Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Portfolio Investments by Level in the Fair Value Hierarchy |
The following tables present the fair value hierarchy of investments and cash equivalents:
| | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Total | | First lien debt | $ | — | | | $ | 1,507,897 | | | $ | 22,351,784 | | | $ | 23,859,681 | | | Second lien debt | — | | | — | | | 27,742 | | | 27,742 | | | Other secured debt | — | | | — | | | 228,097 | | | 228,097 | | | Unsecured debt | — | | | 6,254 | | | 48,196 | | | 54,450 | | | Structured finance investments | — | | | 53,745 | | | 30,458 | | | 84,203 | | | Equity investments | — | | | 21 | | | 327,445 | | | 327,466 | | | Total investments | — | | | 1,567,917 | | | 23,013,722 | | | 24,581,639 | | Investments measured at NAV(1) | — | | | — | | | — | | | 426,214 | | | Total | $ | — | | | $ | 1,567,917 | | | $ | 23,013,722 | | | $ | 25,007,853 | | | Cash equivalents | $ | 322,919 | | | $ | — | | | $ | — | | | $ | 322,919 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | First lien debt | $ | — | | | $ | 1,651,049 | | | $ | 22,744,446 | | | $ | 24,395,495 | | | Second lien debt | — | | | — | | | 27,881 | | | 27,881 | | | Other secured debt | — | | | — | | | 226,763 | | | 226,763 | | | Unsecured debt | — | | | 13,336 | | | 46,809 | | | 60,145 | | | Structured finance investments | — | | | 58,926 | | | 29,738 | | | 88,664 | | | Equity investments | — | | | 21 | | | 122,207 | | | 122,228 | | | Total investments | — | | | 1,723,332 | | | 23,197,844 | | | 24,921,176 | | Investments measured at NAV(1) | — | | | — | | | — | | | 416,244 | | | Total | $ | — | | | $ | 1,723,332 | | | $ | 23,197,844 | | | $ | 25,337,420 | | | Cash equivalents | $ | 403,602 | | | $ | — | | | $ | — | | | $ | 403,602 | |
(1)Includes investment in ULTRA III (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
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| Schedule of Changes in Level 3 Portfolio Investments |
The following tables present change in the fair value of investments for which Level 3 inputs were used to determine fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | Structured Finance Investments | | Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 22,744,446 | | | $ | 27,881 | | | $ | 226,763 | | | $ | 46,809 | | | $ | 29,738 | | | $ | 122,207 | | | $ | 23,197,844 | | Purchases of investments(1) | 1,216,113 | | | 77 | | | 33,415 | | | 1,626 | | | 760 | | | 209,365 | | | 1,461,356 | | | Proceeds from principal repayments and sales of investments | (1,432,770) | | | — | | | (29,442) | | | — | | | — | | | (1,586) | | | (1,463,798) | | | Accretion of discount/amortization of premium | 22,894 | | | 64 | | | 504 | | | 47 | | | — | | | — | | | 23,509 | | | Net realized gain (loss) | 17,545 | | | — | | | 465 | | | — | | | — | | | — | | | 18,010 | | | Net change in unrealized appreciation (depreciation) | (222,865) | | | (280) | | | (3,608) | | | (286) | | | (40) | | | (2,541) | | | (229,620) | | Transfers in(2) | 10,710 | | | — | | | — | | | — | | | — | | | — | | | 10,710 | | Transfers out(2) | (4,289) | | | — | | | — | | | — | | | — | | | — | | | (4,289) | | | Fair value, end of period | $ | 22,351,784 | | | $ | 27,742 | | | $ | 228,097 | | | $ | 48,196 | | | $ | 30,458 | | | $ | 327,445 | | | $ | 23,013,722 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2026 | $ | (215,042) | | | $ | (280) | | | $ | (3,254) | | | $ | (286) | | | $ | (40) | | | $ | (2,541) | | | $ | (221,443) | |
