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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy of financial instruments:
September 30, 2025
Level 1Level 2Level 3Total
First lien debt$— $212,419 $13,257,332 $13,469,751 
Second lien debt— — 226,249 226,249 
Unsecured debt— — 13,991 13,991 
Equity1,663 — 97,982 99,645 
Total$1,663 $212,419 $13,595,554 $13,809,636 
December 31, 2024
Level 1Level 2Level 3Total
First lien debt$— $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 
Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements.
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 September 30, 2025
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,800,357 $122,942 $13,721 $99,506 $13,036,526 
Purchases of investments928,219 104,168 487 996 1,033,870 
Proceeds from principal repayments and sales of investments(434,248)(196)— (1,506)(435,950)
Accretion of discount (amortization of premium)12,913 94 11 — 13,018 
Net realized gain (loss)(9,270)— — — (9,270)
Net change in unrealized appreciation (depreciation)(48,999)(759)(228)(1,014)(51,000)
Transfers into Level 3 (1)
8,360 — — — 8,360 
Transfers out of Level 3 (1)
— — — — — 
Fair value, end of period$13,257,332 $226,249 $13,991 $97,982 $13,595,554 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(54,660)$(759)$(228)$(365)$(56,012)
Nine Months Ended September 30, 2025
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,714,636 $119,184 $33,521 $109,424 $12,976,765 
Purchases of investments2,190,326 107,954 1,426 1,172 2,300,878 
Proceeds from principal repayments and sales of investments(1,562,430)(3,206)(20,595)(11,960)(1,598,191)
Accretion of discount (amortization of premium)39,343 244 32 — 39,619 
Net realized gain (loss)(9,292)(1)— 7,316 (1,977)
Net change in unrealized appreciation (depreciation)(21,661)2,074 (393)(7,970)(27,950)
Transfers into Level 3 (1)
8,585 — — — 8,585 
Transfers out of Level 3 (1)
(102,175)— — — (102,175)
Fair value, end of period$13,257,332 $226,249 $13,991 $97,982 $13,595,554 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(25,068)$1,588 $(663)$(2,924)$(27,067)
Three Months Ended September 30, 2024
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$10,975,967 $41,985 $12,278 $97,616 $11,127,846 
Purchases of investments974,120 534 431 5,333 980,418 
Proceeds from principal repayments and sales of investments(296,497)— — — (296,497)
Accretion of discount (amortization of premium)9,336 24 11 — 9,371 
Net realized gain (loss)(17,283)— — — (17,283)
Net change in unrealized appreciation (depreciation)10,172 (128)4 1,075 11,123 
Transfers into Level 3 (1)
57,016 — — — 57,016 
Transfers out of Level 3 (1)
— — — — — 
Fair value, end of period$11,712,831 $42,415 $12,724 $104,024 $11,871,994 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(5,674)$(128)$4 $1,075 $(4,723)
Nine Months Ended September 30, 2024
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$9,564,203 $41,515 $9,924 $94,940 $9,710,582 
Purchases of investments2,620,371 1,215 2,629 7,524 2,631,739 
Proceeds from principal repayments and sales of investments(569,172)— — — (569,172)
Accretion of discount (amortization of premium)27,895 72 31 — 27,998 
Net realized gain (loss)(16,660)— — — (16,660)
Net change in unrealized appreciation (depreciation)36,757 (387)140 1,560 38,070 
Transfers into Level 3 (1)
50,239 — — — 50,239 
Transfers out of Level 3 (1)
(802)— — — (802)
Fair value, end of period$11,712,831 $42,415 $12,724 $104,024 $11,871,994 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$19,118 $(387)$134 $1,561 $20,426 
For the three and nine months ended September 30, 2025 and 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
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.
September 30, 2025
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$13,102,781 Yield AnalysisDiscount Rate6.74 %17.54 %9.56 %
145,758 Asset RecoverabilityMarket Multiple7.25x12.00x8.40x
8,793 Market QuotationsBroker Quoted Price97.25100.1799.99
13,257,332 
Investments in second lien debt226,249 Yield AnalysisDiscount Rate8.26 %16.06 %10.01 %
Investments in unsecured debt13,991 Yield AnalysisDiscount Rate12.66 %14.87 %14.56 %
Investments in equity61,055 Market ApproachPerformance Multiple6.40x33.63x13.18x
20,792 Yield AnalysisDiscount Rate11.99 %23.72 %13.76 %
12,872 Option Pricing Model Expected Volatility32.00 %70.50 %36.00 %
3,263 Asset RecoverabilityMarket Multiple8.50x12.00x10.65x
97,982 
Total$13,595,554 
December 31, 2024
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$12,546,382 Yield AnalysisDiscount Rate7.00 %22.67 %10.15 %
102,316 Market QuotationsBroker Quoted Price97.00100.57100.08
63,879 Asset RecoverabilityMarket Multiple10.00x10.75x10.40x
2,059 Asset RecoverabilityDiscount Rate10.33 %10.92 %10.36 %
12,714,636 
Investments in second lien debt119,184 Yield AnalysisDiscount Rate8.86 %16.73 %11.52 %
Investments in unsecured debt33,521 Yield AnalysisDiscount Rate7.71%13.94%10.12%
Investments in equity69,633 Market ApproachPerformance Multiple2.30x30.00x10.11x
21,697 Yield AnalysisDiscount Rate9.54 %19.47 %15.55 %
14,499 Option Pricing ModelExpected Volatility23.50 %70.50 %34.03 %
3,166 Asset RecoverabilityMarket Multiple10.00x10.75x10.50x
429 Transaction PriceN/A
109,424 
Total$12,976,765 
(1)Weighted averages are calculated based on fair value of investments.
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and discount rate. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.
Financial Instruments Not Carried at Fair Value
Debt
The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of September 30, 2025 and December 31, 2024, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.
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 September 30, 2025 and December 31, 2024.
September 30, 2025December 31, 2024
Fair ValueFair Value
2026 Notes$798,080 $788,880 
New 2026 Notes689,220 672,420 
2027 Notes629,070 608,725 
2028 Notes615,550 590,200 
November 2027 Notes409,960 406,440 
April 2028 Notes709,730 698,460 
June 2030 Notes503,900 — 
2024-1 Notes457,568 457,568 
Total$4,813,078 $4,222,693 
Other
As of September 30, 2025 and December 31, 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.