Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| 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 | $ | — | | | $ | 2,555,615 | | | $ | 68,127,653 | | | $ | 70,683,268 | | | Second lien debt | — | | | 465,907 | | | 2,429,066 | | | 2,894,973 | | | Unsecured debt | — | | | 19,176 | | | 60,216 | | | 79,392 | | | Structured finance obligations - debt instruments | — | | | — | | | 210,320 | | | 210,320 | | | Structured finance obligations - equity instruments | — | | | — | | | 263,118 | | | 263,118 | | Equity and other (1) | — | | | — | | | 1,857,711 | | | 1,857,711 | | | | | | | | | | | Total | — | | | 3,040,698 | | | 72,948,084 | | | 75,988,782 | | Investments Measured at NAV (2) | — | | | — | | | — | | | 1,660,325 | | | | | | | | | | | | | | | | | | | Total investments | $ | — | | | $ | 3,040,698 | | | $ | 72,948,084 | | | $ | 77,649,107 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total | | First lien debt | $ | — | | | $ | 4,559,314 | | | $ | 68,786,055 | | | $ | 73,345,369 | | | Second lien debt | — | | | 783,278 | | | 2,479,259 | | | 3,262,537 | | | Unsecured debt | — | | | 21,611 | | | 57,816 | | | 79,427 | | | Structured finance obligations - debt instruments | — | | | — | | | 501,333 | | | 501,333 | | | Structured finance obligations - equity instruments | — | | | — | | | 301,610 | | | 301,610 | | Equity and other (1) | 19,774 | | | 133 | | | 2,897,350 | | | 2,917,257 | | | Total | 19,774 | | | 5,364,336 | | | 75,023,423 | | | 80,407,533 | | Investments Measured at NAV (2) | — | | | — | | | — | | | 1,791,813 | | | Total investments | $ | 19,774 | | | $ | 5,364,336 | | | $ | 75,023,423 | | | $ | 82,199,346 | |
(1)Includes equity investment in SLC. (2)Includes investments in the Emerald JV and Verdelite JV (refer to Note 11). Certain investments that are measured at fair value using the NAV practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Condensed Consolidated Statements of Assets and Liabilities.
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| 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 | | Structured Finance Obligations - Debt Instruments | | Structured Finance Obligations - Equity Instruments | | Equity and other | | Total | | Fair value, beginning of period | $ | 69,646,881 | | | $ | 2,430,811 | | | $ | 59,715 | | | $ | 412,348 | | | $ | 256,137 | | | $ | 1,995,982 | | | $ | 74,801,874 | | | Purchases of investments | 1,805,300 | | | 36,154 | | | 2,090 | | | — | | | 5,089 | | | 103,942 | | | 1,952,575 | | | Proceeds from principal repayments and sales of investments | (2,726,339) | | | (30,267) | | | — | | | (210,582) | | | (8,825) | | | (179,916) | | | (3,155,929) | | | Accretion of discount (amortization of premium) | 62,974 | | | 1,294 | | | 42 | | | 34 | | | — | | | — | | | 64,344 | | | Net realized gain (loss) | (23,233) | | | (849) | | | — | | | (5,424) | | | (473) | | | 10,144 | | | (19,835) | | | Net change in unrealized appreciation (depreciation) | (833,329) | | | (8,077) | | | (1,631) | | | 13,944 | | | 11,190 | | | (72,441) | | | (890,344) | | Transfers into Level 3 (1) | 278,571 | | | — | | | — | | | — | | | — | | | — | | | 278,571 | | Transfers out of Level 3 (1) | (83,172) | | | — | | | — | | | — | | | — | | | — | | | (83,172) | | | Fair value, end of period | $ | 68,127,653 | | | $ | 2,429,066 | | | $ | 60,216 | | | $ | 210,320 | | | $ | 263,118 | | | $ | 1,857,711 | | | $ | 72,948,084 | | 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 | $ | (846,677) | | | $ | (8,779) | | | $ | (1,631) | | | $ | 5,519 | | | $ | 11,117 | | | $ | (41,535) | | | $ | (881,986) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | First Lien Debt | | Second Lien Debt | | Unsecured Debt | | Structured Finance Obligations - Debt Instruments | | Structured Finance Obligations - Equity Instruments | | Equity and other | | Total | | Fair value, beginning of period | $ | 68,786,055 | | | $ | 2,479,259 | | | $ | 57,816 | | | $ | 501,333 | | | $ | 301,610 | | | $ | 2,897,350 | | | $ | 75,023,423 | | | Purchases of investments | 5,942,026 | | | 59,058 | | | 5,127 | | | — | | | 19,168 | | | 307,839 | | | 6,333,218 | | | Proceeds from principal repayments and sales of investments | (5,299,247) | | | (40,269) | | | — | | | (275,077) | | | (25,160) | | | (1,266,950) | | | (6,906,703) | | | Accretion of discount (amortization of premium) | 121,502 | | | 2,718 | | | 84 | | | 201 | | | — | | | 86 | | | 124,591 | | | Net realized gain (loss) | (33,238) | | | (893) | | | — | | | (5,452) | | | (467) | | | 12,023 | | | (28,027) | | | Net change in unrealized appreciation (depreciation) | (1,338,009) | | | (102,965) | | | (2,811) | | | (10,685) | | | (32,033) | | | (92,637) | | | (1,579,140) | | Transfers into Level 3 (1) | 47,842 | | | 32,158 | | | — | | | — | | | — | | | — | | | 80,000 | | Transfers out of Level 3 (1) | (99,278) | | | — | | | — | | | — | | | — | | | — | | | (99,278) | | | Fair value, end of period | $ | 68,127,653 | | | $ | 2,429,066 | | | $ | 60,216 | | | $ | 210,320 | | | $ | 263,118 | | | $ | 1,857,711 | | | $ | 72,948,084 | | 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 | $ | (1,323,745) | | | $ | (102,623) | | | $ | (2,811) | | | $ | (9,819) | | | $ | (30,972) | | | $ | (64,451) | | | $ | (1,534,421) | |
(1)For the three and six months ended June 30, 2026, transfers into or out of Level 3 were primarily due to decreased or increased price transparency. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | First Lien Debt | | Second Lien Debt | | Unsecured Debt | | Structured Finance Obligations - Debt Instruments | | Structured Finance Obligations - Equity Instruments | | Equity and other | | Total | | | | Fair value, beginning of period | $ | 57,423,521 | | | $ | 2,258,941 | | | $ | 30,453 | | | $ | 536,456 | | | $ | 191,459 | | | $ | 1,355,977 | | | $ | 61,796,807 | | | | | Purchases of investments | 3,877,956 | | | 117,751 | | | 1,039 | | | 21,205 | | | 69,275 | | | 165,260 | | | 4,252,486 | | | | | Proceeds from principal repayments and sales of investments | (1,041,306) | | | (4,880) | | | — | | | (10,043) | | | (5,504) | | | (12,731) | | | (1,074,464) | | | | | Accretion of discount (amortization of premium) | 52,701 | | | 1,346 | | | 22 | | | 77 | | | — | | | — | | | 54,146 | | | | | Net realized gain (loss) | 917 | | | — | | | — | | | 159 | | | — | | | — | | | 1,076 | | | | | Net change in unrealized appreciation (depreciation) | 234,352 | | | 36,383 | | | (771) | | | 3,056 | | | 2,146 | | | 28,922 | | | 304,088 | | | | Transfers into Level 3 (1) | 69,747 | | | — | | | — | | | — | | | — | | | — | | | 69,747 | | | | Transfers out of Level 3 (1) | (23,268) | | | — | | | — | | | — | | | — | | | — | | | (23,268) | | | | | Fair value, end of period | $ | 60,594,620 | | | $ | 2,409,541 | | | $ | 30,743 | | | $ | 550,910 | | | $ | 257,376 | | | $ | 1,537,428 | | | $ | 65,380,618 | | | | 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 | $ | 235,548 | | | $ | 36,383 | | | $ | (771) | | | $ | 3,083 | | | $ | 2,146 | | | $ | 28,922 | | | $ | 305,311 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | First Lien Debt | | Second Lien Debt | | Unsecured Debt | | Structured Finance Obligations - Debt Instruments | | Structured Finance Obligations - Equity Instruments | | Equity and other | | Total | | | | Fair value, beginning of period | $ | 57,154,971 | | | $ | 2,088,319 | | | $ | 157,115 | | | $ | 590,509 | | | $ | 141,139 | | | $ | 1,350,757 | | | $ | 61,482,810 | | | | | Purchases of investments | 8,072,012 | | | 296,948 | | | 2,065 | | | 50,051 | | | 138,202 | | | 192,557 | | | 8,751,835 | | | | | Proceeds from principal repayments and sales of investments | (4,977,747) | | | (17,892) | | | (129,371) | | | (85,364) | | | (20,804) | | | (52,623) | | | (5,283,801) | | | | | Accretion of discount (amortization of premium) | 124,771 | | | 2,623 | | | 44 | | | 160 | | | (8) | | | 453 | | | 128,043 | | | | | Net realized gain (loss) | (3,265) | | | 1 | | | — | | | 691 | | | — | | | 15,577 | | | 13,004 | | | | | Net change in unrealized appreciation (depreciation) | 272,114 | | | 39,542 | | | 890 | | | (5,137) | | | (1,153) | | | 30,707 | | | 336,963 | | | | Transfers into Level 3 (1) | 46,319 | | | — | | | — | | | — | | | — | | | — | | | 46,319 | | | | Transfers out of Level 3 (1) | (94,555) | | | — | | | — | | | — | | | — | | | — | | | (94,555) | | | | | Fair value, end of period | $ | 60,594,620 | | | $ | 2,409,541 | | | $ | 30,743 | | | $ | 550,910 | | | $ | 257,376 | | | $ | 1,537,428 | | | $ | 65,380,618 | | | | 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 | $ | 297,439 | | | $ | 39,542 | | | $ | (804) | | | $ | (4,200) | | | $ | (1,153) | | | $ | 40,403 | | | $ | 371,227 | | | |
(1)For the three and six months ended June 30, 2025, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
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| 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 | $ | 65,593,802 | | | Yield Analysis | | Discount Rate | | 2.68 | % | | 294.67 | % | | 10.49 | % | | 1,675,426 | | | Asset Recoverability | | Market Multiple | | 0.80x | | 26.50x | | 9.11x | | 852,350 | | | Market Quotations | | Broker Quoted Price | | 60.65 | | 100.13 | | 96.20 | | | | | | | | | | | | | | 6,075 | | | Asset Recoverability | | Discount to Expected Proceeds | | | | | | 25.00 | % | | 68,127,653 | | | | | | | | | | | | | Investments in second lien debt | 2,399,339 | | | Yield Analysis | | Discount Rate | | 8.72 | % | | 21.82 | % | | 10.62 | % | | | | | | | | | | | | | | 29,727 | | | Asset Recoverability | | Market Multiple | | 9.15x | | 11.68x | | 10.40x | | 2,429,066 | | | | | | | | | | | | | Investments in unsecured debt | 60,216 | | | Yield Analysis | | Discount Rate | | 13.27 | % | | 17.05 | % | | 14.69 | % | | Investments in structured finance obligations - debt instruments | 182,190 | | | Market Quotations | | Broker Quoted Price | | 77.22 | | 100.43 | | 94.25 | | 28,130 | | | Yield Analysis | | Discount Rate | | | | | | 5.10 | % | | 210,320 | | | | | | | | | | | | | Investments in structured finance obligations - equity instruments | 213,397 | | | Market Quotations | | Broker Quoted Price | | 0.02 | | 77.75 | | 57.10 | | 49,721 | | | Distribution Waterfall | | Liquidation Discount | | 2.50 | % | | 2.50 | % | | 2.50 | % | | | | | | | | | | | | | | 263,118 | | | | | | | | | | | | | Investments in equity and other | 516,177 | | | Estimated Net Asset Value | | Net Asset Value | | 1.05 | | 26.14 | | 24.72 | | 483,374 | | | Market Approach | | Performance Multiple | | 5.00x | | 26.50x | | 13.19x | | 428,625 | | | Yield Analysis | | Discount Rate | | 7.96 | % | | 28.36 | % | | 12.41 | % | | | | | | | | | | | | | | 407,869 | | | Asset Recoverability | | Market Multiple | | 1.00x | | 12.00x | | 2.77x | | | | | | | | | | | | | | 21,666 | | | Option Pricing Model | | Expected Volatility | | 32.00 | % | | 75.50 | % | | 34.37 | % | | | | | | | | | | | | | | 1,857,711 | | | | | | | | | | | | | Total | $ | 72,948,084 | | | | | | | | | | | |
