Fair Value of Investments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments as of March 31, 2025 and December 31, 2024:

	Assets at Fair Value as of March 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	3,298,945	$	3,298,945
Sponsor subordinated note	—		—		16		16
Foreign currency forward contracts	—		1		—		1
Interest rate swaps/options	—		3,310		—		3,310
Total	$	—	$	3,311	$	3,298,961	$	3,302,272
Investments measured at net asset value(1)							$	85,558
Total financial instruments, at fair value							$	3,387,830

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Liabilities at Fair Value as of March 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Interest rate swaps/options	$	—	$	(7,290)	$	—	$	(7,290)
Total	$	—	$	(7,290)	$	—	$	(7,290)

	Assets at Fair Value as of December 31, 2024
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	3,080,554	$	3,080,554
Sponsor subordinated note	—		—		15		15
Foreign currency forward contracts	—		60		—		60
Interest rate swaps/options	—		961		—		961
Total	$	—	$	1,021	$	3,080,569	$	3,081,590
Investments measured at net asset value(1)							$	80,654
Total financial instruments, at fair value							$	3,162,244

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Liabilities at Fair Value as of December 31, 2024
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Foreign currency forward contracts	$	—	$	(14)	$	—	$	(14)
Interest rate swaps/options	—		(13,986)		—		(13,986)
Total	$	—	$	(14,000)	$	—	$	(14,000)

Schedule of Changes in Fair Value of Level 3 Investments

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025 and 2024:

	Level 3 Assets at Fair Value for the Three Months Ended March 31, 2025*
(Amounts in thousands)	Balance 1/1/2025		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 3/31/2025		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2025
First lien senior secured debt	$	3,080,554	$	315,233	$	(101,538)	$	6,062	$	48	$	(1,414)	$	3,298,945	$	(1,414)
Sponsor subordinated note	15		—		—		—		—		1		16		1
Total	$	3,080,569	$	315,233	$	(101,538)	$	6,062	$	48	$	(1,413)	$	3,298,961	$	(1,413)

	Level 3 Assets at Fair Value for the Three Months Ended March 31, 2024*
(Amounts in thousands)	Balance 1/1/2024				Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 3/31/2024		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2024
First lien senior secured debt	$	1,343,692	$	—	$	450,844	$	(27,765)	$	3,219	$	—	$	(1,815)	$	1,768,175	$	(1,815)
Sponsor subordinated note	13				—		—		—		—		—		13		—
Total	$	1,343,705			$	450,844	$	(27,765)	$	3,219	$	—	$	(1,815)	$	1,768,188	$	(1,815)

*Gains and losses are included in their respective captions in the consolidated statements of operations.

**Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Schedule of Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2025 and December 31, 2024. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

Asset Class	Fair Value as of 3/31/25		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	3,096,398	Discounted cash flow	Yield	8.7% - 66.3%	10.5	%	Decrease
First lien senior secured debt	1,377		Market comparable	Forward Revenue multiple	0.9x - 2.0x	1.3x		Increase
First lien senior secured debt	5,072		Market comparable	LTM Revenue multiple	0.5x - 0.8x	0.6x		Increase
First lien senior secured debt	1,535		Market comparable	LTM EBITDA multiple	14.0x	14.0x		Increase
Sponsor subordinated note	16		Market comparable	LTM EBITDA multiple	7.6x	7.6x		Increase
	$	3,104,398

Asset Class	Fair Value as of 12/31/24		Valuation Techniques	Significant Unobservable Inputs	Input Ranges	Weighted Average (1)		Impact to Valuation from an Increase in Input
	(Amounts in thousands)
First lien senior secured debt	$	2,379,881	Discounted cash flow	Yield	9.3% - 56.3%	10.9	%	Decrease
First lien senior secured debt	1,483		Market comparable	Forward Revenue multiple	0.9x - 2.0x	1.3x		Increase
First lien senior secured debt	1,845		Market comparable	LTM EBITDA multiple	14.3x	14.3x		Increase
First lien senior secured debt	1,345		Market comparable	Forward EBITDA multiple	8.4x	8.4x		Increase
First lien senior secured debt	2,048		Market comparable	LTM Revenue multiple	0.6x	0.6x		Increase
Sponsor subordinated note	15		Market comparable	LTM EBITDA multiple	7.6x	7.6x		Increase
	$	2,386,617

(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.