FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:


		December 31, 2025								December 31, 2024
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	530,125	$	5,894,570	$	6,424,695	$	—	$	555,530	$	5,442,166	$	5,997,696
Second Lien Debt		—		15,887		16,136		32,023		—		14,659		2,112		16,771
Other Debt Investments		—		—		11,564		11,564		—		—		6,520		6,520
Equity		—		2,037		55,015		57,052		—		2,037		55,995		58,032
Total Investments	$	—	$	548,049	$	5,977,285	$	6,525,334	$	—	$	572,226	$	5,506,793	$	6,079,019
Investment measured at net asset value (1)							$	85,276							$	—
Total Investments							$	6,610,610							$	6,079,019
Cash and cash equivalents	$	199,865	$	—	$	—	$	199,865	$	159,788	$	—	$	—	$	159,788
Unaffiliated money market	$	38,403	$	—	$	—	$	38,403	$	58,216	$	—	$	—	$	58,216

(1)

The Company, as a practical expedient, estimates the fair value of its investment in North Haven Keystone, LLC using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2025:


	First Lien Debt			Second Lien Debt		Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	5,442,166		$	2,112	$	6,520		$	55,995		$	5,506,793
Purchases of investments(1)		1,658,225			13,407		4,468			7,584			1,683,684
Proceeds from principal repayments and sales of investments(1)		(1,188,702	)		—		—			(9,722	)		(1,198,424	)
Accretion of discount/amortization of premium		23,843			1		98			—			23,942
Payment-in-kind		18,633			616		990			5,425			25,664
Net change in unrealized appreciation (depreciation)		(48,017	)		—		(512	)		(7,540	)		(56,069	)
Net realized gains (losses)		(13,647	)		—		—			3,273			(10,374	)
Transfers into/out of Level 3 (3)		2,069			—		—			—			2,069
Fair value, end of period	$	5,894,570		$	16,136	$	11,564		$	55,015		$	5,977,285

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2025	$	(44,758	)	$	—	$	(512	)	$	(7,448	)	$	(52,718	)

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2024:


	First Lien Debt			Second Lien Debt			Other Debt Investments		Equity			Total Investments
Fair value, beginning of period	$	2,710,858		$	21,708		$	2,484	$	33,352		$	2,768,402
Purchases of investments(1)		3,384,782			2,406			3,537		17,351			3,408,076
Proceeds from principal repayments and sales of investments(2)		(659,416	)		(17,500	)		—		(173	)		(677,089	)
Accretion of discount/amortization of premium		18,946			393			66		—			19,405
Payment-in-kind		13,294			45			350		5,753			19,442
Net change in unrealized appreciation (depreciation)		2,740			5,565			83		(106	)		8,282
Net realized gains (losses)		(10,979	)		(10,505	)		—		(182	)		(21,666	)
Transfers into/out of Level 3 (3)		(18,059	)		—			—		—			(18,059	)
Fair value, end of period	$	5,442,166		$	2,112		$	6,520	$	55,995		$	5,506,793

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2024	$	2,440		$	4,893		$	83	$	(106	)	$	7,310

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of December 31, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         December 31, 2025

          
         Fair

         Valuation

         Significant
Unobservable

         Range (1)

         Weighted

          
         Value

         Technique (2)

         Input

         Low

         High

         Average (3)

Investments in first lien debt

5,844,425

Yield Analysis

Discount Rate

7.48

39.21

9.25

50,145

Market Approach

EBITDA Multiple

6.25x

10.00x

8.31x

Investments in second lien debt

1,461

Yield Analysis

Discount Rate

12.27

12.75

12.38

14,675

Market Approach

EBITDA Multiple

7.75x

10.00x

7.86x

Other debt

6,667

Yield Analysis

Discount Rate

13.70

14.95

14.36

4,897

Market Approach

EBITDA Multiple

6.25x

7.75x

7.75x

Preferred equity

30,136

Income Approach

Discount Rate

12.09

15.66

13.55

12,439

Market Approach

EBITDA Multiple

7.75x

15.43x

12.99x

Common equity

6,693

Market Approach

Revenue Multiple

5.00x

22.25x

17.25x

5,747

Market Approach

EBITDA Multiple

1.20x

24.60x

11.61x

Total Investments

5,977,285

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the years ended December 31, 2025, two preferred equity positions with a combined fair value of $9.2 million transitioned from an income approach to a market approach valuation technique, four debt investments with a combined fair value of $45.2 million transitioned from a yield analysis to market approach valuation technique.

