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Fair Value of Investments | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
Fair Value of Investments | Fair Value of Investments Investments The tables below present the fair value hierarchy of investments as of the following periods:
|  | Fair Value Hierarchy as of June 30, 2026
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash (including restricted and foreign cash) |  | $ | 238,049 |  |  | $ | — |  |  | $ | — |  |  | $ | 238,049 |
Investments: |  |  |  |  |  |  |  |
First-lien senior secured debt investments |  | $ | — |  |  | $ | 44,279 |  |  | $ | 10,893,570 |  |  | $ | 10,937,849 |
Second-lien senior secured debt investments |  | — |  |  | — |  |  | 674,223 |  |  | 674,223 |
Unsecured debt investments |  | — |  |  | — |  |  | 377,224 |  |  | 377,224 |
Specialty finance debt investments |  | — |  |  | — |  |  | 171,254 |  |  | 171,254 |
Preferred equity investments |  | — |  |  | — |  |  | 262,536 |  |  | 262,536 |
Common equity investments |  | 23,906 |  |  | 4,320 |  |  | 556,928 |  |  | 585,154 |
Specialty finance equity investments |  | — |  |  | — |  |  | 1,011,942 |  |  | 1,011,942 |
Subtotal |  | 23,906 |  |  | 48,599 |  |  | 13,947,677 |  |  | 14,020,182 |
Investments measured at NAV(1) |  | — |  |  | — |  |  | — |  |  | 934,867 |
Total Investments at Fair Value |  | $ | 23,906 |  |  | $ | 48,599 |  |  | $ | 13,947,677 |  |  | $ | 14,955,049 |
Derivatives: |  |  |  |  |  |  |  |
Derivative assets |  | $ | — |  |  | $ | 5,918 |  |  | $ | — |  |  | $ | 5,918 |
Derivative liabilities |  | $ | — |  |  | $ | 6,772 |  |  | $ | — |  |  | $ | 6,772 |
___________ (1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO, Blue Owl Leasing and Owl-HP Finance which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has 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.
|  | Fair Value Hierarchy as of December 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash (including restricted and foreign cash) |  | $ | 568,542 |  |  | $ | — |  |  | $ | — |  |  | $ | 568,542 |
Investments: |  |  |  |  |  |  |  |
First-lien senior secured debt investments |  | $ | — |  |  | $ | 39,027 |  |  | $ | 12,009,907 |  |  | $ | 12,048,934 |
Second-lien senior secured debt investments |  | — |  |  | 47,294 |  |  | 801,281 |  |  | 848,575 |
Unsecured debt investments |  | — |  |  | — |  |  | 399,962 |  |  | 399,962 |
Specialty finance debt investments |  | — |  |  | — |  |  | 157,297 |  |  | 157,297 |
Preferred equity investments |  | — |  |  | — |  |  | 568,977 |  |  | 568,977 |
Common equity investments |  | — |  |  | 6,555 |  |  | 520,542 |  |  | 527,097 |
Specialty finance equity investments |  | — |  |  | — |  |  | 1,114,178 |  |  | 1,114,178 |
Subtotal |  | — |  |  | 92,876 |  |  | 15,572,144 |  |  | 15,665,020 |
Investments measured at NAV(1) |  | — |  |  | — |  |  | — |  |  | 805,873 |
Total Investments at fair value |  | $ | — |  |  | $ | 92,876 |  |  | $ | 15,572,144 |  |  | $ | 16,470,893 |
Derivatives: |  |  |  |  |  |  |  |
Derivative assets |  | $ | — |  |  | $ | 3,123 |  |  | $ | — |  |  | $ | 3,123 |
Derivative liabilities |  | $ | — |  |  | $ | 793 |  |  | $ | — |  |  | $ | 793 |
_______________ (1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and has 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. The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
| As of and for the Three Months Ended June 30, 2026
