Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy:


	Fair Value Measurements
December 31, 2024	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Senior secured loans	$	—	$	—	$	3,491,117	$	3,491,117
Unitranche secured loans	—		—		148,531		148,531
Junior secured loans	—		—		177,677		177,677
Equity securities	149		—		191,499		191,648
Total assets, at fair value:	$	149	$	—	$	4,008,824	$	4,008,973

Foreign currency forward contracts asset (liability)	$	—	$	1,501	$	—	$	1,501


	Fair Value Measurements
December 31, 2023	Level 1		Level 2		Level 3		Total
Assets, at fair value:
Senior secured loans	$	—	$	—	$	2,171,243	$	2,171,243
Unitranche secured loans	—		—		184,853		184,853
Junior secured loans	—		—		87,986		87,986
Equity securities	23		—		84,062		84,085
Total investments	$	23	$	—	$	2,528,144	$	2,528,167

Foreign currency forward contracts asset (liability)	$	—	$	(3,087)	$	—	$	(3,087)

Schedule of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the years ended December 31, 2024 and 2023:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of December 31, 2023	$	2,171,243	$	184,853	$	87,986	$	84,062	$	2,528,144
Net realized gain (loss) on investments	(98)		—		39		118		59
Net change in unrealized gain (loss) on investments	6,747		288		(11,646)		5,703		1,092
Purchases of investments and other adjustments to cost (1)	1,981,176		8,269		78,335		85,001		2,152,781
Proceeds from principal payments and sales of investments (2)	(601,460)		(44,879)		(22,839)		(3,941)		(673,119)
Reclassifications (3)	(66,491)		—		45,802		20,689		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of December 31, 2024	$	3,491,117	$	148,531	$	177,677	$	191,499	$	4,008,824


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity securities		Total investments
Balance as of December 31, 2022	$	1,250,788	$	127,378	$	44,469	$	46,327	$	1,468,962
Net realized gain (loss) on investments	(1,571)		—		—		1,168		(403)
Net change in unrealized gain (loss) on investments	7,926		612		(4,229)		(2,839)		1,470
Purchases of investments and other adjustments to cost (1)	1,094,575		58,387		44,732		39,681		1,237,375
Proceeds from principal payments and sales of investments (2)	(167,745)		(1,524)		(8,606)		(1,385)		(179,260)
Reclassifications (3)	(12,730)		—		11,620		1,110		—

Balance as of December 31, 2023	$	2,171,243	$	184,853	$	87,986	$	84,062	$	2,528,144

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

(4)Represents non-cash transfers between fair value categories.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	2,224,530		Discounted cash flow	EBITDA multiples	11.1x		5.3x		35.9x
					Market yields	10.4	%	8.2	%	21.8	%
Senior secured loans	931,531			Discounted cash flow	Revenue multiples	7.6x		1.0x		18.0x
					Market yields	10.6	%	8.5	%	25.5	%
Senior secured loans	17,392			Enterprise value	EBITDA multiples	10.1x		6.5x		13.0x
Senior secured loans	15,818			Enterprise value	Revenue multiples	1.6x		0.3x		5.3x
Senior secured loans	6,042			Liquidation	Probability weighting of alternative outcomes	59.7	%	59.7	%	59.7	%
Unitranche secured loans	114,503			Discounted cash flow	EBITDA multiples	10.2x		8.0x		11.3x
					Market yields	12.0	%	9.2	%	16.2	%
Unitranche secured loans	34,028			Discounted cash flow	Revenue multiples	6.3x		6.3x		6.3x
					Market yields	13.9	%	13.9	%	13.9	%
Junior secured loans	108,449			Discounted cash flow	Market yields	14.8	%	12.6	%	17.7	%
Junior secured loans	26,886			Enterprise value	Revenue multiples	4.6x		0.3x		5.3x
Junior secured loans	3,752			Enterprise value	EBITDA multiples	7.0x		7.0x		7.0x
Equity securities	127,944			Enterprise value	EBITDA multiples	11.3x		3.6x		20.5x
Equity securities	51,219			Enterprise value	Revenue multiples	3.6x		0.4x		11.0x
Equity securities	9,065			Option pricing model	Volatility	46.4	%	24.0	%	65.0	%
Total Level 3 Assets	$	3,671,159	(2)

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(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $337,665 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2023:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range (Weighted Average)
								Minimum		Maximum
Assets:
Senior secured loans	$	1,351,324		Discounted cash flow	EBITDA multiples	11.1x		5.0x		22.2x
					Market yields	11.4	%	8.7	%	24.0	%
Senior secured loans	559,534			Discounted cash flow	Revenue multiples	7.2x		0.7x		19.5x
					Market yields	11.6	%	9.0	%	16.6	%
Senior secured loans	10,310			Enterprise value	EBITDA multiples	7.4x		5.3x		8.3x
Senior secured loans	9,618			Liquidation	Probability weighting of alternative outcomes	95.0	%	95.0	%	95.0	%
Senior secured loans	6,473			Enterprise value	Revenue multiples	0.6x		0.5x		1.6x
Unitranche secured loans	151,703			Discounted cash flow	EBITDA multiples	10.5x		7.3x		14.8x
					Market yields	15.0	%	8.6	%	24.6	%
Unitranche secured loans	33,150			Discounted cash flow	Revenue multiples	9.4x		6.0x		12.8x
					Market yields	12.3	%	11.9	%	12.7	%
Junior secured loans	70,881			Discounted cash flow	EBITDA multiples	13.5x		13.5x		13.5x
					Market yields	12.6	%	11.6	%	18.4	%
Junior secured loans	6,241			Enterprise value	Revenue multiples	1.6x		1.6x		1.6x
Junior secured loans	348			Discounted cash flow	Revenue multiples	0.9x		0.9x		0.9x
					Market yields	16.2	%	16.2	%	16.2	%
Equity securities	52,062			Enterprise value	EBITDA multiples	10.7x		6.3x		20.5x
Equity securities	29,920			Enterprise value	Revenue multiples	3.6x		0.5x		11.8x
Equity securities	1,487			Option pricing model	Volatility	59.6	%	35.0	%	74.0	%
Total Level 3 Assets	$	2,283,051	(2)

_________________________________________

(1)The weighted average mean and weighted average range of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $245,093 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying values and fair values of the Company's debt as of December 31, 2024 and 2023:


	December 31, 2024				December 31, 2023
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	474,756	$	474,756	$	253,579	$	253,579
SPV Credit Facility	239,889		239,889		178,098		178,098
SPV II Credit Facility	194,574		194,574		119,240		119,240
SPV III Credit Facility	73,722		73,722		—		—
SPV IV Credit Facility	245,185		245,185		—		—
2022 ABS	293,393		287,178		300,810		299,866
2023 ABS	206,369		209,100		183,840		187,345
2028 Notes	198,178		200,545		197,767		197,767
2029 Notes	202,296		202,585		—		—
Total Debt	$	2,128,362	$	2,127,534	$	1,233,334	$	1,235,895

_____________________________________________

(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

(2)Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.

The below table presents fair value measurements of the Company’s debt obligations as of the following periods:


	December 31, 2024		December 31, 2023
Level 1	$	—	$	—
Level 2	—		—
Level 3	2,127,534		1,235,895
Total Debt	$	2,127,534	$	1,235,895

- 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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