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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2025 and December 31, 2024.

Level 3 Instruments

 

Fair Value(1)(2)

 

Valuation Techniques(3)

Significant Unobservable
Inputs

Range of Significant
Unobservable Inputs(4)

Weighted
Average(5)

As of December 31, 2025

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,637,872

 

Discounted cash flows

Discount Rate

7.9% - 21.4%

10.5%

 

 

$

13,278

 

Collateral analysis

Recovery Rate

—

75.3%

 

 

$

66,612

 

Comparable multiples

EV/EBITDA(6)

4.8x - 10.0x

7.2x

 

 

$

158

 

Comparable multiples

EV/Revenue

—

0.3x

1st Lien/Last-Out Unitranche

 

$

70,050

 

Discounted cash flows

Discount Rate

8.1% - 11.3%

9.9%

 

 

$

11,833

 

Comparable multiples

EV/EBITDA(6)

—

8.7x

2nd Lien/Senior Secured Debt

 

$

20,970

 

Discounted cash flows

Discount Rate

19.3% - 23.6%

22.2%

 

 

$

26,944

 

Comparable multiples

EV/EBITDA(6)

3.7x - 9.0x

6.9x

Unsecured Debt

 

$

8,476

 

Discounted cash flows

Discount Rate

14.7% - 26.7%

16.5%

Equity

Preferred Stock

 

$

8,682

 

Discounted cash flows

Discount Rate

—

20.6%

 

 

$

127

 

Comparable multiples

EV/EBITDA(6)

—

13.0x

 

 

$

17,617

 

Comparable multiples

EV/Revenue

—

3.9x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

28.5%

 

 

$

8,468

 

Comparable multiples

EV/EBITDA(6)

3.5x - 13.0x

7.5x

 

 

$

798

 

Comparable multiples

EV/Revenue

—

7.3x

Warrants

 

$

247

 

Comparable multiples

EV/Revenue

—

3.9x

As of December 31, 2024

 

 

 

 

 

 

 

Bank Loans, Corporate Debt, and Other Debt Obligations

1st Lien/Senior Secured Debt

 

$

2,808,914

 

Discounted cash flows

Discount Rate

7.7% - 33.0%

11.4%

 

 

$

25,157

 

Collateral analysis

Recovery Rate

17.5% - 100.0%

96.2%

 

 

$

1,178

 

Comparable multiples

EV/EBITDA(6)

—

6.7x

 

 

$

58,976

 

Comparable multiples

EV/Revenue

0.4x - 2.5x

1.8x

1st Lien/Last-Out Unitranche

 

$

165,905

 

Discounted cash flows

Discount Rate

8.8% - 13.6%

12.6%

2nd Lien/Senior Secured Debt

 

$

37,297

 

Discounted cash flows

Discount Rate

13.2% - 23.0%

20.5%

 

 

$

9,489

 

Comparable multiples

EV/EBITDA(6)

8.5x - 9.5x

8.9x

Unsecured Debt

 

$

16,204

 

Discounted cash flows

Discount Rate

10.8% - 17.3%

14.5%

 

 

$

586

 

Comparable multiples

EV/EBITDA(6)

—

7.3x

Equity

Preferred Stock

 

$

14,320

 

Comparable multiples

EV/EBITDA(6)

13.5x - 20.8x

20.7x

 

 

$

16,926

 

Comparable multiples

EV/Revenue

—

4.2x

Common Stock

 

$

5,396

 

Discounted cash flows

Discount Rate

—

29.0%

 

 

$

13,209

 

Comparable multiples

EV/EBITDA(6)

4.5x - 13.5x

8.5x

 

 

$

15,561

 

Comparable multiples

EV/Revenue

1.5x - 10.0x

2.7x

Warrants

 

$

421

 

Comparable multiples

EV/Revenue

—

4.2x

 

