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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024:


	Fair Value Measurements
September 30, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	4,682,717	$	4,682,717
Unitranche secured loans	—		—		80,136		80,136
Junior secured loans	—		—		265,294		265,294
Equity investments	133		—		370,043		370,176
Total investments, at fair value:	$	133	$	—	$	5,398,190	$	5,398,323

Foreign currency forward contracts asset (liability)	$	—	$	(1,194)	$	—	$	(1,194)


	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 nine months ended September 30, 2025:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of June 30, 2025	$	4,397,867	$	99,179	$	256,158	$	334,324	$	5,087,528
Net realized gain (loss) on investments	306		—		(3,083)		171		(2,606)
Net change in unrealized gain (loss) on investments	(31,258)		(293)		(16,272)		(2,878)		(50,701)
Purchases of investments and other adjustments to cost (1)	507,261		37		19,274		39,448		566,020
Proceeds from principal payments and sales of investments (2)	(190,489)		(2,145)		(8,395)		(1,022)		(202,051)
Reclassifications (3)	(970)		(16,642)		17,612		—		—

Balance as of September 30, 2025	$	4,682,717	$	80,136	$	265,294	$	370,043	$	5,398,190


	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	(1,685)		—		(3,142)		581		(4,246)
Net change in unrealized gain (loss) on investments	(37,037)		(5,245)		(21,092)		2,138		(61,236)
Purchases of investments and other adjustments to cost (1)	1,848,799		447		115,721		176,539		2,141,506
Proceeds from principal payments and sales of investments (2)	(601,785)		(46,955)		(35,106)		(2,812)		(686,658)
Reclassifications (3)	(16,692)		(16,642)		31,236		2,098		—

Balance as of September 30, 2025	$	4,682,717	$	80,136	$	265,294	$	370,043	$	5,398,190

_________________________________________

(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.

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 nine months ended September 30, 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of June 30, 2024	$	2,906,171	$	168,253	$	154,998	$	157,553	$	3,386,975
Net realized gain (loss) on investments	342		—		—		153		495
Net change in unrealized gain (loss) on investments	(713)		2,486		2,550		5,970		10,293
Purchases of investments and other adjustments to cost (1)	422,547		3,425		3,037		13,457		442,466
Proceeds from principal payments and sales of investments (2)	(173,211)		(5,956)		(240)		(768)		(180,175)
Reclassifications (3)	(3,808)		—		405		3,403		—

Balance as of September 30, 2024	$	3,151,328	$	168,208	$	160,750	$	179,768	$	3,660,054


	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	563		—		—		156		719
Net change in unrealized gain (loss) on investments	10,102		2,560		(873)		3,716		15,505
Purchases of investments and other adjustments to cost (1)	1,371,221		7,098		65,204		72,681		1,516,204
Proceeds from principal payments and sales of investments (2)	(372,092)		(26,303)		(587)		(1,403)		(400,385)
Reclassifications (3)	(29,709)		—		9,020		20,689		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of September 30, 2024	$	3,151,328	$	168,208	$	160,750	$	179,768	$	3,660,054

_________________________________________

(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 September 30, 2025:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	3,031,614		Discounted cash flow	EBITDA multiples	11.3x		4.5x		35.8x
					Market yields	9.6	%	7.0	%	24.0	%
Senior secured loans	1,137,243			Discounted cash flow	Revenue multiples	7.1x		0.7x		14.3x
					Market yields	9.4	%	6.4	%	24.5	%
Senior secured loans	35,054			Enterprise value	EBITDA multiples	7.1x		5.5x		12.0x
Senior secured loans	32,429			Enterprise value	Revenue multiples	2.5x		0.4x		5.3x
Senior secured loans	4,563			Liquidation	Probability weighting of alternative outcomes	45.1	%	45.1	%	45.1	%
Unitranche secured loans	62,908			Discounted cash flow	EBITDA multiples	11.1x		10.0x		11.5x
					Market yields	9.9	%	8.5	%	10.5	%
Unitranche secured loans	17,228			Discounted cash flow	Revenue multiples	6.0x		6.0x		6.0x
					Market yields	13.2	%	13.2	%	13.2	%
Junior secured loans	226,581			Discounted cash flow	EBITDA multiples	8.00x		7.50x		9.00x
					Market yields	14.6	%	11.0	%	17.6	%
Junior secured loans	17,304			Enterprise value	Revenue multiples	4.9x		0.8x		5.3x
Junior secured loans	14,349			Enterprise value	EBITDA multiples	8.5x		7.0x		12.0x
Equity securities	292,316			Enterprise value	EBITDA multiples	10.4x		5.5x		17.3x
Equity securities	69,959			Enterprise value	Revenue multiples	4.0x		0.4x		12.0x
Equity securities	6,398			Option pricing model	Volatility	51.2	%	24.0	%	65.0	%
Total Level 3 Assets	$	4,947,946	(2)

_________________________________________

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

(2)Excludes investments of $450,244 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 September 30, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	359,510	$	359,510	$	474,756	$	474,756
SPV Credit Facility	87,210		87,210		239,889		239,889
SPV II Credit Facility	522,402		522,402		194,574		194,574
SPV III Credit Facility	185,409		185,409		73,722		73,722
SPV IV Credit Facility	316,309		316,309		245,185		245,185
SPV V Credit Facility	229,175		229,175		—		—
2022 ABS	239,339		238,711		293,393		287,178
2023 ABS	207,041		210,314		206,369		209,100
2028 Notes	198,529		202,344		198,178		200,545
2029 Notes	202,573		203,862		202,296		202,585
July 2028 Notes	41,544		41,544		—		—
July 2030 Notes	159,195		159,195		—		—
Total Debt	$	2,748,236	$	2,755,985	$	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 September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	2,755,985		2,127,534
Total Debt	$	2,755,985	$	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