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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | The following tables present the fair value hierarchy of financial instruments:
| March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
First lien debt | $ | — |  |  | $ | 199,713 |  |  | $ | 9,225,290 |  |  | $ | 9,425,003 |
Second lien debt | — |  |  | — |  |  | 46,678 |  |  | 46,678 |
Equity investments | — |  |  | — |  |  | 154,521 |  |  | 154,521 |
Total | $ | — |  |  | $ | 199,713 |  |  | $ | 9,426,489 |  |  | $ | 9,626,202 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
First lien debt | $ | — |  |  | $ | 144,452 |  |  | $ | 9,275,511 |  |  | $ | 9,419,963 |
Second lien debt | — |  |  | — |  |  | 46,336 |  |  | 46,336 |
Equity investments | — |  |  | — |  |  | 150,949 |  |  | 150,949 |
Total | $ | — |  |  | $ | 144,452 |  |  | $ | 9,472,796 |  |  | $ | 9,617,248 |
Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs | The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value:
| Three Months Ended March 31, 2023
| First Lien Debt |  | Second Lien Debt |  | Equity Investments |  | Total Investments
Fair value, beginning of period | $ | 9,275,511 |  |  | $ | 46,336 |  |  | $ | 150,949 |  |  | $ | 9,472,796 |
Purchases of investments | 114,229 |  |  | 411 |  |  | — |  |  | 114,640 |
Proceeds from principal repayments and sales of investments | (71,040) |  |  | — |  |  | — |  |  | (71,040) |
Accretion of discount/amortization of premium | 8,407 |  |  | 36 |  |  | — |  |  | 8,443 |
Net realized gain (loss) | 46 |  |  | — |  |  | — |  |  | 46 |
Net change in unrealized appreciation (depreciation) | (14,862) |  |  | (105) |  |  | 3,572 |  |  | (11,395) |
Transfers into Level 3 (1) | 4,938 |  |  | — |  |  | — |  |  | 4,938 |
Transfers out of Level 3 (1) | (91,939) |  |  | — |  |  | — |  |  | (91,939) |
Fair value, end of period | $ | 9,225,290 |  |  | $ | 46,678 |  |  | $ | 154,521 |  |  | $ | 9,426,489 |
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2023 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations | $ | (14,862) |  |  | $ | (105) |  |  | $ | 3,572 |  |  | $ | (11,395) |
| Three Months Ended March 31, 2022
| First Lien Debt |  | Second Lien Debt |  | Equity Investments |  | Total Investments
Fair value, beginning of period | $ | 9,288,184 |  |  | $ | 42,880 |  |  | $ | 170,265 |  |  | $ | 9,501,329 |
Purchases of investments | 253,310 |  |  | 265 |  |  | 7,264 |  |  | 260,839 |
Proceeds from principal repayments and sales of investments | (35,031) |  |  | — |  |  | (10,687) |  |  | (45,718) |
Accretion of discount/amortization of premium | 9,212 |  |  | 19 |  |  | — |  |  | 9,231 |
Net realized gain (loss) | (62) |  |  | — |  |  | 5,920 |  |  | 5,858 |
Net change in unrealized appreciation (depreciation) | 428 |  |  | 79 |  |  | 2,384 |  |  | 2,891 |
Transfers into Level 3 (1) | 25,772 |  |  | — |  |  | — |  |  | 25,772 |
Transfers out of Level 3 (1) | — |  |  | — |  |  | — |  |  | — |
Fair value, end of period | $ | 9,541,813 |  |  | $ | 43,243 |  |  | $ | 175,146 |  |  | $ | 9,760,202 |
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2022 included in net unrealized appreciation (depreciation) on the Consolidated Statements of Operations | $ | 18 |  |  | $ | 81 |  |  | $ | 7,152 |  |  | $ | 7,251 |
(1)For the three months ended March 31, 2023 and 2022, transfers into or out of Level 3 were primarily due to decreased or increased price transparency.
Fair Value Measurement Inputs and Valuation Techniques | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.
| March 31, 2023
|  |  |  |  |  |  | Range |  |
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Low |  | High |  | Weighted Average (1)
Investments in first lien debt | $ | 9,219,940 |  |  | Yield analysis |  | Discount rate |  | 6.39 | % |  | 20.62 | % |  | 10.03 | %
| 5,350 |  |  | Market quotations |  | Broker quoted price |  | 96.50 | % |  | 96.50 | % |  | 96.50 | %
| 9,225,290 |  |  |  |  |  |  |  |  |  |  |
Investments in second lien debt | 46,678 |  |  | Yield analysis |  | Discount rate |  | 10.15 | % |  | 13.98 | % |  | 12.53 | %
Investments in equity | 105,862 |  |  | Market approach |  | Performance multiple |  | 5.70x |  | 39.66x |  | 12.66x
| 25,566 |  |  | Option pricing model |  | Expected volatility |  | 30.00 | % |  | 50.00 | % |  | 41.80 | %
| 23,093 |  |  | Yield analysis |  | Discount rate |  | 11.67 | % |  | 13.55 | % |  | 12.88 | %
| 154,521 |  |  |  |  |  |  |  |  |  |  |
Total | $ | 9,426,489 |  |  |  |  |  |  |  |  |  |  |
| December 31, 2022
|  |  |  |  |  |  | Range |  |
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Low |  | High |  | Weighted Average (1)
Investments in first lien debt | $ | 9,037,133 |  |  | Yield analysis |  | Discount rate |  | 6.83 | % |  | 19.84 | % |  | 10.13 | %
| 238,378 |  |  | Market quotations |  | Broker quoted price |  | 82.00 | % |  | 96.75 | % |  | 94.19 | %
| 9,275,511 |  |  |  |  |  |  |  |  |  |  |
Investments in second lien debt | 46,336 |  |  | Yield analysis |  | Discount rate |  | 10.43 | % |  | 14.25 | % |  | 12.60 | %
Investments in equity | 105,782 |  |  | Market approach |  | Performance multiple |  | 5.50x |  | 29.00x |  | 13.41x
| 22,481 |  |  | Option pricing model |  | Expected volatility |  | 30.00 | % |  | 50.00 | % |  | 43.46 | %
| 22,686 |  |  | Yield analysis |  | Discount rate |  | 11.31 | % |  | 13.75 | % |  | 12.74 | %
| 150,949 |  |  |  |  |  |  |  |  |  |  |
Total | $ | 9,472,796 |  |  |  |  |  |  |  |  |  |  |
(1)Weighted averages are calculated based on fair value of investments.
Schedule of Fair Value Measurements of Unsecured Notes | The following table presents the fair value measurements of the Company's Unsecured Notes (as defined in Note 6) had they been accounted for at fair value. These financial instruments would be categorized as Level 3 as of March 31, 2023 and as Level 2 as of December 31, 2022 within the hierarchy.
| March 31, 2023 |  | December 31, 2022
| Fair Value |  | Fair Value
2023 Notes | $ | 390,080 |  |  | $ | 397,481 |
2026 Notes | 728,587 |  |  | 740,171 |
New 2026 Notes | 611,865 |  |  | 619,144 |
2027 Notes | 524,029 |  |  | 546,117 |
2028 Notes | 528,846 |  |  | 522,809 |
Total | $ | 2,783,407 |  |  | $ | 2,825,722 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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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- 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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