Fair Value of Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value Measurements of Investments |
The following tables present fair value measurements of investments as of June 30, 2026 and December 31, 2025:
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|
Fair Value Hierarchy at June 30, 2026 |
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|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First-lien debt investments |
|
$ |
— |
|
|
$ |
198,996 |
|
|
$ |
7,983,770 |
|
|
$ |
8,182,766 |
|
Second-lien debt investments |
|
|
— |
|
|
|
10 |
|
|
|
38,571 |
|
|
|
38,581 |
|
Mezzanine debt investments |
|
|
— |
|
|
|
— |
|
|
|
230,594 |
|
|
|
230,594 |
|
Equity investments |
|
|
— |
|
|
|
— |
|
|
|
174,484 |
|
|
|
174,484 |
|
Joint venture investments |
|
|
— |
|
|
|
— |
|
|
|
26,925 |
|
|
|
26,925 |
|
Total investments at fair value |
|
$ |
— |
|
|
$ |
199,006 |
|
|
$ |
8,454,344 |
|
|
$ |
8,653,350 |
|
Interest rate swaps |
|
|
— |
|
|
|
(8,413 |
) |
|
|
— |
|
|
|
(8,413 |
) |
Total |
|
$ |
— |
|
|
$ |
190,593 |
|
|
$ |
8,454,344 |
|
|
$ |
8,644,937 |
|
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|
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|
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|
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|
|
|
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|
Fair Value Hierarchy at December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
First-lien debt investments |
|
$ |
— |
|
|
$ |
260,984 |
|
|
$ |
7,398,928 |
|
|
$ |
7,659,912 |
|
Second-lien debt investments |
|
|
— |
|
|
|
223 |
|
|
|
37,160 |
|
|
|
37,383 |
|
Mezzanine debt investments |
|
|
— |
|
|
|
— |
|
|
|
222,366 |
|
|
|
222,366 |
|
Equity investments |
|
|
— |
|
|
|
— |
|
|
|
188,993 |
|
|
|
188,993 |
|
Total investments at fair value |
|
$ |
— |
|
|
$ |
261,207 |
|
|
$ |
7,847,447 |
|
|
$ |
8,108,654 |
|
Interest rate swaps |
|
|
— |
|
|
|
30,932 |
|
|
|
— |
|
|
|
30,932 |
|
Total |
|
$ |
— |
|
|
$ |
292,139 |
|
|
$ |
7,847,447 |
|
|
$ |
8,139,586 |
|
|
| Changes in Fair Value of Investments Using Level 3 Inputs |
The following table presents the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2026:
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|
As of and for the Three Months Ended |
|
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|
June 30, 2026 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Joint venture investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
8,001,078 |
|
|
$ |
37,210 |
|
|
$ |
225,454 |
|
|
$ |
164,313 |
|
|
$ |
7,335 |
|
|
$ |
8,435,390 |
|
Purchases or originations |
|
|
458,535 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,369 |
|
|
|
476,904 |
|
Repayments / redemptions |
|
|
(482,370 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(482,370 |
) |
Sales proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Paid-in-kind interest |
|
|
6,648 |
|
|
|
1,418 |
|
|
|
6,280 |
|
|
|
— |
|
|
|
— |
|
|
|
14,346 |
|
Net change in unrealized gains (losses) |
|
|
(8,418 |
) |
|
|
(220 |
) |
|
