT Services	362,114		4.6		260,877		4.7
Leisure Products	14,383		0.2		13,162		0.3
Life Sciences Tools & Services	114,175		1.5		72,077		1.3
Machinery	19,801		0.3		33,082		0.6
Marine	34,874		0.4		19,053		0.4
Media	13,685		0.2		6,179		0.1
Multiline Retail	42,780		0.5		45,138		0.8
Oil, Gas and Consumable Fuels	86,080		1.1		117,897		2.2
Paper and Forest Products	18,994		0.2		9,991		0.2
Personal Products	34,633		0.4		34,489		0.6
Pharmaceuticals	243,574		3.1		162,335		2.9
Professional Services	192,723		2.4		123,807		2.2
Real Estate Management and Development	205,668		2.6		128,483		2.3
Road and Rail	41,686		0.5		39,047		0.7
Software	2,068,581		26.3		1,455,863		26.4
Specialty Retail	469,811		6.0		308,126		5.6
Technology Hardware, Storage and Peripherals	6,518		0.1		23,350		0.4
Textiles, Apparel and Luxury Goods	44,781		0.6		43,696		0.8
Trading Companies and Distributors	52,674		0.7		36,734		0.7
Water Utilities	24,783		0.3		18,428		0.3
Total	$	7,867,514	100.0	%	$	5,516,613	100.0	%

* Represents an amount less than 0.1%.