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Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2025 | Jun. 30, 2024 | Jun. 30, 2025 | Jun. 30, 2024
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 2,956,224 | $ 3,015,453 | $ 2,987,078 | $ 2,938,849
Purchases, including capitalized PIK and revolver fundings | 135,748 | 468,864 | 339,322 | 636,107
Proceeds from sales and paydowns of investments | (159,810) | (327,063) | (387,368) | (497,819)
Transfers into Level III | 9,196 |  | 12,440 | 28,440
Transfers out of Level III |  | (60,472) |  |
Ending balance | 2,920,263 | 3,098,192 | 2,920,263 | 3,098,192
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: | (22,375) | (2,502) | (29,928) | (17,335)
Total | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 13,405 | (31,106) | 51,071 | (42,996)
Total | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (34,500) | 32,516 | (82,280) | 35,611
First lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,929,645 | 1,731,416 | 1,902,610 | 1,637,889
Purchases, including capitalized PIK and revolver fundings | 126,657 | 426,895 | 252,412 | 580,852
Proceeds from sales and paydowns of investments | (123,057) | (165,351) | (221,133) | (277,129)
Transfers into Level III | 0 |  | 0 | 28,440
Transfers out of Level III |  | (18,795) |  |
Ending balance | 1,927,366 | 1,973,080 | 1,927,366 | 1,973,080
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: | (5,819) | (1,138) | (6,481) | 2,048
First lien | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 30 | 123 | 97 | (11,736)
First lien | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (5,909) | (1,208) | (6,620) | 14,764
Second lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 125,004 | 395,898 | 150,334 | 406,180
Purchases, including capitalized PIK and revolver fundings | 0 | 10,612 | 4,255 | 12,063
Proceeds from sales and paydowns of investments | (4,386) | (148,917) | (31,613) | (207,883)
Transfers into Level III | 9,196 |  | 9,208 | 0
Transfers out of Level III |  | (41,677) |  |
Ending balance | 128,623 | 216,064 | 128,623 | 216,064
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: | (690) | 88 | (1,117) | 913
Second lien | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (501) | (35,163) | (2,732) | (35,163)
Second lien | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (690) | 35,311 | (829) | 40,867
Subordinated |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 104,948 | 85,343 | 102,034 | 82,871
Purchases, including capitalized PIK and revolver fundings | 3,026 | 12,489 | 5,777 | 15,220
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0
Transfers into Level III | 0 |  | 0 | 0
Transfers out of Level III |  | 0 |  |
Ending balance | 107,986 | 96,653 | 107,986 | 96,653
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: | 10 | (1,177) | 173 | (1,438)
Subordinated | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 0 | 0 | 0 | 0
Subordinated | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 12 | (1,179) | 175 | (1,438)
Structured Finance Obligations |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 3,232 |  | 0 |
Purchases, including capitalized PIK and revolver fundings | 0 |  | 0 |
Proceeds from sales and paydowns of investments | 0 |  | 0 |
Transfers into Level III | 0 |  | 3,232 |
Ending balance | 3,249 |  | 3,249 |
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: | 17 |  | 17 |
Structured Finance Obligations | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 0 |  | 0 |
Structured Finance Obligations | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 17 |  | 17 |
Equity and other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 793,395 | 802,796 | 832,100 | 811,909
Purchases, including capitalized PIK and revolver fundings | 6,065 | 18,868 | 76,878 | 27,972
Proceeds from sales and paydowns of investments | (32,367) | (12,795) | (134,622) | (12,807)
Transfers into Level III | 0 |  | 0 | 0
Transfers out of Level III |  | 0 |  |
Ending balance | 753,039 | 812,395 | 753,039 | 812,395
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: | (15,893) | (275) | (22,520) | (18,858)
Equity and other | Net realized gains (loss) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 13,876 | 3,934 | 53,706 | 3,903
Equity and other | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | $ (27,930) | $ (408) | $ (75,023) | $ (18,582)

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