Blue Owl Capital CorpOBDC
Blue Owl Capital Corp Fair Value Disclosure
Fair Value of Investments
___________
Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of December 31, 2025 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Cash (including restricted and foreign cash) | $ | 568,542 | $ | — | $ | — | $ | 568,542 | ||||||||||||||||||
| Investments: | ||||||||||||||||||||||||||
First-lien senior secured debt investments | $ | — | $ | 39,027 | $ | 12,009,907 | $ | 12,048,934 | ||||||||||||||||||
| Second-lien senior secured debt investments | — | 47,294 | 801,281 | 848,575 | ||||||||||||||||||||||
| Unsecured debt investments | — | — | 399,962 | 399,962 | ||||||||||||||||||||||
Specialty finance debt investments | — | — | 157,297 | 157,297 | ||||||||||||||||||||||
Preferred equity investments | — | — | 568,977 | 568,977 | ||||||||||||||||||||||
Common equity investments | — | 6,555 | 520,542 | 527,097 | ||||||||||||||||||||||
| Specialty finance equity investments | — | — | 1,114,178 | 1,114,178 | ||||||||||||||||||||||
| Subtotal | — | 92,876 | 15,572,144 | 15,665,020 | ||||||||||||||||||||||
Investments measured at Net Asset Value ("NAV")(1) | — | — | — | 805,873 | ||||||||||||||||||||||
| Total Investments at Fair Value | $ | — | $ | 92,876 | $ | 15,572,144 | $ | 16,470,893 | ||||||||||||||||||
| Derivatives: | ||||||||||||||||||||||||||
| Interest rate swaps | $ | — | $ | 3,123 | $ | — | $ | 3,123 | ||||||||||||||||||
| Foreign currency forward contracts | $ | — | $ | (793) | $ | — | $ | (793) | ||||||||||||||||||
(1)Includes investments in Credit SLF, LSI Financing LLC, BOCSO and Blue Owl Leasing which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has 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.
| Fair Value Hierarchy as of December 31, 2024 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Cash (including restricted and foreign cash) | $ | 514,156 | $ | — | $ | — | $ | 514,156 | ||||||||||||||||||
| Investments: | ||||||||||||||||||||||||||
First-lien senior secured debt investments | $ | — | $ | 87,260 | $ | 9,796,885 | $ | 9,884,145 | ||||||||||||||||||
| Second-lien senior secured debt investments | — | 46,740 | 660,060 | 706,800 | ||||||||||||||||||||||
| Unsecured debt investments | — | — | 301,956 | 301,956 | ||||||||||||||||||||||
Specialty finance debt investments | — | — | 90,735 | 90,735 | ||||||||||||||||||||||
Preferred equity investments | — | — | 366,973 | 366,973 | ||||||||||||||||||||||
Common equity investments | 912 | — | 550,886 | 551,798 | ||||||||||||||||||||||
| Specialty finance equity investments | — | — | 799,766 | 799,766 | ||||||||||||||||||||||
| Subtotal | 912 | 134,000 | 12,567,261 | 12,702,173 | ||||||||||||||||||||||
Investments measured at Net Asset Value ("NAV")(1) | — | — | — | 492,372 | ||||||||||||||||||||||
| Total Investments at fair value | $ | 912 | $ | 134,000 | $ | 12,567,261 | $ | 13,194,545 | ||||||||||||||||||
| Derivatives: | ||||||||||||||||||||||||||
| $ | — | $ | (38,241) | $ | — | $ | (38,241) | |||||||||||||||||||
_______________
(1)Includes investments in Credit SLF and LSI Financing LLC which are measured at fair value using the NAV per share (or its equivalent) practical expedient and has 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.
