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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Assets Measured on Recurring Basis

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


	September 30, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	212,419	$	13,257,332	$	13,469,751
Second lien debt	—		—		226,249		226,249
Unsecured debt	—		—		13,991		13,991
Equity	1,663		—		97,982		99,645
Total	$	1,663	$	212,419	$	13,595,554	$	13,809,636


	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 September 30, 2025
	First Lien Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,800,357	$	122,942	$	13,721	$	99,506	$	13,036,526
Purchases of investments	928,219		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	2,190,326		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	10,975,967	$	41,985	$	12,278	$	97,616	$	11,127,846
Purchases of investments	974,120		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	9,564,203	$	41,515	$	9,924	$	94,940	$	9,710,582
Purchases of investments	2,620,371		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.

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.


	September 30, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	13,102,781	Yield Analysis	Discount Rate	6.74	%	17.54	%	9.56	%
	145,758		Asset Recoverability	Market Multiple	7.25x		12.00x		8.40x

	8,793		Market Quotations	Broker Quoted Price	97.25		100.17		99.99

	13,257,332
Investments in second lien debt	226,249		Yield Analysis	Discount Rate	8.26	%	16.06	%	10.01	%
Investments in unsecured debt	13,991		Yield Analysis	Discount Rate	12.66	%	14.87	%	14.56	%
Investments in equity	61,055		Market Approach	Performance Multiple	6.40x		33.63x		13.18x
	20,792		Yield Analysis	Discount Rate	11.99	%	23.72	%	13.76	%
	12,872		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	36.00	%
	3,263		Asset Recoverability	Market Multiple	8.50x		12.00x		10.65x

	97,982
Total	$	13,595,554


	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 September 30, 2025 and December 31, 2024.


	September 30, 2025		December 31, 2024
	Fair Value		Fair Value
2026 Notes	$	798,080	$	788,880
New 2026 Notes	689,220		672,420
2027 Notes	629,070		608,725
2028 Notes	615,550		590,200
November 2027 Notes	409,960		406,440
April 2028 Notes	709,730		698,460
June 2030 Notes	503,900		—
2024-1 Notes	457,568		457,568
Total	$	4,813,078	$	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.

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