Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE HIERARCHY FOR INVESTMENTS???PORTFOLIO COMPOSITION - Schedule of Level??3 Portfolio Investments (Details)

v3.25.4
FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION - Schedule of Level 3 Portfolio Investments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,518,117 [1],[2],[3] $ 4,932,669 [4],[5],[6]
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,496,705 $ 4,932,669
Significant Unobservable Inputs (Level 3) | EBITDA multiple, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 1.2 2.0
Significant Unobservable Inputs (Level 3) | EBITDA multiple, outlier | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 16.0 17.0
Significant Unobservable Inputs (Level 3) | Risk adjusted discount factor, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.054 0.050
Significant Unobservable Inputs (Level 3) | Risk adjusted discount factor, outlier | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.404 0.383
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 1,889,374 $ 1,654,304
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 3,596,989 $ 3,174,745
Significant Unobservable Inputs (Level 3) | Discounted cash flow | WACC | Minimum | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.094 0.094
Significant Unobservable Inputs (Level 3) | Discounted cash flow | WACC | Maximum | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.227 0.225
Significant Unobservable Inputs (Level 3) | Discounted cash flow | WACC | Weighted-Average | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.144 0.145
Significant Unobservable Inputs (Level 3) | Discounted cash flow | WACC | Median | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.150 0.151
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Risk adjusted discount factor | Minimum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.080 0.085
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Risk adjusted discount factor | Maximum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.183 0.191
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Risk adjusted discount factor | Weighted-Average | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.117 0.126
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Risk adjusted discount factor | Median | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.115 0.122
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Expected principal recovery percentage | Minimum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.000 0.000
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Expected principal recovery percentage | Maximum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 5.000 1.000
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Expected principal recovery percentage | Weighted-Average | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.995 0.995
Significant Unobservable Inputs (Level 3) | Discounted cash flow | Expected principal recovery percentage | Median | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Market comparable / Enterprise value | EBITDA multiple | Minimum | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 5.0 4.8
Significant Unobservable Inputs (Level 3) | Market comparable / Enterprise value | EBITDA multiple | Maximum | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 9.0 8.9
Significant Unobservable Inputs (Level 3) | Market comparable / Enterprise value | EBITDA multiple | Weighted-Average | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 7.3 7.0
Significant Unobservable Inputs (Level 3) | Market comparable / Enterprise value | EBITDA multiple | Median | Equity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 6.5 6.5
Significant Unobservable Inputs (Level 3) | Market comparable / Enterprise value | Fee multiple | External Investment Manager | Related Party    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 7.8 8.5
Significant Unobservable Inputs (Level 3) | Market approach | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 10,342 $ 103,620
Significant Unobservable Inputs (Level 3) | Market approach | Third-party quote | Minimum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 14.5 21.0
Significant Unobservable Inputs (Level 3) | Market approach | Third-party quote | Maximum | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 63.0 100.7
Significant Unobservable Inputs (Level 3) | Market approach | Third-party quote | Weighted-Average | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 52.2 90.5
Significant Unobservable Inputs (Level 3) | Market approach | Third-party quote | Median | Debt    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 40.8 84.5
[1] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[2] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments —Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[3] All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility (each as defined below) or in support of the debentures guaranteed by the SBA (as defined below) and issued by the Funds (as defined below).
[4] All portfolio company headquarters are based in the U.S., unless otherwise noted.
[5] Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[6] All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Corporate Facility or SPV Facility or in support of the debentures guaranteed by the SBA and issued by the Funds.