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Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Investments Measured at Fair Value on Recurring Basis Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of March 31, 2024 and December 31, 2023.
(in thousands)Balance as of
March 31,
2024		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Other assets     
Escrow and Other Investment Receivables$5,020 $— $— $5,020 
    
Investments   
Senior Secured Debt$3,312,225 $— $— $3,312,225 
Unsecured Debt70,745 — — 70,745 
Preferred Stock52,309 — — 52,309 
Common Stock (2)
97,890 57,852 — 40,038 
Warrants32,693 — 13,411 19,282 
 $3,565,862 $57,852 $13,411 $3,494,599 
Investment Funds & Vehicles measured at Net Asset Value (3)
5,779    
Total Investments, at fair value$3,571,641    
Derivative Instruments (4)
(537)   
Total Investments, at fair value including derivative instruments$3,571,104    
(in thousands)Balance as of
December 31,
2023		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents     
Money Market Fund (1)
$56,000 $56,000 $— $— 
Other assets
Escrow and Other Investment Receivables$10,888 $— $— $10,888 
    
Investments   
Senior Secured Debt$2,987,577 $— $— $2,987,577 
Unsecured Debt69,722 — — 69,722 
Preferred Stock53,038 — — 53,038 
Common Stock (2)
99,132 57,342 — 41,790 
Warrants33,969 — 11,881 22,088 
 $3,243,438 $57,342 $11,881 $3,174,215 
Investment Funds & Vehicles measured at Net Asset Value(3)
4,608    
Total Investments, at fair value$3,248,046    
Derivative Instruments (4)
(766)
Total Investments including cash and cash equivalents and derivative instruments$3,303,280 
(1)This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities.
(2)Common Stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's Common Stock.
(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.
(4)Derivative Instruments are carried at fair value and a level 2 security within the Company's fair value hierarchy.
Schedule of Reconciliation Changes for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023.
(in thousands)Balance as of
January 1, 2024
Net Realized
Gains (Losses) (1)
Net Change in
Unrealized
Appreciation
(Depreciation) (2)
Purchases (4)
Sales
Repayments(5)
Gross
Transfers
into
Level 3
Gross
Transfers
out of
Level 3		Balance as of
March 31, 2024
Investments
Senior Secured Debt$2,987,577 $— $(104)$498,787 $— $(174,035)$— $— $3,312,225 
Unsecured Debt69,722 — 481 542 — — — — 70,745 
Preferred Stock53,038 — (2,326)1,597 — — — — 52,309 
Common Stock41,790 — (1,752)— — — — — 40,038 
Warrants22,088 904 (2,113)1,232 (2,829)— — — 19,282 
Other Assets             
Escrow and Other Investment Receivables10,888 13 7,353 — (13,234)— — — 5,020 
Total$3,185,103 $917 $1,539 $502,158 $(16,063)$(174,035)$— $— $3,499,619 
(in thousands)Balance as of
January 1, 2023
Net Realized
Gains (Losses) (1)
Net Change in
Unrealized
Appreciation
(Depreciation) (2)
Purchases (4)
Sales
Repayments(5)
Gross
Transfers
into
Level 3 (3)
Gross
Transfers
out of
Level 3 (3)
Balance as of
March 31, 2023
Investments              
Senior Secured Debt$2,741,388 $— $16,023 $362,781 $— $(209,666)$— $— $2,910,526 
Unsecured Debt54,056 — 3,746 323 — — — — 58,125 
Preferred Stock41,488 — (1,143)— — — — — 40,345 
Common Stock25,059 — 5,632 — (207)— — — 30,484 
Warrants19,419 (858)1,508 948 (7)— — — 21,010 
Other Assets             
Escrow Receivable875 26 — — (98)— — — 803 
Total$2,882,285 $(832)$25,766 $364,052 $(312)$(209,666)$— $— $3,061,293 
(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.
(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.
(3)There were no transfers into or out of Level 3 during the three months ended March 31, 2024 and 2023.
(4)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.
(5)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.
Schedule of Unrealized Gain (Loss) on Investments
The following table presents the net unrealized appreciation (depreciation) recorded for debt, preferred stock, common stock, and warrant Level 3 investments relating to assets still held at the reporting date.
(in millions)
Three Months Ended March 31,
20242023
Debt Investments
$0.4 $(22.6)
Preferred Stock
(2.3)(1.1)
Common Stock
(1.8)5.6 
Warrant Investments
0.7 (0.6)
Schedule of Quantitative Information of Fair Value Measurements
The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology
for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.
Investment Type - Level 3
Debt Investments		Fair Value as of
March 31, 2024
(in thousands)		Valuation
Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$973,558 Market Comparable CompaniesHypothetical Market Yield
10.69% - 21.21%
13.34%
  Premium/(Discount)
(2.00)% - 4.00%
0.03%
5,215 
Liquidation (3)
Probability weighting of alternative outcomes
20.00% - 60.00%
51.20%
      