| Debt Investments |  | Equity Investments |  |
| First-Lien Senior Secured |  | Second-Lien Senior Secured |  | Unsecured |  | Specialty Finance |  | Preferred |  | Common |  | Specialty Finance |  | Total
Fair value, beginning of period | $ | 11,003,920 |  |  | $ | 730,176 |  |  | $ | 369,374 |  |  | $ | 159,598 |  |  | $ | 536,853 |  |  | $ | 537,854 |  |  | $ | 1,011,324 |  |  | $ | 14,349,099 |
Purchases of investments, net | 454,452 |  |  | — |  |  | — |  |  | 11,887 |  |  | — |  |  | 3,154 |  |  | 5,389 |  |  | 474,882 |
Payment-in-kind | 15,911 |  |  | 2,030 |  |  | 10,220 |  |  | 327 |  |  | 13,583 |  |  | 287 |  |  | — |  |  | 42,358 |
Proceeds from investments, net | (532,518) |  |  | (24,953) |  |  | (2,044) |  |  | (558) |  |  | (255,892) |  |  | (353) |  |  | (1,485) |  |  | (817,803) |
Net change in unrealized gain (loss) | (47,395) |  |  | (68,508) |  |  | (648) |  |  | (11) |  |  | (35,397) |  |  | 33,099 |  |  | (3,286) |  |  | (122,146) |
Net realized gain (loss) | (2,859) |  |  | (8,648) |  |  | 216 |  |  | — |  |  | (50) |  |  | (2,377) |  |  | — |  |  | (13,718) |
Net amortization/accretion of discount/premium on investments | 11,026 |  |  | 945 |  |  | 106 |  |  | 11 |  |  | 3,439 |  |  | — |  |  | — |  |  | 15,527 |
Transfers between investment types | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into (out of) Level 3(1) | (8,967) |  |  | 43,181 |  |  | — |  |  | — |  |  | — |  |  | (14,736) |  |  | — |  |  | 19,478 |
Fair Value, End of Period | $ | 10,893,570 |  |  | $ | 674,223 |  |  | $ | 377,224 |  |  | $ | 171,254 |  |  | $ | 262,536 |  |  | $ | 556,928 |  |  | $ | 1,011,942 |  |  | $ | 13,947,677 |
_______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
| As of and for the Six Months Ended June 30, 2026
| Debt Investments |  | Equity Investments |  |
| First-Lien Senior Secured |  | Second-Lien Senior Secured |  | Unsecured |  | Specialty Finance |  | Preferred |  | Common |  | Specialty Finance |  | Total
Fair value, beginning of period | $ | 12,009,907 |  |  | $ | 801,281 |  |  | $ | 399,962 |  |  | $ | 157,297 |  |  | $ | 568,977 |  |  | $ | 520,542 |  |  | $ | 1,114,178 |  |  | $ | 15,572,144 |
Purchases of investments, net | 804,632 |  |  | 1 |  |  | — |  |  | 11,887 |  |  | 976 |  |  | 15,222 |  |  | 8,117 |  |  | 840,835 |
Payment-in-kind | 32,258 |  |  | 4,047 |  |  | 21,853 |  |  | 2,913 |  |  | 23,331 |  |  | 565 |  |  | — |  |  | 84,967 |
Proceeds from investments, net | (1,819,971) |  |  | (41,676) |  |  | (41,400) |  |  | (843) |  |  | (292,441) |  |  | (1,416) |  |  | (102,542) |  |  | (2,300,289) |
Net change in unrealized gain (loss) | (101,368) |  |  | (130,487) |  |  | (5,859) |  |  | (23) |  |  | (22,270) |  |  | 69,681 |  |  | (7,811) |  |  | (198,137) |
Net realized gain (loss) | (58,263) |  |  | (8,503) |  |  | 2,471 |  |  | — |  |  | (20,027) |  |  | (26,145) |  |  | — |  |  | (110,467) |
Net amortization/accretion of discount/premium on investments | 26,920 |  |  | 2,266 |  |  | 197 |  |  | 23 |  |  | 3,990 |  |  | — |  |  | — |  |  | 33,396 |
Transfers between investment types | (158) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 158 |  |  | — |  |  | — |
Transfers into (out of) Level 3(1) | (387) |  |  | 47,294 |  |  | — |  |  | — |  |  | — |  |  | (21,679) |  |  | — |  |  | 25,228 |
Fair Value, End of Period | $ | 10,893,570 |  |  | $ | 674,223 |  |  | $ | 377,224 |  |  | $ | 171,254 |  |  | $ | 262,536 |  |  | $ | 556,928 |  |  | $ | 1,011,942 |  |  | $ | 13,947,677 |
