| Fair Value of Investments |
Fair Value of Investments Fair Value Disclosures The following table presents the fair value hierarchy of financial instruments as of June 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | Assets at Fair Value as of June 30, 2026 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | First lien senior secured debt | $ | — | | | $ | — | | | $ | 4,685,584 | | | $ | 4,685,584 | | | Sponsor subordinated note | — | | | — | | | 65 | | | 65 | | | Interest rate swaps/options | — | | | 489 | | | — | | | 489 | | | Foreign currency forward contracts | — | | | 4 | | | — | | | 4 | | | Total | $ | — | | | $ | 493 | | | $ | 4,685,649 | | | $ | 4,686,142 | | Investments measured at net asset value(1) | | | | | | | $ | 135,698 | | | Total financial instruments, at fair value | | | | | | | $ | 4,821,840 | |
(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities at Fair Value as of June 30, 2026 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Interest rate swaps/options | $ | — | | | $ | (9,931) | | | $ | — | | | $ | (9,931) | | | Total | $ | — | | | $ | (9,931) | | | $ | — | | | $ | (9,931) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Assets at Fair Value as of December 31, 2025 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | First lien senior secured debt | $ | — | | | $ | — | | | $ | 4,173,995 | | | $ | 4,173,995 | | | Sponsor subordinated note | — | | | — | | | 59 | | | 59 | | | Interest rate swaps/options | — | | | 3,552 | | | — | | | 3,552 | | | Total | $ | — | | | $ | 3,552 | | | $ | 4,174,054 | | | $ | 4,177,606 | | Investments measured at net asset value(1) | | | | | | | $ | 103,670 | | | Total financial instruments, at fair value | | | | | | | $ | 4,281,276 | |
(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
| | | | | | | | | | | | | | | | | | | | | | | | | Liabilities at Fair Value as of December 31, 2025 | | (Amounts in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Foreign currency forward contracts | $ | — | | | $ | (6) | | | $ | — | | | $ | (6) | | | Interest rate swaps/options | — | | | (2,666) | | | — | | | (2,666) | | | Total | $ | — | | | $ | (2,672) | | | $ | — | | | $ | (2,672) | |
The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2026 and 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Assets at Fair Value for the Three Months Ended June 30, 2026* | | (Amounts in thousands) | Balance 4/1/2026 | | Purchases and Drawdowns | | Sales and Paydowns | | Other** | | Realized Gains/ (Losses) | | Change in Unrealized
Appreciation/(Depreciation) | | Balance
6/30/2026 | | Change in
Unrealized
Appreciation/
(Depreciation)
for Level 3
Assets Still
Held as of
6/30/2026 | | First lien senior secured debt | $ | 4,382,354 | | | $ | 538,892 | | | $ | (242,509) | | | $ | 8,368 | | | $ | 1,006 | | | $ | (2,527) | | | $ | 4,685,584 | | | $ | (439) | | | Sponsor subordinated note | 59 | | | — | | | — | | | 1 | | | — | | | 5 | | | 65 | | | 5 | | | Total | $ | 4,382,413 | | | $ | 538,892 | | | $ | (242,509) | | | $ | 8,369 | | | $ | 1,006 | | | $ | (2,522) | | | $ | 4,685,649 | | | $ | (434) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Assets at Fair Value for the Six Months Ended June 30, 2026* | | (Amounts in thousands) | Balance 1/1/2026 | | Purchases and Drawdowns | | Sales and Paydowns | | Other** | | Realized Gains/ (Losses) | | Change in Unrealized
Appreciation/(Depreciation) | | Balance
6/30/2026 | | Change in
Unrealized
Appreciation/
(Depreciation)
for Level 3
Assets Still
Held as of
