Quarterly report [Sections 13 or 15(d)]

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

v3.26.1
FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION - Schedule of Level 3 Portfolio Investments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,674,751 [1],[2],[3] $ 5,518,117 [4],[5],[6]
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,650,084 $ 5,496,705
Significant Unobservable Inputs (Level 3) | EBITDA multiple, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 2.0 1.2
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 16.0
Significant Unobservable Inputs (Level 3) | Risk adjusted discount rate, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.054 0.054
Significant Unobservable Inputs (Level 3) | Risk adjusted discount rate, outlier | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.346 0.404
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 7.7 7.8
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 1,886,842 $ 1,889,374
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.093 0.094
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.233 0.227
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Weighted-Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.146 0.144
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.151 0.150
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 4.3 5.0
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 9.0 9.0
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Weighted-Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 7.4 7.3
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 6.6 6.5
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 3,753,011 $ 3,596,989
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount rate | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.076 0.080
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount rate | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.187 0.183
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount rate | Weighted-Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.118 0.117
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount rate | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.114 0.115
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.000 0.000
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 5.000 5.000
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Weighted-Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.993 0.995
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 10,231 $ 10,342
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 14.5 14.5
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 61.4 63.0
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Weighted-Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 51.2 52.2
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 41.2 40.8
[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.