(1)Purchases include PIK interest and dividends, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers out of level 3 of $(4.3) million were due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser. For the three months ended March 31, 2026, transfers into level 3 of $10.7 million were due to a decrease in the number of market quotations and/or a decrease in the reliability of market quotations obtained by the Adviser. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | First Lien Debt | | Second Lien Debt | | Other Secured Debt | | Unsecured Debt | | | | Equity Investments | | Total Investments | | Fair value, beginning of period | $ | 14,353,422 | | | $ | 31,340 | | | $ | 68,501 | | | $ | 32,826 | | | | | $ | 60,471 | | | $ | 14,546,560 | | Purchases of investments(1) | 2,240,791 | | | — | | | 889 | | | 1,139 | | | | | 11,927 | | | 2,254,746 | | | Proceeds from principal repayments and sales of investments | (251,603) | | | (4,470) | | | (5,416) | | | — | | | | | (656) | | | (262,145) | | | Accretion of discount/amortization of premium | 16,878 | | | 8 | | | 183 | | | 5 | | | | | — | | | 17,074 | | | Net realized gain (loss) | (13,104) | | | (4,874) | | | — | | | — | | | | | 588 | | | (17,390) | | | Net change in unrealized appreciation (depreciation) | 81,462 | | | 5,026 | | | 95 | | | (213) | | | | | 229 | | | 86,599 | | Transfers in(2) | — | | | — | | | — | | | — | | | | | — | | | — | | Transfers out(2) | (38,097) | | | — | | | — | | | — | | | | | — | | | (38,097) | | | Fair value, end of period | $ | 16,389,749 | | | $ | 27,030 | | | $ | 64,252 | | | $ | 33,757 | | | | | $ | 72,559 | | | $ | 16,587,347 | | Net change in unrealized appreciation (depreciation) related to financial instruments still held as of March 31, 2025 | $ | 75,562 | | | $ | 5,047 | | | $ | 95 | | | $ | (213) | | | | | $ | 594 | | | $ | 81,085 | |
(1)Purchases include PIK interest and dividends, if applicable. (2)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers out of level 3 were primarily due to an increase in the number of market quotations and/or an increase in the reliability of market quotations obtained by the Adviser.
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | | | | | | Range | | Weighted Average(2) | | Fair Value(1) | | Valuation Technique | | Unobservable Input | | Low | | High | | | Investments in first lien debt | $ | 18,390,024 | | | Yield analysis | | Discount rate | | 5.92 | % | | 45.92 | % | | 9.49 | % | | 159,166 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 20.00 | % | | 15.46 | % | | | | | | Exit multiple | | 2.90x | | 10.21x | | 8.68x | | 18,886 | | | Recovery analysis | | Recovery rate | | 41.70 | % | | 41.70 | % | | 41.70 | % | | Investments in second lien debt | 25,000 | | | Yield analysis | | Discount rate | | 8.67 | % | | 8.67 | % | | 8.67 | % | | 2,742 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 9.50 | % | | 9.50 | % | | | | | | Exit multiple | | 8.48x | | 8.48x | | 8.48x | | Investments in other secured debt | 200,784 | | | Yield analysis | | Discount rate | | 8.49 | % | | 11.55 | % | | 9.98 | % | | Investments in unsecured debt | 37,533 | | | Yield analysis | | Discount rate | | 12.43 | % | | 17.58 | % | | 14.65 | % | | 10,570 | | | Discounted cash flow | | Discount rate | | 17.00 | % | | 17.00 | % | | 17.00 | % | | | | | | Exit multiple | | 9.00x | | 9.00x | | 9.00x | | 93 | | | Recovery analysis | | Recovery rate | | 5.25 | % | | 5.25 | % | | 5.25 | % | | Investments in structured finance obligations - debt instruments | 30,459 | | | Yield analysis | | Discount rate | | 6.39 | % | | 11.88 | % | | 10.65 | % | | Investments in preferred equity | 75,570 | | | Yield analysis | | Discount rate | | 10.30 | % | | 19.64 | % | | 16.46 | % | | 12,682 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 20.00 | % | | 12.16 | % | | | | | | Exit multiple | | 8.75x | | 10.00x | | 9.68x | | Investments in common equity | 16,634 | | | Yield analysis | | Discount rate | | 8.00 | % | | 15.00 | % | | 10.82 | % | | 35,097 | | | Discounted cash flow | | Discount rate | | 6.83 | % | | 17.00 | % | | 11.00 | % | | | | | | Exit multiple | | 5.67x | | 10.21x | | 8.31x | | | | | | Cap rate | | 8.03 | % | | 8.03 | % | | 8.03 