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Fair Value Measurements and Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value hierarchy of financial instruments:
September 30, 2022
Level 1Level 2Level 3Total
First lien debt$— $8,278,199 $35,623,823 $43,902,022 
Second lien debt— 842,501 1,268,919 2,111,420 
Unsecured debt— 17,370 — 17,370 
Structured finance obligations— 69,486 287,898 357,384 
Equity investments (1)
— — 714,568 714,568 
Total investments— 9,207,556 37,895,208 47,102,764 
Investments measured at NAV(2)
— — — 1,856,239 
Total$— $9,207,556 $37,895,208 $48,959,003 
December 31, 2021
Level 1Level 2Level 3Total
First lien debt$— $5,096,942 $23,046,509 $28,143,451 
Second lien debt— 1,013,739 800,133 1,813,872 
Unsecured debt— 5,842 — 5,842 
Structured finance obligations— 81,018 205,592 286,610 
Equity investments(1)
— — 545,918 545,918 
Total investments$— $6,197,541 $24,598,152 $30,795,693 
(1)Includes equity investment in SLC.
(2)Includes equity investment in the Emerald JV (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
Schedule of Changes in Fair Value of Investments Measured Using Level 3 Inputs
The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended September 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$32,556,391 $1,446,075 $298,409 $702,034 $35,002,909 
Purchases of investments5,978,812 71,844 — 2,805 6,053,461 
Proceeds from principal repayments and sales of investments(2,597,994)(182,082)— — (2,780,076)
Accretion of discount/amortization of premium39,220 933 52 — 40,206 
Net realized gain (loss)(11,758)(2,206)— — (13,964)
Net change in unrealized appreciation (depreciation)(266,806)(16,191)(10,563)9,728 (283,832)
Transfers into Level 3 (1)193,055 111,523 — — 304,578 
Transfers out of Level 3 (1)(267,097)(160,977)— — (428,074)
Fair value, end of period$35,623,823 $1,268,919 $287,898 $714,568 $37,895,208 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations
$(267,815)$(16,191)$(10,159)$9,729 $(284,436)
Nine Months Ended September 30, 2022
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal Investments
Fair value, beginning of period$23,046,509 $800,133 $205,592 $545,918 $24,598,152 
Purchases of investments15,919,276 595,997 122,159 193,127 16,830,559 
Proceeds from principal repayments and sales of investments(3,204,195)(182,080)— (31,769)(3,418,044)
Accretion of discount/amortization of premium87,705 2,191 114 — 90,010 
Net realized gain (loss)(10,188)(2,184)— 144 (12,228)
Net change in unrealized appreciation (depreciation)(364,753)(55,881)(39,968)7,148 (453,453)
Transfers into Level 3 (1)380,165 164,614 — — 544,781 
Transfers out of Level 3 (1)(230,697)(53,871)— — (284,567)
Fair value, end of period$35,623,823 $1,268,919 $287,898 $714,568 $37,895,208 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations
$(364,088)$(53,924)$(39,967)$7,147 $(450,832)
(1)For the nine months ended September 30, 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
Three Months Ended September 30, 2021
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$5,346,267 $453,487 $— $56,877 $5,856,631 $— 
Purchases of investments6,055,199 422,557 197,899 113,178 6,788,833 — 
Proceeds from principal repayments and sales of investments(320,070)(5,499)— — (325,569)— 
Accretion of discount/amortization of premium8,651 189 2 — 8,842 — 
Net realized gain (loss)749 24 — — 773 — 
Net change in unrealized appreciation (depreciation)2,981 1,614 207 2,235 7,037 — 
Transfers into Level 3 (1)90,087 28,097 — — 118,184 — 
Transfers out of Level 3 (1)(308,987)(254,418)— — (563,405)— 
Fair value, end of period$10,874,877 $646,051 $198,108 $172,290 $11,891,326 $— 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021
$5,042 $1,649 $207 $2,235 9,133 $— 
Nine months ended September 30, 2021
First Lien 
Debt		Second Lien 
Debt		Structured Finance InvestmentsEquityTotal InvestmentsForward Purchase Obligation
Fair value, beginning of period$— $— $— $— $— $— 
Purchases of investments11,089,353 644,485 197,899 170,054 12,101,791 — 
Proceeds from principal repayments and sales of investments(250,267)(2,005)— — (252,272)(3,709)
Accretion of discount/amortization of premium11,893 257 2 — 12,152 — 
Net realized gain (loss)694 15 — — 709 3,709 
Net change in unrealized appreciation (depreciation)23,204 3,299 207 2,236 28,946 — 
Fair value, end of period$10,874,877 $646,051 $198,108 $172,290 $11,891,326 $— 
   Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2021
$23,162 $3,299 $207 $2,236 28,904 $— 
(1)For the three months ended September 30, 2021, transfers into or out of Level 3 were primarily due to decreased or increased price transparency, respectively.
