XML 39 R33.htm IDEA: XBRL DOCUMENT v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Schedule of Composition of Investment Portfolio

The following table shows the composition of our investment portfolio as of June 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

 

Cost

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

First Lien Secured Debt

 

$

3,142,107

 

 

$

3,096,992

 

 

$

—

 

 

$

61,177

 

 

$

3,035,815

 

Second Lien Secured Debt

 

 

12,006

 

 

 

4,209

 

 

 

—

 

 

 

4,134

 

 

 

75

 

Unsecured Debt

 

 

3,428

 

 

 

3,383

 

 

 

—

 

 

 

3,362

 

 

 

21

 

Structured Products and Other

 

 

44,613

 

 

 

30,547

 

 

 

—

 

 

 

8,948

 

 

 

21,599

 

Preferred Equity

 

 

20,367

 

 

 

23,895

 

 

 

—

 

 

 

—

 

 

 

23,895

 

Common Equity/Interests

 

 

271,625

 

 

 

168,294

 

 

 

242

 

 

 

—

 

 

 

168,052

 

Warrants

 

 

965

 

 

 

162

 

 

 

—

 

 

 

—

 

 

 

162

 

Total Investments before Cash Equivalents

 

$

3,495,111

 

 

$

3,327,482

 

 

$

242

 

 

$

77,621

 

 

$

3,249,619

 

Money Market Fund

 

$

555

 

 

$

555

 

 

$

555

 

 

$

—

 

 

$

—

 

Total Cash Equivalents

 

$

555

 

 

$

555

 

 

$

555

 

 

$

—

 

 

$

—

 

Total Investments after Cash Equivalents

 

$

3,495,666

 

 

$

3,328,037

 

 

$

797

 

 

$

77,621

 

 

$

3,249,619

 

The following table shows the composition of our investment portfolio as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

 

Cost

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

First Lien Secured Debt

 

$

2,804,070

 

 

$

2,765,156

 

 

$

—

 

 

$

88,903

 

 

$

2,676,253

 

Second Lien Secured Debt

 

 

23,454

 

 

 

17,798

 

 

 

—

 

 

 

12,034

 

 

 

5,764

 

Unsecured Debt

 

 

6,059

 

 

 

3,502

 

 

 

—

 

 

 

3,385

 

 

 

117

 

Structured Products and Other

 

 

53,671

 

 

 

41,125

 

 

 

—

 

 

 

15,024

 

 

 

26,101

 

Preferred Equity

 

 

16,069

 

 

 

24,831

 

 

 

—

 

 

 

—

 

 

 

24,831

 

Common Equity/Interests

 

 

273,109

 

 

 

161,868

 

 

 

220

 

 

 

—

 

 

 

161,648

 

Warrants

 

 

965

 

 

 

136

 

 

 

—

 

 

 

—

 

 

 

136

 

Total Investments

 

$

3,177,397

 

 

$

3,014,416

 

 

$

220

 

 

$

119,346

 

 

$

2,894,850

 

Money Market Fund

 

$

2,810

 

 

$

2,810

 

 

$

2,810

 

 

$

—

 

 

$

—

 

Total Cash Equivalents

 

$

2,810

 

 

$

2,810

 

 

$

2,810

 

 

$

—

 

 

$

—

 

Total Investments after Cash Equivalents

 

$

3,180,207

 

 

$

3,017,226

 

 

$

3,030

 

 

$

119,346

 

 

$

2,894,850

 

 
Schedule of Changes in Fair Value of Investments

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2025:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of March 31, 2025

 

$

2,896,724

 

 

$

4,221

 

 

$

109

 

 

$

23,492

 

 

$

23,664

 

 

$

159,366

 

 

$

215

 

 

$

3,107,791

 

Net realized gains (losses)

 

 

(9,558

)

 

 

(2,501

)

 

 

(2,672

)

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(14,727

)

Net change in unrealized gains (losses)

 

 

(3,715

)

 

