v3.25.4
Fair Value Measurements - Schedule of Valuation Techniques and Significant Unobservable Inputs used in Recurring Level 3 Fair Value Measurements of Assets and Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurements    
Fair value $ 5,819,755 [1],[2] $ 4,008,973 [3],[4]
Loans at fair value where valuation (unadjusted) is obtained from third-party pricing service 367,326 337,665
Senior secured loans    
Fair Value Measurements    
Fair value 5,090,861 3,491,117
Unitranche secured loans    
Fair Value Measurements    
Fair value 35,414 148,531
Junior secured loans    
Fair Value Measurements    
Fair value 277,025 177,677
Equity investments    
Fair Value Measurements    
Fair value 416,455 191,648
Level 3 | Total Level 3 Assets    
Fair Value Measurements    
Fair value 5,452,284 3,671,159
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow    
Fair Value Measurements    
Fair value $ 3,428,212 $ 2,224,530
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 11.1 11.1
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 4.3 5.3
Level 3 | Senior secured loans | EBITDA multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 36.4 35.9
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 61,795 $ 17,392
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 7.2 10.1
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 5.5 6.5
Level 3 | Senior secured loans | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 12.0 13.0
Level 3 | Senior secured loans | EBITDA Market Yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.096 0.104
Level 3 | Senior secured loans | EBITDA Market Yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.072 0.082
Level 3 | Senior secured loans | EBITDA Market Yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.198 0.218
Level 3 | Senior secured loans | Revenue Market Yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.094 0.106
Level 3 | Senior secured loans | Revenue Market Yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.075 0.085
Level 3 | Senior secured loans | Revenue Market Yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.200 0.255
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow    
Fair Value Measurements    
Fair value $ 1,192,777 $ 931,531
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 7.2 7.6
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 1.0 1.0
Level 3 | Senior secured loans | Revenue multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 14.0 18.0
Level 3 | Senior secured loans | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 43,978 $ 15,818
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 2.6 1.6
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 0.5 0.3
Level 3 | Senior secured loans | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 5.3 5.3
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation    
Fair Value Measurements    
Fair value $ 4,452 $ 6,042
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.440 0.597
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Minimum    
Fair Value Measurements    
Investments, measurement input 0.440 0.597
Level 3 | Senior secured loans | Probability weighting of alternative outcomes | Liquidation | Maximum    
Fair Value Measurements    
Investments, measurement input 0.440 0.597
Level 3 | Unitranche secured loans | EBITDA multiples | Discounted cash flow    
Fair Value Measurements    
Fair value $ 18,186 $ 114,503
Level 3 | Unitranche secured loans | EBITDA multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 10.5 10.2
Level 3 | Unitranche secured loans | EBITDA multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 10.5 8.0
Level 3 | Unitranche secured loans | EBITDA multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 10.5 11.3
Level 3 | Unitranche secured loans | EBITDA Market Yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.088 0.120
Level 3 | Unitranche secured loans | EBITDA Market Yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.084 0.092
Level 3 | Unitranche secured loans | EBITDA Market Yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.160 0.162
Level 3 | Unitranche secured loans | Revenue Market Yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.132 0.139
Level 3 | Unitranche secured loans | Revenue Market Yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.132 0.139
Level 3 | Unitranche secured loans | Revenue Market Yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.132 0.139
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow    
Fair Value Measurements    
Fair value $ 17,228 $ 34,028
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Unitranche secured loans | Revenue multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 5.5 6.3
Level 3 | Junior secured loans | EBITDA multiples | Discounted cash flow    
Fair Value Measurements    
Fair value $ 243,696  
Level 3 | Junior secured loans | EBITDA multiples | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 8.8  
Level 3 | Junior secured loans | EBITDA multiples | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 8.8  
Level 3 | Junior secured loans | EBITDA multiples | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 8.8  
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 9,451 $ 3,752
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 7.2 7.0
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 4.3 7.0
Level 3 | Junior secured loans | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 12.0 7.0
Level 3 | Junior secured loans | Market yields | Discounted cash flow    
Fair Value Measurements    
Fair value   $ 108,449
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input   0.148
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input   0.126
Level 3 | Junior secured loans | Market yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input   0.177
Level 3 | Junior secured loans | EBITDA Market Yields | Discounted cash flow | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.140  
Level 3 | Junior secured loans | EBITDA Market Yields | Discounted cash flow | Minimum    
Fair Value Measurements    
Investments, measurement input 0.125  
Level 3 | Junior secured loans | EBITDA Market Yields | Discounted cash flow | Maximum    
Fair Value Measurements    
Investments, measurement input 0.173  
Level 3 | Junior secured loans | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 17,118 $ 26,886
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 4.9 4.6
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 1.0 0.3
Level 3 | Junior secured loans | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 5.3 5.3
Level 3 | Equity investments | EBITDA multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 327,486 $ 127,944
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 10.7 11.3
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 6.8 3.6
Level 3 | Equity investments | EBITDA multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 17.3 20.5
Level 3 | Equity investments | Revenue multiples | Enterprise value    
Fair Value Measurements    
Fair value $ 80,634 $ 51,219
Level 3 | Equity investments | Revenue multiples | Enterprise value | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 4.2 3.6
Level 3 | Equity investments | Revenue multiples | Enterprise value | Minimum    
Fair Value Measurements    
Investments, measurement input 0.5 0.4
Level 3 | Equity investments | Revenue multiples | Enterprise value | Maximum    
Fair Value Measurements    
Investments, measurement input 10.8 11.0
Level 3 | Equity investments | Volatility | Option pricing model    
Fair Value Measurements    
Fair value $ 7,271 $ 9,065
Level 3 | Equity investments | Volatility | Option pricing model | Weighted Average Mean    
Fair Value Measurements    
Investments, measurement input 0.472 0.464
Level 3 | Equity investments | Volatility | Option pricing model | Minimum    
Fair Value Measurements    
Investments, measurement input 0.240 0.240
Level 3 | Equity investments | Volatility | Option pricing model | Maximum    
Fair Value Measurements    
Investments, measurement input 0.700 0.650
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[2] Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).
[3] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted.
[4] Except as otherwise noted, because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Valuation Designee. (See Note 4 in the accompanying notes to the consolidated financial statements).