(1)
As of December 31, 2025, included within the fair value of Level 3 assets of $3,207,527 is an amount of $309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,737,368 or 86.5% of Level 3 bank loans, corporate debt, and other debt obligations.
(2)
As of December 31, 2024, included within the fair value of Level 3 assets of $3,431,997 is an amount of $242,458 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $3,028,320 or 90.0% of Level 3 bank loans, corporate debt, and other debt obligations.
(3)
The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.
(4)
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.
(5)
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.
(6)
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
Summary of Assets and Liabilities Categorized Within Fair Value Hierarchy

The following is a summary of the Company’s assets and liabilities categorized within the fair value hierarchy:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

Assets

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

1st Lien/Senior Secured Debt

 

$

—

 

 

$

54,142

 

 

$

2,974,646

 

 

$

3,028,788

 

 

$

—

 

 

$

43,137

 

 

$

3,136,683

 

 

$

3,179,820

 

1st Lien/Last-Out Unitranche

 

 

—

 

 

 

—

 

 

 

135,156

 

 

 

135,156

 

 

 

—

 

 

 

—

 

 

 

165,905

 

 

 

165,905

 

2nd Lien/Senior Secured Debt

 

 

—

 

 

 

—

 

 

 

47,914

 

 

 

47,914

 

 

 

—

 

 

 

—

 

 

 

46,786

 

 

 

46,786

 

Unsecured Debt

 

 

—

 

 

 

—

 

 

 

8,476

 

 

 

8,476

 

 

 

—

 

 

 

—

 

 

 

16,790

 

 

 

16,790

 

Preferred Stock

 

 

—

 

 

 

—

 

 

 

26,426

 

 

 

26,426

 

 

 

—

 

 

 

—

 

 

 

31,246

 

 

 

31,246

 

Common Stock

 

 

52

 

 

 

—

 

 

 

14,662

 

 

 

14,714

 

 

 

124

 

 

 

—

 

 

 

34,166

 

 

 

34,290

 

Warrants

 

 

—

 

 

 

—

 

 

 

247

 

 

 

247

 

 

 

—

 

 

 

—

 

 

 

421

 

 

 

421

 

Affiliated Money Market Fund

 

 

35,724

 

 

 

—

 

 

 

—

 

 

 

35,724

 

 

 

25,238

 

 

 

—

 

 

 

—

 

 

 

25,238

 

Unrealized appreciation on interest rate swaps

 

 

—

 

 

 

607

 

 

 

—

 

 

 

607

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Assets

 

$

35,776

 

 

$

54,749

 

 

$

3,207,527

 

 

$

3,298,052

 

 

$

25,362

 

 

$

43,137

 

 

$

3,431,997

 

 

$

3,500,496

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on interest rate swaps

 

$

—

 

 

$

(3,570

)

 

$

—

 

 

$

(3,570

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Unrealized depreciation on foreign currency forward contracts

 

 

—

 

 

 

(252

)

 

 

—

 

 

 

(252

)

 

 

—

 

 

 

(38

)

 

 

—

 

 

 

(38

)

Total Liabilities

 

$

—

 

 

$

(3,822

)

 

$

—

 

 

$

(3,822

)

 

$

—

 

 

$

(38

)

 

$

—

 

 

$

(38

)
Summary of Changes in Fair Value of Level 3 Assets By Investment Type

The following table presents a summary of changes in fair value of Level 3 assets by investment type:

 

 

 

Beginning Balance

 

 

Purchases
(1)

 

 

Net
Realized
Gain
(Loss)

 

 

Net Change in
Unrealized
Appreciation
(Depreciation)

 

 

Sales and
Settlements(2)

 

 

Net
Amortization
of
Premium/
Discount

 

 

Transfers
In(3)

 

 

Transfers
Out(3)

 

 

Ending
Balance

 

 

Net Change
in Unrealized
Appreciation
(Depreciation)
for assets
still held

 

For the Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

3,136,683

 

 

$

943,772

 

 

$

(97,604

)

 

$

62,331

 

 

$

(1,090,492

)

 

$

19,956

 

 

$

—

 

 

$

—

 

 

$

2,974,646

 

 

$

(22,056

)

1st Lien/Last-Out Unitranche

 

 

165,905

 

 

 

84,203

 

 

 

—

 

