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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Portfolio Investments by Level in the Fair Value Hierarchy | The following tables present the fair value hierarchy of investments:
|  | March 31, 2024 |  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
First Lien Debt |  | $ | — |  |  | $ | 21,645 |  |  | $ | 3,093,759 |  |  | $ | 3,115,404 |  |  | $ | — |  |  | $ | 24,674 |  |  | $ | 2,979,870 |  |  | $ | 3,004,544 |
Second Lien Debt |  | — |  |  | 35,921 |  |  | 82,186 |  |  | 118,107 |  |  | — |  |  | 35,567 |  |  | 96,848 |  |  | 132,415 |
Other Investments |  | — |  |  | — |  |  | 43,728 |  |  | 43,728 |  |  | — |  |  | — |  |  | 40,636 |  |  | 40,636 |
Subtotal |  | $ | — |  |  | $ | 57,566 |  |  | $ | 3,219,673 |  |  | $ | 3,277,239 |  |  | $ | — |  |  | $ | 60,241 |  |  | $ | 3,117,354 |  |  | $ | 3,177,595 |
Investment measured at net asset value(1) |  |  |  |  |  |  |  | 15,966 |  |  |  |  |  |  |  |  | 15,966 |
Total |  |  |  |  |  |  |  | $ | 3,293,205 |  |  |  |  |  |  |  |  | $ | 3,193,561 |
(1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.
Changes in Level III Portfolio Investments | The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:
|  | First Lien Debt |  | Second Lien Debt |  | Other Securities |  | Total Investments
Fair value, beginning of period |  | $ | 2,979,870 |  |  | $ | 96,848 |  |  | $ | 40,636 |  |  | $ | 3,117,354 |
Purchases of investments(1) |  | 189,612 |  |  | 836 |  |  | 1,982 |  |  | 192,430 |
Proceeds from principal repayments and sales of investments(1) |  | (85,316) |  |  | (10,450) |  |  | — |  |  | (95,766) |
Accretion of discount/amortization of premium |  | 2,510 |  |  | 172 |  |  | 2 |  |  | 2,684 |
Payment-in-kind |  | 2,493 |  |  | 135 |  |  | 598 |  |  | 3,226 |
Net change in unrealized appreciation (depreciation) |  | 6,593 |  |  | (5,355) |  |  | 510 |  |  | 1,748 |
Net realized gains (losses) |  | (5,625) |  |  | — |  |  | — |  |  | (5,625) |
Transfers into/(out) of Level 3(2) |  | 3,622 |  |  | — |  |  | — |  |  | 3,622 |
Fair value, end of period |  | $ | 3,093,759 |  |  | $ | 82,186 |  |  | $ | 43,728 |  |  | $ | 3,219,673 |
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024 |  | $ | 6,024 |  |  | $ | (5,525) |  |  | $ | 510 |  |  | $ | 1,009 |
(1) Includes transactions relating to restructurings. (2) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency. The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:
|  | First Lien Debt |  | Second Lien Debt |  | Other Securities |  | Total Investments
Fair value, beginning of period |  | $ | 2,668,749 |  |  | $ | 122,891 |  |  | $ | 36,395 |  |  | $ | 2,828,035 |
Purchases of investments |  | 130,460 |  |  | 8,500 |  |  | 74 |  |  | 139,034 |
Proceeds from principal repayments and sales of investments |  | (89,636) |  |  | — |  |  | — |  |  | (89,636) |
Accretion of discount/amortization of premium |  | 2,433 |  |  | 67 |  |  | 2 |  |  | 2,502 |
Payment-in-kind |  | 382 |  |  | 133 |  |  | 488 |  |  | 1,003 |
Net change in unrealized appreciation (depreciation) |  | 1,181 |  |  | 8 |  |  | 94 |  |  | 1,283 |
Net realized gains (losses) |  | 122 |  |  | — |  |  | — |  |  | 122 |
Transfers into/(out) of Level 3(1) |  | — |  |  | (16,189) |  |  | — |  |  | (16,189) |
Fair value, end of period |  | $ | 2,713,691 |  |  | $ | 115,410 |  |  | $ | 37,053 |  |  | $ | 2,866,154 |
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023 |  | $ | 1,183 |  |  | $ | 8 |  |  | $ | 94 |  |  | $ | 1,285 |
(1) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
|  | March 31, 2024
|  |  |  |  |  |  |  | Range |  |
