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Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023
Total |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 3,098,192 | $ 3,095,531 | $ 2,938,849 | $ 3,136,291
Purchases, including capitalized PIK and revolver fundings | 170,005 | 33,311 | 797,225 | 216,221
Proceeds from sales and paydowns of investments | (110,879) | (88,751) | (608,697) | (321,049)
Transfers into Level III |  |  | 28,440 | 15,726
Transfers out of Level III | (8,931) |  |  | (11,490)
Ending balance | 3,141,885 | 3,027,649 | 3,141,885 | 3,027,649
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: | (6,029) | (17,605) | (23,625) | (35,115)
Total | Net realized gains on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (1,981) | 4,671 | (44,979) | 7,944
Total | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (4,521) | (17,113) | 31,047 | (15,994)
First lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,973,080 | 1,693,215 | 1,637,889 | 1,753,967
Purchases, including capitalized PIK and revolver fundings | 136,054 | 26,051 | 708,021 | 184,157
Proceeds from sales and paydowns of investments | (83,124) | (39,990) | (360,253) | (242,582)
Transfers into Level III |  |  | 28,440 | 0
Transfers out of Level III | (8,931) |  |  | (11,490)
Ending balance | 2,019,063 | 1,680,667 | 2,019,063 | 1,680,667
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: | 2,007 | 1,695 | 3,908 | (4,814)
First lien | Net realized gains on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (1,529) | 111 | (13,267) | (1,244)
First lien | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 3,513 | 1,280 | 18,233 | (2,141)
Second lien |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 216,064 | 495,695 | 406,180 | 480,068
Purchases, including capitalized PIK and revolver fundings | 1,485 | 1,244 | 13,546 | 3,185
Proceeds from sales and paydowns of investments | (25,766) | (44,190) | (233,648) | (44,381)
Transfers into Level III |  |  | 0 | 15,726
Transfers out of Level III | 0 |  |  | 0
Ending balance | 191,332 | 461,833 | 191,332 | 461,833
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: | (452) | 8,177 | 347 | 15,305
Second lien | Net realized gains on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 0 | 0 | (35,163) | (24,627)
Second lien | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (451) | 9,084 | 40,417 | 31,862
Subordinated |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 96,653 | 78,960 | 82,871 | 72,842
Purchases, including capitalized PIK and revolver fundings | 2,823 | 1,408 | 18,044 | 7,986
Proceeds from sales and paydowns of investments | (292) | 0 | (292) | 0
Transfers into Level III |  |  | 0 | 0
Transfers out of Level III | 0 |  |  | 0
Ending balance | 99,386 | 80,577 | 99,386 | 80,577
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: | 197 | 209 | (1,242) | (143)
Subordinated | Net realized gains on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 3 | 0 | 3 | 0
Subordinated | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | 199 | 209 | (1,240) | (251)
Equity and other |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 812,395 | 827,661 | 811,909 | 829,414
Purchases, including capitalized PIK and revolver fundings | 29,643 | 4,608 | 57,614 | 20,893
Proceeds from sales and paydowns of investments | (1,697) | (4,571) | (14,504) | (34,086)
Transfers into Level III |  |  | 0 | 0
Transfers out of Level III | 0 |  |  | 0
Ending balance | 832,104 | 804,572 | 832,104 | 804,572
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: | (7,781) | (27,686) | (26,638) | (45,463)
Equity and other | Net realized gains on investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | (455) | 4,560 | 3,448 | 33,815
Equity and other | Net change in unrealized (depreciation) appreciation of investments |  |  |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Total gains or losses included in earnings | $ (7,782) | $ (27,686) | $ (26,363) | $ (45,464)

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