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v3.23.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Portfolio Investments by Level in the Fair Value Hierarchy | The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2023 and December 31, 2022, according to the fair value hierarchy:
| March 31, 2023(1) |  | December 31, 2022(2)
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior secured first lien debt | $ | — |  |  | $ | — |  |  | $ | 1,472,453 |  |  | $ | 1,472,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,579,512 |  |  | $ | 1,579,512 |
Senior secured second lien debt | — |  |  | — |  |  | 38,997 |  |  | 38,997 |  |  | — |  |  | — |  |  | 38,769 |  |  | 38,769 |
Collateralized securities and structured products - equity | — |  |  | — |  |  | 1,133 |  |  | 1,133 |  |  | — |  |  | — |  |  | 1,179 |  |  | 1,179 |
Unsecured debt | — |  |  | — |  |  | 15,517 |  |  | 15,517 |  |  | — |  |  | — |  |  | 22,643 |  |  | 22,643 |
Equity | 2,204 |  |  | — |  |  | 100,958 |  |  | 103,162 |  |  | 2,341 |  |  | — |  |  | 73,951 |  |  | 76,292 |
Short term investments | 66,326 |  |  | — |  |  | — |  |  | 66,326 |  |  | 10,869 |  |  | — |  |  | — |  |  | 10,869 |
Total Investments | $ | 68,530 |  |  | $ | — |  |  | $ | 1,629,058 |  |  | $ | 1,697,588 |  |  | $ | 13,210 |  |  | $ | — |  |  | $ | 1,716,054 |  |  | $ | 1,729,264 |
(1)Excludes the Company's $25,764 investment in CION/EagleTree, which is measured at NAV. (2)Excludes the Company's $30,766 investment in CION/EagleTree, which is measured at NAV.
Schedule of Changes in Level 3 Portfolio Investments | The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, 2023
| Senior Secured First Lien Debt |  | Senior Secured Second Lien Debt |  |  |  | Collateralized Securities and Structured Products - Equity |  | Unsecured Debt |  | Equity |  | Total
Beginning balance, December 31, 2022 | $ | 1,579,512 |  |  | $ | 38,769 |  |  |  |  | $ | 1,179 |  |  | $ | 22,643 |  |  | $ | 73,951 |  |  | $ | 1,716,054 |
Investments purchased(2)(3) | 40,752 |  |  | — |  |  |  |  | — |  |  | — |  |  | 35,933 |  |  | 76,685 |
Net realized loss | (4,511) |  |  | — |  |  |  |  | — |  |  | — |  |  | (14) |  |  | (4,525) |
Net change in unrealized (depreciation) appreciation | (35,394) |  |  | 163 |  |  |  |  | 35 |  |  | (7,130) |  |  | (8,912) |  |  | (51,238) |
Accretion of discount | 4,269 |  |  | 69 |  |  |  |  | — |  |  | 4 |  |  | — |  |  | 4,342 |
Sales and principal repayments(3) | (112,175) |  |  | (4) |  |  |  |  | (81) |  |  | — |  |  | — |  |  | (112,260) |
Ending balance, March 31, 2023 | $ | 1,472,453 |  |  | $ | 38,997 |  |  |  |  | $ | 1,133 |  |  | $ | 15,517 |  |  | $ | 100,958 |  |  | $ | 1,629,058 |
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2023(1) | $ | (34,672) |  |  | $ | 163 |  |  |  |  | $ | 35 |  |  | $ | (7,130) |  |  | $ | (8,912) |  |  | $ | (50,516) |
(1)Included in net change in unrealized depreciation on investments in the consolidated statements of operations. (2)Investments purchased includes PIK interest. (3)Includes non-cash restructured securities.
| Three Months Ended March 31, 2022
| Senior Secured First Lien Debt |  | Senior Secured Second Lien Debt |  |  |  | Collateralized Securities and Structured Products - Equity |  | Unsecured Debt |  | Equity |  |  |  | Total
Beginning balance, December 31, 2021 | $ | 1,526,989 |  |  | $ | 38,583 |  |  |  |  | $ | 2,998 |  |  | $ | 26,616 |  |  | $ | 37,736 |  |  |  |  | $ | 1,632,922 |
Investments purchased(2) | 141,792 |  |  | — |  |  |  |  | — |  |  | 623 |  |  | 1,125 |  |  |  |  | 143,540 |
Net realized (loss) gain | (73) |  |  | 4 |  |  |  |  | — |  |  | — |  |  | — |  |  |  |  | (69) |
Net change in unrealized (depreciation) appreciation | (12,906) |  |  | (1,800) |  |  |  |  | (176) |  |  | 37 |  |  | 3,544 |  |  |  |  | (11,301) |
Accretion of discount | 2,404 |  |  | 88 |  |  |  |  | — |  |  | 4 |  |  | — |  |  |  |  | 2,496 |
Sales and principal repayments | (60,842) |  |  | — |  |  |  |  | (190) |  |  | — |  |  | — |  |  |  |  | (61,032) |
Ending balance, March 31, 2022 | $ | 1,597,364 |  |  | $ | 36,875 |  |  |  |  | $ | 2,632 |  |  | $ | 27,280 |  |  | $ | 42,405 |  |  |  |  | $ | 1,706,556 |
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2022(1) | $ | (12,710) |  |  | $ | (1,800) |  |  |  |  | $ | (176) |  |  | $ | 37 |  |  | $ | 3,544 |  |  |  |  | $ | (11,105) |
(1)Included in net change in unrealized depreciation on investments in the consolidated statements of operations. (2)Investments purchased includes PIK interest.