|  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Low |  | High |  | Weighted Average(1)
Investments in first lien debt |  | $ | 3,093,759 |  |  | Yield Analysis |  | Discount Rate |  | 8.99 | % |  | 25.19 | % |  | 11.37 | %
Investments in second lien debt |  | $ | 82,186 |  |  | Yield Analysis |  | Discount Rate |  | 11.19 | % |  | 15.77 | % |  | 13.79 | %
Investments in other securities: |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt |  | $ | 1,912 |  |  | Income Approach |  | Discount Rate |  | 14.70 | % |  | 14.70 | % |  | 14.70 | %
|  | 251 |  |  | Market Approach |  | EBITDA Multiple |  | 9.00x |  | 9.00x |  | 9.00x
Preferred equity |  | 20,778 |  |  | Income Approach |  | Discount Rate |  | 9.90 | % |  | 24.76 | % |  | 12.45 | %
|  | 1,275 |  |  | Market Approach |  | Revenue Multiple |  | 7.50x |  | 7.50x |  | 7.50x
Common equity |  | 17,225 |  |  | Market Approach |  | EBITDA Multiple |  | 8.05x |  | 18.72x |  | 13.03x
|  | 2,287 |  |  | Market Approach |  | Revenue Multiple |  | 7.58x |  | 8.75x |  | 8.35x
Total Investments |  | $ | 3,219,673 |  |  |  |  |  |  |  |  |  |  |
(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.
|  | December 31, 2023
|  |  |  |  |  |  |  | Range |  |
|  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Low |  | High |  | Weighted Average(1)
Investments in first lien debt |  | $ | 2,979,870 |  |  | Yield Analysis |  | Discount Rate |  | 8.61 | % |  | 25.09 | % |  | 11.00 | %
Investments in second lien debt |  | $ | 96,848 |  |  | Yield Analysis |  | Discount Rate |  | 10.80 | % |  | 31.13 | % |  | 14.37 | %
Investments in other securities |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debt |  | $ | 1,894 |  |  | Income Approach |  | Discount Rate |  | 14.60 | % |  | 14.60 | % |  | 14.60 | %
|  | 170 |  |  | Market Approach |  | EBITDA Multiple |  | 9.00x |  | 9.00x |  | 9.00x
Preferred equity |  | 18,758 |  |  | Income Approach |  | Discount Rate |  | 12.19 | % |  | 15.68 | % |  | 13.47 | %
|  | 1,275 |  |  | Market Approach |  | Revenue Multiple |  | 7.50x |  | 7.50x |  | 7.50x
Common equity |  | 16,600 |  |  | Market Approach |  | EBITDA Multiple |  | 8.10x |  | 18.70x |  | 13.26x
|  | 1,939 |  |  | Market Approach |  | Revenue Multiple |  | 7.60x |  | 9.80x |  | 8.47x
Total Investments |  | $ | 3,117,354 |  |  |  |  |  |  |  |  |  |  |
(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.
Schedule of Carrying Values and Fair Values of Debt | The carrying value, fair value and level of the Company’s debt were as follows:
|  |  |  | March 31, 2024 |  | December 31, 2023
|  | Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
BNP Funding Facility |  | 3 |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 282,000 |  |  | $ | 282,000 |
Truist Credit Facility |  | 3 |  | 492,257 |  |  | 492,257 |  |  | 520,263 |  |  | 520,263 |
2027 Notes(1) |  | 2 |  | 421,167 |  |  | 410,083 |  |  | 420,834 |  |  | 407,617 |
2025 Notes(1) |  | 3 |  | 273,237 |  |  | 275,000 |  |  | 272,935 |  |  | 275,000 |
Total |  |  |  | $ | 1,486,661 |  |  | $ | 1,477,340 |  |  | $ | 1,496,032 |  |  | $ | 1,484,880 |
(1)As of March 31, 2024, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,219 and $1,763, and unamortized original issuance discount of $614 and $0, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,499 and $2,065, and unamortized original issuance discount of $667 and $0, respectively.

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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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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