_______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the six months ended June 30, 2026, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
| As of and for the Three Months Ended June 30, 2025
| Debt Investments |  | Equity Investments |  |
| First-Lien Senior Secured |  | Second-Lien Senior Secured |  | Unsecured |  | Specialty Finance |  | Preferred |  | Common |  | Specialty Finance |  | Total
Fair value, beginning of period | $ | 13,534,635 |  |  | $ | 846,978 |  |  | $ | 377,711 |  |  | $ | 121,603 |  |  | $ | 543,191 |  |  | $ | 634,300 |  |  | $ | 937,195 |  |  | $ | 16,995,613 |
Purchases of investments, net | 478,573 |  |  | 148,500 |  |  | — |  |  | 9,813 |  |  | 2,909 |  |  | 4,401 |  |  | 68,832 |  |  | 713,028 |
Payment-in-kind | 16,011 |  |  | 8,974 |  |  | 10,918 |  |  | 729 |  |  | 16,928 |  |  | 265 |  |  | — |  |  | 53,825 |
Proceeds from investments, net | (1,379,333) |  |  | (122,716) |  |  | (24,233) |  |  | — |  |  | (4,982) |  |  | (77,386) |  |  | (2,395) |  |  | (1,611,045) |
Net change in unrealized gain (loss) | (86,522) |  |  | (13,996) |  |  | 9,168 |  |  | 21 |  |  | (4,974) |  |  | (18,953) |  |  | 29,045 |  |  | (86,211) |
Net realized gains (losses) | 4,410 |  |  | — |  |  | 641 |  |  | — |  |  | 49 |  |  | 22,218 |  |  | — |  |  | 27,318 |
Net amortization/accretion of discount/premium on investments | 35,042 |  |  | 3,547 |  |  | 488 |  |  | 7 |  |  | 666 |  |  | — |  |  | — |  |  | 39,750 |
Transfers into (out of) Level 3(1) | (3,847) |  |  | (7,620) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11,467) |
Fair Value, End of Period | $ | 12,598,969 |  |  | $ | 863,667 |  |  | $ | 374,693 |  |  | $ | 132,173 |  |  | $ | 553,787 |  |  | $ | 564,845 |  |  | $ | 1,032,677 |  |  | $ | 16,120,811 |
_______________ (1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
| As of and for the Six Months Ended June 30, 2025
| Debt Investments |  | Equity Investments |  |
| First-Lien Senior Secured |  | Second-Lien Senior Secured |  | Unsecured |  | Specialty Finance |  | Preferred |  | Common |  | Specialty Finance |  | Total
Fair value, beginning of period | $ | 9,796,885 |  |  | $ | 660,060 |  |  | $ | 301,956 |  |  | $ | 90,735 |  |  | $ | 366,973 |  |  | $ | 550,886 |  |  | $ | 799,766 |  |  | $ | 12,567,261 |
Purchases of investments, net | 1,202,373 |  |  | 141,009 |  |  | — |  |  | 25,594 |  |  | 46,930 |  |  | 4,386 |  |  | 119,215 |  |  | 1,539,507 |
Payment-in-kind | 40,649 |  |  | 15,504 |  |  | 23,469 |  |  | 743 |  |  | 26,153 |  |  | 522 |  |  | — |  |  | 107,040 |
Proceeds from investments, net | (1,883,856) |  |  | (129,182) |  |  | (33,743) |  |  | — |  |  | (15,358) |  |  | (77,371) |  |  | (5,464) |  |  | (2,144,974) |
Net change in unrealized gain (loss) | (23,419) |  |  | 87,300 |  |  | 17,431 |  |  | 309 |  |  | (1,254) |  |  | (16,295) |  |  | 42,804 |  |  | 106,876 |
Net realized gains (losses) | (6,545) |  |  | (102,791) |  |  | (1,212) |  |  | — |  |  | 152 |  |  | 22,218 |  |  | 1,119 |  |  | (87,059) |
Net amortization of discount on investments | 51,130 |  |  | 4,486 |  |  | 628 |  |  | 13 |  |  | 1,309 |  |  | — |  |  | — |  |  | 57,566 |
Transfers into (out of) Level 3(1) | (29,148) |  |  | 9,746 |  |  | — |  |  | — |  |  | — |  |  | (3,091) |  |  | — |  |  | (22,493) |
Transfers in from the OBDE Mergers | 3,450,900 |  |  | 177,535 |  |  | 66,164 |  |  | 14,779 |  |  | 128,882 |  |  | 83,590 |  |  | 75,237 |  |  | 3,997,087 |
