Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy as of December 31, 2025 and December 31, 2024:


	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	5,090,861	$	5,090,861
Unitranche secured loans	—		—		35,414		35,414
Junior secured loans	—		—		277,025		277,025
Equity investments	145		—		416,310		416,455
Total investments, at fair value:	$	145	$	—	$	5,819,610	$	5,819,755

Foreign currency forward contracts asset (liability)	$	—	$	(3,172)	$	—	$	(3,172)


	Fair Value Measurements
December 31, 2024	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	3,491,117	$	3,491,117
Unitranche secured loans	—		—		148,531		148,531
Junior secured loans	—		—		177,677		177,677
Equity investments	149		—		191,499		191,648
Total investments, at fair value:	$	149	$	—	$	4,008,824	$	4,008,973

Foreign currency forward contracts asset (liability)	$	—	$	1,501	$	—	$	1,501

Schedule of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the years ended December 31, 2025 and 2024:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2024	$	3,491,117	$	148,531	$	177,677	$	191,499	$	4,008,824
Net realized gain (loss) on investments	(2,768)		—		(3,142)		581		(5,329)
Net change in unrealized gain (loss) on investments	(44,701)		(5,749)		(50,415)		1,073		(99,792)
Purchases of investments and other adjustments to cost (1)	2,527,221		487		142,213		202,176		2,872,097
Proceeds from principal payments and sales of investments (2)	(817,050)		(91,213)		(43,174)		(4,753)		(956,190)
Reclassifications (3)	(62,958)		(16,642)		53,866		25,734		—

Balance as of December 31, 2025	$	5,090,861	$	35,414	$	277,025	$	416,310	$	5,819,610


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2023	$	2,171,243	$	184,853	$	87,986	$	84,062	$	2,528,144
Net realized gain (loss) on investments	(98)		—		39		118		59
Net change in unrealized gain (loss) on investments	6,747		288		(11,646)		5,703		1,092
Purchases of investments and other adjustments to cost (1)	1,981,176		8,269		78,335		85,001		2,152,781
Proceeds from principal payments and sales of investments (2)	(601,460)		(44,879)		(22,839)		(3,941)		(673,119)
Reclassifications (3)	(66,491)		—		45,802		20,689		—
Transfers in (out) of Level 3 (4)	—		—		—		(133)		(133)
Balance as of December 31, 2024	$	3,491,117	$	148,531	$	177,677	$	191,499	$	4,008,824

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(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

(4)Represents non-cash transfers between fair value categories.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2025:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	3,428,212		Discounted cash flow	EBITDA multiples	11.1x		4.3x		36.4x
					Market yields	9.6	%	7.2	%	19.8	%
Senior secured loans	1,192,777			Discounted cash flow	Revenue multiples	7.2x		1.0x		14.0x
					Market yields	9.4	%	7.5	%	20.0	%
Senior secured loans	61,795			Enterprise value	EBITDA multiples	7.2x		5.5x		12.0x
Senior secured loans	43,978			Enterprise value	Revenue multiples	2.6x		0.5x		5.3x
Senior secured loans	4,452			Liquidation	Probability weighting of alternative outcomes	44.0	%	44.0	%	44.0	%
Unitranche secured loans	18,186			Discounted cash flow	EBITDA multiples	10.5x		10.5x		10.5x
					Market yields	8.8	%	8.4	%	16.0	%
Unitranche secured loans	17,228			Discounted cash flow	Revenue multiples	5.5x		5.5x		5.5x
					Market yields	13.2	%	13.2	%	13.2	%
Junior secured loans	243,696			Discounted cash flow	EBITDA multiples	8.8x		8.8x		8.8x
					Market yields	14.0	%	12.5	%	17.3	%
Junior secured loans	17,118			Enterprise value	Revenue multiples	4.9x		1.0x		5.3x
Junior secured loans	9,451			Enterprise value	EBITDA multiples	7.2x		4.3x		12.0x
Equity investments	327,486			Enterprise value	EBITDA multiples	10.7x		6.8x		17.3x
Equity investments	80,634			Enterprise value	Revenue multiples	4.2x		0.5x		10.8x
Equity investments	7,271			Option pricing model	Volatility	47.2	%	24.0	%	70.0	%
Total Level 3 Assets	$	5,452,284	(2)

_________________________________________

(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $367,326 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2024:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	2,224,530		Discounted cash flow	EBITDA multiples	11.1x		5.3x		35.9x
					Market yields	10.4	%	8.2	%	21.8	%
Senior secured loans	931,531			Discounted cash flow	Revenue multiples	7.6x		1.0x		18.0x
					Market yields	10.6	%	8.5	%	25.5	%
Senior secured loans	17,392			Enterprise value	EBITDA multiples	10.1x		6.5x		13.0x
Senior secured loans	15,818			Enterprise value	Revenue multiples	1.6x		0.3x		5.3x
Senior secured loans	6,042			Liquidation	Probability weighting of alternative outcomes	59.7	%	59.7	%	59.7	%
Unitranche secured loans	114,503			Discounted cash flow	EBITDA multiples	10.2x		8.0x		11.3x
					Market yields	12.0	%	9.2	%	16.2	%
Unitranche secured loans	34,028			Discounted cash flow	Revenue multiples	6.3x		6.3x		6.3x
					Market yields	13.9	%	13.9	%	13.9	%
Junior secured loans	108,449			Discounted cash flow	Market yields	14.8	%	12.6	%	17.7	%
Junior secured loans	26,886			Enterprise value	Revenue multiples	4.6x		0.3x		5.3x
Junior secured loans	3,752			Enterprise value	EBITDA multiples	7.0x		7.0x		7.0x
Equity investments	127,944			Enterprise value	EBITDA multiples	11.3x		3.6x		20.5x
Equity investments	51,219			Enterprise value	Revenue multiples	3.6x		0.4x		11.0x
Equity investments	9,065			Option pricing model	Volatility	46.4	%	24.0	%	65.0	%
Total Level 3 Assets	$	3,671,159	(2)

_________________________________________

(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $337,665 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying values and fair values of the Company's debt as of December 31, 2025 and December 31, 2024:


	December 31, 2025				December 31, 2024
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	627,266	$	627,266	$	474,756	$	474,756
SPV Credit Facility	97,515		97,515		239,889		239,889
SPV II Credit Facility	568,316		568,316		194,574		194,574
SPV III Credit Facility	148,568		148,568		73,722		73,722
SPV IV Credit Facility	172,753		172,753		245,185		245,185
SPV V Credit Facility	123,361		123,361		—		—

2022 ABS	234,697		234,604		293,393		287,178
2023 ABS	207,239		210,271		206,369		209,100
2025 ABS	411,711		411,711		—		—
July 2028 Notes	41,476		42,096		—		—
November 2028 Notes	99,324		101,232		99,089		100,273
December 2028 Notes	99,324		101,279		99,089		100,272
July 2029 Notes	154,981		156,242		154,697		154,918
September 2029 Notes	47,686		47,699		47,599		47,667
July 2030 Notes	159,290		161,679		—		—
Total Debt	$	3,193,507	$	3,204,592	$	2,128,362	$	2,127,534

_____________________________________________

(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

(2)Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.

The below table presents fair value measurements of the Company’s debt obligations according to the fair value hierarchy as of December 31, 2025 and December 31, 2024:


	December 31, 2025		December 31, 2024
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,204,592		2,127,534
Total Debt	$	3,204,592	$	2,127,534

- 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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