v3.25.3

Fair Value | 9 Months Ended
--- | ---
Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value | Note 6. Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a framework for measuring fair value that includes a hierarchy used to classify the inputs used in measuring fair value. The hierarchy prioritizes the inputs to valuations used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The levels of the fair value hierarchy are as follows: Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company has the ability to access. Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level 3. Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s and, if applicable, an independent third-party valuation firm’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Gains and losses for assets and liabilities categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Such reclassifications involving Level 3 assets and liabilities are reported as transfers in/out of Level 3 as of the end of the quarter in which the reclassifications occur. Within the fair value hierarchy tables below, cash and cash equivalents are excluded but could be classified as Level 1. The following tables present the balances of assets measured at fair value on a recurring basis, as of September 30, 2025 and December 31, 2024: Fair Value Measurements As of September 30, 2025
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value* |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  | $ | — |  |  | $ | — |  |  | $ | 1,251,236 |  |  | $ | — |  |  | $ | 1,251,236 |
Equipment Financing |  |  | — |  |  |  | — |  |  |  | 121,823 |  |  |  | — |  |  |  | 121,823 |
Preferred Equity |  |  | — |  |  |  | — |  |  |  | 32,156 |  |  |  | — |  |  |  | 32,156 |
Common Equity/Equity Interests/Warrants |  |  | 216 |  |  |  | — |  |  |  | 651,502 |  |  |  | 48,360 |  |  |  | 700,078 |
Total Investments |  | $ | 216 |  |  | $ | — |  |  | $ | 2,056,717 |  |  | $ | 48,360 |  |  | $ | 2,105,293 |
Fair Value Measurements As of December 31, 2024
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value* |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Loans |  | $ | — |  |  | $ | — |  |  | $ | 1,117,118 |  |  | $ | — |  |  | $ | 1,117,118 |
Equipment Financing |  |  | — |  |  |  | — |  |  |  | 181,016 |  |  |  | — |  |  |  | 181,016 |
Preferred Equity |  |  | — |  |  |  | — |  |  |  | 31,682 |  |  |  | — |  |  |  | 31,682 |
Common Equity/Equity Interests/Warrants |  |  | 257 |  |  |  | — |  |  |  | 626,470 |  |  |  | 49,091 |  |  |  | 675,818 |
Total Investments |  | $ | 257 |  |  | $ | — |  |  | $ | 1,956,286 |  |  | $ | 49,091 |  |  | $ | 2,005,634 |
* In accordance with ASC 820-10, certain investments that are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The portfolio investment in this category is SSLP (as defined below). See Note 17 for more information on this investment, including its investment strategy and the Company’s unfunded equity commitment to SSLP. This investment is not redeemable by the Company absent an election by the members of the entity to liquidate all investments and distribute the proceeds to the members. The following tables provide a summary of the changes in fair value of Level 3 assets for the three and nine months ended September 30, 2025, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at September 30, 2025: Fair Value Measurements Using Level 3 Inputs
|  | Senior Secured Loans |  |  | Equipment Financing |  |  | Preferred Equity |  |  | Common Equity/ Equity Interests/ Warrants |  |  | Total |
Fair value, June 30, 2025 |  | $ | 1,268,904 |  |  | $ | 138,988 |  |  | $ | 32,510 |  |  | $ | 645,764 |  |  | $ | 2,086,166 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) |  |  | 1,360 |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | 1,344 |
Net change in unrealized gain (loss) |  |  | (2,574 | ) |  |  | (1,844 | ) |  |  | (519 | ) |  |  | 5,491 |  |  |  | 554 |
Purchase of investment securities* |  |  | 272,045 |  |  |  | 7,491 |  |  |  | 806 |  |  |  | 247 |  |  |  | 280,589 |
Proceeds from dispositions of investment securities |  |  | (288,499 | ) |  |  | (22,796 | ) |  |  | (641 | ) |  |  | — |  |  |  | (311,936 | )
