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Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024, according to the fair value hierarchy: 
June 30, 2025(1)December 31, 2024(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$— $— $1,501,896 $1,501,896 $— $— $1,563,256 $1,563,256 
Senior secured second lien debt— — 1,011 1,011 — — 2,680 2,680 
Collateralized securities and structured products - equity— — 3,027 3,027 — — 2,682 2,682 
Unsecured debt— — 8,091 8,091 — — 11,814 11,814 
Equity2,774 — 229,488 232,262 2,041 — 219,294 221,335 
Short term investments58,673 — — 58,673 68,818 — — 68,818 
Total Investments$61,447 $— $1,743,513 $1,804,960 $70,859 $— $1,799,726 $1,870,585 
(1)Excludes the Company's $19,668 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 and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30, 2025
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, March 31, 2025$1,556,067 $2,593 $3,612 $12,278 $195,993 $1,770,543 
Investments purchased(2)(3)74,971 75 — 43 4,576 79,665 
Net realized loss(32,376)— — — — (32,376)
Net change in unrealized appreciation (depreciation)14,413 (1,664)(73)(127)28,919 41,468 
Accretion of discount2,406 7 — — — 2,413 
Sales and principal repayments(3)(113,585)— (512)(4,103)— (118,200)
Net transfers in and/or (out) of Level 3— — — — — — 
Ending balance, June 30, 2025$1,501,896 $1,011 $3,027 $8,091 $229,488 $1,743,513 
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1)$(6,522)$(1,664)$(73)$(127)$28,919 $20,533 
(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, 2025
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2024$1,563,256 $2,680 $2,682 $11,814 $219,294 $1,799,726 
Investments purchased(2)(3)165,408 144 979 87 11,331 177,949 
Net realized loss(29,551)— — — (531)(30,082)
Net change in unrealized (depreciation) appreciation(21,520)(1,824)(122)293 350 (22,823)
Accretion of discount4,198 11 — — — 4,209 
Sales and principal repayments(3)(179,895)— (512)(4,103)— (184,510)
Net transfers in and/or (out) of Level 3— — — — (956)(956)
Ending balance, June 30, 2025$1,501,896 $1,011 $3,027 $8,091 $229,488 $1,743,513 
Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2025(1)$(31,907)$(1,824)$(122)$293 $350 $(33,210)
(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, 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 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 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, 2025 and December 31, 2024 were as follows:
June 30, 2025
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,238,793 Discounted Cash FlowDiscount Rates9.0%—35.0%13.1%
110,494 Market Comparable ApproachEBITDA Multiple
5.25x
—
7.00x
6.25x
73,478 Revenue Multiple
0.78x
—
5.69x
1.81x
31,637 Other(2)Probability Weighted Recovery Rate15%—100%96%
15,497 Insurance Claim Recovery Rate31%N/A
31,997 Broker QuotesBroker QuotesN/AN/A
Senior secured second lien debt821 Market Comparable ApproachRevenue Multiple
1.58x
N/A
190 EBITDA Multiple
5.75x
N/A
Collateralized securities and structured products - equity3,027 Discounted Cash FlowDiscount Rates13.5%—21.0%13.7%
Unsecured debt5,315 Other(2)Probability Weighted Recovery Rate21%N/A
1,487 Discounted Cash FlowDiscount Rates13.0%N/A
1,289 Options Pricing ModelExpected Volatility35%N/A
Equity89,694 Market Comparable ApproachEBITDA Multiple
5.25x
—
19.00x
12.05x
70,155 $ per kW$440.00N/A
39,469 Revenue Multiple
0.35x
—
5.69x
0.41x
20,584 Options Pricing ModelExpected Volatility35%—90%55%
6,952 Discounted Cash FlowDiscount Rates25.0%N/A
1,480 Broker QuotesBroker QuotesN/AN/A
1,154 Other(2)Other(2)N/AN/A
Total$1,743,513 
(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 ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,305,445 Discounted Cash FlowDiscount Rates9.4%—30.0%13.4%
117,665 Market Comparable ApproachRevenue Multiple
0.70x
—
6.13x
1.77x
41,891 EBITDA Multiple
5.50x
—
10.25x
7.59x
67,950 Broker QuotesBroker QuotesN/AN/A
15,209 Other(2)Insurance Claim Recovery Rate28%—55%35%
15,096 Other(2)N/AN/A
Senior secured second lien debt2,680 Market Comparable ApproachEBITDA Multiple
5.75x
—
6.75x
6.23x
Collateralized securities and structured products - equity2,682 Discounted Cash FlowDiscount Rates14.3%—21.0%16.0%
Unsecured debt5,418 Discounted Cash FlowDiscount Rates11.3%—14.0%11.9%
5,315 Other(2)Other(2)N/AN/A
1,081 Options Pricing ModelExpected Volatility35%N/A
Equity79,142 Market Comparable ApproachEBITDA Multiple
4.75x
—
18.75x
11.73x
62,171 Revenue Multiple
0.36x
—
6.13x
0.50x
52,166 $ per kW$450.00N/A
16,061 Options Pricing ModelExpected Volatility47.5%—95.0%67.0%
7,965 Discounted Cash FlowDiscount Rates19.0%N/A
930 Other(2)Other(2)N/AN/A
859 Broker QuotesBroker QuotesN/AN/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, recovery rates, $ per kW 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, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively.