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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following tables present the fair value hierarchy of financial instruments:

			March 31, 2024
			Level 1						Level 2						Level 3						Total
First lien debt			$	—					$	108,808					$	10,178,311					$	10,287,119
Second lien debt			—						—						41,515						41,515
Unsecured debt			—						—						11,859						11,859
Equity			—						—						98,680						98,680
Total			$	—					$	108,808					$	10,330,365					$	10,439,173

			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			—						—						94,940						94,940
Total			$	—					$	157,858					$	9,710,582					$	9,868,440

Summary 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 March 31, 2024
			First Lien  Debt						Second Lien  Debt						Unsecured Debt						Equity						Total Investments
Fair value, beginning of period			$	9,564,203					$	41,515					$	9,924					$	94,940					$	9,710,582
Purchases of investments			734,974						180						1,785						2,188						739,127
Proceeds from principal repayments and sales of investments			(186,370)						—						—						—						(186,370)
Accretion of discount/(amortization of premium)			9,341						25						9						—						9,375
Net realized gain (loss)			428						—						—						—						428
Net change in unrealized appreciation (depreciation)			5,496						(205)						141						1,552						6,984
Transfers into Level 3 (1)			50,239						—						—						—						50,239
Transfers out of Level 3 (1)			—						—						—						—						—
Fair value, end of period			$	10,178,311					$	41,515					$	11,859					$	98,680					$	10,330,365
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2024 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations			$	6,191					$	(205)					$	135					$	1,553					$	7,674

			Three Months Ended March 31, 2023
			First Lien  Debt						Second Lien  Debt						Equity						Total Investments
Fair value, beginning of period			$	9,275,511					$	46,336					$	150,949					$	9,472,796
Purchases of investments			114,229						411						—						114,640
Proceeds from principal repayments and sales of investments			(71,040)						—						—						(71,040)
Accretion of discount/(amortization of premium)			8,407						36						—						8,443
Net realized gain (loss)			46						—						—						46
Net change in unrealized appreciation (depreciation)			(14,862)						(105)						3,572						(11,395)
Transfers into Level 3 (1)			4,938						—						—						4,938
Transfers out of Level 3 (1)			(91,939)						—						—						(91,939)
Fair value, end of period			$	9,225,290					$	46,678					$	154,521					$	9,426,489
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 included in net change in unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations			$	(14,862)					$	(105)					$	3,572					$	(11,395)

(1)For the three months ended March 31, 2024 and 2023, 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 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.

			March 31, 2024
																					Range
			Fair Value						Valuation Technique						Unobservable Input						Low						High						Weighted Average (1)
Investments in first lien debt			$	10,082,833					Yield Analysis						Discount Rate						5.37		%				30.72		%				10.58		%
			51,247						Market Quotations						Broker quoted price						100.00						100.00						100.00
			44,231						Asset Recoverability						Market Multiple						10.00x						10.50x						10.34x
			10,178,311
Investments in second lien debt			41,515						Yield Analysis						Discount Rate						9.90		%				14.98		%				13.07		%
Investments in unsecured debt			11,859						Yield Analysis						Discount Rate						13.78%						14.00%						13.97%
Investments in equity			62,990						Market Approach						Performance Multiple						6.44x						30.00x						11.59x
			29,072						Option Pricing Model						Expected Volatility						32.00		%				57.00		%				43.06		%
			6,618						Yield Analysis						Discount Rate						11.00		%				17.92		%				14.34		%
			98,680
Total			$	10,330,365

			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

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

Schedule of Fair Value Measurements of Unsecured Notes

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 within the hierarchy as of March 31, 2024 and December 31, 2023.

			March 31, 2024						December 31, 2023
			Fair Value						Fair Value
2026 Notes			$	765,680					$	763,085
New 2026 Notes			645,470						643,814
2027 Notes			586,560						583,633
2028 Notes			573,495						561,129
Total			$	2,571,205					$	2,551,661

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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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