Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:


	Fair Value Measurements
March 31, 2026	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	5,029,403	$	5,029,403
Unitranche secured loans	—		—		18,159		18,159
Junior secured loans	—		—		320,109		320,109
Equity investments	197		—		436,689		436,886
Total investments, at fair value	$	197	$	—	$	5,804,360	$	5,804,557

Foreign currency forward contracts asset (liability)	$	—	$	(3,348)	$	—	$	(3,348)


	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)

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 three months ended March 31, 2026 and 2025:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2025	$	5,090,861	$	35,414	$	277,025	$	416,310	$	5,819,610
Net realized gain (loss) on investments	(11,514)		—		(265)		45		(11,734)
Net change in unrealized gain (loss) on investments	(5,820)		(151)		(4,506)		(7,683)		(18,160)
Purchases of investments and other adjustments to cost (1)	326,393		18		52,420		12,678		391,509
Proceeds from principal payments and sales of investments (2)	(353,487)		(17,122)		(4,565)		(1,691)		(376,865)
Reclassifications (3)	(17,030)		—		—		17,030		—

Balance as of March 31, 2026	$	5,029,403	$	18,159	$	320,109	$	436,689	$	5,804,360


	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	142		—		—		(24)		118
Net change in unrealized gain (loss) on investments	(5,022)		(1,253)		(1,334)		4,571		(3,038)
Purchases of investments and other adjustments to cost (1)	605,995		343		79,552		40,053		725,943
Proceeds from principal payments and sales of investments (2)	(166,479)		(44,548)		(89)		(247)		(211,363)
Reclassifications (3)	(514)		—		(1,584)		2,098		—

Balance as of March 31, 2025	$	3,925,239	$	103,073	$	254,222	$	237,950	$	4,520,484

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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.

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 March 31, 2026:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	3,422,849		Discounted cash flow	EBITDA multiples	11.2x		4.3x		35.6x
					Market yields	9.7	%	7.6	%	20.1	%
Senior secured loans	1,237,165			Discounted cash flow	Revenue multiples	6.7x		1.0x		13.0x
					Market yields	9.3	%	8.0	%	22.5	%
Senior secured loans	41,598			Enterprise value	Revenue multiples	2.6x		0.5x		5.8x
Senior secured loans	40,867			Enterprise value	EBITDA multiples	7.5x		4.8x		11.9x
Senior secured loans	4,452			Liquidation	Probability weighting of alternative outcomes	44.0	%	44.0	%	44.0	%
Unitranche secured loans	17,164			Discounted cash flow	Revenue multiples	5.0x		5.0x		5.0x
					Market yields	13.8	%	13.8	%	13.8	%
Unitranche secured loans	995			Discounted cash flow	Market yields	16.4	%	16.4	%	16.4	%
Junior secured loans	252,087			Discounted cash flow	EBITDA multiples	8.0x		8.0x		8.0x
					Market yields	14.0	%	12.4	%	16.9	%
Junior secured loans	24,750			Discounted cash flow	Revenue multiples	10.1x		10.1x		10.1x
					Market yields	8.9	%	8.9	%	8.9	%
Junior secured loans	23,902			Enterprise value	EBITDA multiples	7.2x		4.3x		11.9x
Junior secured loans	16,286			Enterprise value	Revenue multiples	5.3x		1.0x		5.8x
Equity investments	352,127			Enterprise value	EBITDA multiples	10.7x		5.8x		17.0x
Equity investments	78,757			Enterprise value	Revenue multiples	4.1x		0.5x		9.8x
Equity investments	4,992			Option pricing model	Volatility	44.0	%	24.0	%	65.0	%
Total Level 3 Assets	$	5,517,991	(2)

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

(2)Excludes investments of $286,369 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, 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)

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(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.

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 March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	307,720	$	307,720	$	627,266	$	627,266
SPV Credit Facility	269,996		269,996		97,515		97,515
SPV II Credit Facility	685,760		685,760		568,316		568,316
SPV III Credit Facility	158,724		158,724		148,568		148,568
SPV IV Credit Facility	205,440		205,440		172,753		172,753
SPV V Credit Facility	196,083		196,083		123,361		123,361
2022 ABS	214,884		212,689		234,697		234,604
2023 ABS	207,481		210,202		207,239		210,271
2025 ABS	411,974		412,209		411,711		411,711
July 2028 Notes	41,524		42,037		41,476		42,096
November 2028 Notes	99,382		101,103		99,324		101,232
December 2028 Notes	99,382		101,151		99,324		101,279
July 2029 Notes	155,051		156,191		154,981		156,242
September 2029 Notes	47,708		47,704		47,686		47,699
July 2030 Notes	159,382		161,327		159,290		161,679
Total Debt	$	3,260,491	$	3,268,336	$	3,193,507	$	3,204,592

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(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 March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,268,336		3,204,592
Total Debt	$	3,268,336	$	3,204,592

- 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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