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Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Levels 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 September 30, 2025:

			Total						Level I						Level II						Level III
First lien			$	1,989,262					$	—					$	100,885					$	1,888,377
Second lien			98,128						—						—						98,128
Subordinated			111,031						—						—						111,031
Structured Finance Obligations			3,257						—						—						3,257
Equity and other			741,941						—						—						741,941
Total investments			$	2,943,619					$	—					$	100,885					$	2,842,734

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 Fair Value of Level III Portfolio Investments

The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 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 September 30, 2025:

			Total						First Lien						Second Lien						Subordinated						Structured Finance Obligations						Equity and other
Fair Value, June 30, 2025			$	2,920,263					$	1,927,366					$	128,623					$	107,986					$	3,249					$	753,039
Total gains or losses included in earnings:
Net realized gains (losses) on investments			11						3						(33)						—						—						41
Net change in unrealized (depreciation) appreciation of investments			(19,504)						(7,077)						2,499						(142)						8						(14,792)
Purchases, including capitalized PIK and revolver fundings			139,332						121,173						9,464						3,187						—						5,508
Proceeds from sales and paydowns of investments			(163,342)						(98,831)						(62,656)						—						—						(1,855)
Transfers into Level III(1)			20,231						—						20,231						—						—						—
Transfers out of Level III(1)			(54,257)						(54,257)						—						—						—						—
Fair Value, September 30, 2025			$	2,842,734					$	1,888,377					$	98,128					$	111,031					$	3,257					$	741,941
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:			$	(37,652)					$	(7,387)					$	2,498					$	(143)					$	8					$	(32,628)

(1)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into 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 September 30, 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 September 30, 2024:

			Total						First Lien						Second Lien						Subordinated						Equity and other
Fair Value, June 30, 2024			$	3,098,192					$	1,973,080					$	216,064					$	96,653					$	812,395
Total gains or losses included in earnings:
Net realized (losses) gains on investments			(1,981)						(1,529)						—						3						(455)
Net change in unrealized (depreciation) appreciation of investments			(4,521)						3,513						(451)						199						(7,782)
Purchases, including capitalized PIK and revolver fundings			170,005						136,054						1,485						2,823						29,643
Proceeds from sales and paydowns of investments			(110,879)						(83,124)						(25,766)						(292)						(1,697)
Transfers out of Level III(1)			(8,931)						(8,931)						—						—						—
Fair Value, September 30, 2024			$	3,141,885					$	2,019,063					$	191,332					$	99,386					$	832,104
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:			$	(6,029)					$	2,007					$	(452)					$	197					$	(7,781)

(1)As of September 30, 2024, portfolio investments were transferred out of Level III into 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 nine months ended September 30, 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 September 30, 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			51,087						101						(2,762)						—						—						53,748
Net change in unrealized (depreciation) appreciation of investments			(98,823)						(13,738)						4,673						32						25						(89,815)
Purchases, including capitalized PIK and revolver fundings(1)			470,593						365,524						13,719						8,965						—						82,385
Proceeds from sales and paydowns of investments(1)			(550,437)						(319,690)						(94,270)						—						—						(136,477)
Transfers into Level III(2)			29,666						—						26,434						—						3,232						—
Transfers out of Level III(2)			(46,430)						(46,430)						—						—						—						—
Fair Value, September 30, 2025			$	2,842,734					$	1,888,377					$	98,128					$	111,031					$	3,257					$	741,941
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:			$	(53,505)					$	(13,964)					$	4,386					$	30					$	25					$	(43,982)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 2025, portfolio investments were transferred into Level III from Level II and out of Level III into 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 nine months ended September 30, 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 September 30, 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 (gains) on investments			(44,979)						(13,267)						(35,163)						3						3,448
Net change in unrealized appreciation (depreciation) of investments			31,047						18,233						40,417						(1,240)						(26,363)
Purchases, including capitalized PIK and revolver fundings(1)			797,225						708,021						13,546						18,044						57,614
Proceeds from sales and paydowns of investments(1)			(608,697)						(360,253)						(233,648)						(292)						(14,504)
Transfers into Level III(2)			28,440						28,440						—						—						—
Fair Value, September 30, 2024			$	3,141,885					$	2,019,063					$	191,332					$	99,386					$	832,104
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:			$	(23,625)					$	3,908					$	347					$	(1,242)					$	(26,638)

(1)Includes non-cash reorganizations and restructurings.

