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Fair Value of Financial Instruments (Tables)

3 Months Ended

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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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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