Fair Value Measurement (Tables)
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3 Months Ended |
Mar. 31, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets |
The tables below present the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of March 31, 2026 and December 31, 2025.
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Level 3 Instruments |
|
Fair Value(1)(2) |
|
Valuation Techniques(3) |
Significant Unobservable
Inputs |
Range of Significant
Unobservable Inputs(4) |
Weighted
Average(5) |
As of March 31, 2026 |
|
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|
|
|
|
|
Bank Loans, Corporate Debt, and Other Debt Obligations |
1st Lien/Senior Secured Debt |
|
$ |
2,759,923 |
|
Discounted cash flows |
Discount Rate |
7.5% - 20.3% |
10.1% |
|
|
$ |
14,999 |
|
Collateral analysis |
Recovery Rate |
— |
85.0% |
|
|
$ |
124,277 |
|
Comparable multiples |
EV/EBITDA(6) |
6.0x - 10.0x |
7.3x |
|
|
$ |
5,089 |
|
Comparable multiples |
EV/Revenue |
0.3x - 0.9x |
0.9x |
1st Lien/Last-Out Unitranche |
|
$ |
121,802 |
|
Discounted cash flows |
Discount Rate |
8.0% - 11.1% |
9.1% |
|
|
$ |
9,084 |
|
Comparable multiples |
EV/EBITDA(6) |
— |
9.2x |
2nd Lien/Senior Secured Debt |
|
$ |
19,601 |
|
Discounted cash flows |
Discount Rate |
2.6% - 9.8% |
8.6% |
|
|
$ |
17,878 |
|
Comparable multiples |
EV/EBITDA(6) |
3.5x - 9.0x |
6.7x |
|
|
$ |
15,287 |
|
Comparable multiples |
EV/Revenue |
— |
0.4x |
Unsecured Debt |
|
$ |
8,521 |
|
Discounted cash flows |
Discount Rate |
16.3% - 18.0% |
16.6% |
Equity |
Preferred Stock |
|
$ |
4,341 |
|
Discounted cash flows |
Discount Rate |
— |
38.6% |
|
|
$ |
241 |
|
Comparable multiples |
EV/EBITDA(6) |
12.3x - 13.3x |
12.7x |
|
|
$ |
15,542 |
|
Comparable multiples |
EV/Revenue |
— |
3.0x |
Common Stock |
|
$ |
5,396 |
|
Discounted cash flows |
Discount Rate |
— |
27.6% |
|
|
$ |
7,938 |
|
Comparable multiples |
EV/EBITDA(6) |
2.1x - 13.3x |
8.5x |
|
|
$ |
789 |
|
Comparable multiples |
EV/Revenue |
— |
6.8x |
Warrants |
|
$ |
461 |
|
Comparable multiples |
EV/Revenue |
— |
3.0x |
As of December 31, 2025 |
|
|
|
|
|
|
|
Bank Loans, Corporate Debt, and Other Debt Obligations |
1st Lien/Senior Secured Debt |
|
$ |
2,637,872 |
|
Discounted cash flows |
Discount Rate |
7.9% - 21.4% |
10.5% |
|
|
$ |
13,278 |
|
Collateral analysis |
Recovery Rate |
— |
75.3% |
|
|
$ |
66,612 |
|
Comparable multiples |
EV/EBITDA(6) |
4.8x - 10.0x |
7.2x |
|
|
$ |
158 |
|
Comparable multiples |
EV/Revenue |
— |
0.3x |
1st Lien/Last-Out Unitranche |
|
$ |
70,050 |
|
Discounted cash flows |
Discount Rate |
8.1% - 11.3% |
9.9% |
|
|
$ |
11,833 |
|
Comparable multiples |
EV/EBITDA(6) |
— |
8.7x |
2nd Lien/Senior Secured Debt |
|
$ |
20,970 |
|
Discounted cash flows |
Discount Rate |
19.3% - 23.6% |
22.2% |
|
|
$ |
26,944 |
|
Comparable multiples |
EV/EBITDA(6) |
3.7x - 9.0x |
6.9x |
Unsecured Debt |
|
$ |
8,476 |
|
Discounted cash flows |
Discount Rate |
14.7% - 26.7% |
16.5% |
Equity |
Preferred Stock |
|
$ |
8,682 |
|
Discounted cash flows |
Discount Rate |
— |
20.6% |
|
|
$ |
127 |
|
Comparable multiples |
EV/EBITDA(6) |
— |
13.0x |
|
|
$ |
17,617 |
|
Comparable multiples |
EV/Revenue |
— |
3.9x |
Common Stock |
|
$ |
5,396 |
|
Discounted cash flows |
Discount Rate |
— |
28.5% |
|
|
$ |
8,468 |
|
Comparable multiples |
EV/EBITDA(6) |
3.5x - 13.0x |
7.5x |
|
|
$ |
798 |
|
Comparable multiples |
EV/Revenue |
— |
7.3x |
Warrants |
|
$ |
247 |
|
Comparable multiples |
EV/Revenue |
— |
3.9x |
(1)As of March 31, 2026, included within the fair value of Level 3 assets of $3,148,414 is an amount of $17,245 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,909,847 or 93.5% of Level 3 bank loans, corporate debt, and other debt obligations. (2)As of December 31, 2025, included within the fair value of Level 3 assets of $3,207,527 is an amount of $309,999 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and transaction prices). The income approach was used in the determination of fair value for $2,737,368 or 86.5% of Level 3 bank loans, corporate debt, and other debt obligations. (3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. (4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. (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)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).
