Fair Value of Investments - Schedule of Changes in the Fair Value of Investments (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2026 |
Jun. 30, 2025 |
Jun. 30, 2026 |
Jun. 30, 2025 |
| Total |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
$ (11,467)
|
|
|
| Total | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
$ 14,349,099
|
16,995,613
|
$ 15,572,144
|
$ 12,567,261
|
| Purchases of investments, net |
474,882
|
713,028
|
840,835
|
1,539,507
|
| Payment-in-kind |
42,358
|
53,825
|
84,967
|
107,040
|
| Proceeds from investments, net |
(817,803)
|
(1,611,045)
|
(2,300,289)
|
(2,144,974)
|
| Net amortization/accretion of discount/premium on investments |
15,527
|
39,750
|
33,396
|
57,566
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
19,478
|
|
25,228
|
(22,493)
|
| Transfers in from the OBDE Mergers |
|
|
|
3,997,087
|
| Fair value, end of period |
13,947,677
|
16,120,811
|
13,947,677
|
16,120,811
|
| Total | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(13,718)
|
27,318
|
(110,467)
|
(87,059)
|
| Total | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(122,146)
|
(86,211)
|
(198,137)
|
106,876
|
| First-Lien Senior Secured |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
(3,847)
|
|
|
| First-Lien Senior Secured | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
11,003,920
|
13,534,635
|
12,009,907
|
9,796,885
|
| Purchases of investments, net |
454,452
|
478,573
|
804,632
|
1,202,373
|
| Payment-in-kind |
15,911
|
16,011
|
32,258
|
40,649
|
| Proceeds from investments, net |
(532,518)
|
(1,379,333)
|
(1,819,971)
|
(1,883,856)
|
| Net amortization/accretion of discount/premium on investments |
11,026
|
35,042
|
26,920
|
51,130
|
| Transfers between investment types |
0
|
|
(158)
|
|
| Transfers into (out of) Level 3 |
(8,967)
|
|
(387)
|
(29,148)
|
| Transfers in from the OBDE Mergers |
|
|
|
3,450,900
|
| Fair value, end of period |
10,893,570
|
12,598,969
|
10,893,570
|
12,598,969
|
| First-Lien Senior Secured | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(2,859)
|
4,410
|
(58,263)
|
(6,545)
|
| First-Lien Senior Secured | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(47,395)
|
(86,522)
|
(101,368)
|
(23,419)
|
| Second-Lien Senior Secured |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
(7,620)
|
|
|
| Second-Lien Senior Secured | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
730,176
|
846,978
|
801,281
|
660,060
|
| Purchases of investments, net |
0
|
148,500
|
1
|
141,009
|
| Payment-in-kind |
2,030
|
8,974
|
4,047
|
15,504
|
| Proceeds from investments, net |
(24,953)
|
(122,716)
|
(41,676)
|
(129,182)
|
| Net amortization/accretion of discount/premium on investments |
945
|
3,547
|
2,266
|
4,486
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
43,181
|
|
47,294
|
9,746
|
| Transfers in from the OBDE Mergers |
|
|
|
177,535
|
| Fair value, end of period |
674,223
|
863,667
|
674,223
|
863,667
|
| Second-Lien Senior Secured | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(8,648)
|
0
|
(8,503)
|
(102,791)
|
| Second-Lien Senior Secured | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(68,508)
|
(13,996)
|
(130,487)
|
87,300
|
| Unsecured |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
0
|
|
|
| Unsecured | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
369,374
|
377,711
|
399,962
|
301,956
|
| Purchases of investments, net |
0
|
0
|
0
|
0
|
| Payment-in-kind |
10,220
|
10,918
|
21,853
|
23,469
|
| Proceeds from investments, net |
(2,044)
|
(24,233)
|
(41,400)
|
(33,743)
|
| Net amortization/accretion of discount/premium on investments |
106
|
488
|
197
|
628
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
0
|
|
0
|
0
|
| Transfers in from the OBDE Mergers |
|
|
|
66,164
|
| Fair value, end of period |
377,224
|
374,693
|
377,224
|
374,693
|
| Unsecured | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
