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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 as of March 31, 2025 and December 31, 2024:


	Fair Value Measurements
March 31, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	3,925,239	$	3,925,239
Unitranche secured loans	—		—		103,073		103,073
Junior secured loans	—		—		254,222		254,222
Equity investments	143		—		237,950		238,093
Total investments, at fair value:	$	143	$	—	$	4,520,484	$	4,520,627

Foreign currency forward contracts asset (liability)	$	—	$	754	$	—	$	754


	Fair Value Measurements
December 31, 2024	Level 1		Level 2		Level 3		Total
Investments, 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 investments	149		—		191,499		191,648
Total investments, at fair value:	$	149	$	—	$	4,008,824	$	4,008,973

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

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 three months ended March 31, 2025 and 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2024	$	3,491,117	$	148,531	$	177,677	$	191,499	$	4,008,824
Net realized gain (loss) on investments	142		—		—		(24)		118
Net change in unrealized gain (loss) on investments	(5,022)		(1,253)		(1,334)		4,571		(3,038)
Purchases of investments and other adjustments to cost (1)	605,995		343		79,552		40,053		725,943
Proceeds from principal payments and sales of investments (2)	(166,479)		(44,548)		(89)		(247)		(211,363)
Reclassifications (3)	(514)		—		(1,584)		2,098		—

Balance as of March 31, 2025	$	3,925,239	$	103,073	$	254,222	$	237,950	$	4,520,484


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		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	—		—		—		4		4
Net change in unrealized gain (loss) on investments	7,285		727		3,334		(3,754)		7,592
Purchases of investments and other adjustments to cost (1)	340,806		2,438		15,059		10,487		368,790
Proceeds from principal payments and sales of investments (2)	(75,787)		(13,681)		(274)		(619)		(90,361)
Reclassifications (3)	(10,590)		—		(3,662)		14,252		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of March 31, 2024	$	2,432,957	$	174,337	$	102,443	$	104,299	$	2,814,036

_________________________________________

(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 March 31, 2025:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$2,481,154			Discounted cash flow	EBITDA multiples	10.8x		3.3x		36.4x
					Market yields	10.3	%	7.8	%	21.5	%
Senior secured loans	1,024,525			Discounted cash flow	Revenue multiples	7.8x		1.0x		18.6x
					Market yields	10.0	%	8.0	%	14.5	%
Senior secured loans	14,489			Enterprise value	Revenue multiples	1.7x		0.2x		5.0x
Senior secured loans	8,973			Enterprise value	EBITDA multiples	6.1x		5.0x		12.5x
Senior secured loans	5,194			Liquidation	Probability weighting of alternative outcomes	51.3	%	51.3	%	51.3	%
Unitranche secured loans	85,845			Discounted cash flow	EBITDA multiples	10.3x		8.5x		11.3x
					Market yields	11.8	%	8.9	%	15.2	%
Unitranche secured loans	17,228			Discounted cash flow	Revenue multiples	6.0x		6.0x		6.0x
					Market yields	13.4	%	13.4	%	13.4	%
Junior secured loans	188,722			Discounted cash flow	Market yields	14.7	%	13.0	%	17.7	%
Junior secured loans	23,292			Enterprise value	Revenue multiples	4.7x		0.3x		5.0x
Junior secured loans	3,883			Enterprise value	EBITDA multiples	8.6x		7.3x		12.5x
Equity investments	174,049			Enterprise value	EBITDA multiples	11.4x		5.9x		17.5x
Equity investments	52,044			Enterprise value	Revenue multiples	3.8x		0.4x		12.0x
Equity investments	8,511			Option pricing model	Volatility	46.7	%	24.0	%	63.0	%
Total Level 3 Assets (1)	$	4,087,909	(2)

_________________________________________

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

(2)Excludes investments of $432,575 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, 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 investments	127,944			Enterprise value	EBITDA multiples	11.3x		3.6x		20.5x
Equity investments	51,219			Enterprise value	Revenue multiples	3.6x		0.4x		11.0x
Equity investments	9,065			Option pricing model	Volatility	46.4	%	24.0	%	65.0	%
Total Level 3 Assets	$	3,671,159	(2)

_________________________________________

(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.

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 March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	536,587	$	536,587	$	474,756	$	474,756
SPV Credit Facility	156,827		156,827		239,889		239,889
SPV II Credit Facility	175,465		175,465		194,574		194,574
SPV III Credit Facility	119,129		119,129		73,722		73,722
SPV IV Credit Facility	311,823		311,823		245,185		245,185
SPV V Credit Facility	35,124		35,124		—		—
2022 ABS	283,030		278,115		293,393		287,178
2023 ABS	206,560		209,624		206,369		209,100
2028 Notes	198,294		201,143		198,178		200,545
2029 Notes	202,388		203,464		202,296		202,585
Total Debt	$	2,225,227	$	2,227,301	$	2,128,362	$	2,127,534

_____________________________________________

(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 according to the fair value hierarchy as of as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	2,227,301		2,127,534
Total Debt	$	2,227,301	$	2,127,534

- 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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