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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 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 December 31, 2023 and 2022, according to the fair value hierarchy:
| December 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 | $ | — |  |  | $ | — |  |  | $ | 1,565,171 |  |  | $ | 1,565,171 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,579,512 |  |  | $ | 1,579,512 |
Senior secured second lien debt | — |  |  | — |  |  | 29,111 |  |  | 29,111 |  |  | — |  |  | — |  |  | 38,769 |  |  | 38,769 |
Collateralized securities and structured products - equity | — |  |  | — |  |  | 1,096 |  |  | 1,096 |  |  | — |  |  | — |  |  | 1,179 |  |  | 1,179 |
Unsecured debt | — |  |  | — |  |  | 12,874 |  |  | 12,874 |  |  | — |  |  | — |  |  | 22,643 |  |  | 22,643 |
Equity | 1,624 |  |  | — |  |  | 205,909 |  |  | 207,533 |  |  | 2,341 |  |  | — |  |  | 73,951 |  |  | 76,292 |
Short term investments | 113,446 |  |  | — |  |  | — |  |  | 113,446 |  |  | 10,869 |  |  | — |  |  | — |  |  | 10,869 |
Total Investments | $ | 115,070 |  |  | $ | — |  |  | $ | 1,814,161 |  |  | $ | 1,929,231 |  |  | $ | 13,210 |  |  | $ | — |  |  | $ | 1,716,054 |  |  | $ | 1,729,264 |
(1)Excludes the Company's $25,039 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 years ended December 31, 2023 and 2022:
| Year Ended December 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) | 393,865 |  |  | 57 |  |  |  |  | — |  |  | 5,449 |  |  | 111,200 |  |  | 510,571 |
Net realized loss | (24,261) |  |  | — |  |  |  |  | — |  |  | — |  |  | (7,666) |  |  | (31,927) |
Net change in unrealized appreciation (depreciation) | 20,543 |  |  | (9,901) |  |  |  |  | 242 |  |  | (11,035) |  |  | 28,815 |  |  | 28,664 |
Accretion of discount | 13,285 |  |  | 204 |  |  |  |  | — |  |  | 17 |  |  | — |  |  | 13,506 |
Sales and principal repayments(3) | (417,773) |  |  | (18) |  |  |  |  | (325) |  |  | (4,200) |  |  | (391) |  |  | (422,707) |
Ending balance, December 31, 2023 | $ | 1,565,171 |  |  | $ | 29,111 |  |  |  |  | $ | 1,096 |  |  | $ | 12,874 |  |  | $ | 205,909 |  |  | $ | 1,814,161 |
Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2023(1) | $ | 5,416 |  |  | $ | (9,901) |  |  |  |  | $ | 242 |  |  | $ | (11,035) |  |  | $ | 26,333 |  |  | $ | 11,055 |
(1)Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations. (2)Investments purchased includes PIK interest. (3)Includes non-cash restructured securities.
| Year Ended December 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(1) | 549,950 |  |  | 19,930 |  |  |  |  | — |  |  | 3,635 |  |  | 35,081 |  |  |  |  | 608,596 |
Net realized (loss) gain | (5,646) |  |  | (19,327) |  |  |  |  | 24 |  |  | — |  |  | (7,798) |  |  |  |  | (32,747) |
Net change in unrealized (depreciation) appreciation | (21,581) |  |  | 14,604 |  |  |  |  | (621) |  |  | (7,623) |  |  | 9,999 |  |  |  |  | (5,222) |
Accretion of discount | 10,517 |  |  | 500 |  |  |  |  | — |  |  | 15 |  |  | — |  |  |  |  | 11,032 |
Sales and principal repayments(1) | (480,717) |  |  | (15,521) |  |  |  |  | (1,222) |  |  | — |  |  | (1,067) |  |  |  |  | (498,527) |
Ending balance, December 31, 2022 | $ | 1,579,512 |  |  | $ | 38,769 |  |  |  |  | $ | 1,179 |  |  | $ | 22,643 |  |  | $ | 73,951 |  |  |  |  | $ | 1,716,054 |
Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2022(2) | $ | (39,831) |  |  | $ | 801 |  |  |  |  | $ | (621) |  |  | $ | (7,623) |  |  | $ | 1,604 |  |  |  |  | $ | (45,670) |
(1)Includes non-cash restructured securities. (2)Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
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 December 31, 2023 and 2022 were as follows:
|  | December 31, 2023
|  | Fair Value |  | Valuation Techniques/ Methodologies |  | Unobservable Inputs |  | Range |  | Weighted Average(1)
Senior secured first lien debt |  | $ | 1,354,388 |  |  | Discounted Cash Flow |  | Discount Rates |  | 8.5% |  | — |  | 32.5% |  | 13.8%
|  | 108,992 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 72,229 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 1.00x |  | — |  | 2.50x |  | 1.61x
|  | 27,867 |  |  |  | EBITDA Multiple |  | 9.00x |  | — |  | 16.25x |  | 14.35x
|  | 1,695 |  |  | Other(2) |  | Other(2) |  | N/A |  | N/A
Senior secured second lien debt |  | 27,638 |  |  | Discounted Cash Flow |  | Discount Rates |  | 13.4% |  | — |  | 25.0% |  | 16.1%
|  | 1,473 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 9.00x |  | N/A
Collateralized securities and structured products - equity |  | 1,096 |  |  | Discounted Cash Flow |  | Discount Rates |  | 5.4% |  | — |  | 21.0% |  | 20.7%
Unsecured debt |  | 8,739 |  |  | Discounted Cash Flow |  | Discount Rates |  | 16.0% |  | N/A
|  | 4,135 |  |  | Other(2) |  | Other(2) |  | N/A |  | N/A
Equity |  | 90,771 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 4.75x |  | — |  | 17.25x |  | 9.38x
|  | 84,328 |  |  |  | Revenue Multiple |  | 0.15x |  | — |  | 6.50x |  | 1.48x
|  | 29,463 |  |  |  | $ per kW |  | $161.16 |  | — |  | $400.00 |  | $337.28
|  | 971 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 376 |  |  | Options Pricing Model |  | Expected Volatility |  | 115.0% |  | N/A
Total |  | $ | 1,814,161 |  |  |  |  |  |  |  |  |  |  |  |  |
(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 |  | 9.25 x |  | 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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