Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
|
| Summary of Fair Value Hierarchy of Financial Instruments |
The following tables present the fair value hierarchy of financial instruments, as of December 31, 2025 and December 31, 2024, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:
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December 31, 2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First lien debt |
|
$ |
— |
|
|
$ |
735,729 |
|
|
$ |
5,609,414 |
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|
$ |
6,345,143 |
|
Second lien debt |
|
|
— |
|
|
|
11,959 |
|
|
|
18,157 |
|
|
|
30,116 |
|
Subordinated debt |
|
|
— |
|
|
|
— |
|
|
|
1,481 |
|
|
|
1,481 |
|
Equity and Other Investments |
|
|
— |
|
|
|
— |
|
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|
14,314 |
|
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|
14,314 |
|
Cash and cash equivalents |
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|
128,658 |
|
|
|
— |
|
|
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— |
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|
128,658 |
|
Total Portfolio Investments, Cash and Cash Equivalents |
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$ |
128,658 |
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$ |
747,688 |
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$ |
5,643,366 |
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$ |
6,519,712 |
|
Percentage of total |
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1.97 |
% |
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|
11.47 |
% |
|
|
86.56 |
% |
|
|
100.00 |
% |
Interest rate swaps |
|
$ |
— |
|
|
$ |
8,060 |
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|
$ |
— |
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$ |
8,060 |
|
Foreign currency forward contracts |
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$ |
— |
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$ |
(18,860 |
) |
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$ |
— |
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$ |
(18,860 |
) |
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December 31, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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First lien debt |
|
$ |
— |
|
|
$ |
720,868 |
|
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$ |
3,654,487 |
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$ |
4,375,355 |
|
Second lien debt |
|
|
— |
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|
47,466 |
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|
42,019 |
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|
89,485 |
|
Subordinated debt |
|
|
— |
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— |
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|
990 |
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|
990 |
|
Equity and Other Investments |
|
|
— |
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|
|
— |
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|
63,234 |
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|
63,234 |
|
Cash and cash equivalents |
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|
109,302 |
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|
|
— |
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— |
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|
109,302 |
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Total Portfolio Investments, Cash and Cash Equivalents |
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$ |
109,302 |
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$ |
768,334 |
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$ |
3,760,730 |
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$ |
4,638,366 |
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Percentage of total |
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2.36 |
% |
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16.56 |
% |
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|
81.08 |
% |
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|
100.00 |
% |
Interest rate swaps |
|
$ |
— |
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|
$ |
(859 |
) |
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$ |
(859 |
) |
Foreign currency forward contracts |
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$ |
— |
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$ |
9,441 |
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$ |
— |
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$ |
9,441 |
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| Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value |
The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the years ended December 31, 2025 and December 31, 2024,:
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For the Year Ended December 31, 2025 |
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First Lien Debt |
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Second Lien Debt |
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Subordinated Debt |
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Equity and Other Investments |
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Total Investments |
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Fair value, beginning of year |
$ |
3,654,487 |
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|
$ |
42,019 |
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$ |
990 |
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$ |
63,234 |
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$ |
3,760,730 |
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Purchase of investments (including PIK) |
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2,517,982 |
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338 |
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|
444 |
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8,851 |
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2,527,615 |
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Proceeds from principal repayments and sales of investments |
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(668,742 |
) |
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(24,250 |
) |
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— |
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(60,052 |
) |
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(753,044 |
) |
Amortization of premium/accretion of discount, net |
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15,493 |
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|
141 |
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3 |
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(64 |
) |
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15,573 |
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Net realized gain (loss) on investments |
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13,063 |
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|
407 |
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— |
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|
237 |
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|
13,707 |
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Net change in unrealized appreciation (depreciation) on investments |
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24,214 |
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(498 |
) |
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44 |
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2,108 |
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25,868 |
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Transfers to Level 3 (1) |
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52,917 |
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— |
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— |
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— |
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|
52,917 |
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Fair value, end of period |
$ |
5,609,414 |
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$ |
18,157 |
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$ |
1,481 |
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$ |
14,314 |
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$ |
5,643,366 |
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025 |
$ |
27,327 |
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$ |
(24 |
) |
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$ |
44 |
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$ |
2,090 |
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$ |
29,437 |
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(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the year ended December 31, 2025, three investments were transferred from Level 2 to Level 3, as valuation coverage on level 2 investments decreased to less than two independent pricing services. For the year ended December 31, 2025, there were zero investments that were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments did not drop below independent pricing service.
