v3.25.1
Fair Value of Financial Instruments - Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 29,460,409 $ 26,378,894 [1],[2],[3],[4],[5]
Preferred equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 436,093 364,672
Common equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 803,269 825,152
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 23,600,920 21,098,813
Level 3 | First-lien senior secured debt investments | Yield Analysis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 19,588,096 $ 16,846,669
Level 3 | First-lien senior secured debt investments | Yield Analysis | Market Yield | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.068 0.068
Level 3 | First-lien senior secured debt investments | Yield Analysis | Market Yield | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.449 0.352
Level 3 | First-lien senior secured debt investments | Yield Analysis | Market Yield | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.099 0.106
Level 3 | First-lien senior secured debt investments | Recent Transaction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 2,144,603 $ 2,575,658
Level 3 | First-lien senior secured debt investments | Recent Transaction | Transaction Price | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.950 0.947
Level 3 | First-lien senior secured debt investments | Recent Transaction | Transaction Price | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.995 1.000
Level 3 | First-lien senior secured debt investments | Recent Transaction | Transaction Price | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.988 0.991
Level 3 | First-lien senior secured debt investments | Collateral Analysis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 120 $ 587
Level 3 | First-lien senior secured debt investments | Collateral Analysis | Recovery Rate | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average)   0.111
Level 3 | First-lien senior secured debt investments | Collateral Analysis | Recovery Rate | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average)   0.135
Level 3 | First-lien senior secured debt investments | Collateral Analysis | Recovery Rate | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.025 0.130
Level 3 | Second-lien senior secured debt investments | Yield Analysis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 496,654 $ 451,426
Level 3 | Second-lien senior secured debt investments | Yield Analysis | Market Yield | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.110 0.111
Level 3 | Second-lien senior secured debt investments | Yield Analysis | Market Yield | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.250 0.436
Level 3 | Second-lien senior secured debt investments | Yield Analysis | Market Yield | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.165 0.168
Level 3 | Second-lien senior secured debt investments | Recent Transaction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 19,900  
Level 3 | Second-lien senior secured debt investments | Recent Transaction | Transaction Price | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.995  
Level 3 | Second-lien senior secured debt investments | Recent Transaction | Transaction Price | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.995  
Level 3 | Second-lien senior secured debt investments | Recent Transaction | Transaction Price | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.995  
Level 3 | Unsecured debt investments | Yield Analysis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 383,560 $ 366,468
Level 3 | Unsecured debt investments | Yield Analysis | Market Yield | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.086 0.086
Level 3 | Unsecured debt investments | Yield Analysis | Market Yield | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.177 0.181
Level 3 | Unsecured debt investments | Yield Analysis | Market Yield | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.125 0.126
Level 3 | Unsecured debt investments | Market Approach | EBITDA Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 28 $ 28
Level 3 | Unsecured debt investments | Market Approach | EBITDA Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 12.0 11.8
Level 3 | Preferred equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 436,093 $ 364,672
Level 3 | Preferred equity investments | Yield Analysis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 340,947 $ 358,536
Level 3 | Preferred equity investments | Yield Analysis | Market Yield | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.120 0.123
Level 3 | Preferred equity investments | Yield Analysis | Market Yield | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.367 0.371
Level 3 | Preferred equity investments | Yield Analysis | Market Yield | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.150 0.152
Level 3 | Preferred equity investments | Recent Transaction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 88,731  
Level 3 | Preferred equity investments | Recent Transaction | Transaction Price | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.970  
Level 3 | Preferred equity investments | Recent Transaction | Transaction Price | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.990  
Level 3 | Preferred equity investments | Recent Transaction | Transaction Price | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.971  
Level 3 | Preferred equity investments | Market Approach | EBITDA Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 4,615 $ 4,376
Level 3 | Preferred equity investments | Market Approach | EBITDA Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 7.1 7.1
Level 3 | Preferred equity investments | Market Approach | Revenue Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 1,800 $ 1,760
Level 3 | Preferred equity investments | Market Approach | Revenue Multiple | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 8.5 8.5
Level 3 | Preferred equity investments | Market Approach | Revenue Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 18.0 18.0
Level 3 | Preferred equity investments | Market Approach | Revenue Multiple | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 13.8 13.9
Level 3 | Common equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 531,866 $ 493,305
Level 3 | Common equity investments | Yield Analysis | Market Yield    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 1,569 $ 1,539
Level 3 | Common equity investments | Yield Analysis | Market Yield | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.085 0.085
Level 3 | Common equity investments | Recent Transaction    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 12,565  
Level 3 | Common equity investments | Recent Transaction | Transaction Price | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 1.000  
Level 3 | Common equity investments | Recent Transaction | Transaction Price | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 1.000 28.5
Level 3 | Common equity investments | Recent Transaction | Transaction Price | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 1.000 15.0
Level 3 | Common equity investments | Market Approach    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 69,973 $ 62,056
Level 3 | Common equity investments | Market Approach | EBITDA Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 155,668 $ 155,881
Level 3 | Common equity investments | Market Approach | EBITDA Multiple | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 3.0 3.3
Level 3 | Common equity investments | Market Approach | EBITDA Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 28.5  
Level 3 | Common equity investments | Market Approach | EBITDA Multiple | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 14.5  
Level 3 | Common equity investments | Market Approach | Revenue Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 44,599 $ 48,359
Level 3 | Common equity investments | Market Approach | Revenue Multiple | Minimum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 5.3 5.3
Level 3 | Common equity investments | Market Approach | Revenue Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 13.5 14.5
Level 3 | Common equity investments | Market Approach | Revenue Multiple | Weighted Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 10.2 10.9
Level 3 | Common equity investments | Market Approach | AUM Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 245,283 $ 223,274
Range (Weighted Average) 1.1 1.1
Level 3 | Common equity investments | Market Approach | Gross Profit Multiple    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 12 $ 12
Level 3 | Common equity investments | Market Approach | Gross Profit Multiple | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 10.0 10.0
Level 3 | Common equity investments | Option Pricing Model    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 381 $ 629
Level 3 | Common equity investments | Option Pricing Model | Volatility    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Range (Weighted Average) 0.700 0.700
Level 3 | Common equity investments | Discounted Cash Flow Analysis | Discount Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 1,816 $ 1,555
Range (Weighted Average) 0.150 0.125
[1] Certain portfolio company investments are subject to contractual restrictions on sales.
[2] Unless otherwise indicated, all investments are considered Level 3 investments.
[3] 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.
[4] 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”.
[5] 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”.