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N-2 - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Cover [Abstract] |  |  |  |  |  |  |  |
Entity Central Index Key | 0001736035 |  |  |  |  |  |  |
Amendment Flag | false |  |  |  |  |  |  |
Securities Act File Number | 814-01299 |  |  |  |  |  |  |
Document Type | 10-Q |  |  |  |  |  |  |
Entity Registrant Name | Blackstone Secured Lending Fund |  |  |  |  |  |  |
Entity Address, Address Line One | 345 Park Avenue |  |  |  |  |  |  |
Entity Address, Address Line Two | 31st Floor |  |  |  |  |  |  |
Entity Address, City or Town | New York |  |  |  |  |  |  |
Entity Address, State or Province | NY |  |  |  |  |  |  |
Entity Address, Postal Zip Code | 10154 |  |  |  |  |  |  |
City Area Code | 212 |  |  |  |  |  |  |
Local Phone Number | 503-2100 |  |  |  |  |  |  |
Entity Emerging Growth Company | false |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities [Table Text Block] | The following is information about the Company’s senior securities as of the dates indicated in the below table:
Class and Period |  | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) |  | Asset Coverage per Unit (2) ($ in millions) |  | Involuntary Liquidating Preference per Unit(3) |  | Average Market Value per Unit(4)
Subscription Facility (5) |  |  |  |  |  |  |  |
March 31, 2024 |  | $ | — |  |  | $ | — |  |  | — |  | N/A
December 31, 2023 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2022 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2021 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2020 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2019 |  | 119.8 |  |  | 2,151 |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
Class and Period |  | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) |  | Asset Coverage per Unit (2) ($ in millions) |  | Involuntary Liquidating Preference per Unit(3) |  | Average Market Value per Unit(4)
Jackson Hole Funding Facility |  |  |  |  |  |  |  |
March 31, 2024 |  | $ | 387.9 |  |  | $ | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 233.0 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 360.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 361.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 362.3 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | 514.2 |  |  | 2,151 |  |  | — |  | N/A
December 31, 2018 |  | 120.0 |  |  | 2,278 |  |  | — |  | N/A
Breckenridge Funding Facility |  |  |  |  |  |  |  |
March 31, 2024 |  | 824.4 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 741.7 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 825.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 568.7 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 569.0 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | 820.3 |  |  | 2,151 |  |  | — |  | N/A
December 31, 2018 |  | 65.0 |  |  | 2,278 |  |  | — |  | N/A
Big Sky Funding facility |  |  |  |  |  |  |  |
March 31, 2024 |  | 500.0 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 480.9 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 499.6 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 499.6 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 200.3 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
Revolving Credit Facility |  |  |  |  |  |  |  |
March 31, 2024 |  | 785.7 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 682.3 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 678.4 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 915.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 182.9 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
2023 Notes (6) |  |  |  |  |  |  |  |
March 31, 2024 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2023 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2022 |  | 400.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 400.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 400.0 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
Class and Period |  | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) |  | Asset Coverage per Unit (2) ($ in millions) |  | Involuntary Liquidating Preference per Unit(3) |  | Average Market Value per Unit(4)
2026 Notes |  |  |  |  |  |  |  |
March 31, 2024 |  | $ | 800.0 |  |  | $ | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 800.0 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 800.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 800.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | 800.0 |  |  | 2,300 |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
New 2026 Notes |  |  |  |  |  |  |  |
March 31, 2024 |  | 700.0 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 700.0 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 700.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 700.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
2027 Notes |  |  |  |  |  |  |  |
March 31, 2024 |  | 650.0 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 650.0 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 650.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 650.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
2028 Notes |  |  |  |  |  |  |  |
March 31, 2024 |  | 650.0 |  |  | 1,973 |  |  | — |  | N/A
December 31, 2023 |  | 650.0 |  |  | 2,003 |  |  | — |  | N/A
December 31, 2022 |  | 650.0 |  |  | 1,748 |  |  | — |  | N/A
December 31, 2021 |  | 650.0 |  |  | 1,802 |  |  | — |  | N/A
December 31, 2020 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2019 |  | — |  |  | — |  |  | — |  | N/A
December 31, 2018 |  | — |  |  | — |  |  | — |  | N/A
(1)Total amount of each class of senior securities outstanding at the end of the period presented. (2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4)Not applicable because the senior securities are not registered for public trading. (5)The Subscription Facility was terminated on November 3, 2020. (6)The 2023 Notes matured on July 14, 2023 and were paid off consistent with the terms of the 2023 Notes Indenture. |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |
