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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of March 31, 2023:
| Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 359 |  |  | $ | 359 |  |  | $ | — |  |  | $ | — |
Restricted cash | $ | 18 |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |
Investments not measured at net asset value | $ | 21,143 |  |  | $ | 46 |  |  | $ | 414 |  |  | $ | 20,683 |
Investments measured at net asset value(1) | 5 |  |  |  |  |  |  |
Total investments | $ | 21,148 |  |  |  |  |  |  |
Derivatives | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Unfunded revolving and delayed draw loan commitments(2) | $ | (50) |  |  | $ | — |  |  | $ | — |  |  | $ | (50) |
________________________________________ (1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have 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 balance sheet. (2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet. The following table presents fair value measurements of cash and cash equivalents, restricted cash, investments, derivatives and unfunded revolving and delayed draw loan commitments as of December 31, 2022:
| Fair Value Measurements Using
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 303 |  |  | $ | 303 |  |  | $ | — |  |  | $ | — |
Restricted cash | $ | 34 |  |  | $ | 34 |  |  | $ | — |  |  | $ | — |
Investments not measured at net asset value | $ | 21,775 |  |  | $ | 54 |  |  | $ | 360 |  |  | $ | 21,361 |
Investments measured at net asset value (1) | 5 |  |  |  |  |  |  |
Total investments | $ | 21,780 |  |  |  |  |  |  |
Derivatives | $ | (21) |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |
Unfunded revolving and delayed draw loan commitments(2) | $ | (57) |  |  | $ | — |  |  | $ | — |  |  | $ | (57) |
________________________________________ (1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have 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 balance sheet. (2)The fair value of unfunded revolving and delayed draw loan commitments is included in “accounts payable and other liabilities” in the accompanying consolidated balance sheet.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables summarize the significant unobservable inputs the Company’s investment adviser used to value the majority of the Company’s investments categorized within Level 3 as of March 31, 2023 and December 31, 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.
|  | As of March 31, 2023 |
|  |  |  |  |  | Unobservable Input |
Asset Category |  | Fair Value |  | Primary Valuation Techniques |  | Input |  | Estimated Range |  | Weighted Average(1) |
First lien senior secured loans |  | $ | 8,368 |  |  | Yield analysis |  | Market yield |  | 3.7% - 29.5% |  | 12.6% |
Second lien senior secured loans |  | 3,802 |  |  | Yield analysis |  | Market yield |  | 11.4% - 42.9% |  | 15.2% |
Subordinated certificates of the SDLP |  | 1,231 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.8% - 15.0% |  | 13.5% |
Senior subordinated loans |  | 1,040 |  |  | Yield analysis |  | Market yield |  | 9.5% - 17.6% |  | 14.1% |
Preferred equity |  | 2,069 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.5x - 40.0x |  | 16.0x |
Ivy Hill Asset Management, L.P.(2) |  | 2,295 |  |  | Discounted cash flow analysis |  | Discount rate |  | 13.1% - 20.6% |  | 14.8% |
Other equity |  | 1,878 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.4% - 51.9x |  | 17.4x |
Total investments |  | $ | 20,683 |  |  |  |  |  |  |  |  |  |
________________________________________ (1)Unobservable inputs were weighted by the relative fair value of the investments. (2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.
|  | As of December 31, 2022 |
|  |  |  |  |  | Unobservable Input |
Asset Category |  | Fair Value |  | Primary Valuation Techniques |  | Input |  | Estimated Range |  | Weighted Average(1) |
First lien senior secured loans |  | $ | 9,165 |  |  | Yield analysis |  | Market yield |  | 7.6% - 26.1% |  | 12.3% |
Second lien senior secured loans |  | 3,841 |  |  | Yield analysis |  | Market yield |  | 11.0% - 32.4% |  | 14.9% |
Subordinated certificates of the SDLP |  | 1,249 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.4% - 14.8% |  | 13.5% |
Senior subordinated loans |  | 1,021 |  |  | Yield analysis |  | Market yield |  | 8.0% - 16.3% |  | 12.9% |
Preferred equity |  | 2,023 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.6x - 40.6x |  | 15.7x |
Ivy Hill Asset Management, L.P.(2) |  | 2,201 |  |  | Discounted cash flow analysis |  | Discount rate |  | 12.9% - 25.7% |  | 14.2% |
Other equity |  | 1,861 |  |  | EV market multiple analysis |  | EBITDA multiple |  | 2.1x - 52.1x |  | 15.6x |
Total investments |  | $ | 21,361 |  |  |  |  |  |  |  |  |  |
________________________________________ (1)Unobservable inputs were weighted by the relative fair value of the investments. (2)Includes the Company’s subordinated loan and equity investments in IHAM, as applicable.
