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Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 3,095,531 | $ 3,129,485 | $ 3,136,291 | $ 2,843,456
Purchases, including capitalized PIK and revolver fundings | 33,311 | 147,022 | 216,221 | 587,780
Proceeds from sales and paydowns of investments | (88,751) | (176,517) | (321,049) | (478,245)
Transfers into Level III |  | 79,611 | 15,726 | 230,968
Transfers out of Level III |  |  | (11,490) |
Ending balance | 3,027,649 | 3,155,160 | 3,027,649 | 3,155,160
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 | (17,605) | (24,455) | (35,115) | (23,102)
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 | 4,671 | 62 | 7,944 | 35,753
Total | Net change in unrealized (depreciation) appreciation |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (17,113) | (24,503) | (15,994) | (64,552)
First lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,693,215 | 1,835,954 | 1,753,967 | 1,635,143
Purchases, including capitalized PIK and revolver fundings | 26,051 | 116,907 | 184,157 | 515,997
Proceeds from sales and paydowns of investments | (39,990) | (175,045) | (242,582) | (378,522)
Transfers into Level III |  | 0 | 0 | 0
Transfers out of Level III |  |  | (11,490) |
Ending balance | 1,680,667 | 1,758,691 | 1,680,667 | 1,758,691
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 | 1,695 | (19,123) | (4,814) | (13,414)
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 | 111 | 45 | (1,244) | (618)
First lien | Net change in unrealized (depreciation) appreciation |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 1,280 | (19,170) | (2,141) | (13,309)
Second lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 495,695 | 434,069 | 480,068 | 319,120
Purchases, including capitalized PIK and revolver fundings | 1,244 | 7,422 | 3,185 | 19,269
Proceeds from sales and paydowns of investments | (44,190) | (1,448) | (44,381) | (15,949)
Transfers into Level III |  | 79,611 | 15,726 | 230,968
Transfers out of Level III |  |  | 0 |
Ending balance | 461,833 | 505,696 | 461,833 | 505,696
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 | 8,177 | (13,958) | 15,305 | (47,712)
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 | 0 | 0 | (24,627) | 0
Second lien | Net change in unrealized (depreciation) appreciation |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 9,084 | (13,958) | 31,862 | (47,712)
Subordinated |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 78,960 | 55,968 | 72,842 | 50,742
Purchases, including capitalized PIK and revolver fundings | 1,408 | 18,321 | 7,986 | 25,099
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0
Transfers into Level III |  | 0 | 0 | 0
Transfers out of Level III |  |  | 0 |
Ending balance | 80,577 | 73,763 | 80,577 | 73,763
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 | 209 | (526) | (143) | (2,078)
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 (depreciation) appreciation |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 209 | (526) | (251) | (2,078)
Equity and other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 827,661 | 803,494 | 829,414 | 838,451
Purchases, including capitalized PIK and revolver fundings | 4,608 | 4,372 | 20,893 | 27,415
Proceeds from sales and paydowns of investments | (4,571) | (24) | (34,086) | (83,774)
Transfers into Level III |  | 0 | 0 | 0
Transfers out of Level III |  |  | 0 |
Ending balance | 804,572 | 817,010 | 804,572 | 817,010
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 | (27,686) | 9,152 | (45,463) | 40,102
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 | 4,560 | 17 | 33,815 | 36,371
Equity and other | Net change in unrealized (depreciation) appreciation |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | $ (27,686) | $ 9,151 | $ (45,464) | $ (1,453)

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