| Schedule of Fair Value Hierarchy of Investments |
The tables below present the fair value hierarchy of investments as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy as of June 30, 2025 | | ($ in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Cash (including restricted and foreign cash) | $ | 170,523 | | | $ | — | | | $ | — | | | $ | 170,523 | | | Investments: | | | | | | | | First-lien senior secured debt investments(1) | $ | — | | | $ | 375,351 | | | $ | 9,548,767 | | | $ | 9,924,118 | | | Second-lien senior secured debt investments | — | | | 116,649 | | | 310,288 | | | 426,937 | | | Unsecured debt investments | — | | | — | | | 451,319 | | | 451,319 | | Preferred equity investments(2) | — | | | — | | | 1,022,197 | | | 1,022,197 | | Common equity investments(3) | 465 | | | 36,984 | | | 743,758 | | | 781,207 | | | Subtotal | $ | 465 | | | $ | 528,984 | | | $ | 12,076,329 | | | $ | 12,605,778 | | Investments measured at Net Asset Value(4) | $ | — | | | $ | — | | | $ | — | | | $ | 122,864 | | | Total Investments at fair value | $ | 465 | | | $ | 528,984 | | | $ | 12,076,329 | | | $ | 12,728,642 | | | Derivatives: | | | | | | | | | Foreign currency forward contracts | $ | — | | | $ | (11,400) | | | $ | — | | | $ | (11,400) | | | Interest rate swaps | $ | — | | | $ | 28,822 | | | $ | — | | | $ | 28,822 | |
(1)Includes investment in Amergin AssetCo. (2)Includes equity investment in LSI Financing DAC. (3)Includes equity investments in Amergin AssetCo and Fifth Season. (4)Includes equity investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Hierarchy as of December 31, 2024 | | ($ in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Cash (including restricted and foreign cash) | $ | 257,000 | | | $ | — | | | $ | — | | | $ | 257,000 | | | Investments: | | | | | | | | | First-lien senior secured debt investments | $ | — | | | $ | 110,529 | | | $ | 4,346,309 | | | $ | 4,456,838 | | | Second-lien senior secured debt investments | — | | | 92,379 | | | 166,159 | | | 258,538 | | | Unsecured debt investments | — | | | — | | | 336,635 | | | 336,635 | | Preferred equity investments(1) | — | | | — | | | 689,952 | | | 689,952 | | Common equity investments(2) | 49,334 | | | 18,078 | | | 535,467 | | | 602,879 | | | Subtotal | $ | 49,334 | | | $ | 220,986 | | | $ | 6,074,522 | | | $ | 6,344,842 | | Investments measured at net asset value (“NAV”)(3) | — | | | — | | | — | | | 62,624 | | | Total Investments at fair value | $ | 49,334 | | | $ | 220,986 | | | $ | 6,074,522 | | | $ | 6,407,466 | |
(1)Includes equity investment in LSI Financing DAC. (2)Includes equity investment in Fifth Season. (3)Includes equity investments in Credit SLF and LSI Financing LLC, which are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
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| Schedule of Changes in the Fair Value of Investments |
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2025 | | ($ in thousands) | First-lien senior secured debt investments | | Second-lien senior secured debt investments | | Unsecured debt investments | | Preferred equity investments | | Common equity investments | | Total | | Fair value, beginning of period | $ | 9,120,915 | | | $ | 291,217 | | | $ | 460,216 | | | $ | 956,331 | | | $ | 706,192 | | | $ | 11,534,871 | | | Purchases of investments, net | 684,131 | | | 61,324 | | | (2) | | | 31,565 | | | 10,643 | | | 787,661 | | | Payment-in-kind | 13,127 | | | 5,360 | | | 6,210 | | | 23,295 | | | — | | | 47,992 | | | Proceeds from investments, net | (231,957) | | | (32,717) | | | (30,661) | | | (8,694) | | | 13,555 | | | (290,474) | | | Net change in unrealized gain (loss) | 27,299 | | | 1,012 | | | 8,932 | | | 18,653 | | | 13,368 | | | 69,264 | | | Net realized gains (losses) | 3,495 | | | — | | | 710 | | | 76 | | | — | | | 4,281 | | | Net amortization/accretion of premium/discount on investments | 6,271 | | | 1,505 | | | 5,914 | | | 971 | | | — | | | 14,661 | | Transfers into (out of) Level 3(1) | (74,514) | | | (17,413) | | | — | | | — | | | — | | | (91,927) | | | | | | | | | | | | | | | Fair value, end of period | $ | 9,548,767 | | | $ | 310,288 | | | $ | 451,319 | | | $ | 1,022,197 | | | $ | 743,758 | | | $ | 12,076,329 | |