(3)

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.


	December 31, 2024
	Fair		Valuation	Significant Unobservable	Range (1)						Weighted
	Value		Technique (2)	Input	Low			High			Average (3)
Investments in first lien debt	$	5,439,606	Yield Analysis	Discount Rate		7.92	%		34.06	%		10.10	%
		2,560	Market Approach	EBITDA Multiple							6.50x
Investments in second lien debt		2,112	Yield Analysis	Discount Rate		10.18	%		12.70	%		11.63	%
Other debt		6,225	Yield Analysis	Discount Rate		9.42	%		14.90	%		12.13	%
	295		Market Approach	EBITDA Multiple							9.00x
Preferred equity		42,434	Income Approach	Discount Rate		12.19	%		17.50	%		15.13	%
		2,462	Market Approach	EBITDA Multiple							8.50x
Common equity		5,043	Market Approach	Revenue Multiple	7.60x			12.70x			11.27x
		6,056	Market Approach	EBITDA Multiple	3.90x			18.70x			13.77x
Total Investments	$	5,506,793

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the year ended December 31, 2024, one unsecured debt position with a fair value of $3.07 million transitioned from an income approach to a yield analysis valuation technique.

(3)

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:


	December 31, 2025					December 31, 2024
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
ING Facility	3	$	254,537	$	254,537	$	313,352	$	313,352
Wells Funding Facility	3		497,250		497,250		381,250		381,250
CBNA Funding Facility	3		225,000		225,000		93,750		93,750
JPM Funding Facility	3		744,073		744,073		614,073		614,073
Series A 2026 Notes(1)(6)	3		—		—		203,112		202,899
Series A 2028 Notes(1)(6)	3		145,151		146,080		144,986		143,487
Series B 2026 Notes(2)(6)	3		106,745		106,683		106,345		106,170
Series B 2028 Notes(2)(6)	3		127,227		128,152		126,945		125,503
Series C 2027 Notes(3)(6)	3		135,966		137,638		135,515		137,188
Series C 2029 Notes(3)(6)	3		162,425		167,204		162,094		164,336
Series D 2027 Notes(4)(6)	3		99,390		100,272		99,007		99,146
Series D 2029 Notes(4)(6)	3		198,349		200,709		197,890		196,159
2030 Notes(5)	3		294,837		294,837		293,686		293,686
2028 Notes(7)	3		294,582		294,080		—		—
Total		$	3,285,532	$	3,296,515	$	2,872,005	$	2,870,999

(1)

The carrying value of the Company’s Series A 2026 Notes and Series A 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $0 and $849, respectively, as of December 31, 2025, and $888 and $1,014, respectively, as of December 31, 2024.

(2)

The carrying value of the Company’s Series B 2026 Notes and Series B 2028 Notes (each as defined below) was presented net of unamortized debt issuance costs of $255 and $773, respectively, as of December 31, 2025, and $655 and $1,055, respectively, as of December 31, 2024.

(3)

The carrying value of the Company’s Series C 2027 Notes and Series C 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $534 and $1,075, respectively, as of December 31, 2025, and $985 and $1,406, respectively, as of December 31, 2024.

(4)

The carrying value of the Company’s Series D 2027 Notes and Series D 2029 Notes (each as defined below) was presented net of unamortized debt issuance costs of $610 and $1,651, respectively, as of December 31, 2025, and $993 and $2,110, respectively, as of December 31, 2024.

(5)

The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized debt issuance cost of $3,080, as of December 31, 2025, and $3,721 as of December 31, 2024. The carrying value of the Company’s 2030 Notes (as defined below) was presented net of unamortized original issue discount of $2,083, as of December 31, 2025, and $2,587 as of December 31, 2024.

(6)

Inclusive of change in fair market value of effective hedge.

(7)

The carrying value of the Company’s 2028 Notes (as defined below) was presented net of unamortized debt issuance costs and unamortized original issue discount of $3,488, and $1,930, respectively, as of December 31, 2025.

- Definition

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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