 

 

(188

)

 

 

(116,145

)

 

 

1,381

 

 

 

—

 

 

 

—

 

 

 

135,156

 

 

 

(2,733

)

2nd Lien/Senior Secured Debt

 

 

46,786

 

 

 

2,650

 

 

 

(9,031

)

 

 

7,676

 

 

 

—

 

 

 

(167

)

 

 

—

 

 

 

—

 

 

 

47,914

 

 

 

(1,354

)

Unsecured Debt

 

 

16,790

 

 

 

334

 

 

 

(1,055

)

 

 

1,206

 

 

 

(9,366

)

 

 

567

 

 

 

—

 

 

 

—

 

 

 

8,476

 

 

 

86

 

Preferred Stock

 

 

31,246

 

 

 

8,698

 

 

 

4,717

 

 

 

(2,408

)

 

 

(15,827

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,426

 

 

 

698

 

Common Stock

 

 

34,166

 

 

 

6,393

 

 

 

(20,143

)

 

 

(3,567

)

 

 

(2,187

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,662

 

 

 

(24,884

)

Warrants

 

 

421

 

 

 

—

 

 

 

—

 

 

 

(174

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

247

 

 

 

(174

)

Total Assets

 

$

3,431,997

 

 

$

1,046,050

 

 

$

(123,116

)

 

$

64,876

 

 

$

(1,234,017

)

 

$

21,737

 

 

$

—

 

 

$

—

 

 

$

3,207,527

 

 

$

(50,417

)

For the Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Lien/Senior Secured Debt

 

$

3,036,965

 

 

$

1,162,300

 

 

$

(156,973

)

 

$

(20,331

)

 

$

(914,752

)

 

$

22,964

 

 

$

6,510

 

 

$

—

 

 

$

3,136,683

 

 

$

(81,340

)

1st Lien/Last-Out Unitranche

 

 

144,743

 

 

 

20,213

 

 

 

—

 

 

 

519

 

 

 

(411

)

 

 

841

 

 

 

—

 

 

 

—

 

 

 

165,905

 

 

 

519

 

2nd Lien/Senior Secured Debt

 

 

66,562

 

 

 

11,675

 

 

 

—

 

 

 

7,688

 

 

 

(40,129

)

 

 

990

 

 

 

—

 

 

 

—

 

 

 

46,786

 

 

 

8,646

 

Unsecured Debt

 

 

27,314

 

 

 

10,086

 

 

 

(2,025

)

 

 

(18,250

)

 

 

—

 

 

 

(335

)

 

 

—

 

 

 

—

 

 

 

16,790

 

 

 

(21,971

)

Preferred Stock

 

 

37,296

 

 

 

212

 

 

 

437

 

 

 

2,635

 

 

 

(9,334

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31,246

 

 

 

2,617

 

Common Stock

 

 

30,511

 

 

 

15,894

 

 

 

609

 

 

 

(8,642

)

 

 

(4,206

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34,166

 

 

 

(6,789

)

Warrants

 

 

244

 

 

 

—

 

 

 

—

 

 

 

177

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

421

 

 

 

177

 

Total Assets

 

$

3,343,635

 

 

$

1,220,380

 

 

$

(157,952

)

 

$

(36,204

)

 

$

(968,832

)

 

$

24,460

 

 

$

6,510

 

 

$

—

 

 

$

3,431,997

 

 

$

(98,141

)

 

 

(1)
Purchases may include PIK, securities received in corporate actions and restructurings.
(2)
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.
(3)
Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.
Summary of Debt Obligations Carried at Fair Value If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

 

 

 

 

As of

 

 

 

Level

 

December 31, 2025

 

 

December 31, 2024

 

Revolving Credit Facility

 

3

 

$

585,750

 

 

$

674,628

 

2025 Notes

 

2

 

$

—

 

 

$

359,028

 

2026 Notes

 

2

 

$

499,700

 

 

$

489,250

 

2027 Notes

 

2

 

$

409,080

 

 

$

409,520

 

2030 Notes

 

2

 

$

402,240

 

 

$

—