Technology1,078,024 Market Comparable CompaniesHypothetical Market Yield
10.26% - 19.04%
13.96%
  Premium/(Discount)
(1.50)% - 3.50%
0.19%
 24,227 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 60.00%
39.55%
54,837 
Liquidation (3)
Probability weighting of alternative outcomes
30.00% - 100.00%
52.01%
      
Sustainable and Renewable Technology1,566 Market Comparable CompaniesHypothetical Market Yield
11.27% - 11.27%
11.27%
  Premium/(Discount)
1.50% - 1.50%
1.50%
      
Medical Devices30,480 Market Comparable CompaniesHypothetical Market Yield
12.79% - 12.79%
12.79%
Premium/(Discount)
0.50% - 0.50%
0.50%
Lower Middle Market399,205 Market Comparable CompaniesHypothetical Market Yield
10.92% - 18.83%
13.85%
  Premium/(Discount)
0.00% - 3.00%
0.92%
Debt Investments for which Cost Approximates Fair Value
 615,126 Debt Investments originated within 6 months  
 64,479 
Imminent Payoffs(4)
  
 136,253 Debt Investments Maturing in Less than One Year
 $3,382,970 Total Level 3 Debt Investments
Other Investment Receivables2,856 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
39.97%
$3,385,826 Total Level Three Debt Investments and Other Investment Receivables
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables is the probability weighting of alternative outcomes.
(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3
Debt Investments
Fair Value as of
December 31, 2023
(in thousands)		Valuation Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$971,775 Market Comparable CompaniesHypothetical Market Yield
10.91% - 21.43%
13.46%
  Premium/(Discount)
(1.00)% - 3.50%
0.04%
 8,455 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
41.83%
Technology1,181,823 Market Comparable CompaniesHypothetical Market Yield
11.30% - 20.74%
15.03%
  Premium/(Discount)
(1.00)% - 5.00%
0.47%
 23,244 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 50.00%
39.32%
 — 
Liquidation(3)
Probability weighting of alternative outcomes
100.00% - 100.00%
100.00%
      
Sustainable and Renewable Technology1,678 Market Comparable CompaniesHypothetical Market Yield
10.75% - 10.75%
10.75%
   Premium/(Discount)
0.75% - 0.75%
0.75%
      
Lower Middle Market322,162 Market Comparable CompaniesHypothetical Market Yield
12.54% - 20.15%
14.13%
   Premium/(Discount)
(0.75)% - 2.25%
0.56%
Debt Investments for which Cost Approximates Fair Value
 431,512 Debt Investments originated within 6 months  
 54,430 
Imminent Payoffs(4)
  
 62,220 Debt Investments Maturing in Less than One Year
 $3,057,299 Total Level 3 Debt Investments
Other Investment Receivables9,648 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
41.83%
$3,066,947 Total Level Three Debt Investments and Other Investment Receivables
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info” and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables is the probability weighting of alternative outcomes.
(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
March 31, 2024
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$46,154 Market Comparable Companies
Revenue Multiple(2)
0.3x - 19.2x
6.8x
  