|
(1,282 |
) |
|
|
10,171 |
|
|
|
1,221 |
|
|
|
1,472 |
|
Net realized gains (losses) |
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15 |
|
Net amortization of discount on securities |
|
|
8,282 |
|
|
|
163 |
|
|
|
142 |
|
|
|
— |
|
|
|
— |
|
|
|
8,587 |
|
Balance, End of Period |
|
$ |
7,983,770 |
|
|
$ |
38,571 |
|
|
$ |
230,594 |
|
|
$ |
174,484 |
|
|
$ |
26,925 |
|
|
$ |
8,454,344 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
As of and for the Six Months Ended |
|
|
|
June 30, 2026 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Joint venture investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
7,398,928 |
|
|
$ |
37,160 |
|
|
$ |
222,366 |
|
|
$ |
188,993 |
|
|
$ |
— |
|
|
$ |
7,847,447 |
|
Purchases or originations |
|
|
1,391,246 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,704 |
|
|
|
1,416,950 |
|
Repayments / redemptions |
|
|
(684,461 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(684,461 |
) |
Sales proceeds |
|
|
(3,088 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,088 |
) |
Paid-in-kind interest |
|
|
15,939 |
|
|
|
2,772 |
|
|
|
12,630 |
|
|
|
— |
|
|
|
— |
|
|
|
31,341 |
|
Net change in unrealized gains (losses) |
|
|
(151,174 |
) |
|
|
(1,682 |
) |
|
|
(4,684 |
) |
|
|
(14,509 |
) |
|
|
1,221 |
|
|
|
(170,828 |
) |
Net realized gains (losses) |
|
|
49 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
Net amortization of discount on securities |
|
|
16,331 |
|
|
|
321 |
|
|
|
282 |
|
|
|
— |
|
|
|
— |
|
|
|
16,934 |
|
Balance, End of Period |
|
$ |
7,983,770 |
|
|
$ |
38,571 |
|
|
$ |
230,594 |
|
|
$ |
174,484 |
|
|
$ |
26,925 |
|
|
$ |
8,454,344 |
|
The following table presents the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three and six months ended June 30, 2025:
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|
As of and for the Three Months Ended |
|
|
|
June 30, 2025 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
6,686,427 |
|
|
$ |
121,036 |
|
|
$ |
204,815 |
|
|
$ |
164,182 |
|
|
$ |
7,176,460 |
|
Purchases or originations |
|
|
382,321 |
|
|
|
— |
|
|
|
— |
|
|
|
667 |
|
|
|
382,988 |
|
Repayments / redemptions |
|
|
(374,771 |
) |
|
|
(83,916 |
) |
|
|
— |
|
|
|
— |
|
|
|
(458,687 |
) |
Sales proceeds |
|
|
(5,659 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,763 |
) |
|
|
(17,422 |
) |
Paid-in-kind interest |
|
|
10,390 |
|
|
|
1,229 |
|
|
|
4,192 |
|
|
|
— |
|
|
|
15,811 |
|
Net change in unrealized gains (losses) |
|
|
128,445 |
|
|
|
(11,140 |
) |
|
|
935 |
|
|
|
(973 |
) |
|
|
117,267 |
|
Net realized gains (losses) |
|
|
26 |
|
|
|
— |
|
|
|
— |
|
|
|
7,188 |
|
|
|
7,214 |
|
Net amortization of discount on securities |
|
|
11,530 |
|
|
|
5,056 |
|
|
|
150 |
|
|
|
— |
|
|
|
16,736 |
|
Balance, End of Period |
|
$ |
6,838,709 |
|
|
$ |
32,265 |
|
|
$ |
210,092 |
|
|
$ |
159,301 |
|
|
$ |
7,240,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Six Months Ended |
|
|
|
June 30, 2025 |
|
|
|
First-lien
debt
investments |
|
|
Second-lien
debt
investments |
|
|
Mezzanine
debt
investments |
|