(2)As of September 30, 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 Unobservable Inputs Used in the Fair Value Measurement

The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2025 were as follows:

																					Range
Type			Fair Value as of September 30, 2025						Approach						Unobservable Input						Low						High						Weighted Average(1)
First lien			$	1,824,381					Market & Income Approach						EBITDA multiple						6.0x						25.0x						14.2x
															Revenue multiple						4.0x						19.5x						10.1x
															Discount rate						5.7		%				15.2		%				8.6		%
			63,996						Other						N/A(2)						N/A						N/A						N/A
Second lien			98,128						Market & Income Approach						EBITDA multiple						7.0x						21.0x						20.0x
															Discount rate						9.3		%				16.8		%				12.2		%
Subordinated			111,031						Market & Income Approach						EBITDA multiple						8.0x						20.0x						14.5x
															Discount rate						12.0		%				26.9		%				17.1		%
Structured Finance Obligations			3,257						Income Approach						Discount Rate						10.9		%				10.9		%				10.9		%
Equity and other			347,229						Market & Income Approach						EBITDA multiple						5.5x						23.0x						11.8x
															Revenue multiple						9.0x						9.0x						9.0x
															Discount rate						8.7		%				19.1		%				11.5		%
			387,344						Income Approach						Discount rate						6.3		%				15.7		%				11.4		%
			7,368						Other						N/A(2)						N/A						N/A						N/A
			$	2,842,734

(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 the Company’s Borrowings

The following are the principal amounts and fair values of the Company’s borrowings as of September 30, 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
						September 30, 2025												December 31, 2024
						Principal Amount						Fair Value						Principal Amount						Fair Value
Unsecured Notes						$	990,000					$	1,004,496					$	990,000					$	991,624
Holdings Credit Facility						308,063						307,999						294,363						298,435
2022 Convertible Notes						258,777						259,036						260,000						261,811
SBA-guaranteed debentures						196,205						173,434						300,000						270,548
NMFC Credit Facility (1)						31,032						30,969						27,944						26,812
Total Borrowings						$	1,784,077					$	1,775,934					$	1,872,307					$	1,849,230

(1)     As of September 30, 2025, the principal amount of the NMFC Credit Facility was $31,032, which includes €16,512 denominated in EUR and £8,666 denominated in GBP that has been converted to U.S. dollars. As of September 30, 2025, the fair value of the NMFC Credit Facility was $30,969, which included €16,477 denominated in EUR and £8,650 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 the Company's Derivative Instruments

The following table summarizes the notional amounts and fair values of the Company's derivative instruments as of September 30, 2025. The Company's derivative instruments are considered Level II investments.

						As of September 30, 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					$	5,834					$	(821)					$	600,000					$	—					$	(7,423)
Total derivatives designated as hedging instruments						600,000						5,834						(821)						600,000						—						(7,423)
Total derivatives						600,000						5,834						(821)						600,000						—						(7,423)
Total net derivatives(1)						$	600,000					$	5,013					$	—					$	600,000					$	—					$	(7,423)

(1)As of September 30, 2025, the Company had a net derivative asset at fair value subject to such enforceable master netting arrangement in the amount of $5,013 and a collateral balance of $13,460, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of December 31, 2024, the Company had a net derivative liability at fair value subject to such enforceable master netting arrangement in the amount of $7,423 and a collateral balance $3,230, included in "Payable to broker" on the Consolidated Statements of Assets and Liabilities. As of September 30, 2025 and December 31, 2024, if the Company had elected to offset, the net amount would be $0 and $0, respectively.

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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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