Fair Value, End of Period | $ | 12,598,969 |  |  | $ | 863,667 |  |  | $ | 374,693 |  |  | $ | 132,173 |  |  | $ | 553,787 |  |  | $ | 564,845 |  |  | $ | 1,032,677 |  |  | $ | 16,120,811 |
_______________ (1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy. The tables below present the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:
| Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2026 on Investments Held at June 30, 2026 |  | Net Change in Unrealized Gain (Loss) for the Three Months Ended June 30, 2025 on Investments Held at June 30, 2025
First-lien senior secured debt investments | $ | (49,105) |  |  | $ | (91,669) |
Second-lien senior secured debt investments | (68,508) |  |  | (34,067) |
Unsecured debt investments | (648) |  |  | 9,168 |
Specialty finance debt investments | (11) |  |  | 21 |
Preferred equity investments | (11,918) |  |  | (4,973) |
Common equity investments | 31,234 |  |  | (18,939) |
Specialty finance equity investments | (3,286) |  |  | 29,029 |
Total Investments | $ | (102,242) |  |  | $ | (111,430) |
| Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2026 on Investments Held at June 30, 2026 |  | Net Change in Unrealized Gain (Loss) for the Six Months Ended June 30, 2025 on Investments Held at June 30, 2025 |  |
First-lien senior secured debt investments | $ | (150,437) |  |  | $ | (40,510) |  |  |
Second-lien senior secured debt investments | (130,487) |  |  | (16,898) |  |  |
Unsecured debt investments | (5,859) |  |  | 17,431 |  |  |
Specialty finance debt investments | (23) |  |  | 311 |  |  |
Preferred equity investments | (40,677) |  |  | (1,254) |  |  |
Common equity investments | 44,314 |  |  | 15,269 |  |  |
Specialty finance equity investments | (7,811) |  |  | 42,788 |  |  |
Total Investments | $ | (290,980) |  |  | $ | 17,137 |  |  |
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
| As of June 30, 2026
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |  | Impact to Valuation from an Increase in Input
First-lien senior secured debt investments | $ | 10,556,228 |  |  | Yield Analysis |  | Market Yield |  | 7.1% - 23.8% (10.4%) |  | Decrease
179,499 |  | Transaction |  | Transaction Price |  | 98.5% - 99.6% (99.3%) |  | Increase
157,843 |  |  | Recovery Analysis |  | Recovery Rate |  | 0.0% - 100.0% (46.0%) |  | Increase
Second-lien senior secured debt investments | $ | 667,573 |  |  | Yield Analysis |  | Market Yield |  | 10.5% - 47.0% (22.6%) |  | Decrease
6,650 |  |  | Recovery Analysis |  | Recovery Rate |  | 5.0% - 5.0% (5.0%) |  | Increase
Unsecured debt investments | $ | 367,642 |  |  | Yield Analysis |  | Market Yield |  | 5.4% - 22.5% (13.8%) |  | Decrease
9,582 |  |  | Market Approach |  | EBITDA Multiple |  | 12.0x - 12.0x (12.0x) |  | Decrease
Specialty finance debt investments | $ | 171,254 |  |  | Yield Analysis |  | Market Yield |  | 12.3% - 12.3% (12.3%) |  | Decrease
Preferred equity investments | $ | 246,278 |  |  | Yield Analysis |  | Market Yield |  | 12.9% - 53.5% (23.8%) |  | Decrease
16,000 |  | Market Approach |  | EBITDA Multiple |  | 9.5x - 9.5x (9.5x) |  | Decrease
258 |  |  | Market Approach |  | Revenue Multiple |  | 13.3x - 13.3x (13.3x) |  | Increase
Common equity investments | $ | 478,092 |  |  | Market Approach |  | EBITDA Multiple |  | 4.0x - 27.8x (7.9x) |  | Decrease
45,892 |  |  | Market Approach |  | Revenue Multiple |  | 5.0x - 47.5x (11.1x) |  | Increase