Schedule of Changes in Investments that use Level 3 Inputs | The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2023:
| As of and For the Three Months Ended March 31, 2023
Balance as of December 31, 2022 | $ | 21,361 |
Net realized losses | (20) |
Net unrealized losses | (11) |
Purchases | 1,072 |
Sales | (697) |
Repayments | (1,063) |
PIK interest and dividends | 81 |
Net accretion of discount on securities | 4 |
Net transfers in and/or out of Level 3 | (44) |
Balance as of March 31, 2023 | $ | 20,683 |
The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2022:
| As of and For the Three Months Ended March 31, 2022
Balance as of December 31, 2021 | $ | 19,908 |
Net realized gains | 69 |
Net unrealized losses | (7) |
Purchases | 1,854 |
Sales | (1,547) |
Repayments | (972) |
PIK interest and dividends | 67 |
Net accretion of discount on securities | 3 |
Net transfers in and/or out of Level 3 | — |
Balance as of March 31, 2022 | $ | 19,375 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The following are the carrying and fair values of the Company’s debt obligations as of March 31, 2023 and December 31, 2022. 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.
| As of
| March 31, 2023 |  | December 31, 2022
| Carrying value(1) |  | Fair value(4) |  | Carrying value(1) |  | Fair value(4)
Revolving Credit Facility | $ | 1,872 |  |  | $ | 1,872 |  |  | $ | 2,246 |  |  | $ | 2,246 |
Revolving Funding Facility | 850 |  |  | 850 |  |  | 800 |  |  | 800 |
SMBC Funding Facility | 401 |  |  | 401 |  |  | 451 |  |  | 451 |
BNP Funding Facility | 320 |  |  | 320 |  |  | 245 |  |  | 245 |
2024 Convertible Notes (principal amount outstanding of $403) | 400 |  | (2) | 400 |  |  | 399 |  | (2) | 428 |
2023 Notes (principal amount outstanding of $0 and $750, respectively) | — |  |  | — |  |  | 750 |  | (2) | 749 |
2024 Notes (principal amount outstanding of $900) | 899 |  | (2) | 873 |  |  | 898 |  | (2) | 873 |
March 2025 Notes (principal amount outstanding of $600) | 598 |  | (2) | 569 |  |  | 597 |  | (2) | 570 |
July 2025 Notes (principal amount outstanding of $1,250) | 1,257 |  | (2) | 1,150 |  |  | 1,258 |  | (2) | 1,157 |
January 2026 Notes (principal amount outstanding of $1,150) | 1,145 |  | (2) | 1,061 |  |  | 1,144 |  | (2) | 1,059 |
July 2026 Notes (principal amount outstanding of $1,000) | 991 |  | (2) | 866 |  |  | 991 |  | (2) | 850 |
2027 Notes (principal amount outstanding of $500) | 494 |  | (2) | 432 |  |  | 494 |  | (2) | 427 |
2028 Notes (principal amount outstanding of $1,250) | 1,247 |  | (2) | 1,035 |  |  | 1,247 |  | (2) | 1,007 |
2031 Notes (principal amount outstanding of $700) | 690 |  | (2) | 536 |  |  | 690 |  | (2) | 516 |
Total | $ | 11,164 |  | (3) | $ | 10,365 |  |  | $ | 12,210 |  | (3) | $ | 11,378 |
________________________________________ (1)The Revolving Credit Facility, the Revolving Funding Facility, the SMBC Funding Facility and the BNP Funding Facility carrying values are the same as the principal amounts outstanding. (2)Represents the aggregate principal amount outstanding, less unamortized debt issuance costs and the net unaccreted/amortized discount or premium recorded upon issuance. (3)Total principal amount of debt outstanding totaled $11,196 and $12,245 as of March 31, 2023 and December 31, 2022, respectively. (4)The fair value of these debt obligations would be categorized as Level 2 under ASC 820-10.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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