v3.25.4
FAIR VALUE MEASUREMENTS - Unobservable Inputs (Details)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 6,610,610,000 [1],[2] $ 6,079,019,000 [3],[4]
Measurement input [5]   0.09
Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 5,977,285,000 $ 5,506,793,000
Level 3 | First Lien Debt | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 5,844,425,000 $ 5,439,606,000
Level 3 | First Lien Debt | Yield Analysis | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0748 [6] 0.0792 [7]
Level 3 | First Lien Debt | Yield Analysis | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.3921 [6] 0.3406 [7]
Level 3 | First Lien Debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.0925 [8] 0.101 [5]
Level 3 | First Lien Debt | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 50,145,000 $ 2,560,000
Level 3 | First Lien Debt | Market Approach | Minimum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.0625  
Level 3 | First Lien Debt | Market Approach | Maximum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.10  
Level 3 | First Lien Debt | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [8] 0.0831  
Level 3 | Second Lien Debt | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 1,461,000 $ 2,112,000
Level 3 | Second Lien Debt | Yield Analysis | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1227 [6] 0.1018 [7]
Level 3 | Second Lien Debt | Yield Analysis | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1275 [6] 0.127 [7]
Level 3 | Second Lien Debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1238 [8] 0.1163 [5]
Level 3 | Second Lien Debt | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 14,675,000  
Level 3 | Second Lien Debt | Market Approach | Minimum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.0775  
Level 3 | Second Lien Debt | Market Approach | Maximum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.10  
Level 3 | Second Lien Debt | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [8] 0.0786  
Level 3 | Other Debt | Yield Analysis | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 6,667,000 $ 6,225,000
Level 3 | Other Debt | Yield Analysis | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.137  
Level 3 | Other Debt | Yield Analysis | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.1495  
Level 3 | Other Debt | Yield Analysis | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [8] 0.1436  
Level 3 | Other Debt | Income Approach | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [7]   0.0942
Level 3 | Other Debt | Income Approach | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [7]   0.149
Level 3 | Other Debt | Income Approach | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [5]   0.1213
Level 3 | Other Debt | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 4,897,000 $ 295,000
Level 3 | Other Debt | Market Approach | Minimum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.0625  
Level 3 | Other Debt | Market Approach | Maximum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.0775  
Level 3 | Other Debt | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [8] 0.0775  
Level 3 | Preferred equity | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [5]   0.085
Level 3 | Preferred equity | Income Approach | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 30,136,000 $ 42,434,000
Level 3 | Preferred equity | Income Approach | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1209 [6] 0.1219 [7]
Level 3 | Preferred equity | Income Approach | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1566 [6] 0.175 [7]
Level 3 | Preferred equity | Income Approach | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1355 [8] 0.1513 [5]
Level 3 | Preferred equity | Market Approach    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 9,200,000  
Level 3 | Preferred equity | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 12,439,000 $ 2,462,000
Level 3 | Preferred equity | Market Approach | Minimum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.0775  
Level 3 | Preferred equity | Market Approach | Maximum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [6] 0.1543  
Level 3 | Preferred equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input [8] 0.1299  
Level 3 | Common equity | Market Approach | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 6,693,000 5,043,000
Level 3 | Common equity | Market Approach | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 5,747,000 $ 6,056,000
Level 3 | Common equity | Market Approach | Minimum | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.05 [6] 0.076 [7]
Level 3 | Common equity | Market Approach | Minimum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.012 [6] 0.039 [7]
Level 3 | Common equity | Market Approach | Maximum | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.2225 [6] 0.127 [7]
Level 3 | Common equity | Market Approach | Maximum | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.246 [6] 0.187 [7]
Level 3 | Common equity | Market Approach | Weighted Average | Revenue Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1725 [8] 0.1127 [5]
Level 3 | Common equity | Market Approach | Weighted Average | EBITDA Multiple    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Measurement input 0.1161 [8] 0.1377 [5]
[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company would be deemed to “control” one of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is an “affiliated person” of two of its portfolio companies, as indicated below.
[2] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility as defined below. See Note 6 “Debt”.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
[4] Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the ING Facility (as defined below). See Note 6 "Debt".
[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] For an asset category that contains a single investment, the range is not included.
[7] For an asset category that contains a single investment, the range is not included.
[8] 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.