|
Equity
investments |
|
|
Total |
|
Balance, beginning of period |
|
$ |
6,728,411 |
|
|
$ |
93,469 |
|
|
$ |
123,184 |
|
|
$ |
154,511 |
|
|
$ |
7,099,575 |
|
Purchases or originations |
|
|
1,059,498 |
|
|
|
19,198 |
|
|
|
76,440 |
|
|
|
4,063 |
|
|
|
1,159,199 |
|
Repayments / redemptions |
|
|
(1,015,095 |
) |
|
|
(83,916 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,099,011 |
) |
Sale proceeds |
|
|
(115,419 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,763 |
) |
|
|
(127,182 |
) |
Paid-in-kind interest |
|
|
20,009 |
|
|
|
2,167 |
|
|
|
7,709 |
|
|
|
— |
|
|
|
29,885 |
|
Net change in unrealized gains (losses) |
|
|
134,497 |
|
|
|
(4,055 |
) |
|
|
2,500 |
|
|
|
5,302 |
|
|
|
138,244 |
|
Net realized gains (losses) |
|
|
486 |
|
|
|
— |
|
|
|
— |
|
|
|
7,188 |
|
|
|
7,674 |
|
Net amortization of discount on securities |
|
|
26,322 |
|
|
|
5,402 |
|
|
|
259 |
|
|
|
— |
|
|
|
31,983 |
|
Balance, End of Period |
|
$ |
6,838,709 |
|
|
$ |
32,265 |
|
|
$ |
210,092 |
|
|
$ |
159,301 |
|
|
$ |
7,240,367 |
|
|
| Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value |
The following table presents information with respect to the net change in unrealized gains or losses on investments for which Level 3 inputs were used in determining fair value that are still held by the Company at June 30, 2026 and June 30, 2025:
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|
|
|
|
|
|
|
|
Net Change in Unrealized |
|
|
Net Change in Unrealized |
|
|
|
Gains or (Losses) |
|
|
Gains or (Losses) |
|
|
|
For the Three Months Ended |
|
|
For the Three Months Ended |
|
|
|
June 30, 2026 on |
|
|
June 30, 2025 on |
|
|
|
Investments Held at |
|
|
Investments Held at |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
First-lien debt investments |
|
$ |
1,266 |
|
|
$ |
140,705 |
|
Second-lien debt investments |
|
|
(220 |
) |
|
|
699 |
|
Mezzanine debt investments |
|
|
(1,282 |
) |
|
|
935 |
|
Equity investments |
|
|
10,171 |
|
|
|
4,802 |
|
Joint venture investments |
|
|
1,221 |
|
|
|
— |
|
Total |
|
$ |
11,156 |
|
|
$ |
147,141 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Change in Unrealized |
|
|
Net Change in Unrealized |
|
|
|
Gains or (Losses) |
|
|
Gains or (Losses) |
|
|
|
For the Six Months Ended |
|
|
For the Six Months Ended |
|
|
|
June 30, 2026 on |
|
|
June 30, 2025 on |
|
|
|
Investments Held at |
|
|
Investments Held at |
|
|
|
June 30, 2026 |
|
|
June 30, 2025 |
|
First-lien debt investments |
|
$ |
(143,350 |
) |
|
$ |
154,408 |
|
Second-lien debt investments |
|
|
(1,682 |
) |
|
|
1,105 |
|
Mezzanine debt investments |
|
|
(4,684 |
) |
|
|
2,499 |
|
Equity investments |
|
|
(14,509 |
) |
|
|
8,984 |
|
Joint venture investments |
|
|
1,221 |
|
|
|
— |
|
Total |
|
$ |
(163,004 |
) |
|
$ |
166,996 |
|
|
| Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations |
The following tables present the fair value of Level 3 Investments at fair value and the significant unobservable inputs used in the valuations as of June 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.