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | Range | | Weighted Average(2) | | Fair Value(1) | | Valuation Technique | | Unobservable Input | | Low | | High | | | Investments in first lien debt | $ | 16,911,655 | | | Yield analysis | | Discount rate | | 6.06 | % | | 37.01 | % | | 9.56 | % | | 99,057 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 20.00 | % | | 12.99 | % | | | | | | Exit multiple | | 2.90x | | 10.20x | | 9.50x | | 18,556 | | | Recovery analysis | | Recovery rate | | 43.91 | % | | 43.91 | % | | 43.91 | % | | Investments in second lien debt | 25,216 | | | Yield analysis | | Discount rate | | 8.56 | % | | 8.56 | % | | 8.56 | % | | 2,665 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 9.50 | % | | 9.50 | % | | | | | | Exit multiple | | 8.48x | | 8.48x | | 8.48x | | Investments in other secured debt | 132,515 | | | Yield analysis | | Discount rate | | 8.62 | % | | 15.91 | % | | 10.85 | % | | Investments in unsecured debt | 36,454 | | | Yield analysis | | Discount rate | | 12.72 | % | | 17.66 | % | | 14.66 | % | | 10,262 | | | Discounted cash flow | | Discount rate | | 16.00 | % | | 16.00 | % | | 16.00 | % | | | | | | Exit multiple | | 9.00x | | 9.00x | | 9.00x | | 93 | | | Recovery analysis | | Recovery rate | | 5.42 | % | | 5.42 | % | | 5.42 | % | | Investments in structured finance obligations - debt instruments | 29,738 | | | Yield analysis | | Discount rate | | 6.23 | % | | 12.24 | % | | 10.88 | % | | Investments in preferred equity | 69,922 | | | Yield analysis | | Discount rate | | 8.60 | % | | 24.23 | % | | 17.89 | % | | 13,125 | | | Discounted cash flow | | Discount rate | | 9.50 | % | | 20.00 | % | | 12.25 | % | | | | | | Exit multiple | | 8.75x | | 10.00x | | 9.67x | | Investments in common equity | 9,751 | | | Yield analysis | | Discount rate | | 8.00 | % | | 8.00 | % | | 8.00 | % | | 27,409 | | | Discounted cash flow | | Discount rate | | 7.31 | % | | 20.00 | % | | 12.29 | % | | | | | | Exit multiple | | 5.55x | | 11.50x | | 9.60x | | | | | | Cap rate | | 8.29 | % | | 8.29 | % | | 8.29 | % |
(1)As of March 31, 2026, included within the fair value of Level 3 assets of $23,013,722 is an amount of $3,998,482 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). As of December 31, 2025, included within the fair value of Level 3 assets of $23,197,844 is an amount of $5,811,426 for which the Adviser did not develop the unobservable inputs (examples include third-party pricing and transaction prices). (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 fair value measurements of the Company’s debt obligations as of March 31, 2026 and December 31, 2025, had they been accounted for at fair value:
Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | HLEND A Funding Facility | | $ | 723,382 | | | $ | 723,382 | | | $ | 758,407 | | | $ | 758,407 | | | HLEND B Funding Facility | | 900,773 | | | 900,773 | | | 833,783 | | | 833,783 | | | HLEND C Funding Facility | | 510,000 | | | 510,000 | | | 510,000 | | | 510,000 | | | HLEND D Funding Facility | | 575,428 | | | 575,428 | | | 757,110 | | | 757,110 | | | HLEND E Funding Facility | | 903,100 | | | 903,100 | | | 906,290 | | | 906,290 | | | Revolving Credit Facility | | 592,290 | | | 592,290 | | | 1,742,106 | | | 1,742,106 | | November 2027 Notes(1) | | 154,794 | | | 161,357 | | | 155,206 | | | 164,994 | | March 2028 Notes(1) | | 123,991 | | | 129,217 | | | 124,775 | | | 132,520 | | September 2027 Notes(1) | | 75,306 | | | 78,059 | | | 75,847 | | | 79,693 | | September 2028 Notes(1) | | 251,821 | | | 265,709 | | | 253,865 | | | 273,213 | | January 2029 Notes(1) | | 545,848 | | | 558,338 | | | 548,317 | | | 574,607 | | September 2029 Notes(1) | | 400,412 | | | 399,860 | | | 403,520 | | | 414,580 | | January 2028 Notes(1) | | 749,462 | | | 745,320 | | | 753,079 | | | 759,180 | | April 2032 Notes(1) | | 501,060 | | | 483,655 | | | 504,209 | | | 