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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 and December 31, 2024, according to the fair value hierarchy:
| March 31, 2025(1) |  | December 31, 2024(2)
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior secured first lien debt | $ | — |  |  | $ | — |  |  | $ | 1,556,067 |  |  | $ | 1,556,067 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,563,256 |  |  | $ | 1,563,256 |
Senior secured second lien debt | — |  |  | — |  |  | 2,593 |  |  | 2,593 |  |  | — |  |  | — |  |  | 2,680 |  |  | 2,680 |
Collateralized securities and structured products - equity | — |  |  | — |  |  | 3,612 |  |  | 3,612 |  |  | — |  |  | — |  |  | 2,682 |  |  | 2,682 |
Unsecured debt | — |  |  | — |  |  | 12,278 |  |  | 12,278 |  |  | — |  |  | — |  |  | 11,814 |  |  | 11,814 |
Equity | 2,625 |  |  | — |  |  | 195,993 |  |  | 198,618 |  |  | 2,041 |  |  | — |  |  | 219,294 |  |  | 221,335 |
Short term investments | 53,976 |  |  | — |  |  | — |  |  | 53,976 |  |  | 68,818 |  |  | — |  |  | — |  |  | 68,818 |
Total Investments | $ | 56,601 |  |  | $ | — |  |  | $ | 1,770,543 |  |  | $ | 1,827,144 |  |  | $ | 70,859 |  |  | $ | — |  |  | $ | 1,799,726 |  |  | $ | 1,870,585 |
(1)Excludes the Company's $18,516 investment in CION/EagleTree, which is measured at NAV. (2)Excludes the Company's $18,103 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, 2025 and 2024:
| Three Months Ended March 31, 2025
| Senior Secured First Lien Debt |  | Senior Secured Second Lien Debt |  |  |  | Collateralized Securities and Structured Products - Equity |  | Unsecured Debt |  | Equity |  | Total
Beginning balance, December 31, 2024 | $ | 1,563,256 |  |  | $ | 2,680 |  |  |  |  | $ | 2,682 |  |  | $ | 11,814 |  |  | $ | 219,294 |  |  | $ | 1,799,726 |
Investments purchased(2)(3) | 90,437 |  |  | 69 |  |  |  |  | 979 |  |  | 44 |  |  | 6,755 |  |  | 98,284 |
Net realized gain (loss) | 2,825 |  |  | — |  |  |  |  | — |  |  | — |  |  | (531) |  |  | 2,294 |
Net change in unrealized (depreciation) appreciation | (35,933) |  |  | (160) |  |  |  |  | (49) |  |  | 420 |  |  | (28,569) |  |  | (64,291) |
Accretion of discount | 1,792 |  |  | 4 |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,796 |
Sales and principal repayments(3) | (66,310) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | (66,310) |
Net transfers in and/or (out) of Level 3 | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (956) |  |  | (956) |
Ending balance, March 31, 2025 | $ | 1,556,067 |  |  | $ | 2,593 |  |  |  |  | $ | 3,612 |  |  | $ | 12,278 |  |  | $ | 195,993 |  |  | $ | 1,770,543 |
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2025(1) | $ | (35,731) |  |  | $ | (160) |  |  |  |  | $ | (49) |  |  | $ | 420 |  |  | $ | (28,569) |  |  | $ | (64,089) |
(1)Included in net change in unrealized depreciation 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, 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 depreciation 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, 2025 and December 31, 2024 were as follows:
|  | March 31, 2025
|  | Fair Value |  | Valuation Techniques/ Methodologies |  | Unobservable Inputs |  | Range |  | Weighted Average(1)
Senior secured first lien debt |  | $ | 1,295,582 |  |  | Discounted Cash Flow |  | Discount Rates |  | 9.5% |  | — |  | 32.5% |  | 13.4%
|  | 107,713 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 0.68x |  | — |  | 5.88x |  | 1.84x
|  | 69,347 |  |  |  | EBITDA Multiple |  | 5.25x |  | — |  | 5.75x |  | 5.38x
|  | 53,283 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 16,647 |  |  | Other(2) |  | Probability Weighted Recovery Rate |  | 15% |  | — |  | 100% |  | 94%
|  | 13,495 |  |  |  | Insurance Claim Recovery Rate |  | 28% |  | N/A
Senior secured second lien debt |  | 1,394 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 1.58x |  | N/A
|  | 1,199 |  |  |  | EBITDA Multiple |  | 5.75x |  | N/A
Collateralized securities and structured products - equity |  | 3,612 |  |  | Discounted Cash Flow |  | Discount Rates |  | 14.0% |  | — |  | 21.0% |  | 15.3%
Unsecured debt |  | 5,461 |  |  | Discounted Cash Flow |  | Discount Rates |  | 11.0% |  | — |  | 14.0% |  | 11.7%
|  | 5,315 |  |  | Other(2) |  | Probability Weighted Recovery Rate |  | 19% |  | N/A
|  | 1,502 |  |  | Options Pricing Model |  | Expected Volatility |  | 35% |  | N/A
Equity |  | 77,349 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 5.00x |  | — |  | 18.00x |  | 11.51x
|  | 49,831 |  |  |  | $ per kW |  | $442.50 |  | N/A
|  | 39,948 |  |  |  | Revenue Multiple |  | 0.33x |  | — |  | 5.88x |  | 0.43x
|  | 18,891 |  |  | Options Pricing Model |  | Expected Volatility |  | 35.0% |  | — |  | 90.1% |  | 59.5%
|  | 8,119 |  |  | Discounted Cash Flow |  | Discount Rates |  | 19.5% |  | N/A
|  | 1,008 |  |  | Broker Quotes |  | Broker Quotes |  | N/A |  | N/A
|  | 847 |  |  | Other(2) |  | Other(2) |  | N/A |  | N/A
Total |  | $ | 1,770,543 |  |  |  |  |  |  |  |  |  |  |  |  |
(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 and/or other factors.
|  | 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 and/or other factors.

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