|
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|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
|
|
Valuation |
|
Unobservable |
|
Range (Weighted |
|
Impact to Valuation
from an |
|
|
Fair Value |
|
|
Technique |
|
Input |
|
Average) |
|
Increase to Input |
First-lien debt investments |
|
$ |
7,983,770 |
|
|
Income approach (1) |
|
Discount rate |
|
7.6% — 27.5% (10.9%) |
|
Decrease |
Second-lien debt investments |
|
|
38,571 |
|
|
Income approach |
|
Discount rate |
|
16.2% — 16.5% (16.3%) |
|
Decrease |
Mezzanine debt investments |
|
|
230,594 |
|
|
Income approach |
|
Discount rate |
|
11.9% — 11.9% (11.9%) |
|
Decrease |
Equity investments |
|
|
174,484 |
|
|
Market Multiple (2) |
|
Comparable multiple |
|
10.4x — 22.0x (14.6x) |
|
Increase |
Joint venture investments |
|
|
26,925 |
|
|
Income approach (3) |
|
Discount rate |
|
12.5% — 12.5% (12.5%) |
|
Decrease |
Total |
|
$ |
8,454,344 |
|
|
|
|
|
|
|
|
|
(1)Includes $43.1 million of first-lien debt investments which were valued using an asset waterfall and $37.6 million of first-lien debt investments which were valued using a comparable market price. (2)Includes $75.7 million of equity investments which were valued using a discounted cash flow analysis. (3)Includes $26.9 million of joint venture investments which were valued using a discounted cash flow analysis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
Valuation |
|
Unobservable |
|
Range (Weighted |
|
Impact to Valuation
from an |
|
|
Fair Value |
|
|
Technique |
|
Input |
|
Average) |
|
Increase to Input |
First-lien debt investments |
|
$ |
7,398,928 |
|
|
Income approach (1) |
|
Discount rate |
|
6.6% — 17.5% (9.8%) |
|
Decrease |
Second-lien debt investments |
|
|
37,160 |
|
|
Income approach |
|
Discount rate |
|
12.5% — 14.1% (13.6%) |
|
Decrease |
Mezzanine debt investments |
|
|
222,366 |
|
|
Income approach |
|
Discount rate |
|
10.8% — 10.8% (10.8%) |
|
Decrease |
Equity investments |
|
|
188,993 |
|
|
Market Multiple (2) |
|
Comparable multiple |
|
2.8x — 25.0x (13.5x) |
|
Increase |
Total |
|
$ |
7,847,447 |
|
|
|
|
|
|
|
|
|
(1)Includes $50.8 million of first-lien debt investments which were valued using an asset waterfall and $60.9 million of first-lien debt investments which were valued using a comparable market price. (2)Includes $81.4 million of equity investments which were valued using a discounted cash flow analysis.
|
| Schedule of Contributed Capital and Unfunded Commitments |
As of June 30, 2026, SCP had the following contributed capital and unfunded commitments from its members:
|
|
|
|
|
June 30, 2026 |
|
Total contributed capital by Sixth Street Lending Partners |
$ |
25,704 |
|
Total contributed capital by Sixth Street Specialty Lending, Inc. |
|
51,391 |
|
Total contributed capital by Carlyle |
|
77,095 |
|
Total contributed capital |
$ |
154,190 |
|
Total unfunded commitments by Sixth Street Lending Partners |
|
74,297 |
|
Total unfunded commitments by Sixth Street Specialty Lending, Inc. |
|
148,610 |
|
Total unfunded commitments by Carlyle |
|
222,907 |
|
Total unfunded commitments |
$ |
445,814 |
|
|
| Statement of Consolidated Balance Sheet Information for Structured Credit Partners |
Below is selected consolidated balance sheet information for SCP as of June 30, 2026:
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June 30, 2026 |
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|
(unaudited) |
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Selected Consolidated Balance Sheet Information: |
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Assets |
|
|
Investment at fair value (amortized cost of $1,664,368) |
$ |
1,659,630 |
|
Cash and cash equivalents (1) |
|
130,014 |
|
Prepaid expenses and other assets |
|
39,844 |
|
Total Assets |
$ |
1,829,488 |
|
Liabilities and Members' Equity |
|
|
Secured borrowings |
$ |
1,357,281 |
|
Dividend payable |
|
5,070 |
|
Accrued expenses and other liabilities |
|
317,605 |
|
Members' equity (2) |
|
149,290 |
|
Non-controlling interest |
|
242 |
|
Total Liabilities and Members' Equity |
$ |
1,829,488 |
|
(1)As of June 30, 2026, $9,743 of Structured Credit Partner's cash and cash equivalents was restricted. (2)As of June 30, 2026, the fair value of the Company's ownership interest in the members' equity was $26,925.