Fair Value Measurement Inputs and Valuation Techniques
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
September 30, 2022
Range
Fair ValueValuation
Technique		Unobservable
Input		LowHighWeighted
Average (1)
Investments in first lien debt$34,814,597 Discounted cash flowDiscount rate6.64 %18.45 %9.86 %
29,003 EV CoverageMarket Multiple7.0x 7.0x 7.0x
780,223 Market quotationsQuoted price 66.97%99.50%93.26%
35,623,823 
Investments in second lien debt918,781 Discounted Cash FlowDiscount Rate9.96 %14.10 %11.51 %
350,138 Market quotationsQuoted price 66.24 %100.50 %90.35 %
1,268,919 
Investments in structured finance287,898 Market quotationsQuoted price 80.83%97.50%87.29%
Investments in equity202,507 Performance MultipleMarket Multiple5.00x29.61x22.37x
25,126 Option Pricing Model Volatility 30.00 %48.00 %37.37 %
296,989 Discounted Cash FlowDiscount Rate11.67 %13.98 %12.97 %
189,946 Recent transactionTransaction price100.00 %100.00 %100.00 %
714,568 
Total$37,895,208 
December 31, 2021
Range
Fair ValueValuation
Technique		Unobservable
Input		LowHighWeighted
Average (1)
Investments in first lien debt$22,414,991 Yield analysisDiscount rate4.68 %10.34 %7.40 %
631,518 Market quotationsBroker quoted price98.00100.2599.49
23,046,509 
Investments in second lien debt400,584 Yield analysisDiscount rate8.15 %13.04 %9.98 %
399,549 Market quotationsBroker quoted price98.00101.5099.07
800,133 
Investments in structured finance205,592 Market quotationsBroker quoted price96.69100.0099.23
Investments in equity74,022 Market approachPerformance multiple7.25x31.28x21.38x
22,722 Option pricing modelExpected volatility30.00 %49.00 %38.24 %
236,774 Yield analysisDiscount rate10.89 %12.19 %11.50 %
212,400 Recent transactionTransaction price100.00 %100.00 %100.00 %
545,918 
Total$24,598,152 
(1)Weighted averages are calculated based on fair value of investments.
