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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of March 31, 2025:

			Total						Level I						Level II						Level III
First lien			$	1,959,038					$	—					$	29,393					$	1,929,645
Second lien			173,598						—						48,594						125,004
Subordinated			104,948						—						—						104,948
Structured Finance Obligations			3,232						—						—						3,232
Equity and other			793,395						—						—						793,395
Total investments			$	3,034,211					$	—					$	77,987					$	2,956,224

The following table summarizes the levels in the fair value hierarchy that the Company’s portfolio investments fall into as of December 31, 2024:

			Total						Level I						Level II						Level III
First lien			$	1,956,608					$	—					$	53,998					$	1,902,610
Second lien			197,050						—						46,716						150,334
Subordinated			102,034						—						—						102,034
Structured Finance Obligations			3,232						—						3,232						—
Equity and other			832,100						—						—						832,100
Total investments			$	3,091,024					$	—					$	103,946					$	2,987,078

Schedule of Changes in Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2025, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2025:

			Total						First Lien						Second Lien						Subordinated						Structured Finance Obligations						Equity and other
Fair Value, December 31, 2024			$	2,987,078					$	1,902,610					$	150,334					$	102,034					$	—					$	832,100
Total gains or losses included in earnings:
Net realized gains (losses) on investments			37,668						67						(2,229)						—						—						39,830
Net change in unrealized (depreciation) appreciation of investments			(47,770)						(712)						(128)						163						—						(47,093)
Purchases, including capitalized PIK and revolver fundings(1)			203,575						125,756						4,255						2,751						—						70,813
Proceeds from sales and paydowns of investments(1)			(227,559)						(98,076)						(27,228)						—						—						(102,255)
Transfers into Level III(2)			3,232						—						—						—						3,232						—
Fair Value, March 31, 2025			$	2,956,224					$	1,929,645					$	125,004					$	104,948					$	3,232					$	793,395
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(61)					$	(668)					$	(416)					$	163					$	—					$	860

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2025, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended March 31, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at March 31, 2024:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, December 31, 2023			$	2,938,849					$	1,637,889					$	406,180					$	82,871					$	811,909
Total gains or losses included in earnings:
Net realized losses on investments			(11,890)						(11,859)						—						—						(31)
Net change in unrealized appreciation (depreciation) of investments			3,097						15,974						5,557						(261)						(18,173)
Purchases, including capitalized PIK and revolver fundings(1)			227,711						172,750						43,125						2,733						9,103
Proceeds from sales and paydowns of investments(1)			(170,754)						(111,778)						(58,964)						—						(12)
Transfers into Level III(2)			28,440						28,440						—						—						—
Fair Value, March 31, 2024			$	3,015,453					$	1,731,416					$	395,898					$	85,343					$	802,796
Net change in unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:			$	(12,429)					$	3,813					$	2,216					$	(261)					$	(18,197)

(1)Includes non-cash reorganizations and restructurings.

(2)As of March 31, 2024, portfolio investments were transferred into Level III from Level II at fair value as of the beginning of the period in which the reclassification occurred.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of March 31, 2025 were as follows:

																					Range
Type			Fair Value as of March 31, 2025						Approach						Unobservable Input						Low						High						Weighted Average(1)
First lien			$	1,885,015					Market & Income Approach						EBITDA multiple						6.5x						33.0x						14.2x
															Revenue multiple						4.0x						18.5x						9.2x
															Discount rate						6.3		%				21.9		%				9.3		%
			44,630						Other						N/A(2)						N/A						N/A						N/A
Second lien			125,004						Market & Income Approach						EBITDA multiple						8.0x						20.0x						17.3x
															Discount rate						9.5		%				13.3		%				9.9		%
Subordinated			104,948						Market & Income Approach						EBITDA multiple						8.0x						24.5x						15.7x
															Discount rate						12.6		%				27.6		%				17.6		%
Structured Finance Obligations			3,232						Income Approach						Discount Rate						11.4		%				11.4		%				11.4		%
Equity and other			399,105						Market & Income Approach						EBITDA multiple						6.0x						23.0x						11.7x
															Revenue multiple						5.0x						20.0x						6.7x
															Discount rate						8.6		%				32.6		%				9.0		%
			386,921						Income Approach						Discount rate						6.5		%				13.0		%				10.0		%
			7,369						Other						N/A(2)						N/A						N/A						N/A
			$	2,956,224

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

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2024 were as follows:

																					Range
Type			Fair Value as of December 31, 2024						Approach						Unobservable Input						Low						High						Weighted Average(1)
First lien			$	1,884,611					Market & income approach						EBITDA multiple						6.0x						35.0x						14.8x
															Revenue multiple						3.0x						19.5x						6.9x
															Discount rate						6.8		%				22.1		%				9.8		%
			17,999						Other						N/A(2)						N/A						N/A						N/A
Second lien			144,003						Market & income approach						EBITDA multiple						7.0x						20.0x						15.2x
															Discount rate						10.1		%				20.6		%				12.2		%
			6,331						Other						N/A(2)						N/A						N/A						N/A
Subordinated			102,034						Market & income approach						EBITDA multiple						8.0x						21.0x						15.4x
															Discount rate						12.5		%				25.9		%				16.8		%
Equity and other			422,851						Market & income approach						EBITDA multiple						5.5x						26.5x						12.8x
															Revenue multiple						9.0x						19.5x						14.1x
															Discount rate						8.2		%				44.6		%				8.9		%
			387,194						Income approach						Discount rate						6.4		%				12.2		%				9.9		%
			22,055						Other						N/A(2)						N/A						N/A						N/A
			$	2,987,078

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

(2)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date.

Schedule of Principal Amounts and Fair Values of Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of March 31, 2025 and December 31, 2024. 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.

						As of
						March 31, 2025												December 31, 2024
						Principal Amount						Fair Value						Principal Amount						Fair Value
Unsecured Notes						$	990,000					$	993,883					$	990,000					$	991,624
Holdings Credit Facility						270,563						266,747						294,363						298,435
SBA-guaranteed debentures						262,500						231,596						300,000						270,548
2022 Convertible Notes						258,784						262,148						260,000						261,811
NMFC Credit Facility (1)						29,059						28,678						27,944						26,812
Total Borrowings						$	1,810,906					$	1,783,052					$	1,872,307					$	1,849,230

(1)     As of March 31, 2025, the principal amount of the NMFC Credit Facility was $29,059, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of March 31, 2025, the fair value of the NMFC Credit Facility was $28,678, which included €16,288 denominated in EUR and £8,560 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the principal amount of the NMFC Credit Facility was $27,944, which included €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of December 31, 2024, the fair value of the NMFC Credit Facility was

$26,812, which included €15,379 denominated in EUR and £8,700 denominated in GBP that has been converted to U.S. dollars.

Schedule of Notional Amounts and Fair Values of our Derivative Instruments

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of March 31, 2025. The Company's derivative instruments are considered Level II investments.

						As of March 31, 2025																		As of December 31, 2024
						Notional Amount						Fair Value												Notional Amount						Fair Value
												Asset						Liability												Asset						Liability
Derivatives in fair value hedging relationships:
Interest rate swaps						$	600,000					$	3,117					$	(3,368)					$	600,000					$	—					$	(7,423)
Total derivatives designated as hedging instruments						600,000						3,117						(3,368)						600,000						—						(7,423)
Total derivatives						600,000						3,117						(3,368)						600,000						—						(7,423)
Total net derivatives(1)						$	600,000					$	—					$	(251)					$	600,000					$	—					$	(7,423)

(1)As of March 31, 2025 and December 31, 2024, the Company had net derivative liabilities at fair value subject to such enforceable master netting arrangement in the amount of $251 and $7,423, respectively and a collateral balance of $10,130 and $3,230, respectively, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. If the Company had elected to offset, the net amount would be $0 and $0, respectively.

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