The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:
| As of and for the Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||||
| First-lien senior secured | Second-lien senior secured | Unsecured | Specialty finance | Preferred | Common | Specialty finance | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value, beginning of period | $ | 9,796,885 | $ | 660,060 | $ | 301,956 | $ | 90,735 | $ | 366,973 | $ | 550,886 | $ | 799,766 | $ | 12,567,261 | |||||||||||||||||||||||||||||||
| Purchases of investments, net | 2,530,445 | 141,008 | 4,707 | 48,473 | 61,591 | 21,191 | 183,235 | 2,990,650 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind | 75,868 | 19,522 | 47,311 | 4,218 | 53,434 | 1,073 | — | 201,426 | |||||||||||||||||||||||||||||||||||||||
| Proceeds from investments, net | (3,717,680) | (129,184) | (36,593) | (1,242) | (24,893) | (205,034) | (11,448) | (4,126,074) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gain (loss) | (39,332) | 18,701 | 16,856 | 293 | (19,707) | (40,546) | 66,270 | 2,535 | |||||||||||||||||||||||||||||||||||||||
| Net realized gain (loss) | (107,744) | (102,791) | (1,337) | — | 373 | 69,590 | 1,118 | (140,791) | |||||||||||||||||||||||||||||||||||||||
| Net amortization/accretion of discount/premium on investments | 91,682 | 6,684 | 898 | 41 | 2,324 | — | — | 101,629 | |||||||||||||||||||||||||||||||||||||||
| Transfers between investment types | (41,971) | — | — | — | — | 41,971 | — | — | |||||||||||||||||||||||||||||||||||||||
Transfers into (out of) Level 3(1) | (29,146) | 9,746 | — | — | — | (2,179) | — | (21,579) | |||||||||||||||||||||||||||||||||||||||
| Transfers in from the OBDE Mergers | 3,450,900 | 177,535 | 66,164 | 14,779 | 128,882 | 83,590 | 75,237 | 3,997,087 | |||||||||||||||||||||||||||||||||||||||
| Fair Value, End of Period | $ | 12,009,907 | $ | 801,281 | $ | 399,962 | $ | 157,297 | $ | 568,977 | $ | 520,542 | $ | 1,114,178 | $ | 15,572,144 | |||||||||||||||||||||||||||||||
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2025, transfers into/(out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
| As of and for the Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||||
| First-lien senior secured | Second-lien senior secured | Unsecured | Specialty finance | Preferred | Common | Specialty finance | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value, beginning of period | $ | 8,574,254 | $ | 1,675,269 | $ | 280,958 | $ | 86,500 | $ | 413,310 | $ | 533,010 | $ | 694,660 | $ | 12,257,961 | |||||||||||||||||||||||||||||||
| Purchases of investments, net | 3,985,066 | 20,001 | 68,072 | 22,077 | 8,692 | 32,458 | 239,796 | 4,376,162 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind | 147,038 | 16,298 | 37,775 | 1,680 | 41,527 | 798 | — | 245,116 | |||||||||||||||||||||||||||||||||||||||
| Proceeds from investments, net | (2,818,035) | (971,442) | (142,858) | (19,522) | (30,029) | (34,236) | (171,443) | (4,187,565) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gain (loss) | (63,435) | (78,619) | 6,464 | — | (6,471) | 43,646 | 34,926 | (63,489) | |||||||||||||||||||||||||||||||||||||||
| Net realized gains (losses) | (63,412) | (2,146) | (13,216) | — | 1,144 | (738) | 1,827 | (76,541) | |||||||||||||||||||||||||||||||||||||||
| Net amortization of discount on investments | 52,151 | 10,049 | 899 | — | 2,662 | — | — | 65,761 | |||||||||||||||||||||||||||||||||||||||
| Transfers between investment types | (16,742) | — | 63,862 | — | (63,862) | 16,742 | — | — | |||||||||||||||||||||||||||||||||||||||
Transfers into (out of) Level 3(1) | — | (9,350) | — | — | — | (40,794) | — | (50,144) | |||||||||||||||||||||||||||||||||||||||
Fair Value, End of Period | $ | 9,796,885 | $ | 660,060 | $ | 301,956 | $ | 90,735 | $ | 366,973 | $ | 550,886 | $ | 799,766 | $ | 12,567,261 | |||||||||||||||||||||||||||||||
_______________
(1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
| As of and for the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | Equity Investments | ||||||||||||||||||||||||||||||||||||||||||||||
| First-lien senior secured | Second-lien senior secured | Unsecured | Specialty finance | Preferred | Common | Specialty finance | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value, beginning of period | $ | 9,279,179 | $ | 1,817,286 | $ | 237,440 | $ | — | $ | 349,086 | $ | 454,334 | $ | 528,952 | $ | 12,666,277 | |||||||||||||||||||||||||||||||
| Purchases of investments, net | 1,821,416 | — | — | 85,152 | 25,358 | 19,698 | 200,434 | 2,152,058 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind | 126,625 | 17,816 | 29,044 | 1,349 | 33,644 | 718 | — | 209,196 | |||||||||||||||||||||||||||||||||||||||
| Proceeds from investments, net | (2,662,750) | (55,050) | (192) | (1) | (4,921) | — | (41,317) | (2,764,231) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gain (loss) | 66,742 | (16,127) | 14,213 | — | 8,821 | 10,441 | 6,591 | 90,681 | |||||||||||||||||||||||||||||||||||||||
| Net realized gains (losses) | (52,240) | — | (23) | 235 | — | — | (52,028) | ||||||||||||||||||||||||||||||||||||||||
| Net amortization of discount on investments | 43,588 | 3,596 | 476 | — | 1,087 | — | — | 48,747 | |||||||||||||||||||||||||||||||||||||||
| Transfers between investment types | (47,819) | — | — | — | — | 47,819 | — | — | |||||||||||||||||||||||||||||||||||||||
Transfers into (out of) Level 3(1) | (487) | (92,252) | — | — | — | — | — | (92,739) | |||||||||||||||||||||||||||||||||||||||
| Fair Value, End of Period | $ | 8,574,254 | $ | 1,675,269 | $ | 280,958 | $ | 86,500 | $ | 413,310 | $ | 533,010 | $ | 694,660 | $ | 12,257,961 | |||||||||||||||||||||||||||||||
_______________
(1)Transfers into (out of) Level 3 were a result of an investment measured at net asset value which is no longer categorized within the fair value hierarchy.
