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v3.24.2

Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 3,015,453 | $ 3,184,377 | $ 2,938,849 | $ 3,136,291
Purchases, including capitalized PIK and revolver fundings | 468,864 | 51,977 | 636,107 | 182,910
Proceeds from sales and paydowns of investments | (327,063) | (141,689) | (497,819) | (232,298)
Transfers into Level III |  | 16,164 | 28,440 | 15,726
Transfers out of Level III | (60,472) | (11,136) |  | (11,490)
Ending balance | 3,098,192 | 3,095,531 | 3,098,192 | 3,095,531
Net change in 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: | (2,502) | (11,932) | (17,335) | (3,100)
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 | (31,106) | 2,565 | (42,996) | 3,273
Total | Net change in unrealized appreciation (depreciation) of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 32,516 | (6,727) | 35,611 | 1,119
First lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,731,416 | 1,798,746 | 1,637,889 | 1,753,967
Purchases, including capitalized PIK and revolver fundings | 426,895 | 40,201 | 580,852 | 158,106
Proceeds from sales and paydowns of investments | (165,351) | (131,359) | (277,129) | (202,592)
Transfers into Level III |  | 0 | 28,440 | 0
Transfers out of Level III | (18,795) | (11,136) |  | (11,490)
Ending balance | 1,973,080 | 1,693,215 | 1,973,080 | 1,693,215
Net change in 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: | (1,138) | (3,604) | 2,048 | 7,374
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 | 123 | (92) | (11,736) | (14,048)
First lien | Net change in unrealized appreciation (depreciation) of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (1,208) | (3,145) | 14,764 | 9,272
Second lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 395,898 | 480,398 | 406,180 | 480,068
Purchases, including capitalized PIK and revolver fundings | 10,612 | 997 | 12,063 | 1,942
Proceeds from sales and paydowns of investments | (148,917) | (190) | (207,883) | (190)
Transfers into Level III |  | 16,164 | 0 | 15,726
Transfers out of Level III | (41,677) | 0 |  | 0
Ending balance | 216,064 | 495,695 | 216,064 | 495,695
Net change in 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: | 88 | 803 | 913 | 7,654
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 | (35,163) | (7,223) | (35,163) | (11,934)
Second lien | Net change in unrealized appreciation (depreciation) of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 35,311 | 5,549 | 40,867 | 10,083
Subordinated |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 85,343 | 74,348 | 82,871 | 72,842
Purchases, including capitalized PIK and revolver fundings | 12,489 | 4,807 | 15,220 | 6,577
Proceeds from sales and paydowns of investments | 0 | 0 | 0 | 0
Transfers into Level III |  | 0 | 0 | 0
Transfers out of Level III | 0 | 0 |  | 0
Ending balance | 96,653 | 78,960 | 96,653 | 78,960
Net change in 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: | (1,177) | (195) | (1,438) | (352)
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) of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (1,179) | (195) | (1,438) | (459)
Equity and other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 802,796 | 830,885 | 811,909 | 829,414
Purchases, including capitalized PIK and revolver fundings | 18,868 | 5,972 | 27,972 | 16,285
Proceeds from sales and paydowns of investments | (12,795) | (10,140) | (12,807) | (29,516)
Transfers into Level III |  | 0 | 0 | 0
Transfers out of Level III | 0 | 0 |  | 0
Ending balance | 812,395 | 827,661 | 812,395 | 827,661
Net change in 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: | (275) | (8,936) | (18,858) | (17,776)
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 | 3,934 | 9,880 | 3,903 | 29,255
Equity and other | Net change in unrealized appreciation (depreciation) of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | $ (408) | $ (8,936) | $ (18,582) | $ (17,777)

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