 

(1,167

)

 

 

2,584

 

 

 

(1,025

)

 

 

(4,218

)

 

 

8,318

 

 

 

(53

)

 

 

724

 

Net amortization on investments

 

 

1,555

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,555

 

Purchases, including capitalized PIK (3)

 

 

288,749

 

 

 

3

 

 

 

—

 

 

 

152

 

 

 

4,449

 

 

 

575

 

 

 

—

 

 

 

293,928

 

Sales (3)

 

 

(137,670

)

 

 

(481

)

 

 

—

 

 

 

(1,020

)

 

 

—

 

 

 

(211

)

 

 

—

 

 

 

(139,382

)

Transfers out of Level 3 (1)

 

 

(270

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(270

)

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of June 30, 2025

 

$

3,035,815

 

 

$

75

 

 

$

21

 

 

$

21,599

 

 

$

23,895

 

 

$

168,052

 

 

$

162

 

 

$

3,249,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025

 

$

(11,672

)

 

$

(3,927

)

 

$

—

 

 

$

(1,025

)

 

$

(4,215

)

 

$

8,345

 

 

$

(54

)

 

$

(12,547

)
(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value of $(7,018).
(3)
Includes reorganizations and restructuring of investments. Includes all activities from the Mergers.

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2025:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of December 31, 2024

 

$

2,676,253

 

 

$

5,764

 

 

$

117

 

 

$

26,101

 

 

$

24,831

 

 

$

161,648

 

 

$

136

 

 

$

2,894,850

 

Net realized gains (losses)

 

 

(8,132

)

 

 

(2,501

)

 

 

(2,672

)

 

 

—

 

 

 

—

 

 

 

1,983

 

 

 

—

 

 

 

(11,322

)

Net change in unrealized gains (losses)

 

 

(5,813

)

 

 

(2,716

)

 

 

2,576

 

 

 

(1,456

)

 

 

(5,235

)

 

 

7,951

 

 

 

26

 

 

 

(4,667

)

Net amortization on investments

 

 

3,291

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,291

 

Purchases, including capitalized PIK (3)

 

 

679,489

 

 

 

9

 

 

 

—

 

 

 

152

 

 

 

4,549

 

 

 

1,271

 

 

 

—

 

 

 

685,470

 

Sales (3)

 

 

(302,640

)

 

 

(481

)

 

 

—

 

 

 

(3,198

)

 

 

(250

)

 

 

(4,801

)

 

 

—

 

 

 

(311,370

)

Transfers out of Level 3 (1)

 

 

(6,633

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,633

)

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of June 30, 2025

 

$

3,035,815

 

 

$

75

 

 

$

21

 

 

$

21,599

 

 

$

23,895

 

 

$

168,052

 

 

$

162

 

 

$

3,249,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025

 

$

(11,490

)

 

$

(7,705

)

 

$

—

 

 

$

(1,456

)

 

$

(5,235

)

 

$

11,157

 

 

$

26

 

 

$

(14,703

)

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value of $(7,018).
(3)
Includes reorganizations and restructuring of investments. Includes all activities from the Mergers.

 

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2024:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of March 31, 2024

 

$

2,111,478

 

 

$

5,559

 

 

$

329

 

 

$

35,639

 

 

$

32,752

 

 

$

157,406

 

 

$

258

 

 

$

2,343,421

 

Net realized gains (losses)

 

 

3,171

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,700

)

 

 

—

 

 

 

(12,529

)

Net change in unrealized gains (losses)

 

 

(5,288

)

 

 

(265

)

 

 

(12

)

 

 

(2,725

)

 

 

(142

)

 

 

16,949

 

 

 

(88

)

 

 

8,429

 

Net amortization on investments

 

 

1,642

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,642

 

Purchases, including capitalized PIK (3)

 

 

245,797

 

 

 

152

 

 

 

8

 

 

 

2,533

 

 

 

—

 

 

 

77

 

 

 

—

 

 

