Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments:


	March 31, 2026
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	233,089	$	2,375,170	$	2,608,259
Second lien debt		—		—		18,211		18,211
Other equity		—		—		74,993		74,993
Preferred equity		—		—		142,910		142,910
Money market funds		48,029		—		—		48,029
Subtotal		48,029		233,089		2,611,284		2,892,402
Investments measured at net asset value (1)		—		—		—		1,249
Total	$	48,029	$	233,089	$	2,611,284	$	2,893,651

	December 31, 2025
	Level 1		Level 2		Level 3		Total
First lien debt	$	—	$	399,991	$	2,168,311	$	2,568,302
Second lien debt		—		—		15,437		15,437
Other equity		—		—		58,038		58,038
Preferred equity		—		—		141,699		141,699
Money market funds		74,993		—		—		74,993
Total	$	74,993	$	399,991	$	2,383,485	$	2,858,469

(1)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) 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 balance sheets. The Company's $1,249 fair-value interest in Constellation Wealth Capital Fund II, L.P. ("CWC"), a private partnership making minority investments in wealth-management businesses, has $18,751 of unfunded commitments, is not redeemable, and the Company has no current plans to sell. The Company expects to receive distributions as CWC's underlying investments are realized over its initial eight-year term, which may be extended for up to four additional one-year periods.

Summary of Changes in Fair Value of Financial Instruments Level 3 Inputs

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:


	Three Months Ended March 31, 2026
	First Lien Debt			Second Lien Debt			Other Equity			Preferred Equity			Total Investments
Fair value, beginning of period	$	2,168,311		$	15,437		$	58,038		$	141,699		$	2,383,485
Purchases of investments including capitalized PIK interest and dividends		275,256			7,900			9,856			1,761			294,773
Proceeds from principal repayments and sales of investments		(57,274	)		(5,142	)		(15	)		—			(62,431	)
Accretion of discounts		1,190			10			—			—			1,200
Net realized gain		1,152			—			—			—			1,152
Net change in unrealized gain (loss)		(13,465	)		6			7,114			(550	)		(6,895	)
Fair value, end of period	$	2,375,170		$	18,211		$	74,993		$	142,910		$	2,611,284
Net change in unrealized gain (loss) included in earnings related to financial instruments still held as of March 31, 2026 included in net change in unrealized gain (loss) on the Consolidated Statements of Operations	$	(13,292	)	$	6		$	7,114		$	(551	)	$	(6,723	)



	Three Months Ended March 31, 2025
	First Lien Debt			Second Lien Debt		Other Equity		Preferred Equity		Total Investments
Fair value, beginning of period	$	1,107,757		$	—	$	7,500	$	76,687	$	1,191,944
Purchases of investments including capitalized PIK interest		185,954			—		—		—		185,954
Proceeds from principal repayments		(15,853	)		—		—		—		(15,853	)
Accretion of discounts		858			—		—		—		858
Net realized gain		163			—		—		—		163
Net change in unrealized gain		4,548			—		242		168		4,958
Fair value, end of period	$	1,283,427		$	—	$	7,742	$	76,855	$	1,368,024
Net change in unrealized gain included in earnings related to financial instruments still held as of March 31, 2025 included in net change in unrealized gain on the Consolidated Statements of Operations	$	4,836		$	—	$	242	$	168	$	5,246

Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is 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

          
         Fair Value

         Valuation Technique

         Unobservable Input

         Low

         High

         Weighted Average (1)

Investments in first lien debt

2,243,238

Yield analysis

Discount rate

7.16%

15.16%

9.25%

131,932

Transaction price

N/A

N/A

N/A

N/A

Investments in second lien debt

18,211

Yield analysis

Discount rate

14.54%

14.54%

14.54%

Investments in other equity

64,019

Market Approach

EBITDA Multiple

8.50x

14.00x

11.03x

9,046

Transaction price

N/A

N/A

N/A

N/A

1,928

Yield analysis

Discount rate

15.00%

15.00%

15.00%

Investments in preferred equity

142,910

Yield analysis

Discount rate

11.21%

15.93%

13.31%

Total

2,611,284

          
         December 31, 2025

          
         Range

          
         Fair Value

         Valuation Technique

         Unobservable Input

         Low

         High

         Weighted Average (1)

Investments in first lien debt

1,927,288

Yield analysis

Discount rate

6.63%

12.04%

8.99%

241,023

Transaction price

N/A

N/A

N/A

N/A

Investments in second lien debt

15,437

Transaction price

N/A

N/A

N/A

N/A

Investments in other equity

33,765

Market Approach

EBITDA Multiple

9.25x

14.00x

11.59x

24,273

Transaction price

N/A

N/A

N/A

N/A

Investments in preferred equity

109,961

Yield analysis

Discount rate

10.81%

15.10%

12.48%

31,738

Transaction price

N/A

N/A

N/A

N/A

Total

2,383,485

(1)

Weighted averages are calculated based on fair value of investments.

- 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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