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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, according to the fair value hierarchy: 

			March 31, 2024(1)																								December 31, 2023(2)
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Senior secured first lien debt			$	—					$	—					$	1,465,051					$	1,465,051					$	—					$	—					$	1,565,171					$	1,565,171
Senior secured second lien debt			—						—						28,460						28,460						—						—						29,111						29,111
Collateralized securities and structured products - equity			—						—						1,004						1,004						—						—						1,096						1,096
Unsecured debt			—						—						5,506						5,506						—						—						12,874						12,874
Equity			1,589						—						219,697						221,286						1,624						—						205,909						207,533
Short term investments			130,137						—						—						130,137						113,446						—						—						113,446
Total Investments			$	131,726					$	—					$	1,719,718					$	1,851,444					$	115,070					$	—					$	1,814,161					$	1,929,231

(1)Excludes the Company's $19,393 investment in CION/EagleTree, which is measured at NAV.

(2)Excludes the Company's $25,039 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, 2024 and 2023:

			Three Months Ended March 31, 2024
			Senior Secured First Lien Debt						Senior Secured Second Lien Debt												Collateralized Securities and Structured Products - Equity						Unsecured Debt						Equity						Total
Beginning balance, December 31, 2023			$	1,565,171					$	29,111											$	1,096					$	12,874					$	205,909					$	1,814,161
Investments purchased(2)(3)			128,110						60												—						1,421						23,432						153,023
Net realized (loss) gain			(2,011)						(11,809)												(1,210)						—						5,294						(9,736)
Net change in unrealized (depreciation) appreciation			(14,108)						12,526												1,182						44						(10,375)						(10,731)
Accretion of discount			11,573						53												—						39						—						11,665
Sales and principal repayments(3)			(223,684)						(1,481)												(64)						(8,872)						(4,563)						(238,664)
Ending balance, March 31, 2024			$	1,465,051					$	28,460											$	1,004					$	5,506					$	219,697					$	1,719,718
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2024(1)			$	(3,822)					$	714											$	(15)					$	(50)					$	(9,456)					$	(12,629)

(1)Included in net change in unrealized (depreciation) appreciation 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, 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) appreciation on investments in the consolidated statements of operations.

(2)Investments purchased includes PIK interest.

(3)Includes non-cash restructured securities.

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, 2024 and December 31, 2023 were as follows:

March 31, 2024

Fair Value

Valuation Techniques/ Methodologies

Unobservable Inputs

Range

Weighted Average(1)

Senior secured first lien debt

$

1,298,569

Discounted Cash Flow

Discount Rates

9.9%

—

31.8%

14.0%

81,220

Broker Quotes

Broker Quotes

N/A

N/A

72,822

Market Comparable Approach

Revenue Multiple

1.00x

—

3.00x

1.77x

11,057

EBITDA Multiple

5.63x

N/A

1,383

Other(2)

Other(2)

N/A

N/A

Senior secured second lien debt

26,066

Discounted Cash Flow

Discount Rates

13.0%

—

15.5%

14.3%

2,394

Market Comparable Approach

EBITDA Multiple

5.88x

N/A

Collateralized securities and structured products - equity

1,004

Discounted Cash Flow

Discount Rates

21.0%

N/A

Unsecured debt

4,135

Other(2)

Other(2)

N/A

N/A

1,371

Discounted Cash Flow

Discount Rates

12.0%

N/A

Equity

96,108

Market Comparable Approach

EBITDA Multiple

4.75x

—

17.25x

10.47x

83,735

Revenue Multiple

0.18x

—

6.75x

0.52x

28,198

$ per kW

$162.5

—

$437.5

$361.5

6,666

Discounted Cash Flow

Discount Rates

20.0%

N/A

2,713

Options Pricing Model

Expected Volatility

45.0%

—

100.0%

71.0%

1,306

Other(2)

Other(2)

N/A

N/A

971

Broker Quotes

Broker Quotes

N/A

N/A

Total

$

1,719,718

(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, 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.

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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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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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