Fair Value Measurement (Tables)
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12 Months Ended |
Dec. 31, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets |
The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2025 and December 31, 2024.
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Level 3 Instruments |
Fair
Value(1) (2) |
|
Valuation
Techniques (3) |
Significant
Unobservable
Inputs |
Range of Significant
Unobservable Inputs(4) |
Weighted
Average(5) |
As of December 31, 2025 |
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|
|
|
|
Bank Loans, Corporate Debt, and Other Debt Obligations |
1st Lien/Senior Secured Debt |
$ |
8,340,684 |
|
Discounted cash flows |
Discount Rate |
6.4% - 17.3% |
9.1% |
|
$ |
18,800 |
|
Comparable multiples |
EV/EBITDA(6) |
— |
10.0x |
1st Lien/Last-Out Unitranche |
$ |
239,601 |
|
Discounted cash flows |
Discount Rate |
6.1% - 11.3% |
8.6% |
2nd Lien/Senior Secured Debt |
$ |
33,352 |
|
Discounted cash flows |
Discount Rate |
10.9% - 11.8% |
11.5% |
Equity |
|
|
|
|
|
|
Preferred Stock |
$ |
37 |
|
Comparable multiples |
EV/EBITDA(6) |
— |
13.0x |
|
$ |
2,056 |
|
Comparable multiples |
EV/Revenue |
— |
3.9x |
Common Stock |
$ |
5,272 |
|
Comparable multiples |
EV/EBITDA(6) |
9.5x - 13.0x |
11.6x |
Warrants |
$ |
29 |
|
Comparable multiples |
EV/Revenue |
— |
3.9x |
As of December 31, 2024 |
|
|
|
|
|
|
Bank Loans, Corporate Debt, and Other Debt Obligations |
1st Lien/Senior Secured Debt |
$ |
3,711,830 |
|
Discounted cash flows |
Discount Rate |
7.4% — 14.1% |
9.7% |
1st Lien/Last-Out Unitranche |
$ |
261,643 |
|
Discounted cash flows |
Discount Rate |
6.2% — 11.4% |
10.5% |
Equity |
|
|
|
|
|
|
Common Stock |
$ |
5,372 |
|
Comparable multiples |
EV/EBITDA(6) |
10.0x — 13.5x |
12.9x |
(1)As of December 31, 2025, included within the fair value of Level 3 assets of $12,146,614 is an amount of $3,506,783 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $8,613,637 or 71.0% of Level 3 bank loans, corporate debt, and other debt obligations. (2)As of December 31, 2024, included within the fair value of Level 3 assets of $5,398,349 is an amount of $1,419,504 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $3,973,473 or 73.7% of Level 3 bank loans, corporate debt, and other debt obligations. (3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. (4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. (5)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. (6)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
|
| Summary of Assets Categorized Within Fair Value Hierarchy |
The following is a summary of the Company’s assets categorized within the fair value hierarchy:
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December 31, 2025 |
|
|
December 31, 2024 |
|
Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
1st Lien/Senior Secured Debt |
|
$ |
— |
|
|
$ |
3,228,090 |
|
|
$ |
11,805,070 |
|
|
$ |
15,033,160 |
|
|
$ |
— |
|
|
$ |
1,875,466 |
|
|
$ |
5,131,334 |
|
|
$ |
7,006,800 |
|
1st Lien/Last-Out Unitranche |
|
|
— |
|
|
|
— |
|
|
|
297,348 |
|
|
|
297,348 |
|
|
|
— |
|
|
|
— |
|
|
|
261,643 |
|
|
|
261,643 |
|
2nd Lien/Senior Secured Debt |
|
|
— |
|
|
|
73,305 |
|
|
|
36,792 |
|
|
|
110,097 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Structured Finance Obligation – Debt Instruments |
|
|
— |
|
|
|
172,100 |
|
|
|
— |
|
|
|
172,100 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Structured Finance Obligation – Equity Instruments |
|
|
— |
|
|
|
54,401 |
|
|
|
— |
|
|
|
54,401 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
2,093 |
|
|
|
2,093 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common Stock |
|
|
— |
|
|
|
— |
|
|
|
5,282 |
|
|
|
5,282 |
|
|
|
— |
|
|
|
— |
|
|
|
5,372 |
|
|
|
5,372 |
|
Membership Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
— |
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|
— |
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|
— |
|
Warrants |
|
|
— |
|
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|
— |
|
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|
29 |
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|
29 |
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|
— |
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|
— |
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|
— |
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|
|
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Investments in Affiliated Money Market Fund |
|
|
273,743 |
|
|
|
— |
|
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|
— |
|
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|
273,743 |
|
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|
444,718 |
|
|
|
— |
|
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|
— |
|
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|
444,718 |
|
Unrealized appreciation on derivatives |
|
|
— |
|
|
|
2,044 |
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|
— |
|
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|
2,044 |
|
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|
— |
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|
— |
|
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|
— |
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|
— |
|
Total Assets |
|
$ |
273,743 |
|
|
$ |
3,529,940 |
|
|
$ |
12,146,614 |
|
|
$ |
15,950,297 |
|
|
$ |
444,718 |
|
|
$ |
1,875,466 |
|
|
$ |
5,398,349 |
|
|
$ |
7,718,533 |
|
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|
Liabilities |
|
Level 1 |
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|
Level 2 |
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|