Net Change in Unrealized Gain (Loss) for the Year Ended December 31, 2025 on Investments Held at December 31, 2025 | Net Change in Unrealized Gain (Loss) for the Year Ended December 31, 2024 on Investments Held at December 31, 2024 | Net change in unrealized gain (loss) for the Year Ended December 31, 2023 on Investments Held at December 31, 2023 | |||||||||||||||
| First-lien senior secured debt investments | $ | (66,575) | $ | (50,558) | $ | 12,696 | |||||||||||
| Second-lien senior secured debt investments | (85,500) | (72,795) | (37,381) | ||||||||||||||
| Unsecured debt investments | 16,856 | 6,464 | 14,215 | ||||||||||||||
Specialty finance debt investments | 293 | — | — | ||||||||||||||
| Preferred equity investments | (19,707) | (3,401) | 8,821 | ||||||||||||||
| Common equity investments | 30,465 | 43,544 | 10,447 | ||||||||||||||
| Specialty finance equity investments | 66,270 | 35,182 | 6,592 | ||||||||||||||
| Total Investments | $ | (57,898) | $ | (41,564) | $ | ||||||||||||
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
______________
| As of December 31, 2025 | |||||||||||||||||||||||||||||
| Fair Value | Valuation Technique | Unobservable Input | (Range) Weighted Average | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||
| First-lien senior secured debt investments | $ | 11,273,964 | Yield Analysis | Market Yield | (6.3% - 20.1%) 9.6% | Decrease | |||||||||||||||||||||||
| 199,344 | Collateral Analysis | Recovery Rate | (0.0% - 107.2%) 59.5% | Increase | |||||||||||||||||||||||||
| 536,599 | Recent Transaction | Transaction Price | (99.0% - 99.8%) 99.3% | Increase | |||||||||||||||||||||||||
Second-lien senior secured debt investments | $ | 801,281 | Yield Analysis | Market Yield | (9.7% - 62.4%) 18.9% | Decrease | |||||||||||||||||||||||
Unsecured debt investments | $ | 390,845 | Yield Analysis | Market Yield | (5.5% - 17.6%) 12.6% | Decrease | |||||||||||||||||||||||
| 9,117 | Market Approach | EBITDA Multiple | (12.0x - 12.0x) 12.0x | Increase | |||||||||||||||||||||||||
Specialty finance debt investments | $ | 157,297 | Yield Analysis | Market Yield | (11.6% - 11.6%) 11.6% | Decrease | |||||||||||||||||||||||
| Preferred equity investments | $ | 559,595 | Yield Analysis | Market Yield | (11.6% - 35.3%) 16.1% | Decrease | |||||||||||||||||||||||
| 9,171 | Market Approach | EBITDA Multiple | (128.9x - 128.9x) 128.9x | Increase | |||||||||||||||||||||||||
| 211 | Market Approach | Revenue Multiple | (11.3x - 11.3x) 11.3x | Increase | |||||||||||||||||||||||||
| Common equity investments | $ | 388,838 | Market Approach | EBITDA Multiple | (4.0x - 17.9x) 7.7x | Increase | |||||||||||||||||||||||
| 45,461 | Market Approach | Revenue Multiple | (6.3x - 13.0x) 10.7x | Increase | |||||||||||||||||||||||||
| 21,679 | Market Approach | Transaction Price | ($96.84 - $96.84) $96.84 | Increase | |||||||||||||||||||||||||
| 43,926 | Recent Transaction | Transaction Price | 100.0% - 100.0% (100.0%) | Increase | |||||||||||||||||||||||||
| 14,020 | Yield Analysis | Market Yield | (8.5% - 8.5%) 8.5% | Decrease | |||||||||||||||||||||||||
| 166 | Market Approach | Gross Profit Multiple | (9.0x - 9.0x) 9.0x | Increase | |||||||||||||||||||||||||
| 347 | Option Pricing Model | Volatility | (60.0% - 70.0%) 70.0% | Increase | |||||||||||||||||||||||||
| 6,105 | Market Approach | Market Adjustment Factor | (0.0)% | Increase | |||||||||||||||||||||||||
| Specialty finance equity investments | $ | 607,284 | Market Approach | EBITDA Multiple | 1.3x - 1.3x (1.3x) | Increase | |||||||||||||||||||||||
| 403,170 | Market Approach | AUM Multiple | 1.1x - 1.1x (1.1x) | Increase | |||||||||||||||||||||||||
| 94,930 | Market Approach | N/A(1) | N/A | N/A | |||||||||||||||||||||||||
| 6,657 | Yield Analysis | Market Yield | 11.5% - 11.5% (11.5%) | Decrease | |||||||||||||||||||||||||
| 2,137 | Discounted Cash Flow Analysis | Discounted Factor | 20.0% - 20.0% (20.0%) | Decrease | |||||||||||||||||||||||||
(1)Fair value based on a weighting of the appraised value of the portfolio company’s underlying assets and their cost.