8,485 |  | Transaction |  | Transaction Price |  | 18.0% - 200.2% (149.2%) |  | Increase
14,618 |  | Yield Analysis |  | Market Yield |  | 8.4% - 8.4% (8.4%) |  | Decrease
8,979 |  | Market Approach |  | Market Adjustment Factor |  | (13.1)% - 26.3% (6.0%) |  | Increase
694 |  | Option Pricing Model |  | Volatility |  | 60.0% - 70.0% (70.0%) |  | Increase
168 |  | Market Approach |  | Gross Profit Multiple |  | 9.3x - 9.3x (9.3x) |  | Increase
Specialty finance equity investments | $ | 607,054 |  |  | Market Approach |  | Book Multiple |  | 1.2x - 1.2x (1.2x) |  | Increase
302,656 |  | Market Approach |  | AUM Multiple |  | 1.0x - 1.0x (1.0x) |  | Increase
94,975 |  |  | Market Approach |  | Recovery Rate |  | 120.0% - 150.0% (140.0%) |  | Increase
5,196 |  |  | Yield Analysis |  | Market Yield |  | 11.8% - 11.8% (11.8%) |  | Decrease
2,061 |  | Discounted Cash Flow Analysis |  | Market Yield |  | 20.0% - 20.0% (20.0%) |  | Decrease
|  | As of December 31, 2025
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |  | Impact to Valuation from an Increase in Input
First-lien senior secured debt investments |  | $ | 11,273,964 |  |  | Yield Analysis |  | Market Yield |  | 6.3% - 20.1% (9.6%) |  | Decrease
| 536,599 |  |  | Recent Transaction |  | Transaction Price |  | 99.0% - 99.8% (99.3%) |  | Increase
| 199,344 |  |  | Collateral Analysis |  | Recovery Rate |  | 0.0% - 107.2% (59.5%) |  | Increase
Second-lien senior secured debt investments |  | $ | 801,281 |  |  | Yield Analysis |  | Market Yield |  | 9.7% - 62.4% (18.9%) |  | Decrease
Unsecured debt investments |  | $ | 390,845 |  |  | Yield Analysis |  | Market Yield |  | 5.5% - 17.6% (12.6%) |  | Decrease
| 9,117 |  |  | Market Approach |  | EBITDA Multiple |  | 12.0x - 12.0x (12.0x) |  | Increase
Specialty finance debt investments |  | $ | 157,297 |  |  | Yield Analysis |  | Market Yield |  | 11.6% - 11.6% (11.6%) |  | Decrease
Preferred equity investments |  | $ | 559,595 |  |  | Yield Analysis |  | Market Yield |  | 11.6% - 35.3% (16.1%) |  | Decrease
| 9,171 |  |  | Market Approach |  | EBITDA Multiple |  | 128.9x - 128.9x (128.9x) |  | Increase
| 211 |  |  | Market Approach |  | Revenue Multiple |  | 11.3x - 11.3x (11.3x) |  | Increase
Common equity investments |  | $ | 388,838 |  |  | Market Approach |  | EBITDA Multiple |  | 4.0x - 17.9x (7.7x) |  | Increase
| 45,461 |  |  | Market Approach |  | Revenue Multiple |  | 6.3x - 13.0x (10.7x) |  | Increase
| 43,926 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% - 100.0% (100.0%) |  | Increase
| 21,679 |  |  | Market Approach |  | Transaction Price |  | $96.84 - $96.84 ($96.84) |  | Increase
| 14,020 |  |  | Yield Analysis |  | Market Yield |  | 8.5% - 8.5% (8.5%) |  | Decrease
| 6,105 |  |  | Market Approach |  | Market Adjustment Factor |  | 0.0% - 0.0% (0.0%) |  | Increase
| 347 |  |  | Option Pricing Model |  | Volatility |  | 60.0% - 70.0% (70.0%) |  | Increase
| 166 |  |  | Market Approach |  | Gross Profit Multiple |  | 9.0x - 9.0x (9.0x) |  | Increase
Specialty finance equity investments |  | $ | 607,284 |  |  | Market Approach |  | EBITDA Multiple |  | 1.3x - 1.3x (1.3x) |  | Increase
| 403,170 |  |  | Market Approach |  | AUM Multiple |  | 1.1x - 1.1x (1.1x) |  | Increase
| 94,930 |  |  | Market Approach |  | N/A(1) |  | N/A |  | N/A
| 6,657 |  |  | Yield Analysis |  | Market Yield |  | 11.5% - 11.5% (11.5%) |  | Decrease
| 2,137 |  |  | Discounted Cash Flow Analysis |  | Discounted Factor |  | 20.0% - 20.0% (20.0%) |  | Decrease