|
| Summary of Assets and Liabilities Categorized Within Fair Value Hierarchy |
The following is a summary of the Company’s assets and liabilities categorized within the fair value hierarchy:
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|
March 31, 2026 |
|
|
December 31, 2025 |
|
Assets |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
1st Lien/Senior Secured Debt |
|
$ |
— |
|
|
$ |
80,496 |
|
|
$ |
2,921,533 |
|
|
$ |
3,002,029 |
|
|
$ |
— |
|
|
$ |
54,142 |
|
|
$ |
2,974,646 |
|
|
$ |
3,028,788 |
|
1st Lien/Last-Out Unitranche |
|
|
— |
|
|
|
— |
|
|
|
130,886 |
|
|
|
130,886 |
|
|
|
— |
|
|
|
— |
|
|
|
135,156 |
|
|
|
135,156 |
|
2nd Lien/Senior Secured Debt |
|
|
— |
|
|
|
— |
|
|
|
52,766 |
|
|
|
52,766 |
|
|
|
— |
|
|
|
— |
|
|
|
47,914 |
|
|
|
47,914 |
|
Unsecured Debt |
|
|
— |
|
|
|
— |
|
|
|
8,521 |
|
|
|
8,521 |
|
|
|
— |
|
|
|
— |
|
|
|
8,476 |
|
|
|
8,476 |
|
Preferred Stock |
|
|
— |
|
|
|
— |
|
|
|
20,124 |
|
|
|
20,124 |
|
|
|
— |
|
|
|
— |
|
|
|
26,426 |
|
|
|
26,426 |
|
Common Stock |
|
|
30 |
|
|
|
— |
|
|
|
14,123 |
|
|
|
14,153 |
|
|
|
52 |
|
|
|
— |
|
|
|
14,662 |
|
|
|
14,714 |
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
461 |
|
|
|
461 |
|
|
|
— |
|
|
|
— |
|
|
|
247 |
|
|
|
247 |
|
Affiliated Money Market Fund |
|
|
2,476 |
|
|
|
— |
|
|
|
— |
|
|
|
2,476 |
|
|
|
35,724 |
|
|
|
— |
|
|
|
— |
|
|
|
35,724 |
|
Unrealized appreciation on interest rate swaps |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
607 |
|
|
|
— |
|
|
|
607 |
|
Unrealized appreciation on foreign currency forward contracts |
|
|
— |
|
|
|
51 |
|
|
|
— |
|
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|
51 |
|
|
|
— |
|
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|
— |
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|
— |
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|
— |
|
Total Assets |
|
$ |
2,506 |
|
|
$ |
80,547 |
|
|
$ |
3,148,414 |
|
|
$ |
3,231,467 |
|
|
$ |
35,776 |
|
|
$ |
54,749 |
|
|
$ |
3,207,527 |
|
|
$ |
3,298,052 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Unrealized depreciation on interest rate swaps |
|
$ |
— |
|
|
$ |
(7,999 |
) |
|
$ |
— |
|
|
$ |
(7,999 |
) |
|
$ |
— |
|
|
$ |
(3,570 |
) |
|
$ |
— |
|
|
$ |
(3,570 |
) |
Unrealized depreciation on foreign currency forward contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(252 |
) |
|
|
— |
|
|
|
(252 |
) |
Total Liabilities |
|
$ |
— |
|
|
$ |
(7,999 |
) |
|
$ |
— |
|
|
$ |
(7,999 |
) |
|
$ |
— |
|
|
$ |
(3,822 |
) |
|
$ |
— |
|
|
$ |
(3,822 |
) |
|
| Summary of Changes in Fair Value of Level 3 Assets By Investment Type |
The following table presents a summary of changes in fair value of Level 3 assets by investment type:
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Beginning Balance |
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|
Purchases
(1) |
|
|
Net
Realized
Gain
(Loss) |
|
|
Net Change in
Unrealized
Appreciation
(Depreciation) |
|
|
Sales and
Settlements(2) |
|
|
Net
Amortization
of
Premium/
Discount |
|
|
Transfers
In(3) |
|
|
Transfers
Out(3) |
|
|
Ending
Balance |
|
|
Net Change
in Unrealized
Appreciation
(Depreciation)
for assets
still held |
|
For the Three Months Ended March 31, 2026 |
|
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|
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|
|
|
|
1st Lien/Senior Secured Debt |
|
$ |
2,974,646 |
|
|
$ |
97,941 |
|
|
$ |
(46 |
) |
|
$ |
(32,259 |
