v3.25.1
Investments - Investments at Fair Value and Amortized Cost (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Amortized Cost $ 29,499,052 [1],[2] $ 26,383,665 [3],[4],[5],[6],[7],[8],[9]
Fair Value 29,460,409 26,378,894 [3],[5],[6],[8],[9]
First-lien senior secured debt investments    
Schedule of Investments [Line Items]    
Amortized Cost 26,774,518 23,703,828
Fair Value 26,699,852 23,665,142
Second-lien senior secured debt investments    
Schedule of Investments [Line Items]    
Amortized Cost 806,343 802,519
Fair Value 766,222 767,392
Unsecured debt investments    
Schedule of Investments [Line Items]    
Amortized Cost 453,036 447,930
Fair Value 457,391 440,633
Preferred equity investments    
Schedule of Investments [Line Items]    
Amortized Cost 438,367 367,924
Fair Value 436,093 364,672
Common equity investments    
Schedule of Investments [Line Items]    
Amortized Cost 706,478 742,386
Fair Value 803,269 825,152
Joint ventures    
Schedule of Investments [Line Items]    
Amortized Cost 320,310 319,078
Fair Value $ 297,582 $ 315,903
[1] The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.
[2] As of March 31, 2025, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $23.1 million based on a tax cost basis of $29.5 billion. As of March 31, 2025, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $267.2 million. As of March 31, 2025, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $244.1 million.
[3] Certain portfolio company investments are subject to contractual restrictions on sales.
[4] The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method.
[5] Unless otherwise indicated, all investments are considered Level 3 investments.
[6] Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.
[7] As of December 31, 2024, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $52.6 million based on a tax cost basis of $26.3 billion. As of December 31, 2024, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $182.9 million. As of December 31, 2024, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $235.5 million.
[8] Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”.
[9] Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLOs. See Note 5 “Debt”.