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For the Year Ended December 31, 2024 |
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First Lien Debt |
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Second Lien Debt |
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Subordinated Debt |
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Equity and Other Investments |
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Total Investments |
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Fair value, beginning of period |
$ |
1,200,165 |
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$ |
130,876 |
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$ |
— |
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$ |
27,892 |
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$ |
1,358,933 |
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Purchase of investments (including PIK) |
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2,925,154 |
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|
337 |
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|
990 |
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31,501 |
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2,957,982 |
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Proceeds from principal repayments and sales of investments |
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(438,236 |
) |
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(88,699 |
) |
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— |
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— |
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(526,935 |
) |
Amortization of premium/accretion of discount, net |
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9,013 |
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332 |
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— |
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50 |
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|
9,395 |
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Net realized gain (loss) on investments |
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5,786 |
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1,537 |
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— |
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— |
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|
7,323 |
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Net change in unrealized appreciation (depreciation) on investments |
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2,435 |
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(272 |
) |
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— |
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|
3,791 |
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|
5,954 |
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Transfers out of Level 3 (1) |
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(52,465 |
) |
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(46,886 |
) |
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— |
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— |
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|
(99,351 |
) |
Transfers to Level 3 (1) |
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2,635 |
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|
44,794 |
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— |
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— |
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|
47,429 |
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Fair value, end of period |
$ |
3,654,487 |
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$ |
42,019 |
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$ |
990 |
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$ |
63,234 |
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$ |
3,760,730 |
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2024 |
$ |
3,789 |
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$ |
479 |
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$ |
— |
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$ |
3,790 |
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$ |
8,058 |
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(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the year ended December 31, 2024, four investments were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments increased to more than one independent pricing service. For the year ended December 31, 2024, two investments were transferred from Level 2 to Level 3, as valuation coverage decreased to less than two independent pricing services.
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| Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments |
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.
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December 31, 2025 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input (1) |
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Low |
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High |
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Weighted Average (2) |
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First lien debt |
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$ |
5,296,337 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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5.95 |
% |
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|
16.79 |
% |
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|
9.71 |
% |
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|
127,215 |
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Recent Transaction |
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Transaction Price |
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96.50 |
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|
98.02 |
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|
96.87 |
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5,423,552 |
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Second lien debt |
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|
18,157 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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12.07 |
% |
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13.07 |
% |
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|
12.57 |
% |
Subordinated debt |
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|
1,481 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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11.66 |
% |
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13.78 |
% |
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12.42 |
% |
Preferred equity |
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|
8,162 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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17.80 |
% |
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18.80 |
% |
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18.30 |
% |
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4,255 |
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Recent Transaction |
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Transaction Price |
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32.08 |
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100.00 |
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|
87.58 |
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|
12,417 |
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Warrants |
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|
1,896 |
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Recent Transaction |
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Transaction Price |
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|
514.28 |
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|
514.28 |
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|
514.28 |
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Total |
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$ |
5,457,503 |
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December 31, 2024 |
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Range |
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Fair Value |
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Valuation Technique |
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Unobservable Input (1) |
|
Low |
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High |
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Weighted Average (2) |
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First lien debt |
|
$ |
3,396,459 |
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|
Market Yield Analysis |
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Market Yield Discount Rates |
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|
7.72 |
% |
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|
16.69 |
% |
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|
10.62 |
% |
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|
242,563 |
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Recent Transaction |
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Transaction Price |
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|
98.00 |
|
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|
99.25 |
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|
98.18 |
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|
3,639,022 |
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Second lien debt |
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|
42,019 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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10.45 |
% |
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13.82 |
% |
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|
11.95 |
% |
Subordinated debt |
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|
990 |
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Recent Transaction |
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Transaction Price |
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|
99.00 |
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|
99.00 |
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|
99.00 |
|
Preferred equity |
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|
63,155 |
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Market Yield Analysis |
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Market Yield Discount Rates |
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|
9.33 |
% |
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|
9.33 |
% |
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15.54 |
% |
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Black-Scholes |
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Volatility |
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|
34.20 |
% |
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|
34.20 |
% |
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|
34.20 |
% |
Warrants |
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|
79 |
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Black-Scholes |
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Volatility |
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|
29.13 |
% |
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29.13 |
% |
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|
29.13 |
% |
Total |
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$ |
3,745,265 |
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(1)The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of December 31, 2025 and December 31, 2024, the Company had investments of this nature measured at fair value totaling $185.9 million and $15.5 million, respectively. (2)Weighted averages are calculated based on fair value of investments.
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The following table presents the fair value of the Company’s Series A Notes, Series C Notes, Series F Notes, 2030 Notes, and 2031 Notes as of December 31, 2025 and December 31, 2024:
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December 31, 2025 |
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Outstanding Principal |
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|
Fair Value |
|
Series A Notes |
$ |
69,000 |
|
|
$ |
70,030 |
|
Series C Notes |
|
116,000 |
|
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|
119,993 |
|
Series F Notes |
|
165,000 |
|
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|
168,293 |
|
2030 Notes |
|
500,000 |
|
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|
507,012 |
|
2031 Notes |
|
400,000 |
|
|
|
397,707 |
|
Total |
$ |
1,250,000 |
|
|
$ |
1,263,035 |
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December 31, 2024 |
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Outstanding Principal |
|
|
Fair Value |
|
Series A Notes |
$ |
69,000 |
|
|
$ |
68,914 |
|
Series C Notes |
|
116,000 |
|
|
|
115,420 |
|
Series F Notes |
|
165,000 |
|
|
|
164,175 |
|
Total |
$ |
350,000 |
|
|
$ |
348,509 |
|
|