XML 34 R23.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of investments:


	June 30, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	20,600	$	3,630,247	$	3,650,847	$	—	$	51,329	$	3,603,209	$	3,654,538
Second Lien Debt	—		21,978		49,743		71,721		—		36,016		33,351		69,367
Other Debt Investments	—		—		9,773		9,773		—		—		9,198		9,198
Equity	—		—		37,172		37,172		—		—		41,198		41,198
Subtotal	$	—	$	42,578	$	3,726,935	$	3,769,513	$	—	$	87,345	$	3,686,956	$	3,774,301
Investment measured at net asset value(1)							15,983								17,193
Total Investments							$	3,785,496							$	3,791,494
Cash and cash equivalents	$	52,216	$	—	$	—	$	52,216	$	63,396	$	—	$	—	$	63,396
Unaffiliated money market fund	$	27,410	$	—	$	—	$	27,410	$	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 June 30, 2025:


	First Lien Debt		Second Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	3,631,679	$	49,212	$	9,603	$	37,872	$	3,728,366
Purchases of investments(1)	204,003		—		—		—		204,003
Proceeds from principal repayments and sales of investments(2)	(207,470)		—		—		—		(207,470)
Accretion of discount/amortization of premium	3,796		21		6		—		3,823
Payment-in-kind	3,091		278		267		482		4,118
Net change in unrealized appreciation (depreciation)	(4,879)		232		(103)		(1,182)		(5,932)
Net realized gains (losses)	27		—		—		—		27
Transfers into/(out) of Level 3(3)	—		—		—		—		—
Fair value, end of period	$	3,630,247	$	49,743	$	9,773	$	37,172	$	3,726,935

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(4,482)	$	232	$	(103)	$	(1,182)	$	(5,535)

(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 six months ended June 30, 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)	409,348		3,064		1,021		1,154		414,587
Proceeds from principal repayments and sales of investments(2)	(410,112)		—		—		(4,149)		(414,261)
Accretion of discount/amortization of premium	8,028		50		10		—		8,088
Payment-in-kind	7,018		516		493		1,027		9,054
Net change in unrealized appreciation (depreciation)	(16,067)		(815)		(949)		(3,990)		(21,821)
Net realized gains (losses)	(1,345)		—		—		1,932		587
Transfers into/(out) of Level 3(3)	30,168		13,577		—		—		43,745
Fair value, end of period	$	3,630,247	$	49,743	$	9,773	$	37,172	$	3,726,935

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025	$	(13,796)	$	(814)	$	(949)	$	(2,621)	$	(18,180)

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

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

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 June 30, 2024:


	First Lien Debt		Second Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	3,093,759	$	82,186	$	2,163	$	41,565	$	3,219,673
Purchases of investments(1)	493,351		—		5,770		497		499,618
Proceeds from principal repayments and sales of investments(2)	(274,169)		(14,780)		—		—		(288,949)
Accretion of discount/amortization of premium	4,238		255		4		—		4,497
Payment-in-kind	2,207		230		95		701		3,233
Net change in unrealized appreciation (depreciation)	4,840		(605)		435		(1,258)		3,412
Net realized gains (losses)	—		—		—		—		—
Transfers into/(out) of Level 3(3)	(5,174)		—		—		—		(5,174)
Fair value, end of period	$	3,319,052	$	67,286	$	8,467	$	41,505	$	3,436,310

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	3,387	$	(414)	$	435	$	(1,295)	$	2,113

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

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

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 six months ended June 30, 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)	660,813		836		5,770		2,516		669,935
Proceeds from principal repayments and sales of investments(2)	(337,511)		(25,230)		—		—		(362,741)
Accretion of discount/amortization of premium	6,744		426		6		—		7,176
Payment-in-kind	4,700		365		114		1,281		6,460
Net change in unrealized appreciation (depreciation)	10,775		(5,959)		513		(864)		4,465
Net realized gains (losses)	(4,750)		—		—		—		(4,750)
Transfers into/(out) of Level 3(3)	(1,589)		—		—		—		(1,589)
Fair value, end of period	$	3,319,052	$	67,286	$	8,467	$	41,505	$	3,436,310

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	9,438	$	(5,932)	$	513	$	(864)	$	3,155

(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.


	June 30, 2025
					Range(1)
Asset Category	Fair Value		Valuation Technique (2)	Significant Unobservable Input	Low		High		Weighted Average(3)
Investments in first lien debt	$	3,602,320	Yield Analysis	Discount Rate	7.09	%	91.46	%	10.07	%
	27,927		Market Approach	EBITDA Multiple	7.50x		10.00x		8.53x
Investments in second lien debt	46,640		Yield Analysis	Discount Rate	10.34	%	20.30	%	18.71	%
	3,103		Market Approach	EBITDA Multiple					8.25x
Investments in other securities:
Other debt	8,637		Yield Analysis	Discount Rate	14.45	%	15.20	%	14.62	%
	1,136		Market Approach	EBITDA Multiple	8.25x		9.00x		8.30x
Preferred equity	18,879		Income Approach	Discount Rate	11.84	%	16.26	%	14.43	%
	3,893		Market Approach	EBITDA Multiple	8.25x		14.75x		13.13x
Common equity	11,541		Market Approach	EBITDA Multiple	1.50x		19.00x		11.62x
	2,859		Market Approach	Revenue Multiple	9.00x		22.25x		12.44x

Total Investments	$	3,726,935

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

(2) During the six months ended June 30, 2025, two preferred equity positions with a combined fair value of $3.2 million transitioned from an income approach to a market approach valuation technique, three debt investments with a combined fair value of $27.9 million transitioned from a yield analysis to market approach valuation technique, and one debt investment with a fair value of $1.2 million transitioned from market approach to 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, 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:


		June 30, 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	613,188		613,188		617,401		617,401
2027 Notes(1)	2	422,832		421,940		422,174		418,370
2025 Notes(1)	3	—		—		274,144		275,000
2029 Notes(1)(2)	3	351,535		357,322		343,760		350,455
2030 Notes(1)(2)	3	346,699		354,539		—		—
Total		$	2,050,254	$	2,062,989	$	1,973,479	$	1,977,226

(1)As of June 30, 2025, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,822, $0, $2,775 and $4,176 and unamortized original issuance discount of $346, $0, $3,013 and $3,664, respectively. As of December 31, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856 $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(2)Inclusive of change in fair market value of effective hedge.

- 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