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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

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 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.

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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).

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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.

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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.

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