Schedule of 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 September 30, 2023:


	First Lien		Second Lien				Total
	Debt		Debt		Other Securities		Investments
Fair value, beginning of period	$	2,772,653	$	113,084	$	39,102	$	2,924,839
Purchases of investments		153,327		—		1,621		154,948
Proceeds from principal repayments and sales of investments		(41,712)		—		—		(41,712)
Accretion of discount/amortization of premium		2,035		68		2		2,105
Payment-in-kind		774		137		567		1,478
Net change in unrealized appreciation (depreciation)		20,907		394		(1,129)		20,172
Net realized gains (losses)		5		—		—		5
Transfers into/(out) of Level 3		—		(21,675)		—		(21,675)
Fair value, end of period	$	2,907,989	$	92,008	$	40,163	$	3,040,160

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	20,893	$	394	$	(1,129)	$	20,158

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 nine months ended September 30, 2023:


	First Lien		Second Lien				Total
	Debt		Debt		Other Securities		Investments
Fair value, beginning of period	$	2,668,749	$	122,891	$	36,395	$	2,828,035
Purchases of investments		365,914		86		1,712		367,712
Proceeds from principal repayments and sales of investments		(168,477)		—		—		(168,477)
Accretion of discount/amortization of premium		6,985		201		6		7,192
Payment-in-kind		1,580		397		1,562		3,539
Net change in unrealized appreciation (depreciation)		33,111		816		488		34,415
Net realized gains (losses)		127		—		—		127
Transfers into/(out) of Level 3		—		(32,383)		—		(32,383)
Fair value, end of period	$	2,907,989	$	92,008	$	40,163	$	3,040,160

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023	$	32,754	$	816	$	488	$	34,058

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 September 30, 2022:


	First Lien		Second Lien				Total
	Debt		Debt		Other Securities		Investments
Fair value, beginning of period	$	2,492,968	$	116,488	$	32,898	$	2,642,354
Purchases of investments		178,809		461		1,016		180,286
Proceeds from principal repayments and sales of investments		(94,355)		—		—		(94,355)
Accretion of discount/amortization of premium		3,520		50		—		3,570
Payment-in-kind		228		130		—		358
Net change in unrealized appreciation (depreciation)		(18,171)		(3,345)		(1,569)		(23,085)
Net realized gains (losses)		—		18		—		18
Transfers into/(out) of Level 3		(20,083)		—		—		(20,083)
Fair value, end of period	$	2,542,916	$	113,802	$	32,345	$	2,689,063

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	(17,747)	$	(3,345)	$	(1,569)	$	(22,661)

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 nine months ended September 30, 2022:


	First Lien		Second Lien				Total
	Debt		Debt		Other Securities		Investments
Fair value, beginning of period	$	2,207,036	$	121,550	$	27,973	$	2,356,559
Purchases of investments		709,912		15,694		4,808		730,414
Proceeds from principal repayments and sales of investments		(331,077)		—		(48)		(331,125)
Accretion of discount/amortization of premium		8,645		210		—		8,855
Payment-in-kind		665		389		397		1,451
Net change in unrealized appreciation (depreciation)		(52,779)		(6,541)		(833)		(60,153)
Net realized gains (losses)		514		—		48		562
Transfers into/(out) of Level 3		—		(17,500)		—		(17,500)
Fair value, end of period	$	2,542,916	$	113,802	$	32,345	$	2,689,063

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	(50,808)	$	(6,522)	$	(833)	$	(58,163)


							Total
	First Lien Debt		Second Lien Debt		Other Securities		Investments
Fair value, beginning of period	$	2,207,036	$	121,550	$	27,973	$	2,356,559
Purchases of investments		900,740		15,694		8,315		924,749
Proceeds from principal repayments and sales of investments		(384,631)		—		(48)		(384,679)
Accretion of discount/amortization of premium		11,062		278		1		11,341
Payment-in-kind		1,080		524		1,110		2,714
Net change in unrealized appreciation (depreciation)		(67,033)		(9,205)		(1,004)		(77,242)
Net realized gains (losses)		495		—		48		543
Transfers into/(out) of Level 3		—		(5,950)		—		(5,950)
Fair value, end of period	$	2,668,749	$	122,891	$	36,395	$	2,828,035

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022	$	(64,817)	$	(9,186)	$	(1,004)	$	(75,007)


							Total
	First Lien Debt		Second Lien Debt		Other Securities		Investments
Fair value, beginning of period	$	558,318	$	53,155	$	2,959	$	614,432
Purchases of investments		1,956,780		101,352		25,723		2,083,855
Proceeds from principal repayments and sales of investments		(325,175)		(36,250)		(3,348)		(364,773)
Accretion of discount/amortization of premium		8,831		1,008		—		9,839
Payment-in-kind		133		509		537		1,179
Net change in unrealized appreciation (depreciation)		5,052		1,776		455		7,283
Net realized gains (losses)		248		—		1,647		1,895
Transfers into/(out) of Level 3		2,849		—		—		2,849
Fair value, end of period	$	2,207,036	$	121,550	$	27,973	$	2,356,559

Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021	$	6,807	$	1,775	$	455	$	9,037

Schedule of carrying values and fair values of debt

facilities and 2025 Notes are estimated in accordance with the Company's valuation policy. The carrying value and fair value of the Company’s debt were as follows:


	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
BNP Funding Facility	$	345,000	$	345,000	$	400,000	$	400,000
Truist Credit Facility		680,252		680,252		432,254		432,254
2027 Notes⁽¹⁾		420,497		392,403		419,498		394,995
2025 Notes⁽¹⁾		272,630		275,000		271,723		275,000
Total	$	1,718,379	$	1,692,654	$	1,523,475	$	1,502,249

(1)

As of September 30, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,782 and $2,370, and unamortized original issuance discount of $721 and $0, respectively. As of December 31, 2022, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277, and unamortized original issuance discount of $881 and $0, respectively.


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
CIBC Subscription Facility	$	—	$	—	$	310,350	$	310,350
BNP Funding Facility		400,000		400,000		463,500		463,500
Truist Credit Facility		432,254		432,254		476,000		476,000
2027 Notes⁽¹⁾		419,498		394,995		—		—
2025 Notes⁽¹⁾		271,723		275,000		—		—
Total	$	1,523,475	$	1,502,249	$	1,249,850	$	1,249,850

(1)	The carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,622 and $3,277, and unamortized original issuance discount of $881 and $—, respectively.