Transfers in/out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value, September 30, 2025 |  | $ | 1,251,236 |  |  | $ | 121,823 |  |  | $ | 32,156 |  |  | $ | 651,502 |  |  | $ | 2,056,717 |
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in unrealized gain (loss) |  | $ | (2,430 | ) |  | $ | (1,844 | ) |  | $ | (519 | ) |  | $ | 5,491 |  |  | $ | 698 |
|  | Senior Secured Loans |  |  | Equipment Financing |  |  | Preferred Equity |  |  | Common Equity/ Equity Interests/ Warrants |  |  | Total |
Fair value, December 31, 2024 |  | $ | 1,117,118 |  |  | $ | 181,016 |  |  | $ | 31,682 |  |  | $ | 626,470 |  |  | $ | 1,956,286 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) |  |  | 1,755 |  |  |  | (34 | ) |  |  | — |  |  |  | — |  |  |  | 1,721 |
Net change in unrealized gain (loss) |  |  | (4,098 | ) |  |  | (12,183 | ) |  |  | (1,247 | ) |  |  | 19,287 |  |  |  | 1,759 |
Purchase of investment securities* |  |  | 791,182 |  |  |  | 15,041 |  |  |  | 2,362 |  |  |  | 5,745 |  |  |  | 814,330 |
Proceeds from dispositions of investment securities |  |  | (654,721 | ) |  |  | (62,017 | ) |  |  | (641 | ) |  |  | — |  |  |  | (717,379 | )
Transfers in/out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value, September 30, 2025 |  | $ | 1,251,236 |  |  | $ | 121,823 |  |  | $ | 32,156 |  |  | $ | 651,502 |  |  | $ | 2,056,717 |
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in unrealized gain (loss) |  | $ | (1,133 | ) |  | $ | (12,183 | ) |  | $ | (1,247 | ) |  | $ | 19,287 |  |  | $ | 4,724 |
* Includes PIK capitalization and accretion of discount. While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at September 30, 2025, the fair value of the Credit Facility, SPV Credit Facility, 2026 Unsecured Notes, 2027 Unsecured Notes, 2027 Series F Unsecured Notes, 2027 Series G Unsecured Notes, 2028 Series H Unsecured Notes, 2028 Series I Unsecured Notes and 2028 Series J Unsecured Notes (each as defined below) would be $498,386, $165,050, $73,688, $47,875, $130,613, $49,368, $50,250, $50,000 and $75,000, respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input. The following table provides a summary of the changes in fair value of Level 3 assets for the year ended December 31, 2024, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2024: Fair Value Measurements Using Level 3 Inputs
|  | Senior Secured Loans |  |  | Equipment Financing |  |  | Preferred Equity |  |  | Common Equity/ Equity Interests/ Warrants |  |  | Total |
Fair value, December 31, 2023 |  | $ | 1,277,539 |  |  | $ | 256,819 |  |  | $ | 3,801 |  |  | $ | 572,427 |  |  | $ | 2,110,586 |
Total gains or losses included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized loss |  |  | (1,400 | ) |  |  | — |  |  |  | — |  |  |  | (668 | ) |  |  | (2,068 | )
Net change in unrealized gain (loss) |  |  | (3,598 | ) |  |  | (12,646 | ) |  |  | 49 |  |  |  | 17,726 |  |  |  | 1,531 |
Purchase of investment securities* |  |  | 411,598 |  |  |  | 2,852 |  |  |  | 27,832 |  |  |  | 37,434 |  |  |  | 479,716 |
Proceeds from dispositions of investment securities |  |  | (567,021 | ) |  |  | (66,009 | ) |  |  | — |  |  |  | (449 | ) |  |  | (633,479 | )
Transfers in/out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fair value, December 31, 2024 |  | $ | 1,117,118 |  |  | $ | 181,016 |  |  | $ | 31,682 |  |  | $ | 626,470 |  |  | $ | 1,956,286 |
Unrealized gains (losses) for the period relating to those Level 3 assets that were still held by the Company at the end of the period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in unrealized gain (loss) |  | $ | 1,533 |  |  | $ | (12,646 | ) |  | $ | 49 |  |  | $ | 16,751 |  |  | $ | 5,687 |