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Three Months Ended June 30, 2024 | | ($ in thousands) | First-lien senior secured debt investments | | Second-lien senior secured debt investments | | Unsecured debt investments | | Preferred equity investments | | Common equity investments | | Total | | Fair value, beginning of period | $ | 3,947,332 | | | $ | 255,724 | | | $ | 401,445 | | | $ | 837,243 | | | $ | 358,489 | | | $ | 5,800,233 | | | Purchases of investments, net | 601,138 | | | — | | | 51,464 | | | 5,890 | | | 9,660 | | | 668,152 | | | Payment-in-kind | 16,958 | | | 3,367 | | | 6,393 | | | 11,649 | | | — | | | 38,367 | | | Proceeds from investments, net | (356,871) | | | (68,548) | | | (136,107) | | | (1,076) | | | (1,224) | | | (563,826) | | | Net change in unrealized gain (loss) | (60,861) | | | (2,829) | | | 6,812 | | | (32,159) | | | 10,731 | | | (78,306) | | | Net realized gains (losses) | (21) | | | (806) | | | (11,565) | | | — | | | — | | | (12,392) | | | Net amortization/accretion of premium/discount on investments | 8,864 | | | 610 | | | 3,929 | | | 117 | | | — | | | 13,520 | | Transfers into (out of) Level 3(1) | — | | | (18,008) | | | — | | | — | | | (1,000) | | | (19,008) | | | Fair value, end of period | $ | 4,156,539 | | | $ | 169,510 | | | $ | 322,371 | | | $ | 821,664 | | | $ | 376,656 | | | $ | 5,846,740 | |
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the three months ended June 30, 2024, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2025 | | ($ in thousands) | First-lien senior secured debt investments | | Second-lien senior secured debt investments | | Unsecured debt investments | | Preferred equity investments | | Common equity investments | | Total | | Fair value, beginning of period | $ | 4,346,309 | | | $ | 166,159 | | | $ | 336,635 | | | $ | 689,952 | | | $ | 535,467 | | | $ | 6,074,522 | | | Purchases of investments, net | 1,062,322 | | | 61,323 | | | (1) | | | 31,565 | | | 27,037 | | | 1,182,246 | | | Payment-in-kind | 20,348 | | | 9,065 | | | 13,713 | | | 33,158 | | | — | | | 76,284 | | | Proceeds from investments, net | (469,084) | | | (41,117) | | | (33,358) | | | (12,581) | | | 13,479 | | | (542,661) | | | Net change in unrealized gain (loss) | 22,305 | | | 8,501 | | | 11,872 | | | 12,218 | | | 18,887 | | | 73,783 | | | Net realized gains (losses) | 3,528 | | | (12,198) | | | 85 | | | 115 | | | — | | | (8,470) | | | Net amortization/accretion of premium/discount on investments | 10,753 | | | 1,565 | | | 10,516 | | | 1,210 | | | — | | | 24,044 | | Transfers into (out of) Level 3(1) | — | | | — | | | — | | | — | | | (3,092) | | | (3,092) | | Transfers in from the Mergers | 4,552,286 | | | 116,990 | | | 111,857 | | | 266,560 | | | 151,980 | | | 5,199,673 | | | Fair value, end of period | $ | 9,548,767 | | | $ | 310,288 | | | $ | 451,319 | | | $ | 1,022,197 | | | $ | 743,758 | | | $ | 12,076,329 | |
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2025, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of and for the Six Months Ended June 30, 2024 | | ($ in thousands) | First-lien senior secured debt investments | | Second-lien senior secured debt investments | | Unsecured debt investments | | Preferred equity investments | | Common equity investments | | Total | | Fair value, beginning of period | $ | 3,975,147 | | | $ | 235,292 | | | $ | 407,407 | | | $ | 861,779 | | | $ | 310,585 | | | $ | 5,790,210 | | | Purchases of investments, net | 776,023 | | | — | | | 51,464 | | | 5,891 | | | 29,087 | | | 862,465 | | | Payment-in-kind | 27,528 | | | 4,576 | | | 16,960 | | | 18,803 | | | — | | | 67,867 | | | Proceeds from investments, net | (562,953) | | | (68,548) | | | (154,085) | | | (1,319) | | | (1,247) | | | (788,152) | | | Net change in unrealized gain (loss) | (71,902) | | | (1,688) | | | 6,225 | | | (63,721) | | | 39,231 | | | (91,855) | | | Net realized gains (losses) | (21) | | | (806) | | | (13,223) | | | — | | | — | | | (14,050) | | | Net amortization of discount on investments | 12,717 | | | 684 | | | 7,623 | | | 231 | | | — | | | 21,255 | | Transfers into (out of) Level 3(1) | — | | | — | | | — | | | — | | | (1,000) | | | (1,000) | | | Fair value, end of period | $ | 4,156,539 | | | $ | 169,510 | | | $ | 322,371 | | | $ | 821,664 | | | $ | 376,656 | | | $ | 5,846,740 | |