508,160 | | June 2027 Notes(1) | | 397,353 | | | 398,336 | | | 398,846 | | | 402,424 | | June 2030 Notes(1) | | 493,612 | | | 488,080 | | | 497,133 | | | 506,670 | | September 2028-1 Notes(1) | | 588,203 | | | 584,904 | | | 590,215 | | | 596,982 | | November 2030 Notes(1) | | 486,090 | | | 478,810 | | | 489,753 | | | 498,825 | | April 2029 Notes(1) | | 343,765 | | | 340,281 | | | — | | | — | | April 2031 Notes(1) | | 391,660 | | | 384,252 | | | — | | | — | | 2023 CLO Refinancing Secured Notes(1) | | 575,360 | | | 578,903 | | | 575,217 | | | 578,576 | | 2024 CLO Secured Notes(1) | | 383,009 | | | 399,470 | | | 381,678 | | | 400,789 | | 2025 CLO Secured Debt(1) | | 846,021 | | | 846,989 | | | 845,771 | | | 851,044 | | 2025-4 CLO Secured Notes(1) | | 845,345 | | | 849,698 | | | 845,079 | | | 852,520 | | 2026 CLO Secured Notes(1) | | 507,269 | | | 510,175 | | | — | | | — | | | Total | | $ | 12,865,354 | | | $ | 12,886,386 | | | $ | 12,950,206 | | | $ | 13,102,473 | |
(1)As of March 31, 2026 and December 31, 2025, the carrying value of the Company’s Unsecured Notes and CLO Debt (each as defined below), as applicable, are presented net of unamortized debt issuance costs and original issue discount, as applicable, in the below table. Additionally, the carrying value of the Company’s Unsecured Notes includes the increase (decrease) in the notes carrying value as a result of the qualifying fair value hedge relationship as disclosed in the below table, as applicable, and as further described in Note 6.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | | Unamortized Debt Issuance Costs and Original Issue Discount | | Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship | | Unamortized Debt Issuance Costs and Original Issue Discount | | Cumulative Change in the Notes Carrying Value as a Result of the Qualifying Fair Value Hedge Relationship | | November 2027 Notes | | $ | (573) | | | $ | 367 | | | $ | (660) | | | $ | 866 | | | March 2028 Notes | | (442) | | | 433 | | | (498) | | | 1,273 | | | September 2027 Notes | | (287) | | | 593 | | | (336) | | | 1,183 | | | September 2028 Notes | | (1,292) | | | 3,113 | | | (1,422) | | | 5,287 | | | January 2029 Notes | | (7,203) | | | 3,051 | | | (7,829) | | | 6,146 | | | September 2029 Notes | | (6,432) | | | 6,844 | | | (6,885) | | | 10,405 | | | January 2028 Notes | | (7,063) | | | 6,525 | | | (8,035) | | | 11,114 | | | April 2032 Notes | | (11,562) | | | 12,622 | | | (12,033) | | | 16,242 | | | June 2027 Notes | | (2,575) | | | (72) | | | (3,005) | | | 1,851 | | | June 2030 Notes | | (6,723) | | | 335 | | | (6,991) | | | 4,124 | | | September 2028-1 Notes | | (6,634) | | | (5,163) | | | (7,145) | | | (2,640) | | | November 2030 Notes | | (5,120) | | | (8,790) | | | (5,265) | | | (4,982) | | | April 2029 Notes | | (3,331) | | | (2,904) | | | — | | | — | | | April 2031 Notes | | (4,860) | | | (3,480) | | | — | | | — | | | 2023 CLO Refinancing Secured Notes | | (2,640) | | | — | | | (2,783) | | | — | | | 2024 CLO Secured Notes | | (16,991) | | | — | | | (18,322) | | | — | | | 2025 CLO Secured Debt | | (3,979) | | | — | | | (4,229) | | | — | | | 2025-4 CLO Secured Notes | | (4,655) | | | — | | | (4,921) | | | — | | | 2026 CLO Secured Notes | | (2,731) | | | — | | | — | | | — | | | Total | | $ | (95,093) | | | $ | 13,474 | | | $ | (90,359) | | | $ | 50,869 | |
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| Schedule of Fair Value Measurements of Debt Obligations |
The following table presents the fair value hierarchy of the Company’s debt obligations as of March 31, 2026 and December 31, 2025:
| | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Level 1 | $ | — | | | $ | — | | | Level 2 | 8,047,071 | | | 6,944,357 | | | Level 3 | 4,839,315 | | | 6,158,116 | | | Total | $ | 12,886,386 | | | $ | 13,102,473 | |
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