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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

The following tables present fair value measurements of investments as of March 31, 2025 and December 31, 2024:


		Fair Value Hierarchy at March 31, 2025
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	178,569			$	6,686,427			$	6,864,996
Second-lien debt investments			—				1,003				121,036				122,039
Mezzanine debt investments			—				—				204,815				204,815
Equity and other investments			—				—				164,182				164,182
Total investments at fair value		$	—			$	179,572			$	7,176,460			$	7,356,032
Interest rate swaps			—				9,602				—				9,602
Total		$	—			$	189,174			$	7,176,460			$	7,365,634


		Fair Value Hierarchy at December 31, 2024
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	143,398			$	6,728,411			$	6,871,809
Second-lien debt investments			—				1,309				93,469				94,778
Mezzanine debt investments			—				—				123,184				123,184
Equity and other investments			—				—				154,511				154,511
Total investments at fair value		$	—			$	144,707			$	7,099,575			$	7,244,282
Interest rate swaps			—				(25,214	)			—				(25,214	)
Total		$	—			$	119,493			$	7,099,575			$	7,219,068

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 three months ended March 31, 2025:


		As of and for the Three Months Ended
		March 31, 2025
		First-lien debt investments				Second-lien debt investments				Mezzanine debt investments				Equity and other investments				Total
Balance, beginning of period		$	6,728,411			$	93,469			$	123,184			$	154,511			$	7,099,575
Purchases or originations			677,175				19,198				76,440				3,397				776,210
Repayments / redemptions			(640,324	)			—				—				—				(640,324	)
Sales proceeds			(109,761	)			—				—				—				(109,761	)
Paid-in-kind interest			9,621				938				3,517				—				14,076
Net change in unrealized gains (losses)			6,053				7,086				1,565				6,274				20,978
Net realized gains (losses)			460				—				—				—				460
Net amortization of discount on securities			14,792				345				109				—				15,246
Transfers within Level 3			—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				—				—
Balance, End of Period		$	6,686,427			$	121,036			$	204,815			$	164,182			$	7,176,460

The following table presents 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 three months ended March 31, 2024:


		As of and for the Three Months Ended
		March 31, 2024
		First-lien debt investments				Second-lien debt investments				Mezzanine debt investments				Equity and other investments				Total
Balance, beginning of period		$	2,848,805			$	79,091			$	105,918			$	62,651			$	3,096,465
Purchases or originations			1,259,806				10,021				—				28,259				1,298,086
Repayments / redemptions			(11,023	)			—				—				—				(11,023	)
Sales proceeds			(140,558	)			—				—				—				(140,558	)
Paid-in-kind interest			2,285				—				3,260				—				5,545
Net change in unrealized gains (losses)			13,456				(227	)			1,803				3,483				18,515
Net realized gains (losses)			2,842				—				—				—				2,842
Net amortization of discount on securities			3,885				201				100				—				4,186
Transfers within Level 3			—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				—				—
Balance, End of Period		$	3,979,498			$	89,086			$	111,081			$	94,393			$	4,274,058

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

The following tables present 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 March 31, 2025 and March 31, 2024:


		Net Change in Unrealized				Net Change in Unrealized
		Gains or (Losses)				Gains or (Losses)
		For the three months ended				For the three months ended
		March 31, 2025 on				March 31, 2024 on
		Investments Held at				Investments Held at
		March 31, 2025				March 31, 2024
First-lien debt investments		$	23,712			$	13,833
Second-lien debt investments			7,086				(227	)
Mezzanine debt investments			1,564				1,804
Equity and other investments			6,275				3,483
Total		$	38,637			$	18,893

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 March 31, 2025 and December 31, 2024. 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.

          
         March 31, 2025

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

$

6,686,427

Income approach (1)

Discount rate

7.4% — 17.2% (10.5%)

Decrease

Second-lien debt investments

121,036

Income approach

Discount rate

14.6% — 18.9% (17.8%)

Decrease

Mezzanine debt investments

204,815

Income approach

Discount rate

11.6% — 11.6% (11.6%)

Decrease

Equity and other investments

164,182

Market Multiple (2)

Comparable multiple

4.8x — 20.0x (11.1x)

Increase

Total

$

7,176,460

(1)

Includes $62.5 million of first-lien debt investments valued using an asset waterfall.

(2)

Includes $10.3 million of equity investments valued using a Black-Scholes model and $49.7 million of equity investments valued using a discounted cash flow analysis.

          
         December 31, 2024

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

$

6,728,411

Income approach (1)

Discount rate

7.7% — 17.1% (10.6%)

Decrease

Second-lien debt investments

93,469

Income approach

Discount rate

14.7% — 18.1% (17.8%)

Decrease

Mezzanine debt investments

123,184

Income approach

Discount rate

12.2% — 12.2% (12.2%)

Decrease

Equity and other investments

154,511

Market Multiple (2)

Comparable multiple

4.8x — 20.0x (11.0x)

Increase

Total

$

7,099,575

(1)

Includes $226.4 million of first-lien debt investments valued using an asset waterfall.

(2)

Includes $8.3 million of equity investments valued using a Black-Scholes model and $49.1 million of equity investments valued using a discounted cash flow analysis.

Fair Value of Company's 2029 and 2030 Notes

The following table presents the fair value of the Company’s 2029 Notes, January 2030 Notes and July 2030 Notes, as of March 31, 2025 and December 31, 2024.


		March 31, 2025								December 31, 2024
		Outstanding Principal				Fair Value (1)				Outstanding Principal				Fair Value (1)
2029 Notes		$	750,000			$	766,445			$	750,000			$	759,645
January 2030 Notes			600,000				592,786				600,000				588,680
July 2030 Notes			750,000				754,170				—				—
Total		$	2,100,000			$	2,113,401			$	1,350,000			$	1,348,325

(1)

The fair value is based on broker quotes received by the Company and is categorized as Level 2 within the fair value hierarchy.

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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