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Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended
--- | ---
Mar. 31, 2025 | Mar. 31, 2024
Total |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | $ 2,987,078 | $ 2,938,849
Purchases, including capitalized PIK and revolver fundings | 203,575 | 227,711
Proceeds from sales and paydowns of investments | (227,559) | (170,754)
Transfers into Level III | 3,232 | 28,440
Ending balance | 2,956,224 | 3,015,453
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: | (61) | (12,429)
Total | Net realized losses on investments |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Total gains or losses included in earnings | 37,668 | (11,890)
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 | (47,770) | 3,097
First lien |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | 1,902,610 | 1,637,889
Purchases, including capitalized PIK and revolver fundings | 125,756 | 172,750
Proceeds from sales and paydowns of investments | (98,076) | (111,778)
Transfers into Level III | 0 | 28,440
Ending balance | 1,929,645 | 1,731,416
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: | (668) | 3,813
First lien | Net realized losses on investments |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Total gains or losses included in earnings | 67 | (11,859)
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 | (712) | 15,974
Second lien |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | 150,334 | 406,180
Purchases, including capitalized PIK and revolver fundings | 4,255 | 43,125
Proceeds from sales and paydowns of investments | (27,228) | (58,964)
Transfers into Level III | 0 | 0
Ending balance | 125,004 | 395,898
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: | (416) | 2,216
Second lien | Net realized losses on investments |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Total gains or losses included in earnings | (2,229) | 0
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 | (128) | 5,557
Subordinated |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | 102,034 | 82,871
Purchases, including capitalized PIK and revolver fundings | 2,751 | 2,733
Proceeds from sales and paydowns of investments | 0 | 0
Transfers into Level III | 0 | 0
Ending balance | 104,948 | 85,343
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: | 163 | (261)
Subordinated | Net realized 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
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 | 163 | (261)
Structured Finance Obligations |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | 0 |
Purchases, including capitalized PIK and revolver fundings | 0 |
Proceeds from sales and paydowns of investments | 0 |
Transfers into Level III | 3,232 |
Ending balance | 3,232 |
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: | 0 |
Structured Finance Obligations | Net realized losses on investments |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Total gains or losses included in earnings | 0 |
Structured Finance Obligations | 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 | 0 |
Equity and other |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Beginning balance | 832,100 | 811,909
Purchases, including capitalized PIK and revolver fundings | 70,813 | 9,103
Proceeds from sales and paydowns of investments | (102,255) | (12)
Transfers into Level III | 0 | 0
Ending balance | 793,395 | 802,796
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: | 860 | (18,197)
Equity and other | Net realized losses on investments |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |
Total gains or losses included in earnings | 39,830 | (31)
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 | $ (47,093) | $ (18,173)

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