Financial Highlights and Senior Securities

12 Months Ended

Dec. 31, 2024

Investment Company [Abstract]

Financial Highlights and Senior Securities

Financial Highlights and Senior Securities

The following are the financial highlights for the year ended December 31, 2024:

	Year Ended December 31, 2024
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	25.39		$	25.39		$	25.39
Net investment income	2.81			2.59			2.75
Net change in unrealized and realized gain (loss)	(0.14)			(0.14)			(0.14)
Net increase (decrease) in net assets resulting from operations	2.67			2.45			2.61
Distributions from net investment income (2)	(2.64)			(2.42)			(2.58)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(2.64)			(2.42)			(2.58)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	0.03			0.03			0.03
Net asset value, end of period	$	25.42		$	25.42		$	25.42
Shares outstanding, end of period	1,009,518,371			496,136,844			22,919,106
Total return based on NAV (4)	11.0		%	10.1		%	10.7		%
Ratios:
Ratio of net expenses to average net assets (5)	8.3		%	9.2		%	8.5		%
Ratio of net investment income to average net assets (5)	10.9		%	10.1		%	10.7		%
Portfolio turnover rate	13.3		%	13.3		%	13.3		%
Supplemental Data:
Net assets, end of period	$	25,661,534		$	12,611,626		$	582,603
Asset coverage ratio	226.5		%	226.5		%	226.5		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the year ended December 31, 2024, the ratio of total operating expenses to average net assets was 8.3%, 9.2%, and 8.5% on Class I, Class S and Class D, respectively, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

The following are the financial highlights for the year ended December 31, 2023:

	Year Ended December 31, 2023
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	24.59		$	24.59		$	24.59
Net investment income	3.08			2.87			3.02
Net change in unrealized and realized gain (loss)	0.29			0.29			0.29
Net increase (decrease) in net assets resulting from operations	3.37			3.16			3.31
Distributions from net investment income (2)	(2.57)			(2.36)			(2.51)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(2.57)			(2.36)			(2.51)
Early repurchase deduction fees (3)	0.00			0.00			0.00
Total increase (decrease) in net assets	0.80			0.80			0.80
Net asset value, end of period	$	25.39		$	25.39		$	25.39
Shares outstanding, end of period	734,579,940			373,864,258			15,452,672
Total return based on NAV (4)	14.4		%	13.4		%	14.1		%
Ratios:
Ratio of net expenses to average net assets (5)	10.3		%	11.1		%	10.6		%
Ratio of net investment income to average net assets (5)	12.3		%	11.5		%	12.0		%
Portfolio turnover rate	13.5		%	13.5		%	13.5		%
Supplemental Data:
Net assets, end of period	$	18,649,595		$	9,492,496		$	392,346
Asset coverage ratio	221.9		%	221.9		%	221.9		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share per share, for Class I, Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the year ended December 31, 2023, the ratio of total operating expenses to average net assets was 10.3%, 11.1%, and 10.6% on Class I, Class S and Class D, respectively, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

The following are the financial highlights for the year ended December 31, 2022:

	Year Ended December 31, 2022
	Class I			Class S			Class D
Per Share Data (1):
Net asset value, beginning of period	$	25.93		$	25.93		$	25.93
Net investment income	2.44			2.23			2.38
Net change in unrealized and realized gain (loss)	(1.56)			(1.56)			(1.56)
Net increase (decrease) in net assets resulting from operations	0.88			0.67			0.82
Distributions from net investment income (2)	(2.23)			(2.01)			(2.16)
Distributions from net realized gains (2)	—			—			—
Net increase (decrease) in net assets from shareholders’ distributions	(2.23)			(2.01)			(2.16)
Early repurchase deduction fees (3)	0.01			0.00			0.00
Total increase (decrease) in net assets	(1.34)			(1.34)			(1.34)
Net asset value, end of period	$	24.59		$	24.59		$	24.59
Shares outstanding, end of period	591,237,616			282,541,041			48,795,925
Total return based on NAV (4)	3.6		%	2.7		%	3.3		%
Ratios:
Ratio of net expenses to average net assets (5)	7.5		%	8.4		%	8.0		%
Ratio of net investment income to average net assets (5)	9.8		%	9.0		%	9.6		%
Portfolio turnover rate	21.2		%	21.2		%	21.2		%
Supplemental Data:
Net assets, end of period	$	14,537,932		$	6,947,313		$	1,199,819
Asset coverage ratio	184.5		%	184.5		%	184.5		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(3)The per share amount rounds to less than $0.01 per share, for Class S and Class D.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(5)For the year ended December 31, 2022, the ratio of total operating expenses to average net assets was 7.5%, 8.4%, and 8.0% on Class I, Class S and Class D, respectively, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.0%, 0.0% and 0.0% on Class I, Class S and Class D, respectively, of average net assets.

