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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of investments:


	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	20,641	$	3,631,679	$	3,652,320	$	—	$	51,329	$	3,603,209	$	3,654,538
Second Lien Debt	—		21,978		49,212		71,190		—		36,016		33,351		69,367
Other Debt Investments	—		—		9,603		9,603		—		—		9,198		9,198
Equity	—		—		37,872		37,872		—		—		41,198		41,198
Subtotal	$	—	$	42,619	$	3,728,366	$	3,770,985	$	—	$	87,345	$	3,686,956	$	3,774,301
Investment measured at net asset value(1)							17,193								17,193
Total Investments							$	3,788,178							$	3,791,494
Cash equivalents	$	8,861	$	—	$	—	$	8,861	$	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.

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 three months ended March 31, 2025:


	First Lien Debt		Second Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	3,603,209	$	33,351	$	9,198	$	41,198	$	3,686,956
Purchases of investments(1)	205,347		3,064		1,021		1,153		210,585
Proceeds from principal repayments and sales of investments(2)	(202,642)		—		—		(4,150)		(206,792)
Accretion of discount/amortization of premium	4,232		29		5		—		4,266
Payment-in-kind	3,926		239		226		545		4,936
Net change in unrealized appreciation (depreciation)	(11,190)		(1,048)		(847)		(2,807)		(15,892)
Net realized gains (losses)	(1,371)		—		—		1,933		562
Transfers into/(out) of Level 3(3)	30,168		13,577		—		—		43,745
Fair value, end of period	$	3,631,679	$	49,212	$	9,603	$	37,872	$	3,728,366

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(9,928)	$	(1,046)	$	(847)	$	(1,438)	$	(13,259)

(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 three months ended March 31, 2024:


	First Lien Debt		Second Lien Debt		Other Securities		Total Investments
Fair value, beginning of period	$	2,979,870	$	96,848	$	40,636	$	3,117,354
Purchases of investments(1)	189,612		836		1,982		192,430
Proceeds from principal repayments and sales of investments(2)	(85,316)		(10,450)		—		(95,766)
Accretion of discount/amortization of premium	2,510		172		2		2,684
Payment-in-kind	2,493		135		598		3,226
Net change in unrealized appreciation (depreciation)	6,593		(5,355)		510		1,748
Net realized gains (losses)	(5,625)		—		—		(5,625)
Transfers into/(out) of Level 3(3)	3,622		—		—		3,622
Fair value, end of period	$	3,093,759	$	82,186	$	43,728	$	3,219,673

Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	6,024	$	(5,525)	$	510	$	1,009

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

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

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.


	March 31, 2025
					Range(1)
Asset Category	Fair Value		Valuation Technique (2)	Significant Unobservable Input	Low		High		Weighted Average(3)
Investments in first lien debt	$	3,628,634	Yield Analysis	Discount Rate	5.85	%	48.46	%	10.20	%
	3,045		Market Approach	EBITDA Multiple	6.50x		8.25x		6.52x
Investments in second lien debt	46,149		Yield Analysis	Discount Rate	10.54	%	22.18	%	18.14	%
	3,063		Market Approach	EBITDA Multiple					8.25x
Investments in other securities:
Other debt	8,475		Yield Analysis	Discount Rate	14.20	%	16.50	%	14.77	%
	1,128		Market Approach	EBITDA Multiple	8.25x		9.00x		8.32x
Preferred equity	18,930		Income Approach	Discount Rate	11.84	%	15.83	%	12.84	%
	4,266		Market Approach	EBITDA Multiple	8.25x		15.75x		13.81x
Common equity	11,705		Market Approach	EBITDA Multiple	3.90x		18.60x		12.17x
	2,971		Market Approach	Revenue Multiple	9.00x		22.50x		12.71x

Total Investments	$	3,728,366

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

(2) During the three months ended March 31, 2025, two preferred equity positions with a combined fair value of $3.0 million transitioned from an income approach to a market approach 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, 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	%
Investments in other securities
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.

Schedule of Carrying Values and Fair Values of Debt

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


		March 31, 2025				December 31, 2024
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value

BNP Funding Facility	3	$	316,000	$	316,000	$	316,000	$	316,000
Truist Credit Facility	3	647,588		647,588		617,401		617,401
2027 Notes(1)	2	422,504		419,050		422,174		418,370
2025 Notes(1)	3	274,445		275,000		274,144		275,000
2029 Notes(1)	3	348,409		354,598		343,760		350,455
Total		$	2,008,946	$	2,012,236	$	1,973,479	$	1,977,226

(1)As of March 31, 2025, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,097, $555 and $2,982 and unamortized original issuance discount of $399, $0 and $3,207, respectively. 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 $3,297, and unamortized original issuance discount of $452, $0 and $3,398, 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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