Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy of financial instruments:


	December 31, 2024
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,300,303	$	57,154,971	$	61,455,274
Second lien debt	—		635,141		2,088,319		2,723,460
Unsecured debt	—		20,686		157,115		177,801
Structured finance obligations - debt instruments	—		—		590,509		590,509
Structured finance obligations - equity instruments	—		—		141,139		141,139
Equity and other (1)(3)	66,050		376		1,350,757		1,417,183
Total	66,050		4,956,506		61,482,810		66,505,366
Investments Measured at NAV (2)	—		—		—		1,914,411
Total investments	$	66,050	$	4,956,506	$	61,482,810	$	68,419,777


	December 31, 2023
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	4,197,276	$	41,336,737	$	45,534,013
Second lien debt	—		809,223		926,865		1,736,088
Unsecured debt	—		—		18,171		18,171
Structured finance obligations	—		70,964		365,899		436,863
Equity (1)	—		—		857,251		857,251
Total	$	—	$	5,077,463	$	43,504,923	$	48,582,386
Investments Measured at NAV (2)	—		—		—		2,161,525
Total investments	$	—	$	5,077,463	$	43,504,923	$	50,743,911

(1)Includes equity investment in SLC.

(2)Includes investments in the Emerald JV and Verdelite 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 Statements of Assets and Liabilities.

(3)“Other” includes warrants.

Schedule of Changes in Fair Value of Investments Measured Using Level 3 Inputs

The following tables present changes in the fair value of financial instruments 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		Unsecured Debt		Structured Finance Obligations - Debt Instruments		Structured Finance Obligations - Equity Instruments		Equity and other (2)		Total
Fair value, beginning of period	$	41,336,737	$	926,865	$	18,171	$	365,899	$	—	$	857,251	$	43,504,923
Purchases of investments	20,629,885		1,435,404		140,166		253,909		157,817		511,382		23,128,563
Proceeds from principal repayments and sales of investments	(4,988,486)		(197,826)		—		(115,749)		(20,575)		(13,500)		(5,336,136)
Accretion of discount/(amortization of premium)	195,139		4,391		109		523		8		—		200,170
Net realized gain (loss)	(82,367)		(573)		—		414		—		—		(82,526)
Net change in unrealized appreciation (depreciation)	(326,115)		(28,721)		(1,331)		14,549		3,889		(4,328)		(342,057)
Transfers into Level 3 (1)	425,686		77,280		—		70,964		—		—		573,930
Transfers out of Level 3 (1)	(35,508)		(128,501)		—		—		—		(48)		(164,057)
Fair value, end of period	$	57,154,971	$	2,088,319	$	157,115	$	590,509	$	141,139	$	1,350,757	$	61,482,810
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2024 included in net change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations	$	(322,167)	$	(27,724)	$	(1,331)	$	13,440	$	3,889	$	1,894	$	(331,999)

(1)For the year ended December 31, 2024, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

(2)“Other” includes warrants.


	For the Year Ended December 31, 2023
	First Lien Debt		Second Lien Debt		Unsecured Debt		Structured Finance Investments		Equity		Total
Fair value, beginning of period	$	37,543,544	$	1,152,723	$	—	$	293,335	$	757,379	$	39,746,981
Purchases of investments	6,804,817		58,588		18,171		63,265		90,176		7,035,017
Proceeds from principal repayments and sales of investments	(3,138,778)		(35,675)		—		(20,978)		(71,925)		(3,267,356)
Accretion of discount/(amortization of premium)	153,553		2,761		10		216		—		156,540
Net realized gain (loss)	(79,934)		59		—		(491)		18,829		(61,537)
Net change in unrealized appreciation (depreciation)	49,778		20,866		(10)		30,552		62,792		163,978
Transfers into Level 3 (1)	211,271		—		—		—		—		211,271
Transfers out of Level 3 (1)	(207,514)		(272,457)		—		—		—		(479,971)
Fair value, end of period	$	41,336,737	$	926,865	$	18,171	$	365,899	$	857,251	$	43,504,923
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2023 included in net change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations	$	3,815	$	17,206	$	(10)	$	29,930	$	68,053	$	118,994

(1)For the year ended December 31, 2023, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

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


	December 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	56,304,438	Yield Analysis	Discount Rate	3.20	%	22.67	%	9.85	%
	438,689		Market Quotations	Broker quoted price	66.93		101.25		99.51
	405,666		Asset Recoverability	Market Multiple	4.75x		10.75x		9.90x
	6,178		Asset Recoverability	Discount Rate	10.33	%	10.92	%	10.36	%
	57,154,971
Investments in second lien debt	2,088,319		Yield Analysis	Discount Rate	8.76	%	26.68	%	10.79	%


Investments in unsecured debt	157,115		Yield Analysis	Discount Rate	7.71%		13.94%		8.83%
Investments in structured finance obligations - debt instruments	590,509		Market Quotations	Broker quoted price	92.45		104.21		100.78
Investments in structured finance obligations - equity instruments	141,139		Market Quotations	Broker quoted price	21.89		100.00		87.10
Investments in equity and other (2)	668,930		Yield Analysis	Discount Rate	9.54	%	28.84	%	13.58	%
	314,967		Asset Recoverability	N/A	100.00	%	100.00	%	100.00	%
	282,542		Market Approach	Performance Multiple	2.30x		30.00x		18.87x
	46,923		Asset Recoverability	Market Multiple	10.50x		10.50x		10.50x
	29,559		Option Pricing Model	Expected Volatility	23.50	%	70.50	%	36.00	%
	7,836		Transaction Price	N/A

	1,350,757
Total	$	61,482,810

(1)Weighted averages are calculated based on fair value of investments.

(2)“Other” includes warrants.


	December 31, 2023
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	40,753,427	Yield Analysis	Discount rate	5.77	%	30.89	%	10.05	%
	493,636		Market quotations	Broker quoted price	86.83		100.38		98.02
	89,674		Asset Recoverability	Market Multiple	4.75x		10.50x		9.26x
	41,336,737
Investments in second lien debt	910,170		Yield Analysis	Discount Rate	10.07	%	15.31	%	11.56	%
	16,695		Market quotations	Broker quoted price	92.75		92.75		92.75
	926,865
Investments in unsecured debt	18,171		Yield Analysis	Discount Rate	14.90%		14.90%		14.90%
Investments in structured finance	365,899		Market quotations	Broker quoted price	86.18		100.97		97.97
Investments in equity	302,733		Yield Analysis	Discount Rate	9.93	%	17.92	%	13.18	%
	265,631		Asset Recoverability	N/A	100.00	%	100.00	%	100.00	%
	227,117		Market approach	Performance multiple	6.40x		30.00x		21.27x
	60,558		Option Pricing Model	Volatility	32.00	%	55.00	%	43.75	%
	1,212		Market quotations	Broker quoted price	25.00		25.00		25.00
	857,251
Total	$	43,504,923

(1)Weighted averages are calculated based on fair value of investments.

Schedule of Financial Instruments Not Carried at Fair Value

The following table presents the fair value measurements of the Company’s debt obligations as of December 31, 2024 and December 31, 2023 had they been accounted for at fair value:


	December 31, 2024		December 31, 2023
	Fair Value		Fair Value
Bard Peak Funding Facility	$	1,000,298	$	242,243
Castle Peak Funding Facility	1,194,401		1,121,681


	December 31, 2024		December 31, 2023
	Fair Value		Fair Value
Summit Peak Funding Facility	$	952,105	$	286,046
Denali Peak Funding Facility	562,800		562,800
Bushnell Peak Funding Facility	480,300		465,300
Granite Peak Funding Facility	493,554		563,600
Middle Peak Funding Facility	750,000		600,950
Bison Peak Funding Facility	1,203,200		703,200
Blanca Peak Funding Facility	1,375,090		1,375,090
Windom Peak Funding Facility	1,029,841		967,477
Monarch Peak Funding Facility	750,000		1,400,400
Borah Peak Funding Facility	—		130,000
Naomi Peak Funding Facility	—		385,000
Meridian Peak Funding Facility	246,000		246,000
Haydon Peak Funding Facility	250,000		49,000
Bear Peak Funding Facility	164,816		360,531
Phoenix Peak Funding Facility	197,736		—
Revolving Credit Facility	4,639,587		1,131,025
June 2024 Notes	—		427,693
June 2026 Notes	384,560		379,251
May 2027 Notes	624,500		618,319
October 2027 Notes	357,070		368,331
September 2024 Notes	—		354,580
December 2026 Notes	1,191,500		1,137,187
November 2026 Eurobonds	499,280		501,901
November 2024 Notes	—		485,177
March 2027 Notes	957,000		921,525
January 2025 Notes	499,490		483,120
January 2029 Notes	614,770		597,773
March 2025 Notes	898,740		885,149
April 2026 UK Bonds	308,406		306,018
September 2025 Notes	811,920		814,554
November 2028 Notes	526,100		520,940
January 2031 Notes	508,650		—
July 2029 Notes	503,550		—
September 2027 Notes	395,320		—
April 2030 Notes	389,240		—
November 2029 Notes	395,160		—
November 2034 Notes	781,120		—
2021-1 BSL Notes	663,000		663,000
MML 2021-1 Debt	690,000		690,000
MML 2022-1 Debt	759,000		756,862
2022-1 BSL Debt	420,000		420,000
2021-2 Notes	505,800		505,800
MML 2022-2 Debt	300,373		300,273


	December 31, 2024		December 31, 2023
	Fair Value		Fair Value
2023-1 Notes	$	308,039	$	304,970
2024-1 Notes	244,264		—
2024-2 Notes	305,035		—
Short-Term Borrowings	420,829		28,546
Total	$	30,552,444	$	23,061,312

The following table presents the categorization of the Company’s debt obligations as of December 31, 2024 and December 31, 2023 had they been accounted for at fair value within the hierarchy:


	December 31, 2024		December 31, 2023
Level 1	$	—	$	—
Level 2	—		—
Level 3	30,552,444		23,061,312
Total debt	$	30,552,444	$	23,061,312

- 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