The following are the financial highlights for the year ended December 31, 2021:

	Year Ended December 31, 2021
	Class I			Class S			Class D (7)
Per Share Data (1):
Net asset value, beginning of period	$	25.00		$	25.00		$	25.59
Net investment income	2.20			1.99			1.46
Net change in unrealized and realized gain (loss) (2)	0.84			0.84			0.39
Net increase (decrease) in net assets resulting from operations	3.04			2.83			1.85
Distributions from net investment income (3)	(2.09)			(1.88)			(1.49)
Distributions from net realized gains (3)	(0.02)			(0.02)			(0.02)
Net increase (decrease) in net assets from shareholders' distributions	(2.11)			(1.90)			(1.51)
Early repurchase deduction fees (4)	0.00			0.00			0.00
Total increase (decrease) in net assets	0.93			0.93			0.34
Net asset value, end of period	$	25.93		$	25.93		$	25.93
Shares outstanding, end of period	346,591,556			132,425,100			16,814,460
Total return based on NAV (5)	12.6		%	11.6		%	7.4		%
Ratios:
Ratio of net expenses to average net assets (6)	4.8		%	5.9		%	5.7		%
Ratio of net investment income to average net assets (6)	8.6		%	7.8		%	8.3		%
Portfolio turnover rate	29.1		%	29.1		%	29.1		%
Supplemental Data:
Net assets, end of period	$	8,985,674		$	3,433,213		$	435,933
Asset coverage ratio	170.2		%	170.2		%	170.2		%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)For the year ended December 31, 2021, the amount shown does not correspond with the aggregate amount for the period as it includes a $0.31, $0.38 and $0.15 impact, on Class I, Class S and Class D, respectively, from the effect of the timing of capital transactions.

(3)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9).

(4)The per share amount rounds to less than $0.01 per share, for Class I, Class S and Class D.

(5)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company's distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fee, if any.

(6)For the year ended December 31, 2021, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the year ended December 31, 2021, the ratio of total operating expenses to average net assets was 5.4%, 6.3%, and 5.9% on Class I, Class S and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser, if any which represented 0.6%, 0.5% and 0.2% on Class I, Class S and Class D, respectively, of average net assets.

(7)Class D commenced on May 1, 2021.

The following is information about the Company’s senior securities as of the dates indicated in the table below:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Bard Peak Funding Facility
December 31, 2024	$	1,000,298	$	2,265	—	N/A
December 31, 2023	242,243		2,219		—	N/A
December 31, 2022	1,235,414		1,845		—	N/A
December 31, 2021	879,000		1,702		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Castle Peak Funding Facility
December 31, 2024	$	1,194,401	$	2,265	—	N/A
December 31, 2023	1,121,681		2,219		—	N/A
December 31, 2022	1,146,600		1,845		—	N/A
December 31, 2021	1,171,809		1,702		—	N/A
Maroon Peak Funding Facility
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	300,000		1,845		—	N/A
December 31, 2021	483,952		1,702		—	N/A
Summit Peak Funding Facility
December 31, 2024	952,105		2,265		—	N/A
December 31, 2023	286,046		2,219		—	N/A
December 31, 2022	1,691,844		1,845		—	N/A
December 31, 2021	1,643,154		1,702		—	N/A
Denali Peak Funding Facility
December 31, 2024	562,800		2,265		—	N/A
December 31, 2023	562,800		2,219		—	N/A
December 31, 2022	749,800		1,845		—	N/A
December 31, 2021	668,400		1,702		—	N/A
Bushnell Peak Funding Facility
December 31, 2024	480,300		2,265		—	N/A
December 31, 2023	465,300		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	395,500		1,702		—	N/A
Granite Peak Funding Facility
December 31, 2024	493,554		2,265		—	N/A
December 31, 2023	563,600		2,219		—	N/A
December 31, 2022	647,600		1,845		—	N/A
December 31, 2021	248,000		1,702		—	N/A
Middle Peak Funding Facility
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	600,950		2,219		—	N/A
December 31, 2022	596,950		1,845		—	N/A
December 31, 2021	799,550		1,702		—	N/A
Bison Peak Funding Facility
December 31, 2024	1,203,200		2,265		—	N/A
December 31, 2023	703,200		2,219		—	N/A
December 31, 2022	1,182,000		1,845		—	N/A
December 31, 2021	1,320,800		1,702		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Blanca Peak Funding Facility
December 31, 2024	$	1,375,090	$	2,265	—	N/A
December 31, 2023	1,375,090		2,219		—	N/A
December 31, 2022	1,081,000		1,845		—	N/A
December 31, 2021	892,800		1,702		—	N/A
Windom Peak Funding Facility
December 31, 2024	1,029,841		2,265		—	N/A
December 31, 2023	967,477		2,219		—	N/A
December 31, 2022	1,741,465		1,845		—	N/A
December 31, 2021	989,759		1,702		—	N/A
Monarch Peak Funding Facility
December 31, 2024	750,000		2,265		—	N/A
December 31, 2023	1,400,400		2,219		—	N/A
December 31, 2022	873,400		1,845		—	N/A
December 31, 2021	567,400		1,702		—	N/A
Borah Peak Funding Facility
December 31, 2024	—		—		—	N/A
December 31, 2023	130,000		2,219		—	N/A
December 31, 2022	223,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2022-1 BSL WH
December 31, 2024	—		—		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	148,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Naomi Peak Funding Facility
December 31, 2024	—		—		—	N/A
December 31, 2023	385,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Meridian Peak Funding Facility
December 31, 2024	246,000		2,265		—	N/A
December 31, 2023	246,000		2,219		—	N/A
December 31, 2022	170,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Haydon Peak Funding Facility
December 31, 2024	250,000		2,265		—	N/A
December 31, 2023	49,000		2,219		—	N/A
December 31, 2022	49,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Bear Peak Funding Facility
December 31, 2024	$	164,816	$	2,265	—	N/A
December 31, 2023	360,531		2,219		—	N/A
December 31, 2022	166,031		1,845		—	N/A
December 31, 2021	—		—		—	N/A
Phoenix Peak Funding Facility
December 31, 2024	197,736		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Revolving Credit Facility
December 31, 2024	4,639,587		2,265		—	N/A
December 31, 2023	1,131,025		2,219		—	N/A
December 31, 2022	1,470,758		1,845		—	N/A
December 31, 2021	1,144,422		1,702		—	N/A
June 2024 Notes
December 31, 2024	—		—		—	N/A
December 31, 2023	435,000		2,219		—	N/A
December 31, 2022	435,000		1,845		—	N/A
December 31, 2021	435,000		1,702		—	N/A
June 2026 Notes
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	400,000		2,219		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	400,000		1,702		—	N/A
May 2027 Notes
December 31, 2024	625,000		2,265		—	N/A
December 31, 2023	625,000		2,219		—	N/A
December 31, 2022	625,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
