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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2024 and December 31, 2023, according to the fair value hierarchy: 
June 30, 2024(1)December 31, 2023(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$— $— $1,536,753 $1,536,753 $— $— $1,565,171 $1,565,171 
Senior secured second lien debt— — 15,050 15,050 — — 29,111 29,111 
Collateralized securities and structured products - equity— — 770 770 — — 1,096 1,096 
Unsecured debt— — 5,493 5,493 — — 12,874 12,874 
Equity1,572 — 245,634 247,206 1,624 — 205,909 207,533 
Short term investments83,162 — — 83,162 113,446 — — 113,446 
Total Investments$84,734 $— $1,803,700 $1,888,434 $115,070 $— $1,814,161 $1,929,231 
(1)Excludes the Company's $17,691 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.
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2024 and 2023:
Three Months Ended
June 30, 2024
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, March 31, 2024$1,465,051 $28,460 $1,004 $5,506 $219,697 $1,719,718 
Investments purchased(2)(3)147,863 129 — 33 20,047 168,072 
Net realized loss(18,406)— — — (1,871)(20,277)
Net change in unrealized appreciation (depreciation)13,089 (1,707)(170)(46)10,249 21,415 
Accretion of discount961 672 — — — 1,633 
Sales and principal repayments(3)(71,805)(12,504)(64)— (2,488)(86,861)
Ending balance, June 30, 2024$1,536,753 $15,050 $770 $5,493 $245,634 $1,803,700 
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1)$(167)$(665)$(170)$(46)$12,268 $11,220 
(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.
Six Months Ended
June 30, 2024
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2023$1,565,171 $29,111 $1,096 $12,874 $205,909 $1,814,161 
Investments purchased(2)(3)275,973 189 — 1,454 43,479 321,095 
Net realized (loss) gain(20,417)(11,809)(1,210)— 3,423 (30,013)
Net change in unrealized (depreciation) appreciation(1,019)10,819 1,012 (2)(126)10,684 
Accretion of discount12,534 725 — 39 — 13,298 
Sales and principal repayments(3)(295,489)(13,985)(128)(8,872)(7,051)(325,525)
Ending balance, June 30, 2024$1,536,753 $15,050 $770 $5,493 $245,634 $1,803,700 
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2024(1)$(3,988)$(975)$(186)$(96)$2,813 $(2,432)
(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.
Three Months Ended
June 30, 2023
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, March 31, 2023$1,472,453 $38,997 $1,133 $15,517 $100,958 $1,629,058 
Investments purchased(2)(3)77,961 — — 4,200 29,396 111,557 
Net realized loss(13,163)— — — (5,765)(18,928)
Net change in unrealized appreciation (depreciation)16,708 496 9 (2,420)9,136 23,929 
Accretion of discount2,541 56 — 4 — 2,601 
Sales and principal repayments(3)(87,870)(5)(96)— — (87,971)
Ending balance, June 30, 2023$1,468,630 $39,544 $1,046 $17,301 $133,725 $1,660,246 
Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2023(1)$5,280 $496 $9 $(2,420)$3,367 $6,732 
(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.
Six Months Ended
June 30, 2023
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2022$1,579,512 $38,769 $1,179 $22,643 $73,951 $1,716,054 
Investments purchased(2)(3)118,713 — — 4,200 65,329 188,242 
Net realized loss(17,674)— — — (5,779)(23,453)
Net change in unrealized (depreciation) appreciation(18,686)659 44 (9,550)224 (27,309)
Accretion of discount6,810 125 — 8 — 6,943 
Sales and principal repayments(3)(200,045)(9)(177)— — (200,231)
Ending balance, June 30, 2023$1,468,630 $39,544 $1,046 $17,301 $133,725 $1,660,246 
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2023(1)$(22,169)$659 $44 $(9,550)$(15)$(31,031)
(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.
Significant Unobservable Inputs
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2024 and December 31, 2023 were as follows:
June 30, 2024
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,363,268 Discounted Cash FlowDiscount Rates9.5%—36.5%13.9%
95,164 Broker QuotesBroker QuotesN/AN/A
64,451 Market Comparable ApproachRevenue Multiple
0.95x
—
5.75x
1.99x
12,894 EBITDA Multiple
5.50x
—
10.50x
6.41x
976 Other(2)Other(2)N/AN/A
Senior secured second lien debt11,486 Discounted Cash FlowDiscount Rates15.8%N/A
3,564 Market Comparable ApproachEBITDA Multiple
5.63x
—
6.75x
6.02x
Collateralized securities and structured products - equity770 Discounted Cash FlowDiscount Rates21.0%N/A
Unsecured debt4,136 Other(2)Other(2)N/AN/A
1,357 Discounted Cash FlowDiscount Rates12.5%N/A
Equity87,962 Market Comparable ApproachRevenue Multiple
0.23x
—
5.75x
0.70x
87,932 EBITDA Multiple
5.00x
—
16.25x
10.69x
54,923 $ per kW$187.5—$437.5$403.2
7,018 Discounted Cash FlowDiscount Rates20.0%N/A
5,849 Options Pricing ModelExpected Volatility42.5%—100.0%50.9%
1,068 Broker QuotesBroker QuotesN/AN/A
882 Other(2)Other(2)N/AN/A
Total$1,803,700 
(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 ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,354,388 Discounted Cash FlowDiscount Rates8.5%—32.5%13.8%
108,992 Broker QuotesBroker QuotesN/AN/A
72,229 Market Comparable ApproachRevenue Multiple
1.00x
—
2.50x
1.61x
27,867 EBITDA Multiple
9.00x
—
16.25x
14.35x
1,695 Other(2)Other(2)N/AN/A
Senior secured second lien debt27,638 Discounted Cash FlowDiscount Rates13.4%—25.0%16.1%
1,473 Market Comparable ApproachEBITDA Multiple
9.00x
N/A
Collateralized securities and structured products - equity1,096 Discounted Cash FlowDiscount Rates5.4%—21.0%20.7%
Unsecured debt8,739 Discounted Cash FlowDiscount Rates16.0%N/A
4,135 Other(2)Other(2)N/AN/A
Equity90,771 Market Comparable ApproachEBITDA 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 QuotesBroker QuotesN/AN/A
376 Options Pricing ModelExpected Volatility115.0%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.
The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, expected proceeds from proposed corporate transactions, broker quotes and expected volatility would result in a significantly higher or lower fair value measurement, respectively.