XML 78 R52.htm IDEA: XBRL DOCUMENT v3.25.3
Fair Value - Schedule of Changes in Fair Value of Level III Portfolio Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Total        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance $ 2,920,263 $ 3,098,192 $ 2,987,078 $ 2,938,849
Purchases, including capitalized PIK and revolver fundings 139,332 170,005 470,593 797,225
Proceeds from sales and paydowns of investments (163,342) (110,879) (550,437) (608,697)
Transfers into Level III 20,231   29,666 28,440
Transfers out of Level III (54,257) (8,931) (46,430)  
Ending balance 2,842,734 3,141,885 2,842,734 3,141,885
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) (6,029) (53,505) (23,625)
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: 11 (1,981) 51,087 (44,979)
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: (19,504) (4,521) (98,823) 31,047
First lien        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 1,927,366 1,973,080 1,902,610 1,637,889
Purchases, including capitalized PIK and revolver fundings 121,173 136,054 365,524 708,021
Proceeds from sales and paydowns of investments (98,831) (83,124) (319,690) (360,253)
Transfers into Level III 0   0 28,440
Transfers out of Level III (54,257) (8,931) (46,430)  
Ending balance 1,888,377 2,019,063 1,888,377 2,019,063
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: (7,387) 2,007 (13,964) 3,908
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: 3 (1,529) 101 (13,267)
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: (7,077) 3,513 (13,738) 18,233
Second lien        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 128,623 216,064 150,334 406,180
Purchases, including capitalized PIK and revolver fundings 9,464 1,485 13,719 13,546
Proceeds from sales and paydowns of investments (62,656) (25,766) (94,270) (233,648)
Transfers into Level III 20,231   26,434 0
Transfers out of Level III 0 0 0  
Ending balance 98,128 191,332 98,128 191,332
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: 2,498 (452) 4,386 347
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: (33) 0 (2,762) (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: 2,499 (451) 4,673 40,417
Subordinated        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 107,986 96,653 102,034 82,871
Purchases, including capitalized PIK and revolver fundings 3,187 2,823 8,965 18,044
Proceeds from sales and paydowns of investments 0 (292) 0 (292)
Transfers into Level III 0   0 0
Transfers out of Level III 0 0 0  
Ending balance 111,031 99,386 111,031 99,386
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: (143) 197 30 (1,242)
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 3 0 3
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: (142) 199 32 (1,240)
Structured Finance Obligations        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 3,249   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  
Transfers out of Level III 0   0  
Ending balance 3,257   3,257  
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: 8   25  
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: 8   25  
Equity and other        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 753,039 812,395 832,100 811,909
Purchases, including capitalized PIK and revolver fundings 5,508 29,643 82,385 57,614
Proceeds from sales and paydowns of investments (1,855) (1,697) (136,477) (14,504)
Transfers into Level III 0   0 0
Transfers out of Level III 0 0 0  
Ending balance 741,941 832,104 741,941 832,104
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: (32,628) (7,781) (43,982) (26,638)
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: 41 (455) 53,748 3,448
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: $ (14,792) $ (7,782) $ (89,815) $ (26,363)