* Includes PIK capitalization and accretion of discount While the Company has not made an election to apply the fair value option of accounting to any of its current debt obligations, if the Company’s debt obligations were carried at fair value at December 31, 2024, the fair value of the Credit Facility, SPV Credit Facility, 2025 Unsecured Notes, 2026 Unsecured Notes, 2027 Unsecured Notes, 2027 Series F Unsecured Notes and 2027 Series G Unsecured Notes (each as defined below) would be $482,043, $165,050, $84,575, $72,750, $46,875, $128,250 and $49,368, respectively. All debt obligations would be considered Level 3 liabilities and would be valued with market yield as the unobservable input. Quantitative Information about Level 3 Fair Value Measurements The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determinant of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 assets and liabilities primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values, returns on equity and earnings before income taxes, depreciation and amortization (“EBITDA”) multiples of similar companies, and comparable market transactions for equity securities. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of September 30, 2025 is summarized in the table below:
|  | Asset or Liability |  | Fair Value at September 30, 2025 |  |  | Principal Valuation Technique/Methodology |  | Unobservable Input |  | Range (Weighted Average)
Senior Secured Loans |  | Asset |  | $ | 1,245,434 |  |  | Income Approach |  | Market Yield |  | 8.4% – 19.8% (11.5%)
|  | Asset |  | $ | 5,802 |  |  | Recovery Analysis |  | Recoverable Amount |  | N/A
Equipment Financing |  | Asset |  | $ | 26,823 |  |  | Income Approach |  | Market Yield |  | 8.0% – 8.5% (8.1%)
|  |  |  | $ | 95,000 |  |  | Market Multiple(1) |  | Comparable Multiple |  | 1.1 x – 1.3 x (1.2 x)
Preferred Equity |  | Asset |  | $ | 31,197 |  |  | Income Approach |  | Market Yield |  | 9.0% – 9.0% (9.0%)
|  |  |  | $ | 959 |  |  | Recovery Analysis |  | Recoverable Amount |  | N/A
Common Equity/Equity Interests/Warrants |  | Asset |  | $ | 481,002 |  |  | Market Multiple(2) |  | Comparable Multiple |  | 1.3 x – 12.3 x (4.0 x)
|  |  |  | $ | 170,500 |  |  | Market Approach |  | Return on Equity |  | 0.0% – 24.4% (17.5%)
(1) Includes $95,000 of investments valued using an implied multiple. (2) Includes $134 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis, $194,189 of investments valued using an EBITDA multiple and $284,000 of investments using an implied multiple. Quantitative information about the Company’s Level 3 asset and liability fair value measurements as of December 31, 2024 is summarized in the table below:
|  | Asset or Liability |  | Fair Value at December 31, 2024 |  |  | Principal Valuation Technique/Methodology |  | Unobservable Input |  | Range (Weighted Average)
Senior Secured Loans |  | Asset |  | $ | 1,095,842 |  |  | Income Approach |  | Market Yield |  | 8.5% – 18.5% (11.8%)
|  | Asset |  | $ | 21,276 |  |  | Recovery Analysis |  | Recoverable Amount |  | N/A
Equipment Financing |  | Asset |  | $ | 73,416 |  |  | Income Approach |  | Market Yield |  | 8.5% – 9.0% (9.0%)
|  |  |  | $ | 107,600 |  |  | Market Multiple(1) |  | Comparable Multiple |  | 1.2 x – 1.5 x (1.5 x)
Preferred Equity |  | Asset |  | $ | 29,182 |  |  | Income Approach |  | Market Yield |  | 9.0% – 9.0% (9.0%)
|  |  |  | $ | 2,500 |  |  | Recovery Analysis |  | Recoverable Amount |  | N/A
Common Equity/Equity Interests/Warrants |  | Asset |  | $ | 175,000 |  |  | Market Multiple(2) |  | Comparable Multiple |  | 5.5 x – 12.3 x (9.1 x)
|  |  |  | $ | 451,470 |  |  | Market Approach |  | Return on Equity |  | 7.8% – 21.7% (11.3%)
(1) Includes $107,600 of investments valued using an implied multiple. (2) Includes $293 of investments valued using a Black-Scholes model, $639 of investments valued using a transaction price, $2,040 of investments valued using a recovery analysis and $172,028 of investments valued using an EBITDA multiple. Significant increases or decreases in any of the above unobservable inputs in isolation, including unobservable inputs used in deriving bid-ask spreads, if applicable, could result in significantly lower or higher fair value measurements for such assets and liabilities. Generally, an increase in market yields or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments. Weighted averages in the above tables are calculated based on fair value of the underlying assets.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration