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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy of financial instruments:


	March 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	231,934	$	12,370,969	$	12,602,903
Second lien debt	—		—		118,482		118,482
Unsecured debt	—		—		13,658		13,658
Equity	—		—		99,163		99,163
Total	$	—	$	231,934	$	12,602,272	$	12,834,206


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	115,753	$	12,714,636	$	12,830,389
Second lien debt	—		—		119,184		119,184
Unsecured debt	—		—		33,521		33,521
Equity	—		—		109,424		109,424
Total	$	—	$	115,753	$	12,976,765	$	13,092,518

Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:


	Three Months Ended March 31, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total Investments
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	715,298		1,663		468		168		717,597
Proceeds from principal repayments and sales of investments	(964,827)		(2,347)		(20,595)		(10,224)		(997,993)
Accretion of discount (amortization of premium)	16,001		74		10		—		16,085
Net realized gain (loss)	1,210		(1)		—		7,316		8,525
Net change in unrealized appreciation (depreciation)	(9,399)		(91)		254		(7,521)		(16,757)
Transfers into Level 3 (1)	225		—		—		—		225
Transfers out of Level 3 (1)	(102,175)		—		—		—		(102,175)
Fair value, end of period	$	12,370,969	$	118,482	$	13,658	$	99,163	$	12,602,272
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	(5,329)	$	(91)	$	(16)	$	(2,969)	$	(8,405)


	Three Months Ended March 31, 2024
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total Investments
Fair value, beginning of period	$	9,564,203	$	41,515	$	9,924	$	94,940	$	9,710,582
Purchases of investments	734,974		180		1,785		2,188		739,127
Proceeds from principal repayments and sales of investments	(186,370)		—		—		—		(186,370)
Accretion of discount (amortization of premium)	9,341		25		9		—		9,375
Net realized gain (loss)	428		—		—		—		428
Net change in unrealized appreciation (depreciation)	5,496		(205)		141		1,552		6,984
Transfers into Level 3 (1)	50,239		—		—		—		50,239
Transfers out of Level 3 (1)	—		—		—		—		—
Fair value, end of period	$	10,178,311	$	41,515	$	11,859	$	98,680	$	10,330,365
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations	$	6,191	$	(205)	$	135	$	1,553	$	7,674

For the three months ended March 31, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,289,809	Yield Analysis	Discount Rate	4.94	%	24.01	%	9.99	%
	62,682		Asset Recoverability	Market Multiple	8.00x		10.25x		9.03x
	18,329		Transaction Price	N/A
	149		Market Quotations	Broker quoted price	97.00		98.00		97.54

	12,370,969
Investments in second lien debt	118,482		Yield Analysis	Discount Rate	8.43	%	16.73	%	11.24	%
Investments in unsecured debt	13,658		Yield Analysis	Discount Rate	13.05	%	13.89	%	13.78	%
Investments in equity	61,516		Market Approach	Performance Multiple	6.40x		29.68x		12.81x
	21,944		Yield Analysis	Discount Rate	11.54	%	20.40	%	13.07	%
	12,772		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	39.87	%
	2,931		Asset Recoverability	Market Multiple	10.25x		10.25x		10.25x

	99,163
Total	$	12,602,272


	December 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,546,382	Yield Analysis	Discount Rate	7.00	%	22.67	%	10.15	%
	102,316		Market Quotations	Broker quoted price	97.00		100.57		100.08
	63,879		Asset Recoverability	Market Multiple	10.00x		10.75x		10.40x
	2,059		Asset Recoverability	Discount Rate	10.33	%	10.92	%	10.36	%
	12,714,636
Investments in second lien debt	119,184		Yield Analysis	Discount Rate	8.86	%	16.73	%	11.52	%
Investments in unsecured debt	33,521		Yield Analysis	Discount Rate	7.71%		13.94%		10.12%
Investments in equity	69,633		Market Approach	Performance Multiple	2.30x		30.00x		10.11x
	21,697		Yield Analysis	Discount Rate	9.54	%	19.47	%	15.55	%
	14,499		Option Pricing Model	Expected Volatility	23.50	%	70.50	%	34.03	%
	3,166		Asset Recoverability	Market Multiple	10.00x		10.75x		10.50x
	429		Transaction Price	N/A
	109,424
Total	$	12,976,765

(1)Weighted averages are calculated based on fair value of investments.

Schedule of Fair Value Measurements of Unsecured Notes

The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of March 31, 2025 and December 31, 2024.


	March 31, 2025		December 31, 2024
	Fair Value		Fair Value
2026 Notes	$	791,760	$	788,880
New 2026 Notes	676,270		672,420
2027 Notes	615,420		608,725
2028 Notes	595,790		590,200
November 2027 Notes	406,720		406,440
April 2028 Notes	700,000		698,460
June 2030 Notes	491,400		—
2024-1 Notes	456,629		457,568
Total	$	4,733,989	$	4,222,693

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details