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Fair Value of Investments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments as of June 30, 2025 and December 31, 2024:


	Assets at Fair Value as of June 30, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	—	$	—	$	3,512,520	$	3,512,520
Sponsor subordinated note	—		—		16		16

Interest rate swaps/options	—		4,630		—		4,630
Total	$	—	$	4,630	$	3,512,536	$	3,517,166
Investments measured at net asset value(1)							$	91,868
Total financial instruments, at fair value							$	3,609,034

(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 June 30, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Interest rate swaps/options	$	—	$	(3,635)	$	—	$	(3,635)
Foreign currency forward contracts	—		(6)		—		(6)
Total	$	—	$	(3,641)	$	—	$	(3,641)


	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


	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 and six months ended June 30, 2025 and 2024:


	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025*
(Amounts in thousands)	Balance 4/1/2025		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2025		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2025
First lien senior secured debt	$	3,298,945	$	367,790	$	(161,034)	$	7,472	$	2	$	(655)	$	3,512,520	$	(759)
Sponsor subordinated note	16		—		—		—		—		—		16		—
Total	$	3,298,961	$	367,790	$	(161,034)	$	7,472	$	2	$	(655)	$	3,512,536	$	(759)


	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025*
(Amounts in thousands)	Balance 1/1/2025		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2025		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2025
First lien senior secured debt	$	3,080,554	$	683,023	$	(262,572)	$	13,534	$	50	$	(2,069)	$	3,512,520	$	(461)
Sponsor subordinated note	15		—		—		—		—		1		16		1
Total	$	3,080,569	$	683,023	$	(262,572)	$	13,534	$	50	$	(2,068)	$	3,512,536	$	(460)


	Level 3 Assets at Fair Value for the Three Months Ended June 30, 2024*
(Amounts in thousands)	Balance 4/1/2024		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2024		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2024
First lien senior secured debt	$	1,768,175	$	601,498	$	(107,724)	$	3,973	$	230	$	733	$	2,266,885	$	729
Sponsor subordinated note	13		—		—		—		—		(4)		9		—
Total	$	1,768,188	$	601,498	$	(107,724)	$	3,973	$	230	$	729	$	2,266,894	$	729


	Level 3 Assets at Fair Value for the Six Months Ended June 30, 2024*
(Amounts in thousands)	Balance 1/1/2024		Purchases and Drawdowns		Sales and Paydowns		Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 6/30/2024		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2024
First lien senior secured debt	$	1,343,692	$	1,052,342	$	(135,489)	$	7,191	$	230	$	(1,081)	$	2,266,885	$	(1,086)
Sponsor subordinated note	13		—		—		1		—		(5)		9		—
Total	$	1,343,705	$	1,052,342	$	(135,489)	$	7,192	$	230	$	(1,086)	$	2,266,894	$	(1,086)

*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 June 30, 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
6/30/25

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

3,359,972

Discounted cash flow

Yield

8.5% - 80.6%

10.1

Decrease

1,298

Market comparable

Forward EBITDA multiple

9.5x

Increase

1,445

Market comparable

Forward Revenue multiple

0.9x - 2.0x

1.3x

Increase

3,513

Market comparable

LTM Revenue multiple

0.5x - 0.8x

0.6x

Increase

962

Market comparable

LTM Revenue multiple

0.6x

Increase

Forward Revenue multiple

0.6x

Increase

793

Market comparable

LTM EBITDA multiple

9.0x

Increase

Sponsor subordinated note

Market comparable

LTM EBITDA multiple

7.6x

Increase

3,367,999

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

Increase

First lien senior secured debt

1,345

Market comparable

Forward EBITDA multiple

8.4x

Increase

First lien senior secured debt

2,048

Market comparable

LTM Revenue multiple

0.6x

Increase

Sponsor subordinated note

Market comparable

LTM EBITDA multiple

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.

- 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.

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