v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy of financial instruments:
September 30, 2026
Level 1Level 2Level 3Total
First lien debt$— $77,889 $12,330,802 $12,408,691 
Second lien debt— — 252,721 252,721 
Unsecured debt— — 12,498 12,498 
Equity— — 272,324 272,324 
Total$— $77,889 $12,868,345 $12,946,234 
December 31, 2025
Level 1Level 2Level 3Total
First lien debt$— $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. As of September 30, 2026, $115.0 million of such Equity investments had a sale constraint or other restriction that lapses after a predetermined date; the weighted average remaining duration of such restrictions was 1.9 years. As of December 31, 2025, $5.8 million of such Equity investments had a sale constraint or other restriction that lapses after a predetermined date; the weighted average remaining duration of such restrictions was 4.2 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 September 30, 2026
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,863,118 $250,182 $12,348 $157,187 $13,282,835 
Purchases of investments255,650 3,368 537 122,129 381,684 
Proceeds from principal repayments and sales of investments(754,802)(779)(11)(7,211)(762,803)
Accretion of discount (amortization of premium)11,846 150 10 — 12,006 
Net realized gain (loss)(237,953)(2)5 4,006 (233,944)
Net change in unrealized appreciation (depreciation)192,943 (198)(391)(3,787)188,567 
Transfers into Level 3 (1)
— — — — — 
Transfers out of Level 3 (1)
— — — — — 
Fair value, end of period$12,330,802 $252,721 $12,498 $272,324 $12,868,345 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$194,982 $(198)$(391)$(3,787)$190,606 
Nine Months Ended September 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 investments925,793 28,482 1,963 192,317 1,148,555 
Proceeds from principal repayments and sales of investments(2,001,125)(2,819)(11)(16,928)(2,020,883)
Accretion of discount (amortization of premium)35,509 423 29 — 35,961 
Net realized gain (loss)(276,518)5 5 12,303 (264,205)
Net change in unrealized appreciation (depreciation)(103,528)(5,020)(1,766)(11,862)(122,176)
Transfers into Level 3 (1)
— — — — — 
Transfers out of Level 3 (1)
(9,146)— — — (9,146)
Fair value, end of period$12,330,802 $252,721 $12,498 $272,324 $12,868,345 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2026 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(85,573)$(5,020)$(1,766)$(11,192)$(103,551)
Three Months Ended September 30, 2025
First Lien DebtSecond Lien DebtUnsecured DebtEquityTotal
Fair value, beginning of period$12,800,357 $122,942 $13,721 $99,506 $13,036,526 
Purchases of investments928,219 104,168 487 996 1,033,870 
Proceeds from principal repayments and sales of investments(434,248)(196)— (1,506)(435,950)
Accretion of discount (amortization of premium)12,913 94 11 — 13,018 
Net realized gain (loss)(9,270)— — — (9,270)
Net change in unrealized appreciation (depreciation)(48,999)(759)(228)(1,014)(51,000)
Transfers into Level 3 (1)
8,360 — — — 8,360 
Transfers out of Level 3 (1)
— — — — — 
Fair value, end of period$13,257,332 $226,249 $13,991 $97,982 $13,595,554 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(54,660)$(759)$(228)$(365)$(56,012)
Nine Months Ended September 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 investments2,190,326 107,954 1,426 1,172 2,300,878 
Proceeds from principal repayments and sales of investments(1,562,430)(3,206)(20,595)(11,960)(1,598,191)
Accretion of discount (amortization of premium)39,343 244 32 — 39,619 
Net realized gain (loss)(9,292)(1)— 7,316 (1,977)
Net change in unrealized appreciation (depreciation)(21,661)2,074 (393)(7,970)(27,950)
Transfers into Level 3 (1)
8,585 — — — 8,585 
Transfers out of Level 3 (1)
(102,175)— — — (102,175)
Fair value, end of period$13,257,332 $226,249 $13,991 $97,982 $13,595,554 
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of September 30, 2025 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations
$(25,068)$1,588 $(663)$(2,924)$(27,067)
For the three and nine months ended September 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.
September 30, 2026
Range
Fair ValueValuation TechniqueUnobservable InputLowHigh
Weighted Average (1)
Investments in first lien debt$11,965,877 Yield AnalysisDiscount Rate7.42 %47.90 %10.95 %
267,186 Asset RecoverabilityMarket Multiple7.25x12.75x8.73x
97,739 Market QuotationsBroker quoted price94.0099.4896.95
12,330,802 
Investments in second lien debt252,721 Yield AnalysisDiscount Rate9.35 %21.54 %11.00 %
Investments in unsecured debt12,479 Yield AnalysisDiscount Rate17.77 %
19 Asset RecoverabilityMarket Multiple 18.72x
12,498 
Investments in equity174,970 Yield AnalysisDiscount Rate10.25 %75.00 %14.37 %
74,389 Market ApproachPerformance Multiple5.75x26.50x12.36x
11,104 Asset RecoverabilityMarket Multiple7.25x12.75x9.33x
10,779 Option Pricing Model Expected Volatility32.00 %70.50 %32.37 %
1,082 Asset RecoverabilityDiscount to Expected Proceeds25.00 %85.00 %44.74 %
272,324 
Total$12,868,345 
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$14,100,239 
(1)Weighted averages are calculated based on fair value of investments.
The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. Significant increases in discount rates would result in a significantly lower fair value measurement. The significant unobservable input used for market quotations are broker quoted prices provided by independent pricing services. The significant unobservable input used under the market approach is the Performance Multiple. The significant unobservable inputs used under the asset recoverability approach are the market multiple and the discount to expected proceeds. Significant decreases in quoted prices, Performance Multiples, or market multiples or significant increases to the discount to expected proceeds would result in a significantly lower fair value measurement. The significant input used in the option pricing model is expected volatility. Significant increases or decreases in expected volatility could result in a significantly higher or significantly lower fair market value measurement, respectively.
Financial Instruments Not Carried at Fair Value
Debt
The fair value of the Company’s SPV Financing Facilities (as defined in Note 7) and Revolving Credit Facility (as defined in Note 7), as of September 30, 2026 and December 31, 2025, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates. These financial instruments would be categorized as Level 3 within the fair value hierarchy.
The following table presents the fair value measurements of the Company’s Unsecured Notes and Debt Securitization Notes (as defined in Note 7) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 within the fair value hierarchy as of September 30, 2026 and December 31, 2025.
September 30, 2026December 31, 2025
Fair ValueFair Value
2026 Notes$— $799,357 
New 2026 Notes— 691,950 
September 30, 2026December 31, 2025
Fair ValueFair Value
2027 Notes$642,315 $632,710 
2028 Notes610,735 615,550 
November 2027 Notes400,930 408,680 
April 2028 Notes694,057 706,370 
June 2030 Notes475,614 497,550 
January 2031 Notes467,187 494,000 
September 2029 Notes387,930 — 
May 2031 Notes621,082 — 
2024-1 Notes457,509 457,450 
Total$4,757,359 $5,303,617 
Other Assets and Liabilities
As of September 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities, other than investments at fair value, debt obligations listed above and derivative instruments listed in Note 6, approximate fair value due to their short maturities. These other assets and liabilities, 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.