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2023 and December 31, 2022 were as follows:
|  | March 31, 2023
|  | Fair Value |  | Valuation Techniques/ Methodologies |  | Unobservable Inputs |  | Range |  | Weighted Average(1)
Senior secured first lien debt |  | $ | 1,258,936 |  |  | Discounted Cash Flow |  | Discount Rates |  | 6.5% |  | — |  | 35.0% |  | 13.9%
|  | 124,286 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 45,643 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 0.20x |  | — |  | 1.55x |  | 0.62x
|  | 39,376 |  |  |  | EBITDA Multiple |  | 5.75x |  | — |  | 12.5x |  | 10.45x
|  | 3,837 |  |  |  | $ per kW |  | $131.85 |  | N/A
|  | 375 |  |  | Other(2) |  | Other(2) |  | N/A |  | N/A
Senior secured second lien debt |  | 38,997 |  |  | Discounted Cash Flow |  | Discount Rates |  | 10.3% |  | — |  | 22.5% |  | 15.6%
Collateralized securities and structured products - equity |  | 1,133 |  |  | Discounted Cash Flow |  | Discount Rates |  | 21.0% |  | N/A
Unsecured debt |  | 8,132 |  |  | Contingent Claims Analysis |  | Expected Volatility |  | 110.0% |  | N/A
|  | 7,385 |  |  | Discounted Cash Flow |  | Discount Rates |  | 16.5% |  | N/A
Equity |  | 69,263 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 3.75x |  | — |  | 15.50x |  | 10.08x
|  | 22,680 |  |  |  | $ per kW |  | $425 |  | N/A
|  | 7,940 |  |  |  | Revenue Multiple |  | 0.13x |  | — |  | 6.00x |  | 3.25x
|  | 1,075 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | — |  |  | Options Pricing Model |  | Expected Volatility |  | 60.0% |  | — |  | 95.0% |  | N/A
Total |  | $ | 1,629,058 |  |  |  |  |  |  |  |  |  |  |  |  |
(1)Weighted average amounts are based on the estimated fair values. (2)Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.
|  | December 31, 2022
|  | Fair Value |  | Valuation Techniques/ Methodologies |  | Unobservable Inputs |  | Range |  | Weighted Average(1)
Senior secured first lien debt |  | $ | 1,471,816 |  |  | Discounted Cash Flow |  | Discount Rates |  | 6.5% |  | — |  | 34.0% |  | 14.7%
|  | 79,035 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 20,050 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 0.25x |  | — |  | 1.70x |  | 1.19x
|  | 4,527 |  |  |  | $ per kW |  | $131.85 |  | N/A
|  | 3,552 |  |  |  | EBITDA Multiple |  | 2.75x |  | — |  | 4.25x |  | 4.09x
|  | 532 |  |  | Other(2) |  | Other(2) |  | N/A |  | N/A
Senior secured second lien debt |  | 38,769 |  |  | Discounted Cash Flow |  | Discount Rates |  | 14.3% |  | — |  | 21.5% |  | 17.2%
Collateralized securities and structured products - equity |  | 1,179 |  |  | Discounted Cash Flow |  | Discount Rates |  | 21.0% |  | N/A
Unsecured debt |  | 15,316 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 9.25x |  | N/A
|  | 7,327 |  |  | Discounted Cash Flow |  | Discount Rates |  | 17.7% |  | N/A
Equity |  | 33,441 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 2.75x |  | — |  | 14.55x |  | 7.02x
|  | 23,995 |  |  |  | $ per kW |  | $412.5 |  | N/A
|  | 13,038 |  |  |  | Revenue Multiple |  | 0.13x |  | — |  | 5.75x |  | 2.93x
|  | 2,238 |  |  | Discounted Cash Flow |  | Discount Rates |  | 16.8% |  | N/A
|  | 1,234 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 5 |  |  | Options Pricing Model |  | Expected Volatility |  | 80.0% |  | — |  | 90.0% |  | 87.3%
Total |  | $ | 1,716,054 |  |  |  |  |  |  |  |  |  |  |  |  |
(1)Weighted average amounts are based on the estimated fair values. (2)Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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