XML 75 R56.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value Measurements - Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period $ 43,504,923 $ 39,746,981
Purchases of investments 23,128,563 7,035,017
Proceeds from principal repayments and sales of investments (5,336,136) (3,267,356)
Accretion of discount/(amortization of premium) 200,170 156,540
Transfers into Level 3 573,930 211,271
Transfers out of Level 3 (164,057) (479,971)
Fair value, end of period 61,482,810 43,504,923
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations (331,999) 118,994
Investments, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (82,526) (61,537)
Investments, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (342,057) 163,978
First lien debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 41,336,737 37,543,544
Purchases of investments 20,629,885 6,804,817
Proceeds from principal repayments and sales of investments (4,988,486) (3,138,778)
Accretion of discount/(amortization of premium) 195,139 153,553
Transfers into Level 3 425,686 211,271
Transfers out of Level 3 (35,508) (207,514)
Fair value, end of period 57,154,971 41,336,737
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations (322,167) 3,815
Debt Securities, First Lien, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (82,367) (79,934)
Debt Securities, First Lien, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (326,115) 49,778
Second lien debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 926,865 1,152,723
Purchases of investments 1,435,404 58,588
Proceeds from principal repayments and sales of investments (197,826) (35,675)
Accretion of discount/(amortization of premium) 4,391 2,761
Transfers into Level 3 77,280 0
Transfers out of Level 3 (128,501) (272,457)
Fair value, end of period 2,088,319 926,865
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations (27,724) 17,206
Debt Securities, Second Lien, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (573) 59
Debt Securities, Second Lien, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (28,721) 20,866
Unsecured debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 18,171 0
Purchases of investments 140,166 18,171
Proceeds from principal repayments and sales of investments 0 0
Accretion of discount/(amortization of premium) 109 10
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, end of period 157,115 18,171
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations (1,331) (10)
Debt Securities, Unsecured Debt, Net Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 0 0
Debt Securities, Unsecured Debt, Net Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) (1,331) (10)
Structured finance obligations - debt instruments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 365,899  
Purchases of investments 253,909  
Proceeds from principal repayments and sales of investments (115,749)  
Accretion of discount/(amortization of premium) 523  
Transfers into Level 3 70,964  
Transfers out of Level 3 0  
Fair value, end of period 590,509 365,899
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations 13,440  
Structured Finance, Debt Instrument, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 414  
Structured Finance, Debt Instruments, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 14,549  
Structured finance obligations - equity instruments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 0  
Purchases of investments 157,817  
Proceeds from principal repayments and sales of investments (20,575)  
Accretion of discount/(amortization of premium) 8  
Transfers into Level 3 0  
Transfers out of Level 3 0  
Fair value, end of period 141,139 0
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations 3,889  
Structured Finance, Equity Instrument, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 0  
Structured Finance, Equity Instrument, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 3,889  
Structured finance obligations    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 365,899 293,335
Purchases of investments   63,265
Proceeds from principal repayments and sales of investments   (20,978)
Accretion of discount/(amortization of premium)   216
Transfers into Level 3   0
Transfers out of Level 3   0
Fair value, end of period   365,899
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations   29,930
Structured Finance, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss)   (491)
Structured Finance, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss)   30,552
Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning of period 857,251 757,379
Purchases of investments 511,382 90,176
Proceeds from principal repayments and sales of investments (13,500) (71,925)
Accretion of discount/(amortization of premium) 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 (48) 0
Fair value, end of period 1,350,757 857,251
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments, included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations 1,894 68,053
Equity Securities, Realized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) 0 18,829
Equity Securities, Unrealized Gain (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Net realized gain (loss) $ (4,328) $ 62,792