XML 36 R30.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

The following tables present fair value measurements of investments as of June 30, 2025 and December 31, 2024:


		Fair Value Hierarchy at June 30, 2025
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	265,225			$	6,838,709			$	7,103,934
Second-lien debt investments			—				905				32,265				33,170
Mezzanine debt investments			—				—				210,092				210,092
Equity and other investments			—				—				159,301				159,301
Total investments at fair value		$	—			$	266,130			$	7,240,367			$	7,506,497
Interest rate swaps			—				31,491				—				31,491
Total		$	—			$	297,621			$	7,240,367			$	7,537,988


		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 and six months ended June 30, 2025:


		As of and for the Three Months Ended
		June 30, 2025
		First-lien debt investments				Second-lien debt investments				Mezzanine debt investments				Equity and other investments				Total
Balance, beginning of period		$	6,686,427			$	121,036			$	204,815			$	164,182			$	7,176,460
Purchases or originations			382,321				—				—				667				382,988
Repayments / redemptions			(374,771	)			(83,916	)			—				—				(458,687	)
Sales proceeds			(5,659	)			—				—				(11,763	)			(17,422	)
Paid-in-kind interest			10,390				1,229				4,192				—				15,811
Net change in unrealized gains (losses)			128,445				(11,140	)			935				(973	)			117,267
Net realized gains (losses)			26				—				—				7,188				7,214
Net amortization of discount on securities			11,530				5,056				150				—				16,736
Balance, End of Period		$	6,838,709			$	32,265			$	210,092			$	159,301			$	7,240,367


		As of and for the Six Months Ended
		June 30, 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			1,059,498				19,198				76,440				4,063				1,159,199
Repayments / redemptions			(1,015,095	)			(83,916	)			—				—				(1,099,011	)
Sales proceeds			(115,419	)			—				—				(11,763	)			(127,182	)
Paid-in-kind interest			20,009				2,167				7,709				—				29,885
Net change in unrealized gains (losses)			134,497				(4,055	)			2,500				5,302				138,244
Net realized gains (losses)			486				—				—				7,188				7,674
Net amortization of discount on securities			26,322				5,402				259				—				31,983
Balance, End of Period		$	6,838,709			$	32,265			$	210,092			$	159,301			$	7,240,367

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 and six months ended June 30, 2024:


		As of and for the Three Months Ended
		June 30, 2024
		First-lien debt investments				Second-lien debt investments				Mezzanine debt investments				Equity and other investments				Total
Balance, beginning of period		$	3,979,498			$	89,086			$	111,081			$	94,393			$	4,274,058
Purchases or originations			995,734				—				—				—				995,734
Repayments / redemptions			(30,579	)			—				—				—				(30,579	)
Sales proceeds			(265,850	)			(2,160	)			—				—				(268,010	)
Paid-in-kind interest			4,306				494				3,400				—				8,200
Net change in unrealized gains (losses)			13,328				2,586				509				(313	)			16,110
Net realized gains (losses)			1,504				66				—				—				1,570
Net amortization of discount on securities			4,383				227				100				—				4,710
Balance, End of Period		$	4,702,324			$	90,299			$	115,090			$	94,080			$	5,001,793


		As of and for the Six Months Ended
		June 30, 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			2,255,540				10,021				—				28,259				2,293,820
Repayments / redemptions			(41,602	)			—				—				—				(41,602	)
Sale proceeds			(406,408	)			(2,161	)			—				—				(408,569	)
Paid-in-kind interest			6,591				494				6,660				—				13,745
Net change in unrealized gains (losses)			26,783				2,359				2,312				3,170				34,624
Net realized gains (losses)			4,346				66				—				—				4,412
Net amortization of discount on securities			8,269				429				200				—				8,898
Balance, End of Period		$	4,702,324			$	90,299			$	115,090			$	94,080			$	5,001,793

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 June 30, 2025 and June 30, 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
		June 30, 2025 on				June 30, 2024 on
		Investments Held at				Investments Held at
		June 30, 2025				June 30, 2024
First-lien debt investments		$	140,705			$	13,327
Second-lien debt investments			699				2,587
Mezzanine debt investments			935				508
Equity and other investments			4,802				(313	)
Total		$	147,141			$	16,109


		Net Change in Unrealized				Net Change in Unrealized
		Gains or (Losses)				Gains or (Losses)
		For the Six Months Ended				For the Six Months Ended
		June 30, 2025 on				June 30, 2024 on
		Investments Held at				Investments Held at
		June 30, 2025				June 30, 2024
First-lien debt investments		$	154,408			$	27,160
Second-lien debt investments			1,105				2,360
Mezzanine debt investments			2,499				2,311
Equity and other investments			8,984				3,170
Total		$	166,996			$	35,001

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 June 30, 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.

          
         June 30, 2025

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

$

6,838,709

Income approach (1)

Discount rate

6.5% — 14.7% (10.1%)

Decrease

Second-lien debt investments

32,265

Income approach

Discount rate

13.1% — 14.1% (13.8%)

Decrease

Mezzanine debt investments

210,092

Income approach

Discount rate

11.5% — 11.5% (11.5%)

Decrease

Equity and other investments

159,301

Market Multiple (2)

Comparable multiple

1.9x — 20.0x (11.2x)

Increase

Total

$

7,240,367

(1)

Includes $54.1 million of first-lien debt investments valued using an asset waterfall.

(2)

Includes $52.8 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 June 30, 2025 and December 31, 2024.


		June 30, 2025								December 31, 2024
		Outstanding Principal				Fair Value (1)				Outstanding Principal				Fair Value (1)
2029 Notes		$	750,000			$	773,355			$	750,000			$	759,645
January 2030 Notes			600,000				601,436				600,000				588,680
July 2030 Notes			750,000				763,205				—				—
Total		$	2,100,000			$	2,137,996			$	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.

+ References + Details