 

248,567

 

Sales (3)

 

 

(153,987

)

 

 

—

 

 

 

—

 

 

 

(742

)

 

 

—

 

 

 

(149

)

 

 

—

 

 

 

(154,878

)

Transfers out of Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of June 30, 2024

 

$

2,202,813

 

 

$

5,446

 

 

$

325

 

 

$

34,705

 

 

$

32,610

 

 

$

158,583

 

 

$

170

 

 

$

2,434,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024

 

$

(6,256

)

 

$

(228

)

 

$

42

 

 

$

(2,725

)

 

$

(142

)

 

$

1,208

 

 

$

(87

)

 

$

(8,188

)

 

 

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2024:

 

 

First Lien Secured Debt (2)

 

 

Second Lien Secured Debt (2)

 

 

Unsecured Debt

 

 

Structured Products and Other

 

 

Preferred Equity

 

 

Common Equity/Interests

 

 

Warrants

 

 

Total

 

Fair value as of December 31, 2023

 

$

2,075,031

 

 

$

31,887

 

 

$

—

 

 

$

41,333

 

 

$

32,405

 

 

$

152,127

 

 

$

199

 

 

$

2,332,982

 

Net realized gains (losses)

 

 

(2,787

)

 

 

273

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,341

)

 

 

—

 

 

 

(17,855

)

Net change in unrealized gains (losses)

 

 

(707

)

 

 

12,031

 

 

 

(2,347

)

 

 

(6,072

)

 

 

89

 

 

 

9,811

 

 

 

(605

)

 

 

12,200

 

Net amortization on investments

 

 

3,574

 

 

 

6

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,580

 

Purchases, including capitalized PIK (3)

 

 

468,019

 

 

 

299

 

 

 

8

 

 

 

2,533

 

 

 

116

 

 

 

78

 

 

 

—

 

 

 

471,053

 

Sales (3)

 

 

(340,317

)

 

 

(31,340

)

 

 

2,664

 

 

 

(3,089

)

 

 

—

 

 

 

11,908

 

 

 

576

 

 

 

(359,598

)

Transfers out of Level 3 (1)

 

 

—

 

 

 

(7,710

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,710

)

Transfers into Level 3 (1)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fair value as of June 30, 2024

 

$

2,202,813

 

 

$

5,446

 

 

$

325

 

 

$

34,705

 

 

$

32,610

 

 

$

158,583

 

 

$

170

 

 

$

2,434,652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2024

 

$

(9,558

)

 

$

(858

)

 

$

(2,347

)

 

$

(6,072

)

 

$

89

 

 

$

7,058

 

 

$

(605

)

 

$

(12,293

)

 

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)
Includes unfunded commitments measured at fair value of $(4,072).
(3)
Includes reorganizations and restructuring of investments.
Summary of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows:

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

 

Fair Value

 

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

 

$

 

2,700,386

 

 

Yield Analysis

Discount Rate

4.2%

34.1%

11.1%

 

 

 

 

170,611

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

143,788

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

14,448

 

 

Market Comparable Technique

Comparable Multiple

0.4x

4.0x

2.9x

 

 

 

 

6,582

 

 

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

Second Lien Secured Debt

 

 

 

75

 

 

Yield Analysis

Discount Rate

15.4%

15.4%

15.4%

 

 

 

 

—

 

 

Market Comparable Technique

Comparable Multiple

5.8x

5.8x

5.8x

Unsecured Debt

 

 

 

21

 

 

Market Comparable Technique

Comparable Multiple

19.0x

19.0x

19.0x

Structured Products and Other

 

 

 

21,599

 

 

Yield Analysis

Discount Rate

11.3%

13.2%

12.1%

Preferred Equity

 

 

 

23,452

 

 

Market Comparable Technique

Comparable Multiple

0.4x

17.0x

9.8x

 

 

 

 

344

 

 

Yield Analysis

Discount Rate

9.0%

12.5%

11.5%

 

 

 

 

99

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

Common Equity/Interests

 

 

 

134,347

 

 

Yield Analysis

Discount Rate

9.0%

13.0%

0.1%

 

 

 

 

18,519

 

 

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

 

 

 

 

14,293

 

 

Market Comparable Technique

Comparable Multiple

0.4x

19.0x

9.2x

 

 

 

 

715

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

178

 

 

Option Pricing Model

Expected Volatility

25.0%

80.0%

46.0%

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

Warrants

 

 

 

135

 

 

Option Pricing Model

Expected Volatility

40.0%

40.0%

40.0%

 

 

 

 

27

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Market Comparable Technique

Comparable Multiple

5.5x

5.5x

5.5x

Total Level 3 Investments

 

$

 

3,249,619

 

 

 

 

 

 

 

_________________

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2024 were as follows:

 

 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

 

Fair Value

 

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

 

$

 

2,409,833

 

 

Yield Analysis

Discount Rate

4.1%

31.4%

11.3%

 

 

 

 

136,535

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

 

 

 

 

119,051

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

10,765

 

 

Market Comparable Technique

Comparable Multiple

3.5x

3.5x

3.5x

 

 

 

 

69

 

 

Broker Quote

Broker Quote

N/A

N/A

N/A

Second Lien Secured Debt

 

 

 

4,718

 

 

Market Comparable Technique

Comparable Multiple

6.2x

6.2x

6.2x

 

 

 

 

914

 

 

Recovery Analysis

Recoverable Amount

3.5x

3.5x

3.5x

 

 

 

 

132

 

 

Yield Analysis

Discount Rate

17.6%

17.6%

17.6%

Unsecured Debt

 

 

 

117

 

 

Market Comparable Technique

Comparable Multiple

4.3x

4.3x

4.3x

Structured Products and Other

 

 

 

26,101

 

 

Yield Analysis

Discount Rate

11.3%

12.3%

11.6%

Preferred Equity

 

 

 

24,119

 

 

Market Comparable Technique

Comparable Multiple

2.3x

17.8x

10.8x

 

 

 

 

519

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

193

 

 

Yield Analysis

Discount Rate

13.5%

13.5%

13.5%

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

Common Equity/Interests

 

 

 

124,215

 

 

Yield Analysis

Discount Rate

9.6%

13.5%

9.6%

 

 

 

 

18,933

 

 

Estimated Proceeds

Estimated Proceeds

N/A

N/A

N/A

 

 

 

 

17,838

 

 

Market Comparable Technique

Comparable Multiple

0.7x

22.0x

11.3x

 

 

 

 

444

 

 

Option Pricing Model

Expected Volatility

25.0%

85.0%

34.3%

 

 

 

 

218

 

 

Recent Transaction

Recent Transaction

N/A

N/A

N/A

 

 

 

 

—

 

 

Recovery Analysis

Recoverable Amount

N/A

N/A

N/A

Warrants

 

 

 

136

 

 

Option Pricing Model

Expected Volatility

50.0%

50.0%

50.0%

 

 

 

 

—

 

 

Market Comparable Technique

Comparable Multiple

4.3x

4.3x

4.3x

Total Level 3 Investments

 

$

 

2,894,850

 

 

 

 

 

 

 

 

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.
Summary of Change in Capitalized PIK balance

The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

PIK balance at beginning of period

 

$

 

39,789

 

 

$

 

26,834

 

 

$

 

36,656

 

 

$

 

24,485

 

PIK income capitalized

 

 

 

7,335

 

 

 

 

2,075

 

 

 

 

11,390

 

 

 

 

4,424

 

Adjustments due to investments exited or written off

 

 

 

(8

)

 

 

 

—

 

 

 

 

(930

)

 

 

 

—

 

PIK income received in cash

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

 

 

 

—

 

PIK balance at end of period

 

$

 

47,116

 

 

$

 

28,909

 

 

$

 

47,116

 

 

$

 

28,909