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| Statement of Consolidated Operations for Structured Credit Partners |
Below is selected consolidated statement of operations information for SCP for the three and six months ended June 30, 2026:
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Three Months Ended |
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Six Months Ended |
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June 30, 2026 |
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|
June 30, 2026 |
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|
(unaudited) |
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|
(unaudited) |
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Selected Consolidated Statement of Operations Information: |
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|
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Total Investment Income |
$ |
22,123 |
|
|
$ |
23,573 |
|
Expenses |
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|
|
|
|
Interest expense |
|
16,442 |
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|
|
16,973 |
|
Other expenses |
|
368 |
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|
|
1,168 |
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Total expenses |
|
16,810 |
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|
|
18,141 |
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Net Investment Income |
|
5,313 |
|
|
|
5,432 |
|
Net change in unrealized gains (losses) on investments |
|
29 |
|
|
|
(4,738 |
) |
Net realized gains (losses) on investments |
|
103 |
|
|
|
133 |
|
Increase (Decrease) in Net Assets Resulting from Operations |
$ |
5,445 |
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|
$ |
827 |
|
Net income (loss) attributable to non-controlling interest |
|
(13 |
) |
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|
(13 |
) |
Increase (Decrease) in Net Assets Resulting from Operations Attributable to Members |
$ |
5,458 |
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|
$ |
840 |
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| Summary of Structured Credit Partners Portfolio |
Below is a summary of SCP's portfolio as of June 30, 2026:
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As of |
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June 30, 2026 |
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Total investments (1) |
$ |
1,681,254 |
|
Weighted average yield on total investments at amortized cost |
|
6.75 |
% |
Weighted average yield on total investments at fair value |
|
6.77 |
% |
Weighted average spread on investments |
|
2.79 |
% |
Number of portfolio companies in SCP |
428 |
|
Percentage of loans at floating interest rates |
|
99.52 |
% |
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| Schedule of Industry/Geographic Composition of SCP's Portfolio At Fair Value |
The industry composition of SCP's portfolio at fair value as of June 30, 2026 is as follows:
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June 30, 2026 |
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Amortized Cost |
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Fair Value |
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% of Fair Value |
|
Aerospace & Defense |
$ |
77,745 |
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|
$ |
77,745 |
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4.7 |
% |
Auto Aftermarket & Services |
|
45,943 |
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|
45,985 |
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|
2.8 |
% |
Beverage & Food |
|
50,150 |
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|
50,261 |
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|
|
3.0 |
% |
Business Services |
|
177,077 |
|
|
|
176,405 |
|
|
|
10.6 |
% |
Capital Equipment |
|
105,834 |
|
|
|
105,845 |
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|
|
6.4 |
% |
Chemicals, Plastics & Rubber |
|
28,790 |
|
|
|
28,912 |
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|
|
1.7 |
% |
Construction & Building |
|
91,558 |
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|
91,241 |
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5.5 |
% |
Consumer goods: Durable |
|
31,398 |
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31,391 |
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1.9 |
% |
Consumer goods: Non-durable |
|
27,749 |
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|
27,792 |
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|
1.7 |
% |
Consumer Services |
|
125,242 |
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|
125,148 |
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7.5 |
% |
Containers, Packaging & Glass |
|
44,160 |
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|
44,139 |
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|
2.7 |
% |
Diversified Financial Services |
|
212,220 |
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|
210,609 |
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|
12.7 |
% |
Energy: Electricity |
|
15,266 |
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|
15,222 |
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|
0.9 |
% |
Energy: Oil & Gas |
