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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of investments:


	December 31, 2024								December 31, 2023(2)
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	51,329	$	3,603,209	$	3,654,538	$	—	$	24,674	$	2,979,870	$	3,004,544
Second Lien Debt	—		36,016		33,351		69,367		—		35,567		96,848		132,415
Other Debt Investments	—		—		9,198		9,198		—		—		2,064		2,064
Equity	—		—		41,198		41,198		—		—		38,572		38,572
Subtotal	$	—	$	87,345	$	3,686,956	$	3,774,301	$	—	$	60,241	$	3,117,354	$	3,177,595
Investment measured at net asset value(1)							17,193								15,966
Total Investments							$	3,791,494							$	3,193,561
Cash equivalents	$	8,976	$	—	$	—	$	8,976	$	—	$	—	$	—	$	—

(1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

(2) The Company reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statements of Assets and Liabilities as of December 31, 2023.

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2024:


	First Lien Debt		Second Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	2,979,870	$	96,848	$	2,064	$	38,572	$	3,117,354
Purchases of investments(1)	1,220,903		836		5,770		3,888		1,231,397
Proceeds from principal repayments and sales of investments(2)	(594,707)		(59,230)		—		(1,481)		(655,418)
Accretion of discount/amortization of premium	13,762		837		16		—		14,615
Payment-in-kind	9,091		842		560		2,580		13,073
Net change in unrealized appreciation (depreciation)	7,497		3,723		788		(2,117)		9,891
Net realized gains (losses)	(5,731)		(10,505)		—		(244)		(16,480)
Transfers into/(out) of Level 3(3)	(27,476)		—		—		—		(27,476)
Fair value, end of period	$	3,603,209	$	33,351	$	9,198	$	41,198	$	3,686,956

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	4,259	$	(1,256)	$	788	$	(1,682)	$	2,109

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

(3) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2023:


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	2,668,749	$	122,891	$	36,395	$	2,828,035
Purchases of investments	618,914		86		1,812		620,812
Proceeds from principal repayments and sales of investments	(359,835)		—		—		(359,835)
Accretion of discount/amortization of premium	10,908		269		10		11,187
Payment-in-kind	3,417		532		2,120		6,069
Net change in unrealized appreciation (depreciation)	37,599		(6)		299		37,892
Net realized gains (losses)	118		—		—		118
Transfers into/(out) of Level 3(1)	—		(26,924)		—		(26,924)
Fair value, end of period	$	2,979,870	$	96,848	$	40,636	$	3,117,354

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023	$	37,547	$	(6)	$	299	$	37,840

(1) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

Schedule of 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. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.


	December 31, 2024
					Range(1)
Asset Category	Fair Value		Valuation Technique (2)	Significant Unobservable Input	Low		High		Weighted Average(3)
Investments in first lien debt	$	3,597,236	Yield Analysis	Discount Rate	8.05	%	34.06	%	10.31	%
	5,973		Market Approach	EBITDA Multiple					6.50x
Investments in second lien debt	33,351		Yield Analysis	Discount Rate	10.18	%	16.41	%	15.09	%


Other debt	8,313		Yield Analysis	Discount Rate	9.42	%	14.90	%	10.74	%
	885		Market Approach	EBITDA Multiple					9.00x
Preferred equity	22,694		Income Approach	Discount Rate	12.15	%	17.50	%	13.71	%
	923		Market Approach	EBITDA Multiple					8.50x
Common equity	14,442		Market Approach	EBITDA Multiple	3.90x		18.70x		13.47x
	3,139		Market Approach	Revenue Multiple	7.60x		12.70x		8.80x

Total Investments	$	3,686,956

(1) For an asset category that contains a single investment, the range is not included.

(2) During the year ended December 31, 2024, one unsecured debt position with a fair value of $2.01 million transitioned from an income approach to a yield analysis valuation technique.

(3) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.


	December 31, 2023
					Range
Asset Category	Fair Value		Valuation Technique	Significant Unobservable Input	Low		High		Weighted Average(1)
Investments in first lien debt	$	2,979,870	Yield Analysis	Discount Rate	8.61	%	25.09	%	11.00	%

Investments in second lien debt	96,848		Yield Analysis	Discount Rate	10.80	%	31.13	%	14.37	%

Other debt	1,894		Income Approach	Discount Rate	14.60	%	14.60	%	14.60	%
	170		Market Approach	EBITDA Multiple	9.00x		9.00x		9.00x
Preferred equity	18,758		Income Approach	Discount Rate	12.19	%	15.68	%	13.47	%
	1,275		Market Approach	Revenue Multiple	7.50x		7.50x		7.50x
Common equity	16,600		Market Approach	EBITDA Multiple	8.10x		18.70x		13.26x
	1,939		Market Approach	Revenue Multiple	7.60x		9.80x		8.47x

Total Investments	$	3,117,354

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

Schedule of Carrying Values and Fair Values of Debt

The carrying value, fair value and level of the Company’s debt were as follows:


		December 31, 2024				December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
CIBC Subscription Facility(1)	3	$	—	$	—	$	—	$	—
BNP Funding Facility	3	316,000		316,000		282,000		282,000
Truist Credit Facility	3	617,401		617,401		520,263		520,263
2027 Notes(2)	2	422,174		418,370		420,834		407,617
2025 Notes(2)	3	274,144		275,000		272,935		275,000
2029 Notes(2)	3	343,760		350,455		—		—
Total		$	1,973,479	$	1,977,226	$	1,496,032	$	1,484,880

(1)The CIBC Subscription Facility matured and was fully paid off as of December 31, 2022.

(2)As of December 31, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,374, $856 and $3,297 and unamortized original issuance discount of $452, $0 and $3,398, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.

- 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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