) |
|
$ |
(93,352 |
) |
|
$ |
2,719 |
|
|
$ |
— |
|
|
$ |
(28,116 |
) |
|
$ |
2,921,533 |
|
|
$ |
(31,868 |
) |
1st Lien/Last-Out Unitranche |
|
|
135,156 |
|
|
|
3,474 |
|
|
|
— |
|
|
|
(3,192 |
) |
|
|
(4,646 |
) |
|
|
94 |
|
|
|
— |
|
|
|
— |
|
|
|
130,886 |
|
|
|
(3,174 |
) |
2nd Lien/Senior Secured Debt |
|
|
47,914 |
|
|
|
678 |
|
|
|
— |
|
|
|
4,111 |
|
|
|
— |
|
|
|
63 |
|
|
|
— |
|
|
|
— |
|
|
|
52,766 |
|
|
|
4,111 |
|
Unsecured Debt |
|
|
8,476 |
|
|
|
111 |
|
|
|
— |
|
|
|
(374 |
) |
|
|
— |
|
|
|
308 |
|
|
|
— |
|
|
|
— |
|
|
|
8,521 |
|
|
|
(374 |
) |
Preferred Stock |
|
|
26,426 |
|
|
|
108 |
|
|
|
— |
|
|
|
(6,410 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,124 |
|
|
|
(6,410 |
) |
Common Stock |
|
|
14,662 |
|
|
|
— |
|
|
|
— |
|
|
|
(539 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,123 |
|
|
|
(539 |
) |
Warrants |
|
|
247 |
|
|
|
— |
|
|
|
— |
|
|
|
214 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
461 |
|
|
|
214 |
|
Total Assets |
|
$ |
3,207,527 |
|
|
$ |
102,312 |
|
|
$ |
(46 |
) |
|
$ |
(38,449 |
) |
|
$ |
(97,998 |
) |
|
$ |
3,184 |
|
|
$ |
— |
|
|
$ |
(28,116 |
) |
|
$ |
3,148,414 |
|
|
$ |
(38,040 |
) |
For the Three Months Ended March 31, 2025 |
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|
1st Lien/Senior Secured Debt |
|
$ |
3,136,683 |
|
|
$ |
168,013 |
|
|
$ |
(20,682 |
) |
|
$ |
7,078 |
|
|
$ |
(266,172 |
) |
|
$ |
4,823 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,029,743 |
|
|
$ |
(11,362 |
) |
1st Lien/Last-Out Unitranche |
|
|
165,905 |
|
|
|
16,670 |
|
|
|
— |
|
|
|
478 |
|
|
|
(103 |
) |
|
|
225 |
|
|
|
— |
|
|
|
— |
|
|
|
183,175 |
|
|
|
479 |
|
2nd Lien/Senior Secured Debt |
|
|
46,786 |
|
|
|
1,223 |
|
|
|
(9,031 |
) |
|
|
7,661 |
|
|
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
— |
|
|
|
46,600 |
|
|
|
(1,370 |
) |
Unsecured Debt |
|
|
16,790 |
|
|
|
— |
|
|
|
— |
|
|
|
252 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
17,044 |
|
|
|
252 |
|
Preferred Stock |
|
|
31,246 |
|
|
|
— |
|
|
|
— |
|
|
|
725 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,971 |
|
|
|
725 |
|
Common Stock |
|
|
34,166 |
|
|
|
6,393 |
|
|
|
(14,759 |
) |
|
|
11,053 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,853 |
|
|
|
(3,706 |
) |
Warrants |
|
|
421 |
|
|
|
— |
|
|
|
— |
|
|
|
40 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
461 |
|
|
|
40 |
|
Total Assets |
|
$ |
3,431,997 |
|
|
$ |
192,299 |
|
|
$ |
(44,472 |
) |
|
$ |
27,287 |
|
|
$ |
(266,275 |
) |
|
$ |
5,011 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,345,847 |
|
|
$ |
(14,942 |
) |
(1)Purchases may include PIK, securities received in corporate actions and restructurings. (2)Sales and Settlements may include securities delivered in corporate actions and restructuring of investments. (3)Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.
|
| Summary of Debt Obligations Carried at Fair Value |
If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:
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As of |
|
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|
Level |
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Revolving Credit Facility |
|
3 |
|
$ |
720,499 |
|
|
$ |
585,750 |
|
2026 Notes |
|
2 |
|
$ |
— |
|
|
$ |
499,700 |
|
2027 Notes |
|
2 |
|
$ |
402,080 |
|
|
$ |
409,080 |
|
2029 Notes |
|
2 |
|
$ |
389,200 |
|
|
$ |
— |
|
2030 Notes |
|
2 |
|
$ |
385,520 |
|
|
$ |
402,240 |
|
|