Quarterly report [Sections 13 or 15(d)]

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

v3.25.1
FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION - Schedule of Level 3 Portfolio Investments (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,054,139 [1],[2],[3] $ 4,932,669 [4],[5]
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 5,032,627 $ 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 2.0 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 rate, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.050 0.050
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 0.362 0.383
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 8.0 8.5
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 $ 1,716,670 $ 1,654,304
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 0.096 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 0.227 0.225
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 0.144 0.145
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 0.150 0.151
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 5.0 4.8
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 8.9 8.9
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 7.0
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 6.5 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 $ 3,272,588 $ 3,174,745
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 0.089 0.085
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 0.178 0.191
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 0.123 0.126
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 0.123 0.122
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 1.000
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 0.995 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 $ 43,369 $ 103,620
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 21.0
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 100.3 100.7
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 88.8 90.5
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 86.3 84.5
[1] All portfolio company headquarters are based in the United States, 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 Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[4] All portfolio company headquarters are based in the United States, unless otherwise noted.
[5] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Summary of Significant Accounting Policies —Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.