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Fair Value of Financial Instruments (Tables)

12 Months Ended

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

			December 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			$	—					$	—					$	1,563,256					$	1,563,256					$	—					$	—					$	1,565,171					$	1,565,171
Senior secured second lien debt			—						—						2,680						2,680						—						—						29,111						29,111
Collateralized securities and structured products - equity			—						—						2,682						2,682						—						—						1,096						1,096
Unsecured debt			—						—						11,814						11,814						—						—						12,874						12,874
Equity			2,041						—						219,294						221,335						1,624						—						205,909						207,533
Short term investments			68,818						—						—						68,818						113,446						—						—						113,446
Total Investments			$	70,859					$	—					$	1,799,726					$	1,870,585					$	115,070					$	—					$	1,814,161					$	1,929,231

(1)Excludes the Company's $18,103 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 years ended December 31, 2024 and 2023:

			Year Ended December 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)			520,073						393												2,002						6,682						61,470						590,620
Net realized (loss) gain			(25,105)						(11,809)												(1,210)						—						9,811						(28,313)
Net change in unrealized (depreciation) appreciation			(8,344)						9,662												968						1,146						(30,558)						(27,126)
Accretion of discount			15,925						809												—						39						—						16,773
Sales and principal repayments(3)			(504,464)						(25,486)												(174)						(8,927)						(27,338)						(566,389)
Ending balance, December 31, 2024			$	1,563,256					$	2,680											$	2,682					$	11,814					$	219,294					$	1,799,726
Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2024(1)			$	(11,576)					$	(2,120)											$	(229)					$	1,052					$	(23,153)					$	(36,026)

(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.

			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 (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 December 31, 2024 and 2023 were as follows:

						December 31, 2024
						Fair Value						Valuation Techniques/ Methodologies						Unobservable Inputs						Range																		Weighted Average(1)
Senior secured first lien debt						$	1,305,445					Discounted Cash Flow						Discount Rates						9.4%						—						30.0%						13.4%
						117,665						Market Comparable Approach						Revenue Multiple						0.70x						—						6.13x						1.77x
						41,891												EBITDA Multiple						5.50x						—						10.25x						7.59x
						67,950									Broker Quotes						Broker Quotes						N/A																		N/A
						15,209						Other(2)						Insurance Claim Recovery Rate						28%						—						55%						35%
						15,096												Other(2)						N/A																		N/A
Senior secured second lien debt						2,680						Market Comparable Approach						EBITDA Multiple						5.75x												6.75x						6.23x
Collateralized securities and structured products - equity						2,682						Discounted Cash Flow						Discount Rates						14.3%						—						21.0%						16.0%
Unsecured debt						5,418						Discounted Cash Flow						Discount Rates						11.3%						—						14.0%						11.9%
						5,315						Other(2)						Other(2)						N/A																		N/A
						1,081						Options Pricing Model						Expected Volatility						35%																		N/A
Equity						79,142						Market Comparable Approach						EBITDA Multiple						4.75x						—						18.75x						11.73x
						62,171												Revenue Multiple						0.36x						—						6.13x						0.50x
						52,166												$ per kW						$450.00																		N/A
						16,061						Options Pricing Model						Expected Volatility						47.5%						—						95.0%						67.0%
						7,965						Discounted Cash Flow						Discount Rates						19.0%																		N/A
						930						Other(2)						Other(2)						N/A																		N/A
						859						Broker Quotes						Broker Quotes						N/A																		N/A
Total						$	1,799,726

(1)Weighted average amounts are based on the estimated fair values.

(2)Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims 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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