Tangible Book Value Multiple(2)
1.7x - 1.7x
1.7x
  
Discount for Lack of Marketability(3)
9.22% - 92.88%
36.10%
 13,271 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(85.55)% - 58.41%
27.06%
 29,884 Discounted Cash Flow
Discount Rate(7)
20.68% - 33.53%
31.62%
 3,038 
Other(6)
   
Warrant Investments16,912 Market Comparable Companies
Revenue Multiple(2)
1.0x - 12.5x
4.3x
  
Discount for Lack of Marketability(3)
7.65% - 34.83%
23.42%
 2,370 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(33.06)% - 67.82%
16.48%
— 
Other(6)
Total Level 3 Equity and Warrant Investments$111,629     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
December 31, 2023
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input (1)
Range
Weighted Average (5)
Equity Investments$52,094 Market Comparable Companies
EBITDA Multiple (2)
12.3x - 12.3x
12.3x
  
Revenue Multiple (2)
0.3x - 20.1x
7.2x
  
Tangible Book Value Multiple (2)
1.8x - 1.8x
1.8x
  
Discount for Lack of Marketability (3)
7.11% - 92.72%
31.57%
 11,096 Market Adjusted OPM Backsolve
Market Equity Adjustment (4)
(86.14)% - 32.69%
7.47%
 28,713 Discounted Cash Flow
Discount Rate (7)
19.88% - 31.97%
30.51%
 2,925 
Other (6)
   
Warrant Investments19,014 Market Comparable Companies
EBITDA Multiple (2)
12.3x -12.3x
12.3x
  
Revenue Multiple (2)
0.9x - 10.2x
4.2x
  
Discount for Lack of Marketability (3)
6.21% - 33.12%
21.70%
 3,074 Market Adjusted OPM Backsolve
Market Equity Adjustment (4)
(70.67)% - 34.86%
13.17%
 — 
Other (6)
   
Total Level 3 Equity and Warrant Investments$116,916     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement
date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent market transactions.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Schedule of Fair Value Hierarchy Of Outstanding Borrowings
The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of March 31, 2024 and December 31, 2023:
(in thousands)March 31, 2024
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$170,469 $147,970 $— $— $147,970 
July 2024 Notes104,902 105,145 — — 105,145 
February 2025 Notes49,895 48,922 — — 48,922 
June 2025 Notes69,798 68,342 — — 68,342 
June 2025 3-Year Notes49,810 49,813 — — 49,813 
March 2026 A Notes49,818 47,335 — — 47,335 
March 2026 B Notes49,802 47,381 — — 47,381 
September 2026 Notes322,585 288,832 — — 288,832 
January 2027 Notes346,266 314,530 — — 314,530 
2031 Asset-Backed Notes148,691 143,700 — 143,700 — 
2033 Notes38,962 40,000 — 40,000 — 
MUFG Bank Facility136,000 136,000 — — 136,000 
SMBC Facility215,000 215,000 — — 215,000 
Total$1,751,998 $1,652,970 $— $183,700 $1,469,270 
(in thousands)December 31, 2023
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$170,323 $142,011 $— $— $142,011 
July 2024 Notes104,828 105,755 — — 105,755 
February 2025 Notes49,866 49,144 — — 49,144 
June 2025 Notes69,757 67,198 — — 67,198 
June 2025 3-Year Notes49,771 48,983 — — 48,983 
March 2026 A Notes49,795 47,702 — — 47,702 
March 2026 B Notes49,776 47,759 — — 47,759 
September 2026 Notes322,339 288,711 — — 288,711 
January 2027 Notes345,935 315,832 — — 315,832 
2031 Asset-Backed Notes148,544 142,500 — 142,500 — 
2033 Notes38,935 40,400 — 40,400 — 
MUFG Bank Facility61,000 61,000 — — 61,000 
SMBC Facility94,000 94,000 — — 94,000 
Total$1,554,869 $1,450,995 $— $182,900 $1,268,095