216
|
641
|
2,471
|
(1,212)
|
| Unsecured | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(648)
|
9,168
|
(5,859)
|
17,431
|
| Specialty Finance |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
0
|
|
|
| Specialty Finance | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
159,598
|
121,603
|
157,297
|
90,735
|
| Purchases of investments, net |
11,887
|
9,813
|
11,887
|
25,594
|
| Payment-in-kind |
327
|
729
|
2,913
|
743
|
| Proceeds from investments, net |
(558)
|
0
|
(843)
|
0
|
| Net amortization/accretion of discount/premium on investments |
11
|
7
|
23
|
13
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
0
|
|
0
|
0
|
| Transfers in from the OBDE Mergers |
|
|
|
14,779
|
| Fair value, end of period |
171,254
|
132,173
|
171,254
|
132,173
|
| Specialty Finance | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
0
|
0
|
0
|
0
|
| Specialty Finance | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(11)
|
21
|
(23)
|
309
|
| Preferred |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
0
|
|
|
| Preferred | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
536,853
|
543,191
|
568,977
|
366,973
|
| Purchases of investments, net |
0
|
2,909
|
976
|
46,930
|
| Payment-in-kind |
13,583
|
16,928
|
23,331
|
26,153
|
| Proceeds from investments, net |
(255,892)
|
(4,982)
|
(292,441)
|
(15,358)
|
| Net amortization/accretion of discount/premium on investments |
3,439
|
666
|
3,990
|
1,309
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
0
|
|
0
|
0
|
| Transfers in from the OBDE Mergers |
|
|
|
128,882
|
| Fair value, end of period |
262,536
|
553,787
|
262,536
|
553,787
|
| Preferred | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(50)
|
49
|
(20,027)
|
152
|
| Preferred | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(35,397)
|
(4,974)
|
(22,270)
|
(1,254)
|
| Common |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
0
|
|
|
| Common | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
537,854
|
634,300
|
520,542
|
550,886
|
| Purchases of investments, net |
3,154
|
4,401
|
15,222
|
4,386
|
| Payment-in-kind |
287
|
265
|
565
|
522
|
| Proceeds from investments, net |
(353)
|
(77,386)
|
(1,416)
|
(77,371)
|
| Net amortization/accretion of discount/premium on investments |
0
|
0
|
0
|
0
|
| Transfers between investment types |
0
|
|
158
|
|
| Transfers into (out of) Level 3 |
(14,736)
|
|
(21,679)
|
(3,091)
|
| Transfers in from the OBDE Mergers |
|
|
|
83,590
|
| Fair value, end of period |
556,928
|
564,845
|
556,928
|
564,845
|
| Common | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
(2,377)
|
22,218
|
(26,145)
|
22,218
|
| Common | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
33,099
|
(18,953)
|
69,681
|
(16,295)
|
| Specialty Finance |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Transfers into (out of) Level 3 |
|
0
|
|
|
| Specialty Finance | Level 3 |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning of period |
1,011,324
|
937,195
|
1,114,178
|
799,766
|
| Purchases of investments, net |
5,389
|
68,832
|
8,117
|
119,215
|
| Payment-in-kind |
0
|
0
|
0
|
0
|
| Proceeds from investments, net |
(1,485)
|
(2,395)
|
(102,542)
|
(5,464)
|
| Net amortization/accretion of discount/premium on investments |
0
|
0
|
0
|
0
|
| Transfers between investment types |
0
|
|
0
|
|
| Transfers into (out of) Level 3 |
0
|
|
0
|
0
|
| Transfers in from the OBDE Mergers |
|
|
|
75,237
|
| Fair value, end of period |
1,011,942
|
1,032,677
|
1,011,942
|
1,032,677
|
| Specialty Finance | Level 3 | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
0
|
0
|
0
|
1,119
|
| Specialty Finance | Level 3 | Income Statement Location [Axis]: us-gaap:UnrealizedGainLossOnInvestments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Net change in unrealized gain (loss) / realized gains (losses) |
$ (3,286)
|
$ 29,045
|
$ (7,811)
|
$ 42,804
|