v3.25.3

Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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.
Summary of Changes in Fair Value of Level 3 Assets and Liabilities | 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
Summary of Quantitative Information about the Company's Level 3 Asset and Liability | 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. 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.

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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