Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy

The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy as of June 30, 2026 and December 31, 2025:


	Fair Value Measurements
June 30, 2026	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	5,097,614	$	5,097,614
Unitranche secured loans	—		—		20,360		20,360
Junior secured loans	—		—		343,146		343,146
Equity investments	163		—		495,134		495,297
Total investments, at fair value	$	163	$	—	$	5,956,254	$	5,956,417

Foreign currency forward contracts asset (liability)	$	—	$	(2,839)	$	—	$	(2,839)


	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
Investments, at fair value:
Senior secured loans	$	—	$	—	$	5,090,861	$	5,090,861
Unitranche secured loans	—		—		35,414		35,414
Junior secured loans	—		—		277,025		277,025
Equity investments	145		—		416,310		416,455
Total investments, at fair value	$	145	$	—	$	5,819,610	$	5,819,755

Foreign currency forward contracts asset (liability)	$	—	$	(3,172)	$	—	$	(3,172)

Schedule of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2026:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of March 31, 2026	$	5,029,403	$	18,159	$	320,109	$	436,689	$	5,804,360
Net realized gain (loss) on investments	(23,403)		—		(2,677)		(2,835)		(28,915)
Net change in unrealized gain (loss) on investments	(8,413)		(5)		(5,816)		34,943		20,709
Purchases of investments and other adjustments to cost (1)	446,027		2,206		40,706		39,930		528,869
Proceeds from principal payments and sales of investments (2)	(347,375)		—		(19,397)		(1,997)		(368,769)
Reclassifications (3)	1,375		—		10,221		(11,596)		—

Balance as of June 30, 2026	$	5,097,614	$	20,360	$	343,146	$	495,134	$	5,956,254


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2025	$	5,090,861	$	35,414	$	277,025	$	416,310	$	5,819,610
Net realized gain (loss) on investments	(34,917)		—		(2,942)		(2,790)		(40,649)
Net change in unrealized gain (loss) on investments	(14,233)		(156)		(10,322)		27,260		2,549
Purchases of investments and other adjustments to cost (1)	772,420		2,224		93,126		52,608		920,378
Proceeds from principal payments and sales of investments (2)	(700,862)		(17,122)		(23,962)		(3,688)		(745,634)
Reclassifications (3)	(15,655)		—		10,221		5,434		—

Balance as of June 30, 2026	$	5,097,614	$	20,360	$	343,146	$	495,134	$	5,956,254

_________________________________________

(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2025:


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of March 31, 2025	$	3,925,239	$	103,073	$	254,222	$	237,950	$	4,520,484
Net realized gain (loss) on investments	(2,133)		—		(59)		434		(1,758)
Net change in unrealized gain (loss) on investments	(757)		(3,699)		(3,486)		445		(7,497)
Purchases of investments and other adjustments to cost (1)	735,543		67		16,895		97,038		849,543
Proceeds from principal payments and sales of investments (2)	(244,817)		(262)		(26,622)		(1,543)		(273,244)
Reclassifications (3)	(15,208)		—		15,208		—		—

Balance as of June 30, 2025	$	4,397,867	$	99,179	$	256,158	$	334,324	$	5,087,528


	Investments
	Senior secured loans		Unitranche secured loans		Junior secured loans		Equity investments		Total investments
Balance as of December 31, 2024	$	3,491,117	$	148,531	$	177,677	$	191,499	$	4,008,824
Net realized gain (loss) on investments	(1,991)		—		(59)		410		(1,640)
Net change in unrealized gain (loss) on investments	(5,779)		(4,952)		(4,820)		5,016		(10,535)
Purchases of investments and other adjustments to cost (1)	1,341,538		410		96,447		137,091		1,575,486
Proceeds from principal payments and sales of investments (2)	(411,296)		(44,810)		(26,711)		(1,790)		(484,607)
Reclassifications (3)	(15,722)		—		13,624		2,098		—

Balance as of June 30, 2025	$	4,397,867	$	99,179	$	256,158	$	334,324	$	5,087,528

_________________________________________

(1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest capitalized.

(2)Represents net proceeds from investments sold and principal paydowns received.

