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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents the fair value hierarchy of financial instruments:

			December 31, 2023
			Level 1						Level 2						Level 3						Total
First lien debt			$	—					$	157,858					$	9,564,203					$	9,722,061
Second lien debt			—						—						41,515						41,515
Unsecured debt			—						—						9,924						9,924
Equity investments			—						—						94,940						94,940
Total			$	—					$	157,858					$	9,710,582					$	9,868,440

			December 31, 2022
			Level 1						Level 2						Level 3						Total
First lien debt			$	—					$	144,452					$	9,275,511					$	9,419,963
Second lien debt			—						—						46,336						46,336
Equity investments			—						—						150,949						150,949
Total			$	—					$	144,452					$	9,472,796					$	9,617,248

Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs

The following table presents changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:

			For the Year Ended December 31, 2023
			First Lien Debt						Second Lien Debt						Unsecured Debt						Equity Investments						Total Investments
Fair value, beginning of period			$	9,275,511					$	46,336					$	—					$	150,949					$	9,472,796
Purchases of investments			1,492,985						1,935						9,924						3,915						1,508,759
Proceeds from principal repayments and sales of investments			(1,114,974)						(7,351)						—						(65,465)						(1,187,790)
Accretion of discount/amortization of premium			50,516						58						6						—						50,580
Net realized gain (loss)			(15,095)						(49)						—						13,482						(1,662)
Net change in unrealized appreciation (depreciation)			(37,739)						586						(6)						(7,941)						(45,100)
Transfers into Level 3 (1)			4,938						—						—						—						4,938
Transfers out of Level 3 (1)			(91,939)						—						—						—						(91,939)
Fair value, end of period			$	9,564,203					$	41,515					$	9,924					$	94,940					$	9,710,582
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2023 included in change in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations			$	(38,013)					$	374					$	(6)					$	(6,437)					$	(44,082)

			For the Year Ended December 31, 2022
			First Lien Debt						Second Lien Debt						Equity Investments						Total Investments
Fair value, beginning of period			$	9,288,184					$	42,880					$	170,265					$	9,501,329
Purchases of investments			934,505						5,949						12,400						952,854
Proceeds from principal repayments and sales of investments			(980,395)						—						(61,967)						(1,042,362)
Accretion of discount/amortization of premium			45,133						137						—						45,270
Net realized gain (loss)			(2,125)						—						41,486						39,361
Net change in unrealized appreciation (depreciation)			(118,465)						(2,630)						(11,235)						(132,330)
Transfers into Level 3 (1)			108,674						—						—						108,674
Transfers out of Level 3 (1)			—						—						—						—
Fair value, end of period			$	9,275,511					$	46,336					$	150,949					$	9,472,796
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of December 31, 2022 included in net change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations			$	(119,180)					$	(2,629)					$	24,528					$	(97,281)

(1)For the years ended December 31, 2023 and 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.

Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

			December 31, 2023
																					Range
			Fair Value						Valuation Technique						Unobservable Input						Low						High						Weighted Average (1)
Investments in first lien debt			$	9,533,700					Yield Analysis						Discount Rate						7.68		%				30.89		%				10.31		%
			30,503						Asset Recoverability						Market Multiple						10.50x						10.50x						10.50x
			9,564,203
Investments in second lien debt			41,515						Yield Analysis						Discount Rate						10.18		%				14.38		%				12.69		%
Investments in unsecured debt			9,924						Yield Analysis						Discount Rate						14.90%						14.90%						14.90%
Investments in equity			60,007						Market Approach						Performance Multiple						6.40x						30.00x						11.47x
			28,531						Option Pricing Model						Expected Volatility						32.00		%				55.00		%				42.86		%
			6,402						Yield Analysis						Discount Rate						10.75		%				17.92		%				14.17		%
			94,940
Total			$	9,710,582

			December 31, 2022
																					Range
			Fair Value						Valuation Technique						Unobservable Input						Low						High						Weighted Average (1)
Investments in first lien debt			$	9,037,133					Yield analysis						Discount rate						6.83		%				19.84		%				10.13		%
			238,378						Market quotations						Broker quoted price						82.00						96.75						94.19
			9,275,511
Investments in second lien debt			46,336						Yield analysis						Discount rate						10.43		%				14.25		%				12.60		%
Investments in equity			105,782						Market approach						Performance multiple						5.50x						29.00x						13.41x
			22,481						Option pricing model						Expected volatility						30.00		%				50.00		%				43.46		%
			22,686						Yield analysis						Discount rate						11.31		%				13.75		%				12.74		%
			150,949
Total			$	9,472,796

(1)Weighted averages are calculated based on fair value of investments.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the fair value measurements of the Company's Unsecured Notes (as defined in Note 6) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 as of December 31, 2023 and as Level 2 as of December 31, 2022 within the hierarchy.

			December 31, 2023						December 31, 2022
			Fair Value						Fair Value
2023 Notes			$	—					$	397,481
2026 Notes			763,085						740,171
New 2026 Notes			643,814						619,144
2027 Notes			583,633						546,117
2028 Notes			561,129						522,809
Total			$	2,551,661					$	2,825,722

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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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.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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