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Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 3,184,377 | $ 3,046,993 | $ 3,136,291 | $ 2,843,456
Purchases, including capitalized PIK and revolver fundings | 51,977 | 266,387 | 182,910 | 440,759
Proceeds from sales and paydowns of investments | (141,689) | (206,787) | (232,298) | (301,728)
Transfers into Level III | 16,164 | 109,609 | 15,726 | 158,899
Transfers out of Level III | (11,136) | (75,436) | (11,490) | (10,000)
Ending balance | 3,095,531 | 3,129,485 | 3,095,531 | 3,129,485
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | (11,932) | (1,298) | (3,100) | 1,878
Total | Net realized gains (losses) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 2,565 | 16,518 | 3,273 | 35,690
Total | Net change in unrealized appreciation (depreciation) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (6,727) | (27,799) | 1,119 | (37,591)
First lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,798,746 | 1,711,500 | 1,753,967 | 1,635,143
Purchases, including capitalized PIK and revolver fundings | 40,201 | 243,696 | 158,106 | 399,092
Proceeds from sales and paydowns of investments | (131,359) | (150,322) | (202,592) | (203,478)
Transfers into Level III | 0 | 27,749 | 0 | 0
Transfers out of Level III | (11,136) | 0 | (11,490) | 0
Ending balance | 1,693,215 | 1,835,954 | 1,693,215 | 1,835,954
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | (3,604) | 3,991 | 7,374 | 3,775
First lien | Net realized gains (losses) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (92) | (595) | (14,048) | (664)
First lien | Net change in unrealized appreciation (depreciation) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (3,145) | 3,926 | 9,272 | 5,861
Second lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 480,398 | 446,914 | 480,068 | 319,120
Purchases, including capitalized PIK and revolver fundings | 997 | 2,495 | 1,942 | 11,846
Proceeds from sales and paydowns of investments | (190) | (6,722) | (190) | (14,500)
Transfers into Level III | 16,164 | 81,860 | 15,726 | 158,899
Transfers out of Level III | 0 | (75,436) | 0 | (10,000)
Ending balance | 495,695 | 434,069 | 495,695 | 434,069
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | 803 | (15,042) | 7,654 | (31,296)
Second lien | Net realized gains (losses) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (7,223) | 0 | (11,934) | 0
Second lien | Net change in unrealized appreciation (depreciation) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 5,549 | (15,042) | 10,083 | (31,296)
Subordinated |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 74,348 | 54,867 | 72,842 | 50,742
Purchases, including capitalized PIK and revolver fundings | 4,807 | 1,244 | 6,577 | 6,777
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0
Transfers into Level III | 0 | 0 | 0 | 0
Transfers out of Level III | 0 | 0 | 0 | 0
Ending balance | 78,960 | 55,968 | 78,960 | 55,968
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | (195) | (144) | (352) | (1,551)
Subordinated | Net realized gains (losses) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 0 | 0 | 0 | 0
Subordinated | Net change in unrealized appreciation (depreciation) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (195) | (143) | (459) | (1,551)
Equity and other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 830,885 | 833,712 | 829,414 | 838,451
Purchases, including capitalized PIK and revolver fundings | 5,972 | 18,952 | 16,285 | 23,044
Proceeds from sales and paydowns of investments | (10,140) | (49,743) | (29,516) | (83,750)
Transfers into Level III | 0 | 0 | 0 | 0
Transfers out of Level III | 0 | 0 | 0 | 0
Ending balance | 827,661 | 803,494 | 827,661 | 803,494
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: | (8,936) | 9,897 | (17,776) | 30,950
Equity and other | Net realized gains (losses) on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 9,880 | 17,113 | 29,255 | 36,354
Equity and other | Net change in unrealized appreciation (depreciation) |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | $ (8,936) | $ (16,540) | $ (17,777) | $ (10,605)

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