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Fair Value of Financial Instruments (Tables)

12 Months Ended

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

9.25x

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 input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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