Level 3 |
|
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Total |
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|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Unrealized depreciation on derivatives |
|
|
— |
|
|
|
(2,075 |
) |
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|
— |
|
|
|
(2,075 |
) |
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|
— |
|
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|
— |
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|
— |
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|
— |
|
Total Liabilities |
|
$ |
— |
|
|
$ |
(2,075 |
) |
|
$ |
— |
|
|
$ |
(2,075 |
) |
|
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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| Summary of Changes in Fair Value of Level 3 Assets By Investment Type |
The following table presents a summary of changes in fair value of Level 3 assets by investment type:
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Assets |
|
Beginning
Balance |
|
|
Purchases(1) |
|
|
Net
Realized
Gain (Loss) |
|
|
Net Change in
Unrealized
Appreciation
(Depreciation) |
|
|
Sales and
Settlements(1) |
|
|
Net
Amortization
of Premium/
Discount |
|
|
Transfers
In (2) |
|
|
Transfers
Out (2) |
|
|
Ending Balance |
|
|
Net Change in
Unrealized
Appreciation
(Depreciation)
for assets still
held |
|
For the Year Ended December 31, 2025 |
|
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|
|
|
1st Lien/Senior Secured Debt |
|
$ |
5,131,334 |
|
|
$ |
8,015,728 |
|
|
$ |
(2,416 |
) |
|
$ |
3,011 |
|
|
$ |
(1,312,623 |
) |
|
$ |
29,118 |
|
|
$ |
— |
|
|
$ |
(59,082 |
) |
|
$ |
11,805,070 |
|
|
$ |
4,129 |
|
1st Lien/Last-Out Unitranche |
|
|
261,643 |
|
|
|
188,036 |
|
|
|
— |
|
|
|
3,467 |
|
|
|
(157,641 |
) |
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|
1,843 |
|
|
|
— |
|
|
|
— |
|
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|
297,348 |
|
|
|
3,509 |
|
2nd Lien/Senior Secured Debt |
|
|
— |
|
|
|
36,266 |
|
|
|
— |
|
|
|
495 |
|
|
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
— |
|
|
|
36,792 |
|
|
|
495 |
|
Structured Finance Obligation – Debt Instruments |
|
|
— |
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|
— |
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|
— |
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|
— |
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|
— |
|
|
|
— |
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|
— |
|
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|
— |
|
|
|
— |
|
|
|
— |
|
Structured Finance Obligation – Equity Instruments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Preferred Stock |
|
|
— |
|
|
|
2,067 |
|
|
|
— |
|
|
|
26 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,093 |
|
|
|
26 |
|
Common Stock |
|
|
5,372 |
|
|
|
2,446 |
|
|
|
— |
|
|
|
(2,536 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
5,282 |
|
|
|
(2,536 |
) |
Membership Interest |
|
|
— |
|
|
|
— |
|
|
|
— |
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|
— |
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|
— |
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|
— |
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|
— |
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|
— |
|
|
|
— |
|
|
|
— |
|
Warrants |
|
|
— |
|
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|
25 |
|
|
|
— |
|
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|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
4 |
|
Total assets |
|
$ |
5,398,349 |
|
|
$ |
8,244,568 |
|
|
$ |
(2,416 |
) |
|
$ |
4,467 |
|
|
$ |
(1,470,264 |
) |
|
$ |
30,992 |
|
|
$ |
— |
|
|
$ |
(59,082 |
) |
|
$ |
12,146,614 |
|
|
$ |
5,627 |
|
For the Year Ended December 31, 2024 |
|
1st Lien/Senior Secured Debt |
|
$ |
1,418,647 |
|
|
$ |
4,256,633 |
|
|
$ |
(5,621 |
) |
|
$ |
(7,899 |
) |
|
$ |
(548,536 |
) |
|
$ |
14,715 |
|
|
$ |
3,395 |
|
|
$ |
— |
|
|
$ |
5,131,334 |
|
|
$ |
(11,309 |
) |
1st Lien/Last-Out Unitranche |
|
|
166,684 |
|
|
|
96,362 |
|
|
|
— |
|
|
|
(1,906 |
) |
|
|
— |
|
|
|
503 |
|
|
|
— |
|
|
|
— |
|
|
|
261,643 |
|
|
|
(1,906 |
) |
2nd Lien/Senior Secured Debt |
|
|
20,017 |
|
|
|
1,936 |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(22,533 |
) |
|
|
584 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Preferred Stock |
|
|
— |
|
|
|
3,101 |
|
|
|
— |
|
|
|
(3,101 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,101 |
) |
Common Stock |
|
|
— |
|
|
|
5,214 |
|
|
|
— |
|
|
|
158 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,372 |
|
|
|
158 |
|
Total assets |
|
$ |
1,605,348 |
|
|
$ |
4,363,246 |
|
|
$ |
(5,624 |
) |
|
$ |
(12,749 |
) |
|
$ |
(571,069 |
) |
|
$ |
15,802 |
|
|
$ |
3,395 |
|
|
$ |
— |
|
|
$ |
5,398,349 |
|
|
$ |
(16,159 |
) |
(1)Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments. (2)Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.
|
| Summary of Debt Obligations Carried at Fair Value |
If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:
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As of |
|
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|
Level |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Truist Revolving Credit Facility |
|
3 |
|
$ |
2,892,631 |
|
|
$ |
1,161,893 |
|
BNPP Revolving Credit Facility |
|
3 |
|
$ |
850,000 |
|
|
$ |
700,000 |
|
MS Revolving Credit Facility |
|
3 |
|
$ |
1,193,154 |
|
|
$ |
715,000 |
|
2028 Notes |
|
2 |
|
$ |
408,080 |
|
|
$ |
— |
|
2029 Notes |
|
2 |
|
$ |
662,640 |
|
|
$ |
— |
|
2030 Notes |
|
2 |
|
$ |
613,200 |
|
|
$ |
— |
|
2031 Notes |
|
2 |
|
$ |
502,150 |
|
|
$ |
— |
|
|