Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

The following tables present fair value measurements of investments as of December 31, 2023 and December 31, 2022

	Fair Value Hierarchy at December 31, 2023
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	2,080	$	2,848,805	$	2,850,885
Second-lien debt investments		—		—		79,091		79,091
Mezzanine debt investments		—		606		105,918		106,524
Equity and other investments		—		—		62,651		62,651
Total	$	—	$	2,686	$	3,096,465	$	3,099,151

	Fair Value Hierarchy at December 31, 2022
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	800,995	$	800,995
Equity and other investments		—		—		7,806		7,806
Total	$	—	$	—	$	808,801	$	808,801

Changes in Fair Value of Investments Using Level 3 Inputs

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the year ended December 31, 2023 and for the period from April 5, 2022 (Inception) through December 31, 2022:

	As of and for the Year Ended
	December 31, 2023
	First-lien debt investments			Second-lien debt investments		Mezzanine  debt investments		Equity and other investments		Total
Balance, beginning of period	$	800,995		$	—	$	—	$	7,806	$	808,801
Purchases or originations		2,053,661			77,776		97,000		54,845		2,283,282
Repayments / redemptions		(80,115	)		—		—		—		(80,115	)
Paid-in-kind interest		4,694			—		6,450		—		11,144
Net change in unrealized gains (losses)		58,158			1,196		2,198		—		61,552
Net amortization of discount on securities		11,412			119		270		—		11,801
Transfers within Level 3		—			—		—		—		—
Transfers into (out of) Level 3		—			—		—		—		—
Balance, End of Period	$	2,848,805		$	79,091	$	105,918	$	62,651	$	3,096,465

	As of and for the Period Ended
	December 31, 2022
	First-lien debt investments			Equity and other investments		Total
Balance, beginning of period	$	—		$	—	$	—
Purchases or originations		800,453			7,806		808,259
Repayments / redemptions		—			—		—
Paid-in-kind interest		—			—		—
Net change in unrealized gains (losses)		(228	)		—		(228	)
Net realized gains (losses)		—			—		—
Net amortization of discount on securities		770			—		770
Transfers within Level 3		—			—		—
Transfers into (out of) Level 3		—			—		—
Balance, End of Period	$	800,995		$	7,806	$	808,801

Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value

The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at December 31, 2023 and 2022:

			Net Change in Unrealized
	Net Change in Unrealized		Gains or (Losses)
	Gains or (Losses)		from April 5, 2022
	for the Year Ended		(Inception) through
	December 31, 2023 on		December 31, 2022 on
	Investments Held at		Investments Held at
	December 31, 2023		December 31, 2022
First-lien debt investments	$	58,158	$	(228	)
Second-lien debt investments		1,196		—
Mezzanine debt investments		2,198		—
Total	$	61,552	$	(228	)

Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations

The following tables present the fair value of Level 3 Investments at fair value and the significant unobservable inputs used in the valuations as of December 31, 2023 and 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

	December 31, 2023
			Valuation	Unobservable	Range (Weighted	Impact to Valuation from an
	Fair Value		Technique	Input	Average)	Increase to Input
First-lien debt investments	$	2,848,805	Income approach (1)	Discount rate	8.7% — 16.4% (12.8%)	Decrease
Second-lien debt investments		79,091	Income approach	Discount rate	21.7% — 21.7% (21.7%)	Decrease
Mezzanine debt investments		105,918	Income approach	Discount rate	15.0% — 15.0% (15.0%)	Decrease
Equity and other investments		62,651	Market Multiple (2)	Comparable multiple	2.6x — 16.1x (10.2x)	Increase
Total	$	3,096,465

(1)Includes $77.9 million of first-lien debt investments valued using an asset waterfall.

(2)Includes $4.6 million of equity investments valued using a Black-Scholes model and $19.2 million of equity investments which, due to the proximity of the transactions relative to the measurement dates, we valued using the cost of the investments.

	December 31, 2022
			Valuation	Unobservable	Range (Weighted	Impact to Valuation from an
	Fair Value		Technique	Input	Average)	Increase to Input
First-lien debt investments	$	800,995	Income approach	Discount rate	9.3% — 15.1% (13.1%)	Decrease
Equity and other investments		7,806	Market Multiple	Comparable multiple	5.8x — 13.5x (13.3x)	Increase
Total	$	808,801