Realized Gains or Losses and Net Unrealized Appreciation or Depreciation

Realized Gains or Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption and the cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments written-off during the period, net of recoveries. Realized losses may also be recorded in connection with the Company's determination that certain investments are considered worthless securities and/or meet the conditions for loss recognition per the applicable tax rules.

During the year ended September 30, 2023, the Company recorded an aggregate net realized loss of $33.2 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
SIO2 Medical Products Inc.	$	(13.9)
Convergeone Holdings Inc.	(6.0)
Foreign currency forward contracts	(5.8)
Aden & Anais Merger Sub Inc.	(5.2)
Radiology Partners Inc.	(4.2)
Carvana Co.	(2.8)
Impel Neuropharma Inc.	(2.3)
ASP Unifrax Holdings Inc.	(2.1)
WP CPP Holdings LLC	(1.3)
Global Medical Response Inc.	(1.0)
Athenex Inc.	6.5
Tersera Therapeutics LLC	5.2
CorEvitas Group Holdings LP	4.0
Other, net	(4.3)
Total, net	$	(33.2)

During the year ended September 30, 2022, the Company recorded an aggregate net realized gain of $17.2 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
Foreign currency forward contracts	$	13.7
OmniSYS Acquisition Corporation	2.2
First Star Speir Aviation Limited	1.9
TigerConnect Inc.	1.8
WP CPP Holdings, LLC	(1.7)
Other, net	(0.7)
Total, net	$	17.2

During the year ended September 30, 2021, the Company recorded an aggregate net realized gain of $26.4 million, which consisted of the following:


($ in millions)
Portfolio Company	Net Realized Gain (Loss)
PLATO Learning Inc.	$	7.8
Keypath Education Holdings, LLC	6.8
L Squared Capital Partners LLC	3.4
LTI Holdings, Inc.	2.6
BX Commercial Mortgage Trust 2020-VIVA	2.6
California Pizza Kitchen Inc.	(1.8)
Refac Optical Group	(1.3)
Other, net	6.3
Total, net	$	26.4

Net Unrealized Appreciation or Depreciation

Net unrealized appreciation or depreciation reflects the net change in the valuation of the portfolio pursuant to the Company's valuation guidelines and the reclassification of any prior period unrealized appreciation or depreciation.

During the years ended September 30, 2023, 2022 and 2021, the Company recorded net unrealized appreciation (depreciation) of $(28.6) million, $(136.2) million and $114.5 million, respectively. For the year ended September 30, 2023, this consisted of $49.1 million of net unrealized depreciation on debt investments and $4.9 million of net unrealized depreciation on equity investments, partially offset by $25.4 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $0.1 million of net unrealized appreciation of foreign currency forward contracts. For the year ended September 30, 2022, this consisted of $94.1 million of net unrealized depreciation on debt investments, $35.4 million of net unrealized depreciation on equity investments and $11.7 million of net unrealized depreciation related to exited investments (a portion of which resulted in a reclassification to realized gains), partially offset by $4.9 million of net unrealized appreciation of foreign currency forward contracts. For the year ended September 30, 2021, this consisted of $70.0 million of net unrealized appreciation on debt investments, $36.3 million of net unrealized appreciation on equity investments, $6.6 million of net unrealized appreciation related to exited investments (a portion of which resulted in a reclassification to realized losses) and $1.7 million of net unrealized appreciation of foreign currency forward contracts.

During the year ended September 30, 2023, unrealized depreciation included a one-time unrealized loss of $20.7 million that resulted solely from accounting adjustments related to the OSI2 Merger. During the year ended September 30, 2021, unrealized depreciation included a one-time unrealized gain of $34.1 million that resulted solely from accounting adjustments related to the OCSI Merger.