| As of December 31, 2024 | ||||||||||||||||||||||||||||||||
| Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||
| First-lien senior secured debt investments | $ | 9,257,126 | Yield Analysis | Market Yield | (6.8% - 35.2%) 11.3% | Decrease | ||||||||||||||||||||||||||
| 64,659 | Collateral Analysis | Recovery Rate | (13.5% - 62.5%) 49.5% | Increase | ||||||||||||||||||||||||||||
| 475,100 | Recent Transaction | Transaction Price | (98.3% - 100.0%) 99.0% | Increase | ||||||||||||||||||||||||||||
Second-lien senior secured debt investments | $ | 655,188 | Yield Analysis | Market Yield | (11.4% - 19.8%) 16.1% | Decrease | ||||||||||||||||||||||||||
| 4,872 | Collateral Analysis | Recovery Rate | (0.0% - 4.0%) 4.0% | Increase | ||||||||||||||||||||||||||||
| Unsecured debt investments | $ | 295,601 | Yield Analysis | Market Yield | (8.6% - 18.1%) 13.1% | Decrease | ||||||||||||||||||||||||||
| 6,355 | Market Approach | EBITDA Multiple | (11.8x - 11.8x) 11.8x | Increase | ||||||||||||||||||||||||||||
| Specialty finance debt investments | $ | 90,735 | Yield Analysis | Market Yield | (12.3% - 12.3%) 12.3% | Decrease | ||||||||||||||||||||||||||
Preferred equity investments | $ | 358,070 | Yield Analysis | Market Yield | (13.2% - 37.1%) 18.0% | Decrease | ||||||||||||||||||||||||||
| 8,751 | Market Approach | EBITDA Multiple | (7.1x - 7.1x) 7.1x | Increase | ||||||||||||||||||||||||||||
| 152 | Market Approach | Revenue Multiple | (8.5x - 8.5x) 8.5x | Increase | ||||||||||||||||||||||||||||
Common equity investments | $ | 491,428 | Market Approach | EBITDA Multiple | (3.3x - 20.0x) 9.7x | Increase | ||||||||||||||||||||||||||
| 38,412 | Market Approach | Revenue Multiple | (5.3x - 14.5x) 11.4x | Increase | ||||||||||||||||||||||||||||
| 10,011 | Market Approach | Transaction Price | ($96.84 - $96.84) $96.84 | Increase | ||||||||||||||||||||||||||||
| 10,498 | Yield Analysis | Market Yield | (8.5% - 8.5%) 8.5% | Decrease | ||||||||||||||||||||||||||||
| 180 | Market Approach | Gross Profit Multiple | (10.0x - 10.0x) 10.0x | Increase | ||||||||||||||||||||||||||||
| 357 | Option Pricing Model | Volatility | (60.0% - 70.0%) 69.8% | Increase | ||||||||||||||||||||||||||||
| Specialty finance equity investments | $ | 508,887 | Market Approach | EBITDA Multiple | 1.20x | Increase | ||||||||||||||||||||||||||
| 223,274 | Market Approach | AUM Multiple | 1.10x | Increase | ||||||||||||||||||||||||||||
| 62,056 | Market Approach | N/A | N/A | N/A | ||||||||||||||||||||||||||||
| 4,771 | Yield Analysis | Market Yield | (12.3% - 12.3%) 12.3% | Decrease | ||||||||||||||||||||||||||||
| 778 | Discounted Cash Flow Analysis | Discounted Factor | (20.0% - 20.0%) 20.0% | Decrease | ||||||||||||||||||||||||||||
The Company typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.
