Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Cash and Cash Equivalents and Investments

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2025:


		Fair Value Measurements Using
		Level 1			Level 2			Level 3			Total
First lien senior secured loans		$	—		$	6,617,396		$	10,542,870		$	17,160,266
Second lien senior secured loans			—			287,211			141,949			429,160
Senior subordinated loans			—			5,086			1,063,756			1,068,842
Corporate bonds			—			—			99,063			99,063
Collateralized loan obligations			—			—			1,051,264			1,051,264
Commercial mortgage-backed securities			—			—			99,962			99,962
Private asset-backed investments			—			—			300,947			300,947
Investments in joint ventures			—			—			391,000			391,000
Preferred equity			—			—			317,476			317,476
Other equity			—			—			489,521			489,521
Investments not measured at net asset value		$	—		$	6,909,693		$	14,497,808		$	21,407,501
Investments measured at net asset value⁽¹⁾												101,097
Total investments											$	21,508,598
Unfunded revolving and delayed draw loan commitments⁽²⁾		$	—		$	—		$	(10,885)		$	(10,885)
Derivatives:
Foreign currency forward contracts		$	—		$	(22,867)		$	—		$	(22,867)
Interest rate swaps		$	—		$	58,008		$	—		$	58,008

(1)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized 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.

(2)	The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statements of assets and liabilities.

The following table presents fair value measurements of investments, unfunded revolving and delayed draw loan commitments and derivatives as of December 31, 2024:


		Fair Value Measurements Using
		Level 1			Level 2			Level 3			Total
First lien senior secured loans		$	—		$	5,481,780		$	4,648,527		$	10,130,307
Second lien senior secured loans			—			128,558			29,942			158,500
Senior subordinated loans			—			—			213,500			213,500
Corporate bonds			—			—			65,312			65,312
Collateralized loan obligations			—			—			370,985			370,985
Commercial mortgage-backed securities			—			—			29,161			29,161
Private asset-backed investments			—			—			208,357			208,357
Preferred equity			—			—			122,570			122,570
Other equity			—			—			247,144			247,144
Investments not measured at net asset value		$	—		$	5,610,338		$	5,935,498		$	11,545,836
Investments measured at net asset value⁽¹⁾												3,313
Total investments											$	11,549,149
Unfunded revolving and delayed draw loan commitments⁽²⁾		$	—		$	—		$	(5,572)		$	(5,572)
Derivatives:
Foreign currency forward contracts		$	—		$	8,506		$	—		$	8,506
Interest rate swaps		$	—		$	(28,598)		$	—		$	(28,598)

(1)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized 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.

(2)	The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated statements of assets and liabilities.

Schedule of Significant Unobservable Inputs used to Value Investments

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of December 31, 2025 and 2024. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

 

As of December 31, 2025

Unobservable Input

Primary Valuation

Weighted

Asset Category

 

Fair Value

 

Techniques

 

Input

 

Estimated Range

 

Average⁽¹⁾

First lien senior secured loans

$

10,364,836

Yield analysis

Market yield

5.5% – 19.1

%

9.1

%

167,884

Broker quotes

N/A

N/A

N/A

10,150

Transaction Cost

N/A

N/A

N/A

Second lien senior secured loans

141,949

Yield analysis

Market yield

8.2% – 19.6

%

12.9

%

Senior subordinated loans

1,032,512

Yield analysis

Market yield

7.0% – 24.7

%

10.6

%

31,244

Transaction Cost

N/A

N/A

N/A

Corporate bonds

99,063

Broker quotes

N/A

N/A

N/A

Collateralized loan obligations

1,047,274

Broker quotes

N/A

N/A

N/A

3,990

Transaction cost

N/A

N/A

N/A

Commercial mortgage-backed securities

99,962

Broker quotes

N/A

N/A

N/A

Private asset-backed investments

202,865

Yield analysis

Market yield

4.0% – 13.8

%

8.7

%

50,750

Broker quotes

N/A

N/A

N/A

41,570

Transaction cost

N/A

N/A

N/A

5,762

Income (other)

Constant default rate

0.0% – 7.0

%

1.7

%

Investments in joint ventures

391,000

Yield analysis

Market yield

10.0

%

10.0

%

Preferred equity

165,475

EV market
multiple analysis

EBITDA multiple

7.1x – 22.5x

12.4x

152,001

Yield analysis

Market yield

9.8% – 15.0

%

12.9

%

Other equity

489,521

EV market
multiple analysis

EBITDA multiple

7.2x – 33.0x

15.1x

Total investments

$

14,497,808

(1)	Unobservable inputs were weighted by the relative fair value of the investments.

As of December 31, 2024

Unobservable Input

Primary Valuation

Weighted

Asset Category

 

Fair Value

 

Techniques

 

Input

 

Estimated Range

 

Average⁽¹⁾

First lien senior secured loans

$

4,384,607

Yield analysis

Market yield

6.3% – 15.8

%

10.0

%

263,920

Broker quotes

N/A

N/A

N/A

Second lien senior secured loans

29,942

Yield analysis

Market yield

9.6% – 16.0

%

11.3

%

Senior subordinated loans

213,500

Yield analysis

Market yield

8.4% – 18.3

%

11.3

%

Corporate bonds

40,286

Broker quotes

N/A

N/A

N/A

25,026

Transaction cost

N/A

N/A

N/A

Collateralized loan obligations

344,155

Broker quotes

N/A

N/A

N/A

26,830

Transaction cost

N/A

N/A

N/A

Commercial mortgage-backed securities

29,161

Broker quotes

N/A

N/A

N/A

Private asset-backed investments

99,799

Yield analysis

Market yield

2.6% – 13.8

%

8.8

%

74,643

Transaction cost

N/A

N/A

N/A

29,782

Broker quotes

N/A

N/A

N/A

4,133

Income (other)

