Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the balances of assets measured at fair value on a recurring basis, as of March 31, 2025 and December 31, 2024:

Fair Value Measurements

As of March 31, 2025

	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,116,605	$	—	$	1,116,605
Equipment Financing		—		—		166,799		—		166,799
Preferred Equity		—		—		32,339		—		32,339
Common Equity/Equity Interests/Warrants		316		—		639,902		48,438		688,656
Total Investments	$	316	$	—	$	1,955,645	$	48,438	$	2,004,399

Fair Value Measurements

As of December 31, 2024

	Level 1		Level 2		Level 3		Measured at Net Asset Value*		Total
Assets:
Senior Secured Loans	$	—	$	—	$	1,117,118	$	—	$	1,117,118
Equipment Financing		—		—		181,016		—		181,016
Preferred Equity		—		—		31,682		—		31,682
Common Equity/Equity Interests/Warrants		257		—		626,470		49,091		675,818
Total Investments	$	257	$	—	$	1,956,286	$	49,091	$	2,005,634

* In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members.

Summary of Changes in Fair Value of Level 3 Assets and Liabilities

The following table provides a summary of the changes in fair value of Level 3 assets for the three months ended March 31, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at March 31, 2025:

Fair Value Measurements Using Level 3 Inputs

	Senior Secured Loans			Equipment Financing			Preferred Equity			Common Equity/ Equity Interests/ Warrants		Total
Fair value, December 31, 2024	$	1,117,118		$	181,016		$	31,682		$	626,470	$	1,956,286
Total gains or losses included in earnings:
Net realized gain (loss)		30			(8	)		—			—		22
Net change in unrealized gain (loss)		(2,905	)		(6,493	)		(113	)		8,348		(1,163	)
Purchase of investment securities*		188,200			2,734			770			5,084		196,788
Proceeds from dispositions of investment securities		(185,838	)		(10,450	)		—			—		(196,288	)
Transfers in/out of Level 3		—			—			—			—		—
Fair value, March 31, 2025	$	1,116,605		$	166,799		$	32,339		$	639,902	$	1,955,645
Unrealized gains (losses) for the period relating to those    Level 3 assets that were still held by the Company at the    end of the period:
Net change in unrealized gain (loss)	$	(367	)	$	(6,493	)	$	(113	)	$	8,348	$	1,375

* Includes PIK capitalization and accretion of discount.

While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at March 31, 2025, the fair value of the Credit Facility, SPV Credit Facility, 2026 Unsecured Notes, 2027 Unsecured Notes, 2027 Series F Unsecured Notes, 2027 Series G Unsecured Notes and the 2028 Unsecured Notes (each as defined below) would be $536,210, $153,050, $72,563, $47,000, $128,250, $48,878 and $49,750, respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input.

The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2024:

Fair Value Measurements Using Level 3 Inputs

	Senior Secured Loans			Equipment Financing			Preferred Equity		Common Equity/ Equity Interests/ Warrants			Total
Fair value, December 31, 2023	$	1,277,539		$	256,819		$	3,801	$	572,427		$	2,110,586
Total gains or losses included in earnings:
Net realized loss		(1,400	)		—			—		(668	)		(2,068	)
Net change in unrealized gain (loss)		(3,598	)		(12,646	)		49		17,726			1,531
Purchase of investment securities*		411,598			2,852			27,832		37,434			479,716
Proceeds from dispositions of investment securities		(567,021	)		(66,009	)		—		(449	)		(633,479	)
Transfers in/out of Level 3		—			—			—		—			—
Fair value, December 31, 2024	$	1,117,118		$	181,016		$	31,682	$	626,470		$	1,956,286
Unrealized gains (losses) for the period relating to those    Level 3 assets that were still held by the Company at    the end of the period:
Net change in unrealized gain (loss)	$	1,533		$	(12,646	)	$	49	$	16,751		$	5,687

* Includes PIK capitalization and accretion of discount

Summary of Quantitative Information about the Company's Level 3 Asset and Liability

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of March 31, 2025 is summarized in the table below:

	Asset or Liability	Fair Value at March 31, 2025		Principal Valuation Technique/Methodology	Unobservable Input	Range (Weighted Average)
Senior Secured Loans	Asset	$	1,095,329	Income Approach	Market Yield	9.4% – 26.1% (11.7%)
	Asset	$	21,276	Recovery Analysis	Recoverable Amount	N/A
Equipment Financing	Asset	$	65,799	Income Approach	Market Yield	8.5% – 9.2% (9.2%)
		$	101,000	Market Multiple(1)	Comparable Multiple	1.1x – 1.4x (1.4x)
Preferred Equity	Asset	$	29,839	Income Approach	Market Yield	9.0% – 9.0% (9.0%)
		$	2,500	Recovery Analysis	Recoverable Amount	N/A
Common Equity/Equity    Interests/Warrants	Asset	$	186,282	Market Multiple(2)	Comparable Multiple	5.5x – 12.3x (7.6x)
		$	453,620	Market Approach	Return on Equity	7.8% – 23.4% (11.7%)

(1)Includes $101,000 of investments valued using an implied multiple.

(2)Includes $232 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis and $183,371 of investments valued using an EBITDA multiple.

Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2024 is summarized in the table below:

	Asset or Liability	Fair Value at December 31, 2024		Principal Valuation Technique/Methodology	Unobservable Input	Range (Weighted Average)
Senior Secured Loans	Asset	$	1,095,842	Income Approach	Market Yield	8.5% – 18.5% (11.8%)
	Asset	$	21,276	Recovery Analysis	Recoverable Amount	N/A
Equipment Financing	Asset	$	73,416	Income Approach	Market Yield	8.5% – 9.0% (9.0%)
		$	107,600	Market Multiple(1)	Comparable Multiple	1.2x – 1.5x (1.5x)
Preferred Equity	Asset	$	29,182	Income Approach	Market Yield	9.0% – 9.0% (9.0%)
		$	2,500	Recovery Analysis	Recoverable Amount	N/A
Common Equity/Equity    Interests/Warrants	Asset	$	175,000	Market Multiple(2)	Comparable Multiple	5.5x – 12.3x (9.1x)
		$	451,470	Market Approach	Return on Equity	7.8% – 21.7% (11.3%)

(1)Includes $107,600 of investments valued using an implied multiple.

Includes $293 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis and $172,028 of investments valued using an EBITDA multiple.