When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject
company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.
Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.
Debt Not Carried at Fair Value
Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
| As of December 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||
Net Carrying Value | Debt Issuance Costs | Fair Value | Net Carrying Value | Debt Issuance Costs | Fair Value | |||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 984,069 | $ | (27,931) | $ | 984,069 | $ | 269,919 | $ | (22,426) | $ | 269,919 | ||||||||||||||||||||||||||
| SPV Asset Facility II | 156,138 | (5,562) | 156,138 | 296,227 | (3,773) | 296,227 | ||||||||||||||||||||||||||||||||
| SPV Asset Facility V | 378,999 | (5,001) | 378,999 | — | — | — | ||||||||||||||||||||||||||||||||
| SPV Asset Facility VI | 295,959 | (4,041) | 295,959 | — | — | — | ||||||||||||||||||||||||||||||||
| SPV Asset Facility VII | 208,399 | (1,601) | 208,399 | — | — | — | ||||||||||||||||||||||||||||||||
| CLO I | 386,511 | (3,489) | 386,511 | 386,183 | (3,817) | 386,183 | ||||||||||||||||||||||||||||||||
| CLO II | — | — | — | 257,770 | (2,230) | 257,770 | ||||||||||||||||||||||||||||||||
| CLO III | 258,273 | (1,727) | 258,273 | 258,138 | (1,862) | 258,138 | ||||||||||||||||||||||||||||||||
| CLO IV | 272,117 | (3,346) | 272,117 | 288,694 | (3,806) | 288,694 | ||||||||||||||||||||||||||||||||
| CLO V | 507,563 | (2,062) | 507,563 | 507,315 | (2,310) | 507,315 | ||||||||||||||||||||||||||||||||
| CLO VII | 328,373 | (2,127) | 328,373 | 237,538 | (1,612) | 237,538 | ||||||||||||||||||||||||||||||||
| CLO X | 270,203 | (1,797) | 270,203 | 258,322 | (1,678) | 258,322 | ||||||||||||||||||||||||||||||||
| CLO XIV | 258,422 | (1,578) | 258,422 | — | ||||||||||||||||||||||||||||||||||
| 2025 Notes | — | — | — | 424,579 | (421) | 423,938 | ||||||||||||||||||||||||||||||||
| July 2025 Notes | — | — | — | 498,952 | (1,048) | 496,250 | ||||||||||||||||||||||||||||||||
| 2026 Notes | 499,909 | (91) | 498,750 | 497,572 | (2,428) | 495,000 | ||||||||||||||||||||||||||||||||
| July 2026 Notes | 997,283 | (2,717) | 992,500 | 992,360 | (7,640) | 970,000 | ||||||||||||||||||||||||||||||||
| 2027 Notes | 483,987 | (2,117) | 488,750 | 465,449 | (4,101) | 476,250 | ||||||||||||||||||||||||||||||||
| April 2027 Notes | 323,922 | (1,078) | 317,688 | — | — | — | ||||||||||||||||||||||||||||||||
| July 2027 Notes | 248,611 | (1,389) | 250,000 | — | — | — | ||||||||||||||||||||||||||||||||
| 2028 Notes | 843,451 | (6,549) | 803,250 | 840,888 | (9,112) | 782,000 | ||||||||||||||||||||||||||||||||
| June 2028 Notes | 99,415 | (585) | 100,000 | — | — | — | ||||||||||||||||||||||||||||||||
| 2029 Notes | 1,002,667 | (8,373) | 1,010,000 | 977,796 | (16,099) | 1,017,500 | ||||||||||||||||||||||||||||||||
| 2030 Notes | 495,805 | (10,025) | 506,250 | — | — | — | ||||||||||||||||||||||||||||||||
| Total Debt | $ | 9,300,076 | $ | (93,186) | $ | 9,272,214 | $ | 7,457,702 | $ | (84,363) | $ | 7,421,044 | ||||||||||||||||||||||||||
The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||
| Level 1 | $ | — | $ | — | |||||||
| Level 2 | 4,967,188 | 4,660,938 | |||||||||
| Level 3 | 4,305,026 | 2,760,106 | |||||||||
| Total Debt | $ | 9,272,214 | $ | 7,421,044 | |||||||
Financial Instruments Not Carried at Fair Value
As of December 31, 2025 and 2024, the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.