October 2027 Notes
December 31, 2024	350,000		2,265		—	N/A
December 31, 2023	350,000		2,219		—	N/A
December 31, 2022	350,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
September 2024 Notes
December 31, 2024	—		—		—	N/A
December 31, 2023	365,000		2,219		—	N/A
December 31, 2022	365,000		1,845		—	N/A
December 31, 2021	365,000		1,702		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
December 2026 Notes
December 31, 2024	$	1,250,000	$	2,265	—	N/A
December 31, 2023	1,250,000		2,219		—	N/A
December 31, 2022	1,250,000		1,845		—	N/A
December 31, 2021	1,250,000		1,702		—	N/A
November 2026 Eurobonds
December 31, 2024	517,925		2,265		—	N/A
December 31, 2023	551,975		2,219		—	N/A
December 31, 2022	534,975		1,845		—	N/A
December 31, 2021	569,958		1,702		—	N/A
November 2024 Notes
December 31, 2024	—		—		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	500,000		1,702		—	N/A
March 2027 Notes
December 31, 2024	1,000,000		2,265		—	N/A
December 31, 2023	1,000,000		2,219		—	N/A
December 31, 2022	1,000,000		1,845		—	N/A
December 31, 2021	1,000,000		1,702		—	N/A
January 2025 Notes
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
January 2029 Notes
December 31, 2024	650,000		2,265		—	N/A
December 31, 2023	650,000		2,219		—	N/A
December 31, 2022	650,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
March 2025 Notes
December 31, 2024	900,000		2,265		—	N/A
December 31, 2023	900,000		2,219		—	N/A
December 31, 2022	900,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
April 2026 UK Bonds
December 31, 2024	312,975		2,265		—	N/A
December 31, 2023	318,663		2,219		—	N/A
December 31, 2022	301,725		1,845		—	N/A
December 31, 2021	—		—		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
September 2025 Notes
December 31, 2024	$	800,000	$	2,265	—	N/A
December 31, 2023	800,000		2,219		—	N/A
December 31, 2022	800,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
November 2028 Notes
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	500,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
January 2031 Notes
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
July 2029 Notes
December 31, 2024	500,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
September 2027 Notes
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
April 2030 Notes
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
November 2029 Notes
December 31, 2024	400,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
November 2034 Notes
December 31, 2024	800,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2021-1 BSL Notes
December 31, 2024	$	663,000	$	2,265	—	N/A
December 31, 2023	663,000		2,219		—	N/A
December 31, 2022	663,000		1,845		—	N/A
December 31, 2021	663,000		1,702		—	N/A
2021-2 Notes
December 31, 2024	505,800		2,265		—	N/A
December 31, 2023	505,800		2,219		—	N/A
December 31, 2022	505,800		1,845		—	N/A
December 31, 2021	505,800		1,702		—	N/A
MML 2021-1 Debt
December 31, 2024	690,000		2,265		—	N/A
December 31, 2023	690,000		2,219		—	N/A
December 31, 2022	690,000		1,845		—	N/A
December 31, 2021	690,000		1,702		—	N/A
MML 2022-1 Debt
December 31, 2024	759,000		2,265		—	N/A
December 31, 2023	759,000		2,219		—	N/A
December 31, 2022	759,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2022-1 BSL Debt
December 31, 2024	420,000		2,265		—	N/A
December 31, 2023	420,000		2,219		—	N/A
December 31, 2022	420,000		1,845		—	N/A
December 31, 2021	—		—		—	N/A
MML 2022-2 Debt
December 31, 2024	300,500		2,265		—	N/A
December 31, 2023	300,500		2,219		—	N/A
December 31, 2022	300,500		1,845		—	N/A
December 31, 2021	—		—		—	N/A
2023-1 Notes
December 31, 2024	305,000		2,265		—	N/A
December 31, 2023	305,000		2,219		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
2024-1 Notes
December 31, 2024	244,000		2,265		—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
2024-2 Notes
December 31, 2024	$	305,000	$	2,265	—	N/A
December 31, 2023	—		—		—	N/A
December 31, 2022	—		—		—	N/A
December 31, 2021	—		—		—	N/A
Short-Term Borrowings
December 31, 2024	420,829		2,265		—	N/A
December 31, 2023	28,546		2,219		—	N/A
December 31, 2022	619,377		1,845		—	N/A
December 31, 2021	718,156		1,702		—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of December 31, 2024 and December 31, 2023, the aggregate principal amount of indebtedness outstanding was $30.7 billion and $23.4 billion, respectively.