6/30/2026 | | First lien senior secured debt | $ | 4,173,995 | | | $ | 953,542 | | | $ | (461,402) | | | $ | 16,815 | | | $ | (299) | | | $ | 2,933 | | | $ | 4,685,584 | | | $ | — | | | Sponsor subordinated note | 59 | | | | | — | | | 2 | | | — | | | 4 | | | 65 | | | 4 | | | Total | $ | 4,174,054 | | | $ | 953,542 | | | $ | (461,402) | | | $ | 16,817 | | | $ | (299) | | | $ | 2,937 | | | $ | 4,685,649 | | | $ | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Assets at Fair Value for the Three Months Ended June 30, 2025* | | (Amounts in thousands) | Balance 4/1/2025 | | Purchases and Drawdowns | | Sales and Paydowns | | Other** | | Realized Gains/ (Losses) | | Change in Unrealized
Appreciation/(Depreciation) | | Balance
6/30/2025 | | Change in
Unrealized
Appreciation/
(Depreciation)
for Level 3
Assets Still
Held as of
6/30/2025 | | First lien senior secured debt | $ | 3,298,945 | | | $ | 367,790 | | | $ | (161,034) | | | $ | 7,472 | | | $ | 2 | | | $ | (655) | | | $ | 3,512,520 | | | $ | (759) | | | Sponsor subordinated note | 16 | | | — | | | — | | | — | | | — | | | — | | | 16 | | | — | | | Total | $ | 3,298,961 | | | $ | 367,790 | | | $ | (161,034) | | | $ | 7,472 | | | $ | 2 | | | $ | (655) | | | $ | 3,512,536 | | | $ | (759) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Level 3 Assets at Fair Value for the Six Months Ended June 30, 2025* | | (Amounts in thousands) | Balance 1/1/2025 | | Purchases and Drawdowns | | Sales and Paydowns | | Other** | | Realized Gains/ (Losses) | | Change in Unrealized
Appreciation/(Depreciation) | | Balance
6/30/2025 | | Change in
Unrealized
Appreciation/
(Depreciation)
for Level 3
Assets Still
Held as of
6/30/2025 | | First lien senior secured debt | $ | 3,080,554 | | | $ | 683,023 | | | $ | (262,572) | | | $ | 13,534 | | | $ | 50 | | | $ | (2,069) | | | $ | 3,512,520 | | | $ | (461) | | | Sponsor subordinated note | 15 | | | — | | | — | | | — | | | — | | | 1 | | | 16 | | | 1 | | | Total | $ | 3,080,569 | | | $ | 683,023 | | | $ | (262,572) | | | $ | 13,534 | | | $ | 50 | | | $ | (2,068) | | | $ | 3,512,536 | | | $ | (460) | |
*Gains and losses are included in their respective captions in the consolidated statements of operations. **Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. Significant Unobservable Inputs In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Class | | Fair Value
as of
6/30/26 | | Valuation
Techniques | | Significant
Unobservable Inputs | | Input Ranges | | Weighted Average (1) | | Impact to Valuation
from an Increase
in Input | | | (Amounts in thousands) | | | | | | | | | | | | First lien senior secured debt | | $ | 4,468,076 | | | Discounted cash flow | | Yield | | 6.3% - 38.3% | | 10.3 | % | | Decrease | | | 2,226 | | | Discounted cash flow | | Yield | | 19.0% - 23.5% | | 21.9 | % | | Decrease | | | | | Market comparable | | LTM Revenue multiple | | 0.9x | | 0.9x | | Increase | | | 1,327 | | | Discounted cash flow | | Yield | | 69.1% - 69.3% | | 69.2 | % | | Decrease | | | | | Market comparable | | Forward EBITDA multiple | | 6.8x | | 6.8x | | Increase | | | 598 | | | Discounted cash flow | | Yield | | 17.3 | % | | 17.3 | % | | Decrease | | | | | Market comparable | | LTM EBITDA multiple | | 12.5x | | 12.5x | | Increase | | | 5,953 | | | Discounted cash flow | | Yield | | 46.1% - 46.2% | | 46.2 | % | | Decrease | | | | | Market comparable | | LTM Revenue multiple | | 0.3x | | 0.3x | | Increase | | | | | | | Forward Revenue multiple | | 0.3x | | 0.3x | | Increase | | | 3,215 | | | Market comparable | | LTM EBITDA multiple | | 9.5x - 12.0x | | 11.2x | | Increase | | | 5,526 | | | Market comparable | | Forward EBITDA multiple | | 10.3x | | 10.3x | | Increase | | | 4,167 | | | Market comparable | | Forward Revenue multiple | | 0.3x - 4.3x | | 1.1x | | Increase | | | 3,531 | | | Market comparable | | LTM Revenue multiple | | 0.2x - 1.6x | | 1.1x | | Increase | | | 3,090 | | | Market comparable | | Forward Revenue multiple | | 0.5x | | 0.5x | | Increase | | | | | | | Forward EBITDA multiple | | 5.5x - 9.3x | | 6.9x | | Increase | | | 1,624 | | | Market comparable | | LTM Revenue multiple | | 0.6x - 0.9x | | 0.9x | | Increase | | | | | | | Forward Revenue multiple | | 0.8x | | 0.8x | | Increase | | Sponsor subordinated note | | 20 | | | Market comparable | | LTM EBITDA multiple | | 7.6x | | 7.6x | | Increase | | | $ | 4,499,353 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Asset Class | | Fair Value as of 12/31/25 | | Valuation
Techniques | | Significant
Unobservable Inputs | | Input Ranges | | Weighted Average (1) | | Impact to Valuation
from an Increase
in Input | | | (Amounts in thousands) | | | | | | | | | | | | First lien senior secured debt | | $ | 3,798,639 | | | Discounted cash flow | | Yield | | 8.5% - 37.2% | | 9.7% | | Decrease | | | 586 | | | Discounted cash flow | | Yield | | 11.2 | % | | 11.2 | % | | Decrease | | | | | Market comparable | | Forward Revenue multiple | | 1.3x | | 1.3x | | Increase | | | 35,225 | | | Market comparable | | Forward EBITDA multiple | | 7.5x - 9.5x | | 9.5x | | Increase | | | 1,871 | | | Market comparable | | Forward EBITDA multiple | | 5.5x | | 5.5x | | Increase | | | | | | | Forward Revenue multiple | | 0.5x | | 0.5x | | Increase | | | 5,446 | | | Market comparable | | Forward EBITDA multiple | | 10.0x | | 10.0x | | Increase | | | | | | | LTM EBITDA multiple | | 11.0x | | 11.0x | | Increase | | | 7,663 | | | Market comparable | | Forward Revenue multiple | | 0.3x - 3.3x | | 0.4x | | Increase | | | 1,924 | | | Market comparable | | Forward Revenue multiple | | 0.6x - 0.9x | | 0.7x | | Increase | | | | | | | LTM Revenue multiple | | 0.6x - 0.9x | | 0.7x | | Increase | | | 2,283 | | | Market comparable | | LTM EBITDA multiple | | 9.0x - 12.0x | | 11.8x | | Increase | | | 3,748 | | | Market comparable | | LTM Revenue multiple | | 0.3x - 2.3x | | 1.4x | | Increase | | | 749 | | | Market comparable | | LTM Revenue multiple | | 1.0x | | 1.0x | | Increase | | | | | Discounted cash flow | | Yield | | 16.0 | % | | 16.0 | % | | Decrease | | Sponsor subordinated note | | 16 | | | Market comparable | | LTM EBITDA multiple | | 7.6x | | 7.6x | | Increase | | | $ | 3,858,150 | | | | | | | | | | | |
(1)Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. The Company’s other Level 3 investments, which represented $186.296 million as of June 30, 2026 and $315.904 million as of December 31, 2025, have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable inputs used in the market comparable valuation techniques include the next twelve months forward and latest twelve month (“LTM”) EBITDA (net income before net interest expense, income tax expense, depreciation and amortization) multiple. Forward or LTM EBITDA for comparable portfolio companies are multiplied by the portfolio companies most recent available EBITDA to derive the portfolio company fair value. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.
Other Assets and Liabilities As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities, other than investments at fair value and debt obligations listed in Note 5, approximate fair value due to their short maturities. These financial instruments, would be categorized as Level 3, with the exception of cash equivalents which would be categorized as Level 1.
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