Investment Objectives and Practices [Text Block] | Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal market conditions, we generally invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in secured debt investments and our portfolio is composed primarily of first lien senior secured and unitranche loans. To a lesser extent, we have and may continue to also invest in second lien, third lien, unsecured or subordinated loans and other debt and equity securities. In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. We do not currently focus on investments in issuers that are distressed or in need of rescue financing. Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares. To facilitate public issuances of debt and/or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2022 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. As of March 31, 2024 and December 31, 2023, our debt consisted of asset based leverage facilities, a revolving credit facility, and unsecured note issuances. We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2024 and December 31, 2023, we had an aggregate amount of $5,298.0 million and $4,937.9 million of senior securities outstanding, respectively, and our asset coverage ratio was 197.3% and 200.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Cash and cash equivalents as of March 31, 2024, taken together with our $1,302.0 million of unused capacity under our credit facilities (subject to borrowing base availability, $1,302.0 million is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $108.8 million of Level 2 debt investments as of March 31, 2024, which could provide additional liquidity if necessary. Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations. As of March 31, 2024, we had $147.7 million in cash and cash equivalents. During the three months ended March 31, 2024, cash used in operating activities was $395.5 million, primarily due to purchases of investments of $719.1 million partially offset by sales of investments and principal repayments of $186.7 million and receipt of interest payments from our investments. Cash provided by financing activities was $388.3 million during the period, which was primarily as a result of borrowings on our credit facilities and Unsecured Notes of $363.8 million and $162.0 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $137.4 million. |  |  |  |  |  |  |
Risk Factors [Table Text Block] | Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares. To facilitate public issuances of debt and/or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2022 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. As of March 31, 2024 and December 31, 2023, our debt consisted of asset based leverage facilities, a revolving credit facility, and unsecured note issuances. We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2024 and December 31, 2023, we had an aggregate amount of $5,298.0 million and $4,937.9 million of senior securities outstanding, respectively, and our asset coverage ratio was 197.3% and 200.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Cash and cash equivalents as of March 31, 2024, taken together with our $1,302.0 million of unused capacity under our credit facilities (subject to borrowing base availability, $1,302.0 million is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $108.8 million of Level 2 debt investments as of March 31, 2024, which could provide additional liquidity if necessary. Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations. As of March 31, 2024, we had $147.7 million in cash and cash equivalents. During the three months ended March 31, 2024, cash used in operating activities was $395.5 million, primarily due to purchases of investments of $719.1 million partially offset by sales of investments and principal repayments of $186.7 million and receipt of interest payments from our investments. Cash provided by financing activities was $388.3 million during the period, which was primarily as a result of borrowings on our credit facilities and Unsecured Notes of $363.8 million and $162.0 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $137.4 million. Item 3. Quantitative and Qualitative Disclosures About Market Risk. Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks. We are subject to financial market risks, including valuation risk and interest rate risk. Our exposure to market risk has not materially changed from what was previously disclosed in our A nnual Report on Form 10-K for the fiscal year en ded December 3 1, 2023. |  |  |  |  |  |  |
Effects of Leverage [Text Block] | Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares. To facilitate public issuances of debt and/or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2022 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. As of March 31, 2024 and December 31, 2023, our debt consisted of asset based leverage facilities, a revolving credit facility, and unsecured note issuances. We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2024 and December 31, 2023, we had an aggregate amount of $5,298.0 million and $4,937.9 million of senior securities outstanding, respectively, and our asset coverage ratio was 197.3% and 200.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Cash and cash equivalents as of March 31, 2024, taken together with our $1,302.0 million of unused capacity under our credit facilities (subject to borrowing base availability, $1,302.0 million is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $108.8 million of Level 2 debt investments as of March 31, 2024, which could provide additional liquidity if necessary. Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations. As of March 31, 2024, we had $147.7 million in cash and cash equivalents. During the three months ended March 31, 2024, cash used in operating activities was $395.5 million, primarily due to purchases of investments of $719.1 million partially offset by sales of investments and principal repayments of $186.7 million and receipt of interest payments from our investments. Cash provided by financing activities was $388.3 million during the period, which was primarily as a result of borrowings on our credit facilities and Unsecured Notes of $363.8 million and $162.0 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $137.4 million. |  |  |  |  |  |  |
