Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy of financial instruments:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
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 1		Level 2		Level 3		Total
First lien debt	$	—	$	106,617	$	13,759,817	$	13,866,434
Second lien debt	—		—		231,650		231,650
Unsecured debt	—		—		12,278		12,278
Equity	438		—		96,494		96,932
Total	$	438	$	106,617	$	14,100,239	$	14,207,294

Schedule of Changes in Fair Value of Investments Measured Using Level 3 Inputs

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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	13,409,419	$	228,827	$	12,502	$	91,389	$	13,742,137
Purchases of investments	326,223		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	13,759,817	$	231,650	$	12,278	$	96,494	$	14,100,239
Purchases of investments	670,142		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,370,969	$	118,482	$	13,658	$	99,163	$	12,602,272
Purchases of investments	546,760		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 Debt		Second Lien Debt		Unsecured Debt		Equity		Total
Fair value, beginning of period	$	12,714,636	$	119,184	$	33,521	$	109,424	$	12,976,765
Purchases of investments	1,262,249		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.

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. 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 Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	12,450,960	Yield Analysis	Discount Rate	6.20	%	33.15	%	10.42	%
	313,789		Asset Recoverability	Market Multiple	3.60x		12.00x		8.89x

	98,369		Market Quotations	Broker quoted price	93.00		99.55		98.08

	12,863,118
Investments in second lien debt	229,911		Yield Analysis	Discount Rate	8.72	%	19.96	%	10.48	%
	20,271		Asset Recoverability	Market Multiple					10.25x
	250,182
Investments in unsecured debt	12,348		Yield Analysis	Discount Rate					17.05	%
Investments in equity	69,194		Market Approach	Performance Multiple	5.75x		26.50x		12.49x
	58,382		Asset Recoverability	Market Multiple	9.00x		12.00x		10.26x
	18,252		Yield Analysis	Discount Rate	11.66	%	75.00	%	26.14	%
	11,359		Option Pricing Model	Expected Volatility	32.00	%	75.50	%	33.58	%

	157,187
Total	$	13,282,835


	December 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low		High		Weighted Average (1)
Investments in first lien debt	$	13,198,498	Yield Analysis	Discount Rate	6.94	%	19.36	%	9.44	%
	462,825		Asset Recoverability	Market Multiple	7.25x		12.47x		11.23x
	98,494		Market Quotations	Broker quoted price	97.25		100.00		99.97


	13,759,817
Investments in second lien debt	231,650		Yield Analysis	Discount Rate	8.45	%	15.78	%	10.11	%
Investments in unsecured debt	12,278		Yield Analysis	Discount Rate	15.10	%	15.10	%	15.10	%
Investments in equity	62,579		Market Approach	Performance Multiple	6.40x		33.63x		12.28x
	19,678		Yield Analysis	Discount Rate	12.50	%	19.50	%	15.08	%
	11,235		Option Pricing Model	Expected Volatility	32.00	%	70.50	%	33.34	%
	3,002		Asset Recoverability	Market Multiple	8.50x		16.00x		11.22x

	96,494
Total	$	14,100,239

(1)Weighted averages are calculated based on fair value of investments.

Schedule of Fair Value Measurements of Unsecured Notes

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, 2026		December 31, 2025
	Fair Value		Fair Value
2026 Notes	$	—	$	799,357
New 2026 Notes	697,200		691,950
2027 Notes	637,780		632,710


	June 30, 2026		December 31, 2025
	Fair Value		Fair Value
2028 Notes	$	614,185	$	615,550
November 2027 Notes	402,960		408,680
April 2028 Notes	697,970		706,370
June 2030 Notes	486,450		497,550
January 2031 Notes	479,100		494,000
September 2029 Notes	393,720		—
May 2031 Notes	640,575		—
2024-1 Notes	457,542		457,450
Total	$	5,507,482	$	5,303,617

- 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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