(1)Weighted averages are calculated based on fair value of investments. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | Range | | | | Fair Value | | Valuation Technique | | Unobservable Input | | Low | | High | | Weighted Average (1) | | Investments in first lien debt | $ | 66,420,844 | | | Yield Analysis | | Discount Rate | | 2.81 | % | | 32.47 | % | | 9.06 | % | | 1,886,879 | | | Asset Recoverability | | Market Multiple | | 5.50x | | 12.47x | | 10.76x | | 471,232 | | | Market Quotations | | Broker Quoted Price | | 82.44 | | 101.00 | | 99.65 | | 7,100 | | | Asset Recoverability | | N/A | | | | | | | | 68,786,055 | | | | | | | | | | | | | Investments in second lien debt | 2,476,991 | | | Yield Analysis | | Discount Rate | | 8.45 | % | | 21.42 | % | | 10.19 | % | | 2,268 | | | Asset Recoverability | | Market Multiple | | 11.84x | | 11.84x | | 11.84x | | 2,479,259 | | | | | | | | | | | | | Investments in unsecured debt | 57,816 | | | Yield Analysis | | Discount Rate | | 13.47 | % | | 15.10 | % | | 14.14 | % | | Investments in structured finance obligations - debt instruments | 471,678 | | | Market Quotations | | Broker Quoted Price | | 89.01 | | 101.99 | | 99.31 | | 29,655 | | | Yield Analysis | | Discount Rate | | 8.42 | % | | 8.42 | % | | 8.42 | % | | 501,333 | | | | | | | | | | | | | Investments in structured finance obligations - equity instruments | 296,743 | | | Market Quotations | | Broker Quoted Price | | 0.02 | | 105.70 | | 73.29 | | 4,867 | | | Transaction Price | | N/A | | | | | | | | 301,610 | | | | | | | | | | | | Investments in equity and other (2) | 1,642,499 | | | Yield Analysis | | Discount Rate | | 7.76 | % | | 19.50 | % | | 8.91 | % | | 430,975 | | | Estimated Net Asset Value | | Net Asset Value | | 26.08 | | 26.08 | | 26.08 | | 387,101 | | | Market Approach | | Performance Multiple | | 6.40x | | 33.63x | | 16.80x | | 381,241 | | | Asset Recoverability | | N/A | | | | | | | | 34,418 | | | Asset Recoverability | | Market Multiple | | 5.50x | | 16.00x | | 11.65x | | 21,116 | | | Option Pricing Model | | Expected Volatility | | 32.00 | % | | 70.50 | % | | 33.66 | % | | | | | | | | | | | | | | 2,897,350 | | | | | | | | | | | | | Total | $ | 75,023,423 | | | | | | | | | | | |
(1)Weighted averages are calculated based on fair value of investments. (2)“Other” includes warrants
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| Schedule of Financial Instruments Not Carried at Fair Value |
The following table presents the fair value measurements of the Company’s debt obligations as of June 30, 2026 and December 31, 2025 had they been accounted for at fair value: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Fair Value | | Fair Value | | Bard Peak Funding Facility | $ | 725,830 | | | $ | 1,549,670 | | | Castle Peak Funding Facility | 866,931 | | | 1,760,209 | | | Summit Peak Funding Facility | 828,644 | | | 1,257,548 | | | Denali Peak Funding Facility | 714,593 | | | 584,800 | | | Bushnell Peak Funding Facility | 