|
29,187 |
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|
29,185 |
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|
1.8 |
% |
Environmental Industries |
|
24,057 |
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|
24,068 |
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1.5 |
% |
Forest Products & Paper |
|
2,457 |
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|
2,387 |
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|
0.1 |
% |
Healthcare & Pharmaceuticals |
|
102,635 |
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|
102,638 |
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|
6.2 |
% |
High Tech Industries |
|
121,605 |
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|
119,392 |
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|
7.2 |
% |
Leisure Products & Services |
|
80,886 |
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|
80,764 |
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4.9 |
% |
Media: Advertising, Printing & Publishing |
|
12,856 |
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|
12,930 |
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|
0.8 |
% |
Media: Broadcasting & Subscription |
|
21,064 |
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|
21,102 |
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|
1.3 |
% |
Media: Diversified & Production |
|
28,004 |
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|
28,023 |
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1.7 |
% |
Metals & Mining |
|
3,976 |
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|
4,000 |
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0.2 |
% |
Retail |
|
25,826 |
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|
25,717 |
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1.5 |
% |
Telecommunications |
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20,090 |
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|
20,180 |
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1.2 |
% |
Transportation: Cargo |
|
7,392 |
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|
7,504 |
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|
0.5 |
% |
Transportation: Consumer |
|
27,334 |
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|
27,244 |
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1.6 |
% |
Utilities: Electric |
|
10,158 |
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|
10,209 |
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|
0.6 |
% |
Utilities: Oil & Gas |
|
4,909 |
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|
4,949 |
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|
0.3 |
% |
Wholesale |
|
108,800 |
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|
|
108,643 |
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|
6.5 |
% |
Total |
$ |
1,664,368 |
|
|
$ |
1,659,630 |
|
|
|
100.0 |
% |
The geographic composition of SCP's portfolio at fair value as of June 30, 2026 is as follows:
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|
June 30, 2026 |
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Amortized Cost |
|
|
Fair Value |
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% of Fair Value |
|
Australia |
$ |
1,980 |
|
|
$ |
2,009 |
|
|
|
0.1 |
% |
Canada |
|
16,308 |
|
|
|
16,208 |
|
|
|
1.0 |
% |
Germany |
|
15,482 |
|
|
|
15,573 |
|
|
|
0.9 |
% |
Ireland |
|
879 |
|
|
|
877 |
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|
|
0.1 |
% |
Luxembourg |
|
19,504 |
|
|
|
19,393 |
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|
|
1.2 |
% |
Netherlands |
|
22,163 |
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|
|
22,267 |
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|
1.3 |
% |
Switzerland (1) |
|
631 |
|
|
|
658 |
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|
0.0 |
% |
United Kingdom |
|
21,391 |
|
|
|
21,160 |
|
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|
1.3 |
% |
United States |
|
1,566,030 |
|
|
|
1,561,485 |
|
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|
94.1 |
% |
Total |
$ |
1,664,368 |
|
|
$ |
1,659,630 |
|
|
|
100.0 |
% |
(1)Value rounds to less than 0.1%.
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| Fair Value of Company's 2029 and 2030 Notes |
The following table presents the fair value of the Company’s 2029 Notes, January 2030 Notes and July 2030 Notes as of June 30, 2026 and December 31, 2025.
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June 30, 2026 |
|
|
December 31, 2025 |
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|
Outstanding Principal |
|
|
Fair Value (1) |
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|
Outstanding Principal |
|
|
Fair Value (1) |
|
2029 Notes |
|
$ |
750,000 |
|
|
$ |
764,175 |
|
|
$ |
750,000 |
|
|
$ |
778,345 |
|
January 2030 Notes |
|
|
600,000 |
|
|
|
595,446 |
|
|
|
600,000 |
|
|
|
607,796 |
|
July 2030 Notes |
|
|
750,000 |
|
|
|
753,103 |
|
|
|
750,000 |
|
|
|
769,633 |
|
Total |
|
$ |
2,100,000 |
|
|
$ |
2,112,724 |
|
|
$ |
2,100,000 |
|
|
$ |
2,155,774 |
|
(1)The fair value is based on broker quotes received by the Company and is categorized as Level 2 within the fair value hierarchy.
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