v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy of financial instruments:
June 30, 2026
Level 1Level 2Level 3Total
First lien debt$— $81,460 $12,863,118 $12,944,578 
Second lien debt— — 250,182 250,182 
Unsecured debt— — 12,348 12,348 
Equity— — 157,187 157,187 
Total$— $81,460 $13,282,835 $13,364,295 
December 31, 2025
Level 1Level 2Level 3Total
First lien debt$— $106,617 $13,759,817 $13,866,434 
Second lien debt— — 231,650 231,650 
Unsecured debt— — 12,278 12,278 
Equity438 — 96,494 96,932 
Total$438 $106,617 $14,100,239 $14,207,294 
Within Investments at fair value, substantially all Equity investments are illiquid and privately negotiated in nature and are subject to contractual sale constraints or other restrictions pursuant to their respective governing or similar agreements. Approximately $9.4 million of such Equity investments have a sale constraint or other restriction that will lapse after a predetermined date; the weighted average remaining duration of such restrictions is 4.6 years
The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
Three Months Ended June 30, 2026
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$13,409,419 $228,827 $12,502 $91,389 $13,742,137 
Purchases of investments326,223 22,646 493 70,185 419,547 
Proceeds from principal repayments and sales of investments(800,453)(540)— (7,858)(808,851)
Accretion of discount (amortization of premium)12,730 153 10 — 12,893 
Net realized gain (loss)(38,695)7 — 7,372 (31,316)
Net change in unrealized appreciation (depreciation)(132,749)(911)(657)(3,901)(138,218)
Transfers into Level 3 (1)
95,767 — — — 95,767 
Transfers out of Level 3 (1)
(9,124)— — — (9,124)
Fair value, end of period$12,863,118 $250,182 $12,348 $157,187 $13,282,835 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(168,224)$(911)$(657)$(3,817)$(173,609)
Six Months Ended June 30, 2026
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$13,759,817 $231,650 $12,278 $96,494 $14,100,239 
Purchases of investments670,142 25,114 1,427 70,188 766,871 
Proceeds from principal repayments and sales of investments(1,246,323)(2,040)— (9,717)(1,258,080)
Accretion of discount (amortization of premium)23,663 273 19 — 23,955 
Net realized gain (loss)(38,565)7 — 8,297 (30,261)
Net change in unrealized appreciation (depreciation)(296,470)(4,822)(1,376)(8,075)(310,743)
Transfers into Level 3 (1)
— — — — — 
Transfers out of Level 3 (1)
(9,146)— — — (9,146)
Fair value, end of period$12,863,118 $250,182 $12,348 $157,187 $13,282,835 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(315,044)$(4,822)$(1,376)$(7,405)$(328,647)
Three Months Ended June 30, 2025
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,370,969 $118,482 $13,658 $99,163 $12,602,272 
Purchases of investments546,760 2,123 471 9 549,363 
Proceeds from principal repayments and sales of investments(163,314)(662)— (230)(164,206)
Accretion of discount (amortization of premium)10,437 75 11 — 10,523 
Net realized gain (loss)(1,232)— — — (1,232)
Net change in unrealized appreciation (depreciation)36,737 2,924 (419)564 39,806 
Transfers into Level 3 (1)
— — — — — 
Transfers out of Level 3 (1)
— — — — — 
Fair value, end of period$12,800,357 $122,942 $13,721 $99,506 $13,036,526 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$37,050 $2,924 $(419)$564 $40,119 
Six Months Ended June 30, 2025
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,714,636 $119,184 $33,521 $109,424 $12,976,765 
Purchases of investments1,262,249 3,787 939 177 1,267,152 
Proceeds from principal repayments and sales of investments(1,128,141)(3,010)(20,595)(10,454)(1,162,200)
Accretion of discount (amortization of premium)26,437 149 21 — 26,607 
Net realized gain (loss)(212)(1)— 7,316 7,103 
Net change in unrealized appreciation (depreciation)27,338 2,833 (165)(6,957)23,049 
Transfers into Level 3 (1)
225 — — — 225 
Transfers out of Level 3 (1)
(102,175)— — — (102,175)
Fair value, end of period$12,800,357 $122,942 $13,721 $99,506 $13,036,526 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$30,042 $2,347 $(435)$(2,405)$29,549 
For the three and six months ended June 30, 2026 and 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
June 30, 2026
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$12,450,960 Yield AnalysisDiscount Rate6.20 %33.15 %10.42 %
313,789 Asset RecoverabilityMarket Multiple3.60x12.00x8.89x
98,369 Market QuotationsBroker quoted price93.0099.5598.08
12,863,118 
Investments in second lien debt229,911 Yield AnalysisDiscount Rate8.72 %19.96 %10.48 %
20,271 Asset RecoverabilityMarket Multiple10.25x
250,182 
Investments in unsecured debt12,348 Yield AnalysisDiscount Rate17.05 %
Investments in equity69,194 Market ApproachPerformance Multiple5.75x26.50x12.49x
58,382 Asset RecoverabilityMarket Multiple9.00x12.00x10.26x
18,252 Yield AnalysisDiscount Rate11.66 %75.00 %26.14 %
11,359 
Option Pricing Model
Expected Volatility32.00 %75.50 %33.58 %
157,187 
Total$13,282,835 
December 31, 2025
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$13,198,498 Yield AnalysisDiscount Rate6.94 %19.36 %9.44 %
462,825 Asset RecoverabilityMarket Multiple7.25x12.47x11.23x
98,494 Market QuotationsBroker quoted price97.25100.0099.97
13,759,817 
Investments in second lien debt231,650 Yield AnalysisDiscount Rate8.45 %15.78 %10.11 %
Investments in unsecured debt12,278 Yield AnalysisDiscount Rate15.10 %15.10 %15.10 %
Investments in equity62,579 Market ApproachPerformance Multiple6.40x33.63x12.28x
19,678 Yield AnalysisDiscount Rate12.50 %19.50 %15.08 %
11,235 Option Pricing ModelExpected Volatility32.00 %70.50 %33.34 %
3,002 Asset RecoverabilityMarket Multiple8.50x16.00x11.22x
96,494 
Total$14,100,239 
(1)Weighted averages are calculated based on fair value of investments.
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable input used under the asset recoverability approach is the market multiple. Significant decreases in quoted prices, Performance Multiples, or market multiples would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.
Financial Instruments Not Carried at Fair Value
Debt
The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of June 30, 2026 and December 31, 2025, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.
The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
Fair ValueFair Value
2026 Notes$— $799,357 
New 2026 Notes697,200 691,950 
2027 Notes637,780 632,710 
June 30, 2026December 31, 2025
Fair ValueFair Value
2028 Notes$614,185 $615,550 
November 2027 Notes402,960 408,680 
April 2028 Notes697,970 706,370 
June 2030 Notes486,450 497,550 
January 2031 Notes479,100 494,000 
September 2029 Notes393,720 — 
May 2031 Notes640,575 — 
2024-1 Notes457,542 457,450 
Total$5,507,482 $5,303,617 
Other
As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value. These financial instruments, with the exception of cash and cash equivalents (including money market funds classified within Cash and Cash Equivalents in the Condensed Consolidated Statements of Assets and Liabilities) which would be categorized as Level 1, would be categorized as Level 3 within the fair value hierarchy.