XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.25.1

Fair Value of Financial Instruments | 3 Months Ended
--- | ---
Mar. 31, 2025
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 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. 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. Significant Unobservable Inputs 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. 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.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration