FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Fair Value Measurements of Cash and Cash Equivalents and Investments

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of September 30, 2026:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total



First lien senior secured loans	$	—	$	4,033,886	$	12,229,754	$	16,263,640
Second lien senior secured loans	—		190,643		158,538		349,181
Senior subordinated loans	—		1,929		1,313,879		1,315,808
Corporate bonds	—		—		62,294		62,294
Collateralized loan obligations	—		—		714,587		714,587
Commercial mortgage-backed securities	—		—		109,642		109,642
Private asset-backed investments	—		—		327,901		327,901
Investments in joint ventures	—		—		1,003,200		1,003,200
Preferred equity	—		9,892		456,885		466,777
Other equity	—		1,957		635,526		637,483
Investments not measured at net asset value	$	—	$	4,238,307	$	17,012,206	$	21,250,513
Investments measured at net asset value(1)							105,263
Total investments							$	21,355,776
Unfunded revolving and delayed draw loan commitments(2)	$	—	$	—	$	(35,634)	$	(35,634)
Derivatives:
Foreign currency forward contracts	$	—	$	8,273	$	—	$	8,273
Interest rate swaps	$	—	$	(193,333)	$	—	$	(193,333)

________________________________________

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) 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 consolidated statements of assets and liabilities.

(2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statements of assets and liabilities.

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2025:


	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Total



First lien senior secured loans	$	—	$	6,617,396	$	10,542,870	$	17,160,266
Second lien senior secured loans	—		287,211		141,949		429,160
Senior subordinated loans	—		5,086		1,063,756		1,068,842
Corporate bonds	—		—		99,063		99,063
Collateralized loan obligations	—		—		1,051,264		1,051,264
Commercial mortgage-backed securities	—		—		99,962		99,962
Private asset-backed investments	—		—		300,947		300,947
Investments in joint ventures	—		—		391,000		391,000
Preferred equity	—		—		317,476		317,476
Other equity	—		—		489,521		489,521
Investments not measured at net asset value	$	—	$	6,909,693	$	14,497,808	$	21,407,501
Investments measured at net asset value(1)							101,097
Total investments							$	21,508,598
Unfunded revolving and delayed draw loan commitments(2)	$	—	$	—	$	(10,885)	$	(10,885)
Derivatives:
Foreign currency forward contracts	$	—	$	(22,867)	$	—	$	(22,867)
Interest rate swaps	$	—	$	58,008	$	—	$	58,008

________________________________________

Schedule of Significant Unobservable Inputs used to Value Investments

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of September 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

As of September 30, 2026

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

12,014,290

Yield analysis

Market yield

6.0% - 19.5%

9.7%

215,464

Broker quotes

N/A

Second lien senior secured loans

158,538

Yield analysis

Market yield

9.1% - 29.3%

18.3%

Senior subordinated loans

1,313,879

Yield analysis

Market yield

7.6% - 16.1%

10.6%

Corporate bonds

62,294

Broker quotes

N/A

Collateralized loan obligations

714,587

Broker quotes

N/A

Commercial mortgage-backed securities

59,937

Broker quotes

N/A

49,705

Discounted cash flow

Discount rate

7.2% - 15.2%

12.8%

Private asset-backed investments

299,037

Yield analysis

Market yield

7.0% - 15.0%

11.1%

21,337

Discounted cash flow

Discount rate

4.8% - 16.7%

14.0%

7,527

Income (other)

Constant default rate

2.0% - 7.0%

3.4%

Investments in joint ventures

1,003,200

Net asset value analysis

Net asset value

N/A

Preferred equity

379,998

Yield analysis

Market yield

8.0% - 15.0%

12.6%

76,887

EV market multiple analysis

EBITDA multiple

5.8x - 24.0x

10.1x

Other equity

635,526

EV market multiple analysis

EBITDA multiple

3.8x - 30.1x

15.0x

Total investments

17,012,206

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

As of December 31, 2025

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien senior secured loans

10,364,836

Yield analysis

Market yield

5.5% - 19.1%

9.1%

167,884

Broker quotes

N/A

10,150

Transaction cost

N/A

Second lien senior secured loans

141,949

Yield analysis

Market yield

8.2% - 19.6%

12.9%

Senior subordinated loans

1,032,512

Yield analysis

Market yield

7.0% - 24.7%

10.6%

31,244

Transaction cost

N/A

Corporate bonds

99,063

Broker quotes

N/A

Collateralized loan obligations

1,047,274

Broker quotes

N/A

3,990

Transaction cost

N/A

Commercial mortgage-backed securities

99,962

Broker quotes

N/A

Private asset-backed investments

202,865

Yield analysis

Market yield

4.0% - 13.8%

8.7%

50,750

Broker quotes

N/A

41,570

Transaction cost

N/A

5,762

Income (other)

Constant default
rate

0.0% - 7.0%

1.7%

Investments in joint ventures

391,000

Yield analysis

Market yield

10.0%

Preferred equity

165,475

EV market
multiple analysis

EBITDA multiple

7.1x - 22.5x

12.4x

152,001

Yield analysis

Market yield

9.8% - 15.0%

12.9%

Other equity

489,521

EV market
multiple analysis

EBITDA multiple

7.2x - 33.0x

15.1x

Total investments

14,497,808

____________________________________

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Changes in Investments using Level 3 Inputs

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2026:


	As of and For the Three Months Ended September 30, 2026
Balance as of June 30, 2026	$	17,045,709
Net realized gains	9,923
Net unrealized losses	(28,346)
Purchases	982,360
Sales	(432,146)
Repayments	(633,895)
PIK interest and dividends	35,466
Net accretion of discount on investments	9,771
Transfers into Level 3	142,080
Transfers out of Level 3	(118,716)
Balance as of September 30, 2026	$	17,012,206


	As of and For the Nine Months Ended September 30, 2026
Balance as of December 31, 2025	$	14,497,808
Net realized gains	21,819
Net unrealized losses	(175,727)
Purchases	4,891,325
Sales	(1,120,052)
Repayments	(1,305,866)
PIK interest and dividends	102,679
Net accretion of discount on investments	29,443
Transfers into Level 3	378,558
Transfers out of Level 3	(307,781)
Balance as of September 30, 2026	$	17,012,206

The following tables present changes in investments that use Level 3 inputs as of and for the three and nine months ended September 30, 2025:


	As of and For the Three Months Ended September 30, 2025
Balance as of June 30, 2025	$	9,302,895
Net realized gains	14,298
Net unrealized gains	17,865
Purchases	3,024,312
Sales	(78,686)
Repayments	(296,134)
PIK interest and dividends	21,329
Net accretion of discount on investments	6,983
Transfers into Level 3	92,870
Transfers out of Level 3	(195,953)
Balance as of September 30, 2025	$	11,909,779


	As of and For the Nine Months Ended September 30, 2025
Balance as of December 31, 2024	$	5,935,498
Net realized losses	13,469
Net unrealized gains	145,148
Purchases	6,740,606
Sales	(168,434)
Repayments	(576,028)
PIK interest and dividends	53,153
Net accretion of discount on investments	17,329
Transfers into Level 3	292,648
Transfers out of Level 3	(543,610)
Balance as of September 30, 2025	$	11,909,779

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following are the carrying and fair values of the Fund’s debt obligations as of September 30, 2026 and December 31, 2025.


	As of

	September 30, 2026					December 31, 2025
	Carrying Value(1)			Fair Value(6)		Carrying Value(1)			Fair Value(6)
Revolving Credit Facility	$	2,101,059		$	2,101,059	$	2,525,642		$	2,525,642
SG Funding Facility	1,470,811			1,470,811		612,811			612,811
SB Funding Facility	650,000			650,000		400,000			400,000
BNP Funding Facility	568,000			568,000		900,000			900,000
January 2037 CLO Secured Notes (principal amount outstanding of $476,000)(2)	473,501		(3)	473,501		473,310		(3)	473,310
April 2038 CLO Secured Debt (principal amount outstanding of $350,000)(2)	348,312		(3)	348,312		348,196		(3)	348,196
January 2039 CLO Secured Debt (principal amount outstanding of $532,000)(2)	530,259		(3)	530,259		529,820		(3)	529,820
March 2028 Notes (principal amount outstanding of $1,000,000)	984,196		(3)(4)	993,690		1,004,008		(3)(4)	1,013,110
September 2028 Notes (principal amount outstanding of $600,000)	582,416		(3)(4)	592,182		597,103		(3)(4)	604,992
January 2029 Notes (principal amount outstanding of $600,000)	573,479		(3)(4)	581,742		589,036		(3)(4)	593,616
August 2029 Notes (principal amount outstanding of $700,000)	677,992		(3)(4)	696,129		705,261		(3)(4)	717,759
February 2030 Notes (principal amount outstanding of $750,000)	702,715		(3)(4)	722,430		731,239		(3)(4)	757,665
September 2030 Notes (principal amount outstanding of $500,000)	472,698		(3)(4)	479,845		496,117		(3)(4)	505,680
January 2031 Notes (principal amount outstanding of $500,000)	459,545		(3)(4)	465,125		483,459		(3)(4)	491,060
April 2031 Notes (principal amount outstanding of $700,000 and $0, respectively)	654,482		(3)(4)	658,028		—			—
March 2032 Notes (principal amount outstanding of $750,000)	717,245		(3)(4)	717,000		764,594		(3)(4)	770,467
Total	$	11,966,710	(5)	$	12,048,113	$	11,160,596	(5)	$	11,244,128

____________________________________

(1)The Revolving Credit Facility, the SG Funding Facility, the SB Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)Excludes the subordinated notes issued by certain of the Fund’s wholly owned, consolidated subsidiaries in connection with the Debt Securitizations, all of which were retained by the Fund and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

(3)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.

(4)The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes, the April 2031 Notes and the March 2032 Notes as of September 30, 2026 and December 31, 2025 includes adjustments as a result of effective hedge accounting relationships, as applicable. See Notes 5 and 6 for more information on the Unsecured Notes and the interest rate swaps.

(5)Total principal amount of outstanding debt totaled $12,251,407 and $11,194,548 as of September 30, 2026 and December 31, 2025, respectively.

(6)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

- 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