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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

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


		Fair Value Hierarchy at December 31, 2025
		Level 1				Level 2				Level 3				Total
First-lien debt investments		$	—			$	260,984			$	7,398,928			$	7,659,912
Second-lien debt investments			—				223				37,160				37,383
Mezzanine debt investments			—				—				222,366				222,366
Equity and other investments			—				—				188,993				188,993
Total investments at fair value		$	—			$	261,207			$	7,847,447			$	8,108,654
Interest rate swaps			—				30,932				—				30,932
Total		$	—			$	292,139			$	7,847,447			$	8,139,586


		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 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 year ended December 31, 2025:


		As of and for the Year Ended
		December 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			2,538,463				19,198				76,440				28,974				2,663,075
Repayments / redemptions			(1,861,162	)			(83,916	)			—				—				(1,945,078	)
Sales proceeds			(156,254	)			—				—				(24,469	)			(180,723	)
Paid-in-kind interest			43,859				4,788				19,773				640				69,060
Net change in unrealized gains (losses)			39,065				(2,080	)			2,429				16,000				55,414
Net realized gains (losses)			11,905				—				—				13,337				25,242
Net amortization of discount on securities			54,641				5,701				540				—				60,882
Transfers within Level 3			—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				—				—
Balance, End of Period		$	7,398,928			$	37,160			$	222,366			$	188,993			$	7,847,447

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 year ended December 31, 2024:


		As of and for the Year Ended
		December 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			4,492,641				10,021				—				77,376				4,580,038
Repayments / redemptions			(313,253	)			—				—				—				(313,253	)
Sales proceeds			(425,921	)			(2,161	)			—				—				(428,082	)
Paid-in-kind interest			18,092				1,213				14,319				—				33,624
Net change in unrealized gains (losses)			80,053				4,324				2,545				14,484				101,406
Net realized gains (losses)			4,501				66				—				—				4,567
Net amortization of discount on securities			23,493				915				402				—				24,810
Transfers within Level 3			—				—				—				—				—
Transfers into (out of) Level 3			—				—				—				—				—
Balance, End of Period		$	6,728,411			$	93,469			$	123,184			$	154,511			$	7,099,575

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, 2025 and December 31, 2024:


		Net Change in Unrealized				Net Change in Unrealized
		Gains or (Losses)				Gains or (Losses)
		For the Year Ended				For the Year Ended
		December 31, 2025 on				December 31, 2024 on
		Investments Held at				Investments Held at
		December 31, 2025				December 31, 2024
First-lien debt investments		$	81,369			$	87,806
Second-lien debt investments			3,078				4,324
Mezzanine debt investments			2,429				2,545
Equity and other investments			19,683				14,484
Total		$	106,559			$	109,159

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, 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.

          
         December 31, 2025

          
         Valuation

         Unobservable

         Range (Weighted

         Impact to Valuation
from an

          
         Fair Value

         Technique

         Input

         Average)

         Increase to Input

First-lien debt investments

$

7,398,928

Income approach (1)

Discount rate

6.6% — 17.5% (9.8%)

Decrease

Second-lien debt investments

37,160

Income approach

Discount rate

12.5% — 14.1% (13.6%)

Decrease

Mezzanine debt investments

222,366

Income approach

Discount rate

10.8% — 10.8% (10.8%)

Decrease

Equity and other investments

188,993

Market Multiple (2)

Comparable multiple

2.8x — 25.0x (13.5x)

Increase

Total

$

7,847,447

(1)

Includes $50.8 million of first-lien debt investments valued using an asset waterfall and $60.9 million of first-lien debt investments valued using a comparable market price.

(2)

Includes $81.4 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 December 31, 2025 and December 31, 2024:


		December 31, 2025								December 31, 2024
		Outstanding Principal				Fair Value (1)				Outstanding Principal				Fair Value (1)
2029 Notes		$	750,000			$	778,345			$	750,000			$	759,645
January 2030 Notes			600,000				607,796				600,000				588,680
July 2030 Notes			750,000				769,633				—				—
Total		$	2,100,000			$	2,155,774			$	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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