(1)Transfers between levels, if any, are recognized at the beginning of the period noted. For the six months ended June 30, 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. The following tables present information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods: | | | | | | | | | | | | | ($ in thousands) | Net change in unrealized gain (loss) for the Three Months Ended June 30, 2025 on Investments Held at June 30, 2025 | | Net change in unrealized gain (loss) for the Three Months Ended June 30, 2024 on Investments Held at June 30, 2024 | | First-lien senior secured debt investments | $ | 30,350 | | | $ | (58,531) | | | Second-lien senior secured debt investments | 2,078 | | | (3,120) | | | Unsecured debt investments | 8,932 | | | 6,812 | | | Preferred equity investments | 18,653 | | | (32,128) | | | Common equity investments | 13,382 | | | 9,731 | | | Total Investments | $ | 73,395 | | | $ | (77,236) | |
| | | | | | | | | | | | | | | ($ in thousands) | Net change in unrealized gain (loss) for the Six Months Ended June 30, 2025 on Investments Held at June 30, 2025 | | Net change in unrealized gain (loss) for the Six Months Ended June 30, 2024 on Investments Held at June 30, 2024 | | | | First-lien senior secured debt investments | $ | 25,112 | | | $ | (66,519) | | | | | Second-lien senior secured debt investments | (446) | | | (1,917) | | | | | Unsecured debt investments | 11,330 | | | 6,225 | | | | | Preferred equity investments | 12,218 | | | (63,123) | | | | | Common equity investments | 19,000 | | | 38,231 | | | | | Total Investments | $ | 67,214 | | | $ | (87,103) | | | |
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| Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations |
The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | ($ in thousands) | Net Carrying Value | | Unamortized Debt Issuance Costs (Premium) | | Fair Value | | Net Carrying Value | | Unamortized Debt Issuance Costs (Premium) | | Fair Value | | Revolving Credit Facility | $ | 338,474 | | | $ | 26,535 | | | $ | 338,474 | | | $ | 298,329 | | | $ | 14,675 | | | $ | 298,329 | | | SPV Asset Facility I | 641,051 | | | 8,949 | | | 641,051 | | | 590,448 | | | 9,552 | | | 590,448 | | | SPV Asset Facility II | (4,272) | | | 4,272 | | | (4,272) | | | 295,247 | | | 4,753 | | | 295,247 | | | SPV Asset Facility III | 303,140 | | | 9,360 | | | 303,140 | | | — | | | — | | | — | | | SPV Asset Facility IV | (3,077) | | | 3,077 | | | (3,077) | | | — | | | — | | | — | | | CLO 2020-1 | 200,165 | | | 3,835 | | | 200,165 | | | 199,985 | | | 4,015 | | | 199,985 | | | Athena CLO II | 285,839 | | | 2,161 | | | 285,839 | | | — | | | — | | | — | | | Athena CLO IV | 237,554 | | | 2,446 | | | 237,554 | | | — | | | — | | | — | | | June 2025 Notes | — | | | — | | | — | | | 209,377 | | | 623 | | | 208,425 | | | December 2025 Notes | 650,710 | | | (710) | | | 646,750 | | | 651,495 | | | (1,495) | | | 643,500 | | | June 2026 Notes | 373,518 | | | 1,482 | | | 366,563 | | | 372,773 | | | 2,227 | | | 362,813 | | | January 2027 Notes | 297,611 | | | 2,389 | | | 284,250 | | | 296,855 | | | 3,145 | | | 281,250 | | | March 2028 Notes | 654,138 | | | 9,538 | | | 648,375 | | | — | | | — | | | — | | | September 2028 Notes | 74,415 | | | 585 | | | 75,000 | | | — | | | — | | | — | | | April 2029 Notes | 702,959 | | | 13,236 | | | 710,500 | | | — | | | — | | | — | | | Total Debt | $ | 4,752,225 | | | $ | 87,155 | | | $ | 4,730,312 | | | $ | 2,914,509 | | | $ | 37,495 | | | $ | 2,879,997 | |
The table below presents fair value measurements of the Company’s debt obligations as of the following periods: | | | | | | | | | | | | | ($ in thousands) | June 30, 2025 | | December 31, 2024 | | Level 1 | $ | — | | | $ | — | | | Level 2 | 2,731,438 | | | 1,495,988 | | | Level 3 | 1,998,874 | | | 1,384,009 | | | Total Debt | $ | 4,730,312 | | | $ | 2,879,997 | |
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