_____________ (1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost. The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure. When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used. Debt Not Carried at Fair Value Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025
|  | Net Carrying Value |  | Debt Issuance Costs |  | Fair Value |  | Net Carrying Value |  | Debt Issuance Costs |  | Fair Value
Revolving Credit Facility |  | $ | 71,376 |  |  | $ | (34,124) |  |  | $ | 71,376 |  |  | $ | 984,069 |  |  | $ | (27,931) |  |  | $ | 984,069 |
SPV Asset Facility II |  | 250,905 |  |  | (5,295) |  |  | 250,905 |  |  | 156,138 |  |  | (5,562) |  |  | 156,138 |
SPV Asset Facility V |  | 426,088 |  |  | (4,412) |  |  | 426,088 |  |  | 378,999 |  |  | (5,001) |  |  | 378,999 |
SPV Asset Facility VI |  | 306,470 |  |  | (3,530) |  |  | 306,470 |  |  | 295,959 |  |  | (4,041) |  |  | 295,959 |
SPV Asset Facility VII |  | — |  |  | — |  |  | — |  |  | 208,399 |  |  | (1,601) |  |  | 208,399 |
CLO I |  | — |  |  | — |  |  | — |  |  | 386,511 |  |  | (3,489) |  |  | 386,511 |
CLO III |  | 258,362 |  |  | (1,638) |  |  | 258,362 |  |  | 258,273 |  |  | (1,727) |  |  | 258,273 |
CLO IV |  | 217,166 |  |  | (2,782) |  |  | 217,166 |  |  | 272,117 |  |  | (3,346) |  |  | 272,117 |
CLO V |  | 507,686 |  |  | (1,939) |  |  | 507,686 |  |  | 507,563 |  |  | (2,062) |  |  | 507,563 |
CLO VII |  | 328,459 |  |  | (2,041) |  |  | 328,459 |  |  | 328,373 |  |  | (2,127) |  |  | 328,373 |
CLO X |  | 270,167 |  |  | (1,833) |  |  | 270,167 |  |  | 270,203 |  |  | (1,797) |  |  | 270,203 |
CLO XIV |  | — |  |  | — |  |  | — |  |  | 258,422 |  |  | (1,578) |  |  | 258,422 |
2026 Notes |  | — |  |  | — |  |  | — |  |  | 499,909 |  |  | (91) |  |  | 498,750 |
July 2026 Notes |  | 999,803 |  |  | (197) |  |  | 1,000,000 |  |  | 997,283 |  |  | (2,717) |  |  | 992,500 |
2027 Notes |  | 489,826 |  |  | (9,073) |  |  | 492,500 |  |  | 483,987 |  |  | (2,117) |  |  | 488,750 |
April 2027 Notes |  | 324,335 |  |  | (665) |  |  | 320,125 |  |  | 323,922 |  |  | (1,078) |  |  | 317,688 |
July 2027 Notes |  | 249,038 |  |  | (962) |  |  | 250,000 |  |  | 248,611 |  |  | (1,389) |  |  | 250,000 |
2028 Notes |  | 844,749 |  |  | (5,251) |  |  | 805,375 |  |  | 843,451 |  |  | (6,549) |  |  | 803,250 |
June 2028 Notes |  | 99,531 |  |  | (469) |  |  | 100,000 |  |  | 99,415 |  |  | (585) |  |  | 100,000 |
September 2028 Notes |  | 393,582 |  |  | (2,861) |  |  | 404,000 |  |  | — |  |  | — |  |  | — |
2029 Notes |  | 986,672 |  |  | (6,965) |  |  | 1,000,000 |  |  | 1,002,667 |  |  | (8,373) |  |  | 1,010,000 |
2030 Notes |  | 486,848 |  |  | (9,041) |  |  | 498,750 |  |  | 495,805 |  |  | (10,025) |  |  | 506,250 |
2031 Notes |  | 392,470 |  |  | (8,694) |  |  | 398,000 |  |  | — |  |  | — |  |  | — |
Total Debt |  | $ | 7,903,533 |  |  | $ | (101,772) |  |  | $ | 7,905,429 |  |  | $ | 9,300,076 |  |  | $ | (93,186) |  |  | $ | 9,272,214 |
The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:
|  | As of June 30, 2026 |  | As of December 31, 2025
Level 1 |  | $ | — |  |  | $ | — |
Level 2 |  | 5,268,750 |  |  | 4,967,188 |
Level 3 |  | 2,636,679 |  |  | 4,305,026 |
Total Debt |  | $ | 7,905,429 |  |  | $ | 9,272,214 |
Financial Instruments Not Carried at Fair Value As of June 30, 2026 and December 31, 2025, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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