Constant default rate

0.0% – 10.3

%

4.0

%

Preferred equity

67,424

Yield analysis

Market yield

9.8% – 15.0

%

12.5

%

55,146

EV market multiple analysis

EBITDA multiple

3.4x – 23.0x

18.1x

Other equity

247,144

EV market multiple analysis

EBITDA multiple

8.0x – 34.6x

12.7x

Total investments

$

5,935,498

(1)	Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Changes in Investments using Level 3 Inputs

The following table presents changes in investments that use Level 3 inputs as of and for the year ended December 31, 2025:


		As of and For the Year Ended
		December 31, 2025
Balance as of December 31, 2024		$	5,935,498
Net realized gains			31,058
Net unrealized gains			145,112
Purchases			10,392,681
Sales			(585,311)
Repayments			(1,187,965)
PIK interest and dividends			81,200
Net accretion of discount on investments			25,821
Transfers into Level 3			337,669
Transfers out of Level 3			(677,955)
Balance as of December 31, 2025		$	14,497,808

The following table presents changes in investments that use Level 3 inputs as of and for the year ended December 31, 2024:


		As of and For the Year Ended December 31, 2024
Balance as of December 31, 2023		$	1,002,343
Net realized gains			4,037
Net unrealized gains			51,957
Purchases			5,368,849
Sales			(159,181)
Repayments			(207,091)
PIK interest and dividends			24,834
Net accretion of discount on investments			10,729
Transfers into Level 3			153,782
Transfers out of Level 3			(314,761)
Balance as of December 31, 2024		$	5,935,498

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following are the carrying and fair values of the Fund’s debt obligations as of December 31, 2025 and 2024.


		As of December 31,
		2025						2024
		Carrying Value⁽¹⁾			Fair Value⁽⁶⁾			Carrying Value⁽¹⁾			Fair Value⁽⁶⁾
Revolving Credit Facility		$	2,525,642		$	2,525,642		$	489,453		$	489,453
SG Funding Facility			612,811			612,811			861,811			861,811
SB Funding Facility			400,000			400,000			75,000			75,000
BNP Funding Facility			900,000			900,000			250,000			250,000
January 2037 CLO Notes (principal amount outstanding of $476,000)⁽²⁾			473,310	⁽³⁾		473,310			473,120	⁽³⁾		473,120
April 2038 CLO Debt (principal amount outstanding of $350,000 and $0, respectively)⁽²⁾			348,196	⁽³⁾		348,196			—			—
January 2039 CLO Debt (principal amount outstanding of $532,000 and $0, respectively)⁽²⁾			529,820	⁽³⁾		529,820			—			—
March 2028 Notes (principal amount outstanding of $1,000,000)			1,004,008	⁽³⁾⁽⁴⁾		1,013,110			984,492	⁽³⁾⁽⁴⁾		1,000,510
September 2028 Notes (principal amount outstanding of $600,000 and $0, respectively)			597,103	⁽³⁾⁽⁴⁾		604,992			—			—
January 2029 Notes (principal amount outstanding of $600,000 and $0, respectively)			589,036	⁽³⁾⁽⁴⁾		593,616			—			—
August 2029 Notes (principal amount outstanding of $700,000)			705,261	⁽³⁾⁽⁴⁾		717,759			687,445	⁽³⁾⁽⁴⁾		712,824
February 2030 Notes (principal amount outstanding of $750,000)			731,239	⁽³⁾⁽⁴⁾		757,665			705,863	⁽³⁾⁽⁴⁾		740,565
September 2030 Notes (principal amount outstanding of $500,000 and $0, respectively)			496,117	⁽³⁾⁽⁴⁾		505,680			—			—
January 2031 Notes (principal amount outstanding of $500,000 and $0, respectively)			483,459	⁽³⁾⁽⁴⁾		491,060			—			—
March 2032 Notes (principal amount outstanding of $750,000 and $0, respectively)			764,594	⁽³⁾⁽⁴⁾		770,467			—			—
Total		$	11,160,596	⁽⁵⁾	$	11,244,128		$	4,527,184	⁽⁵⁾	$	4,603,283

(1)	The Revolving Credit Facility, the SG Funding Facility, the SB Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding.

(2)	Excludes the January 2037 CLO Subordinated Notes, the April 2038 CLO Subordinated Notes and the January 2039 CLO Subordinated Notes, which were retained by the Fund and, as such, eliminated in consolidation. See Note 5 for more information on the Debt Securitizations.

(3)	Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the unaccreted discount recorded upon issuance.

(4)

The carrying value of the March 2028 Notes, the September 2028 Notes, the January 2029 Notes, the August 2029 Notes, the February 2030 Notes, the September 2030 Notes, the January 2031 Notes and the March 2032 Notes as of December 31, 2025 includes adjustments as a result of effective hedge accounting relationships. The carrying value of the March 2028 Notes, the August 2029 Notes and the February 2030 Notes as of December 31, 2024 includes adjustments as a result of effective hedge accounting relationships. See Notes 5 and 6 for more information.

(5)	Total principal amount of outstanding debt totaled $11,194,548 and $4,602,317 as of December 31, 2025 and 2024, respectively.

(6)	The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10.

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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