Schedule of Financial Instruments Not Carried at Fair Value
Financial Instruments Not Carried at Fair Value
Debt
September 30, 2022December 31, 2021
Net Carrying
Value(1)(2)(3)		Fair ValueNet Carrying
Value(1)(2)(3)		Fair Value
Bard Peak Funding Facility$1,449,196 $1,449,196 $879,000 $879,000 
Castle Peak Funding Facility1,195,027 1,195,027 1,171,809 1,171,809 
Maroon Peak Funding Facility800,000 800,000 483,952 483,952 
Summit Peak Funding Facility1,535,572 1,535,572 1,643,154 1,643,154 
Denali Peak Funding Facility749,800 749,800 668,400 668,400 
Bushnell Peak Funding Facility600,000 600,000 395,500 395,500 
Granite Peak Funding Facility562,700 562,700 248,000 248,000 
Middle Peak Funding Facility599,950 599,950 799,550 799,550 
Bison Peak Funding Facility1,467,300 1,467,300 1,320,800 1,320,800 
Blanca Peak Funding Facility1,000,000 1,000,000 892,800 892,800 
Windom Peak Funding Facility1,612,648 1,612,648 989,759 989,759 
Monarch Peak Funding Facility1,123,400 1,123,400 567,400 567,400 
Borah Peak Funding Facility381,000 381,000 — — 
Naomi Peak Funding Facility340,000 340,000 — — 
Meridian Peak Funding Facility100,000 100,000 — — 
2022-1 BSL WH168,000 168,000 — — 
Revolving Credit Facility1,543,710 1,543,710 1,144,422 1,144,422 
June 2024 Notes413,517 415,757 431,854 431,738 
June 2026 Notes397,444 389,987 396,952 390,400 
September 2024 Notes344,879 347,189 361,805 359,232 
December 2026 Notes1,155,655 1,174,535 1,227,844 1,218,850 
November 2026 Eurobonds484,402 482,156 563,695 564,473 
November 2024 Notes470,872 473,960 496,054 499,946 
March 2027 Notes988,722 973,084 987,298 1,010,942 
January 2025 Notes469,326 472,810 — — 
January 2029 Notes638,778 657,770 — — 
March 2025 Notes852,378 859,293 — — 
May 2027 Notes593,636 595,821 — — 
April 2026 UK Bonds248,301 298,836 — — 
September 2025 Notes590,541 599,441 — — 
2021-1 BSL Debt661,975 663,000 661,910 663,148 
2022-1 BSL Debt418,376 419,311 — — 
2021-2 Debt504,222 505,800 504,124 505,750 
MML 2021-1 Debt685,943 690,000 685,696 690,000 
MML 2022-1 Debt753,757 759,000 — — 
MML 2022-2 Debt297,971 300,085 — — 
Short-Term Borrowings844,083 844,083 718,156 718,156 
Total$27,043,081 $27,150,222 $18,239,934 $18,257,181 
(1)The carrying value of the Company's June 2024 Notes, June 2026 Notes, September 2024 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes, March 2027 Notes, January 2025 Notes, January 2029 Notes, March 2025 Notes, May 2027 Notes, April 2026 UK Bonds and
September 2025 Notes are presented net of unamortized debt issuance costs of $2.2 million, $2.5 million, $2.3 million, $19.6 million, $6.1 million, $3.1 million, $11.3 million, $3.9 million, $11.2 million, $7.3 million, $2.5 million, $3.1 million, and $8.9 million respectively, as of September 30, 2022. The carrying value of the Company's June 2024 Notes, September 2024 Notes, June 2026 Notes, December 2026 Notes, November 2026 Eurobonds, November 2024 Notes and March 2027 Notes are presented net of unamortized debt issuance costs of $3.1 million, $3.2 million, $3.0 million, $22.2 million, $6.3 million, $3.9 million, and $12.7 million, respectively, as of December 31, 2021.
(2)The November 2026 Eurobonds are denominated in Euros and were converted from local currency (EUR) to U.S. Dollars at the time of the transaction. The April 2026 UK Bonds are denominated in British Pounds and were converted from local currency (GBP) to U.S. Dollars at the time of the transaction.
(3)The carrying value of the Company’s 2021-1 BSL Debt, 2022-1 BSL Debt, 2021-2 Debt, MML 2021-1 Debt and MML 2022-1 Debt, and MML 2022-2 Debt is presented net of unamortized debt issuance costs of $1.0 million, $1.6 million, $1.6 million, $4.2 million, $5.3 million, and $2.5 million as of September 30, 2022. The carrying value of the Company’s 2021-1 BSL Debt, 2021-2 Debt and MML 2021-1 Debt is presented net of unamortized debt issuance costs of $1.1 million, $1.7 million, and $4.3 million as of December 31, 2021.
The following table presents fair value measurements of the Company’s debt obligations as of September 30, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
Level 1$— $— 
Level 26,339,074 3,653,442 
Level 320,811,148 14,603,739 
Total debt$27,150,222 $18,257,181