(3)Represents non-cash reclassification of investment type due to a restructuring.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of June 30, 2026:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	3,457,925		Discounted cash flow	EBITDA multiples	11.3x		5.0x		36.0x
					Market yields	10.3	%	7.5	%	24.5	%
Senior secured loans	1,312,010			Discounted cash flow	Revenue multiples	6.6x		0.6x		11.3x
					Market yields	9.7	%	7.8	%	22.5	%
Senior secured loans	54,357			Enterprise value	Revenue multiples	2.3x		0.3x		5.8x
Senior secured loans	48,898			Enterprise value	EBITDA multiples	8.6x		2.5x		12.5x
Senior secured loans	18,545			Enterprise value	Book value multiples	1.3x		1.3x		1.3x
Senior secured loans	8,314			Liquidation	Probability weighting of alternative outcomes	45.2	%	44.0	%	79.4	%
Unitranche secured loans	19,362			Discounted cash flow	Revenue multiples	4.8x		4.8x		4.8x
					Market yields	12.1	%	12.1	%	12.1	%
Unitranche secured loans	998			Discounted cash flow	Market yields	16.4	%	16.4	%	16.4	%
Junior secured loans	229,006			Discounted cash flow	EBITDA multiples	8.0x		8.0x		8.0x
					Market yields	14.8	%	12.2	%	21.2	%
Junior secured loans	58,578			Enterprise value	EBITDA multiples	8.4x		4.8x		12.5x
Junior secured loans	36,185			Discounted cash flow	Revenue multiples	5.7x		0.2x		8.0x
					Market yields	11.1	%	9.2	%	25.3	%
Junior secured loans	18,362			Enterprise value	Revenue multiples	5.1x		0.6x		5.8x
Equity investments	392,179			Enterprise value	EBITDA multiples	11.0x		5.9x		17.3x
Equity investments	98,556			Enterprise value	Revenue multiples	3.9x		0.3x		10.0x
Equity investments	4,302			Option pricing model	Volatility	39.5	%	24.0	%	59.0	%
Total Level 3 Assets	$	5,757,577	(2)

_________________________________________

(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $198,677 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

The following table presents quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of December 31, 2025:


	Fair Value			Valuation Technique	Unobservable Input	Weighted Average Mean (1)		Range
								Minimum		Maximum
Assets:
Senior secured loans	$	3,428,212		Discounted cash flow	EBITDA multiples	11.1x		4.3x		36.4x
					Market yields	9.6	%	7.2	%	19.8	%
Senior secured loans	1,192,777			Discounted cash flow	Revenue multiples	7.2x		1.0x		14.0x
					Market yields	9.4	%	7.5	%	20.0	%
Senior secured loans	61,795			Enterprise value	EBITDA multiples	7.2x		5.5x		12.0x
Senior secured loans	43,978			Enterprise value	Revenue multiples	2.6x		0.5x		5.3x
Senior secured loans	4,452			Liquidation	Probability weighting of alternative outcomes	44.0	%	44.0	%	44.0	%
Unitranche secured loans	18,186			Discounted cash flow	EBITDA multiples	10.5x		10.5x		10.5x
					Market yields	8.8	%	8.4	%	16.0	%
Unitranche secured loans	17,228			Discounted cash flow	Revenue multiples	5.5x		5.5x		5.5x
					Market yields	13.2	%	13.2	%	13.2	%
Junior secured loans	243,696			Discounted cash flow	EBITDA multiples	8.8x		8.8x		8.8x
					Market yields	14.0	%	12.5	%	17.3	%
Junior secured loans	17,118			Enterprise value	Revenue multiples	4.9x		1.0x		5.3x
Junior secured loans	9,451			Enterprise value	EBITDA multiples	7.2x		4.3x		12.0x
Equity investments	327,486			Enterprise value	EBITDA multiples	10.7x		6.8x		17.3x
Equity investments	80,634			Enterprise value	Revenue multiples	4.2x		0.5x		10.8x
Equity investments	7,271			Option pricing model	Volatility	47.2	%	24.0	%	70.0	%
Total Level 3 Assets	$	5,452,284	(2)

_________________________________________

(1)The weighted average mean of unobservable inputs is based on the fair value of investments.

(2)Excludes investments of $367,326 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying values and fair values of the Company's debt as of June 30, 2026 and December 31, 2025:


	June 30, 2026				December 31, 2025
	Carrying Value(1)		Fair Value		Carrying Value(1)		Fair Value
Revolving Credit Facility(2)	$	350,710	$	350,710	$	627,266	$	627,266
SPV Credit Facility	328,503		328,503		97,515		97,515
SPV II Credit Facility	686,210		686,210		568,316		568,316
SPV III Credit Facility	159,882		159,882		148,568		148,568
SPV IV Credit Facility	252,234		252,234		172,753		172,753
SPV V Credit Facility	224,260		224,260		123,361		123,361
2022 ABS	196,224		193,131		234,697		234,604
2023 ABS	207,725		209,201		207,239		210,271
2025 ABS	412,251		410,178		411,711		411,711
July 2028 Notes	41,565		41,936		41,476		42,096
November 2028 Notes	99,440		100,788		99,324		101,232
December 2028 Notes	99,440		100,831		99,324		101,279
July 2029 Notes	155,123		156,171		154,981		156,242
September 2029 Notes	47,730		47,720		47,686		47,699
July 2030 Notes	159,459		161,302		159,290		161,679
Total Debt	$	3,420,756	$	3,423,057	$	3,193,507	$	3,204,592

_____________________________________________

(1)Represents the principal amount outstanding, less unamortized debt issuance costs.

(2)Amounts include borrowings denominated in foreign currencies converted at the period end exchange rate.

The below table presents fair value measurements of the Company’s debt obligations according to the fair value hierarchy as of June 30, 2026 and December 31, 2025:


	June 30, 2026		December 31, 2025
Level 1	$	—	$	—
Level 2	—		—
Level 3	3,423,057		3,204,592
Total Debt	$	3,423,057	$	3,204,592

- 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.

+ References + Details