Share Price [Table Text Block] | Financial Condition, Liquidity and Capital Resources Our liquidity and capital resources are generated primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, our credit facilities, debt securitization transactions, and other secured and unsecured debt. We may also generate cash flow from operations, future borrowings and future offerings of securities including public and/or private issuances of debt and/or equity securities through both registered offerings and private offerings. The primary uses of our cash and cash equivalents are for (i) originating loans and purchasing senior secured debt investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings and (iv) cash distributions to the holders of our shares. To facilitate public issuances of debt and/or equity securities, in July 2022, we filed a shelf registration statement with the SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to the shelf registration statement filed in July 2022 was not specified when it was filed and there is no specific dollar limit on the amount of securities we may issue. The securities covered by the registration statement filed in July 2022 include: (i) Common Shares; (ii) preferred shares; (iii) debt securities; (iv) subscription rights; and (v) warrants. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. As of March 31, 2024 and December 31, 2023, our debt consisted of asset based leverage facilities, a revolving credit facility, and unsecured note issuances. We may from time to time enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of March 31, 2024 and December 31, 2023, we had an aggregate amount of $5,298.0 million and $4,937.9 million of senior securities outstanding, respectively, and our asset coverage ratio was 197.3% and 200.3%, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund. From time to time we may also repurchase our outstanding debt. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Cash and cash equivalents as of March 31, 2024, taken together with our $1,302.0 million of unused capacity under our credit facilities (subject to borrowing base availability, $1,302.0 million is available to borrow) is expected to be sufficient for our investing activities and to conduct our operations in the near term. Additionally, we held $108.8 million of Level 2 debt investments as of March 31, 2024, which could provide additional liquidity if necessary. Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations. As of March 31, 2024, we had $147.7 million in cash and cash equivalents. During the three months ended March 31, 2024, cash used in operating activities was $395.5 million, primarily due to purchases of investments of $719.1 million partially offset by sales of investments and principal repayments of $186.7 million and receipt of interest payments from our investments. Cash provided by financing activities was $388.3 million during the period, which was primarily as a result of borrowings on our credit facilities and Unsecured Notes of $363.8 million and $162.0 million of proceeds from the issuance of our Common Shares partially offset by dividends paid in cash of $137.4 million. |  |  |  |  |  |  |
NAV Per Share | $ 26.87 | $ 26.66 | $ 26.10 | $ 25.93 |  |  |  |
2026 Notes [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 800.0 | $ 800.0 |  | $ 800.0 | $ 800.0 | $ 800.0 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 0 | $ 0
New 2026 Notes [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 700.0 | $ 700.0 |  | $ 700.0 | $ 700.0 | $ 0.0 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 0 | $ 0 | $ 0
2027 Notes [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 650.0 | $ 650.0 |  | $ 650.0 | $ 650.0 | $ 0.0 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 0 | $ 0 | $ 0
2028 Notes [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 650.0 | $ 650.0 |  | $ 650.0 | $ 650.0 | $ 0.0 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 0 | $ 0 | $ 0
Jackson Hole Funding Facility [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 387.9 | $ 233.0 |  | $ 360.0 | $ 361.0 | $ 362.3 | $ 514.2 | $ 120.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 2,151 | $ 2,278
Breckenridge Funding Facility [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 824.4 | $ 741.7 |  | $ 825.0 | $ 568.7 | $ 569.0 | $ 820.3 | $ 65.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 2,151 | $ 2,278
Big Sky Funding Facility [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 500.0 | $ 480.9 |  | $ 499.6 | $ 499.6 | $ 200.3 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 0 | $ 0
Subscription Facility [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 0.0 | $ 0.0 |  | $ 0.0 | $ 0.0 | $ 0.0 | $ 119.8 | $ 0.0
Senior Securities Coverage per Unit | $ 0 | $ 0 |  | $ 0 | $ 0 | $ 0 | $ 2,151 | $ 0
Revolving Credit Facility [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 785.7 | $ 682.3 |  | $ 678.4 | $ 915.0 | $ 182.9 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 1,973 | $ 2,003 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 0 | $ 0
2023 Notes [Member] |  |  |  |  |  |  |  |
Financial Highlights [Abstract] |  |  |  |  |  |  |  |
Senior Securities Amount | $ 0.0 | $ 0.0 |  | $ 400.0 | $ 400.0 | $ 400.0 | $ 0.0 | $ 0.0
Senior Securities Coverage per Unit | $ 0 | $ 0 |  | $ 1,748 | $ 1,802 | $ 2,300 | $ 0 | $ 0

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