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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024:


	Fair Value Measurements
June 30, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	4,397,867	$	4,397,867
Unitranche secured loans	—		—		99,179		99,179
Junior secured loans	—		—		256,158		256,158
Equity investments	124		—		334,324		334,448
Total investments, at fair value:	$	124	$	—	$	5,087,528	$	5,087,652

Foreign currency forward contracts asset (liability)	$	—	$	(1,332)	$	—	$	(1,332)


	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 and six months ended June 30, 2025:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of March 31, 2025	$	3,925,239	$	103,073	$	254,222	$	237,950	$	4,520,484
Net realized gain (loss) on investments	(2,133)		—		(59)		434		(1,758)
Net change in unrealized gain (loss) on investments	(757)		(3,699)		(3,486)		445		(7,497)
Purchases of investments and other adjustments to cost (1)	735,543		67		16,895		97,038		849,543
Proceeds from principal payments and sales of investments (2)	(244,817)		(262)		(26,622)		(1,543)		(273,244)
Reclassifications (3)	(15,208)		—		15,208		—		—

Balance as of June 30, 2025	$	4,397,867	$	99,179	$	256,158	$	334,324	$	5,087,528


	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	(1,991)		—		(59)		410		(1,640)
Net change in unrealized gain (loss) on investments	(5,779)		(4,952)		(4,820)		5,016		(10,535)
Purchases of investments and other adjustments to cost (1)	1,341,538		410		96,447		137,091		1,575,486
Proceeds from principal payments and sales of investments (2)	(411,296)		(44,810)		(26,711)		(1,790)		(484,607)
Reclassifications (3)	(15,722)		—		13,624		2,098		—

Balance as of June 30, 2025	$	4,397,867	$	99,179	$	256,158	$	334,324	$	5,087,528

_________________________________________

(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.

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 and six months ended June 30, 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of March 31, 2024	$	2,432,957	$	174,337	$	102,443	$	104,299	$	2,814,036
Net realized gain (loss) on investments	221		—		—		(1)		220
Net change in unrealized gain (loss) on investments	3,530		(653)		(6,757)		1,500		(2,380)
Purchases of investments and other adjustments to cost (1)	607,868		1,235		47,108		48,737		704,948
Proceeds from principal payments and sales of investments (2)	(123,094)		(6,666)		(73)		(16)		(129,849)
Reclassifications (3)	(15,311)		—		12,277		3,034		—

Balance as of June 30, 2024	$	2,906,171	$	168,253	$	154,998	$	157,553	$	3,386,975


	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	221		—		—		3		224
Net change in unrealized gain (loss) on investments	10,815		74		(3,423)		(2,254)		5,212
Purchases of investments and other adjustments to cost (1)	948,674		3,673		62,167		59,224		1,073,738
Proceeds from principal payments and sales of investments (2)	(198,881)		(20,347)		(347)		(635)		(220,210)
Reclassifications (3)	(25,901)		—		8,615		17,286		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of June 30, 2024	$	2,906,171	$	168,253	$	154,998	$	157,553	$	3,386,975

_________________________________________

(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 June 30, 2025:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	2,812,914		Discounted cash flow	EBITDA multiples	11.4x		4.3x		34.5x
					Market yields	10.0	%	7.7	%	25.5	%
Senior secured loans	1,111,382			Discounted cash flow	Revenue multiples	7.4x		1.0x		15.0x
					Market yields	9.8	%	7.7	%	15.5	%
Senior secured loans	46,545			Enterprise value	EBITDA multiples	7.9x		5.0x		12.0x
Senior secured loans	13,634			Enterprise value	Revenue multiples	2.1x		0.2x		5.0x
Senior secured loans	4,949			Liquidation	Probability weighting of alternative outcomes	48.9	%	48.9	%	48.9	%
Unitranche secured loans	65,309			Discounted cash flow	EBITDA multiples	10.9x		10.0x		11.3x
					Market yields	10.3	%	8.7	%	11.0	%
Unitranche secured loans	17,228			Discounted cash flow	Revenue multiples	6.0x		6.0x		6.0x
					Market yields	13.2	%	13.2	%	13.2	%
Unitranche loans	16,642			Enterprise value	EBITDA multiples	8.0x		8.0x		8.0x
Junior secured loans	203,279			Discounted cash flow	Market yields	14.9	%	13.1	%	17.8	%
Junior secured loans	21,155			Enterprise value	Revenue multiples	4.1x		0.2x		5.0x
Junior secured loans	6,608			Enterprise value	EBITDA multiples	8.7x		7.5x		12.0x
Equity securities	263,641			Enterprise value	EBITDA multiples	10.8x		6.3x		17.5x
Equity securities	55,612			Enterprise value	Revenue multiples	3.8x		0.5x		12.0x
Equity securities	13,165			Option pricing model	Volatility	48.3	%	24.0	%	65.0	%
Total Level 3 Assets (1)	$	4,652,063	(2)

_________________________________________

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

(2)Excludes investments of $435,465 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 June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	623,715	$	623,715	$	474,756	$	474,756
SPV Credit Facility	303,867		303,867		239,889		239,889
SPV II Credit Facility	163,598		163,598		194,574		194,574
SPV III Credit Facility	198,283		198,283		73,722		73,722
SPV IV Credit Facility	347,065		347,065		245,185		245,185
SPV V Credit Facility	229,185		229,185		—		—
2022 ABS	248,237		246,345		293,393		287,178
2023 ABS	206,799		210,331		206,369		209,100
2028 Notes	198,411		201,762		198,178		200,545
2029 Notes	202,479		203,478		202,296		202,585
Total Debt	$	2,721,639	$	2,727,629	$	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 June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	2,727,629		2,127,534
Total Debt	$	2,727,629	$	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.

+ References + Details