350,300 | | | 554,300 | | | Granite Peak Funding Facility | 750,000 | | | 500,000 | | | Middle Peak Funding Facility | 730,000 | | | 890,000 | | | Bison Peak Funding Facility | 930,200 | | | 1,437,200 | | | Blanca Peak Funding Facility | 825,000 | | | 951,000 | | | Windom Peak Funding Facility | 957,919 | | | 2,150,076 | | | Monarch Peak Funding Facility | 1,050,000 | | | 1,500,000 | | | Haydon Peak Funding Facility | 114,000 | | | 212,000 | | | Bear Peak Funding Facility | — | | | 587,017 | | | Phoenix Peak Funding Facility | 215,945 | | | 221,455 | | | 2025-2 Lender Finance Warehouse Facility | — | | | — | | | Sonora Peak Funding Facility | 100,000 | | | — | | | Ramsey Peak Funding Facility | 200,000 | | | — | | | Crystal Peak Funding Facility | 75,000 | | | — | | | Weller Peak Funding Facility | — | | | — | | Meadow Pass WH Funding Facility | 303,000 | | | — | | | Revolving Credit Facility | 2,304,440 | | | 2,259,240 | | | 2026 Notes | 399,000 | | | 395,800 | | | May 2027 Notes | 626,938 | | | 630,625 | | | October 2027 Notes | 352,450 | | | 358,505 | | March 2031 5.54% Notes | 489,200 | | | 497,950 | | March 2033 Notes | 478,700 | | | 497,800 | | | January 2032 Series 2026A Notes | 206,514 | | | — | | April 2031 Series 2026B Notes | 481,400 | | | — | | July 2031 Series 2026B Notes | 481,100 | | | — | | June 2032 Series 2026C Notes | 676,510 | | | — | | | December 2026 Notes | 1,236,500 | | | 1,228,375 | | | November 2026 Eurobonds | 566,901 | | | 582,958 | | | March 2027 Notes | 987,800 | | | 983,300 | | | January 2029 Notes | 621,335 | | | 631,800 | | | April 2026 UK Bonds | — | | | 337,224 | |
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Fair Value | | Fair Value | | November 2028 Notes | $ | 670,800 | | | $ | 689,715 | | | January 2031 Notes | 600,780 | | | 620,460 | | | July 2029 Notes | 900,630 | | | 918,430 | | | September 2027 Notes | 398,400 | | | 402,480 | | | April 2030 Notes | 388,560 | | | 397,160 | | | November 2029 Notes | 394,760 | | | 404,360 | | | November 2034 Notes | 770,400 | | | 808,320 | | | January 2032 Notes | 985,900 | | | 1,015,700 | | September 2030 Notes | 478,700 | | | 492,600 | | March 2031 5.350% Notes | 673,330 | | | — | | May 2031 Notes | 837,165 | | | — | | | 2021-2 Notes | — | | | 505,988 | | | MML 2021-1 Debt | 690,393 | | | 690,751 | | | MML 2022-1 Debt | 759,111 | | | 759,106 | | | 2022-1 BSL Debt | — | | | 419,790 | | | MML 2022-2 Debt | 300,105 | | | 301,089 | | | 2023-1 Notes | 305,246 | | | 305,824 | | | 2024-1 Notes | 244,033 | | | 244,031 | | | 2024-2 Notes | 305,041 | | | 305,041 | | | 2025-1 Notes | 884,470 | | | 884,354 | | | 2025-1 Lender Finance Facility | 874,977 | | | 901,820 | | | 2025-1 BSL Notes | 427,619 | | | 661,802 | | 2025-2 Lender Finance Facility | 855,712 | | | — | | | 2026-1 Notes | 735,864 | | | — | | | 2026-1 Static Notes | 306,036 | | | — | | | 2026-2 Static Notes | 678,445 | | | — | | | 2026-2 Notes | 272,065 | | | — | | | Short-Term Borrowings | 604,371 | | | 856,829 | | | Total | $ | 34,989,063 | | | $ | 35,144,502 | |
The following table presents the categorization of the Company’s debt obligations as of June 30, 2026 and December 31, 2025 had they been accounted for at fair value within the hierarchy: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Level 1 | $ | — | | | $ | — | | | Level 2 | — | | | — | | | Level 3 | 34,989,063 | | | 35,144,502 | | | Total debt | $ | 34,989,063 | | | $ | 35,144,502 | |
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