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Fair Value of Financial Instruments
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024, according to the fair value hierarchy: 
September 30, 2025(1)December 31, 2024(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$— $— $1,389,814 $1,389,814 $— $— $1,563,256 $1,563,256 
Senior secured second lien debt— — — — — — 2,680 2,680 
Collateralized securities and structured products - equity— — 4,009 4,009 — — 2,682 2,682 
Unsecured debt— — 7,398 7,398 — — 11,814 11,814 
Equity5,245 — 313,617 318,862 2,041 — 219,294 221,335 
Short term investments102,400 — — 102,400 68,818 — — 68,818 
Total Investments$107,645 $— $1,714,838 $1,822,483 $70,859 $— $1,799,726 $1,870,585 
(1)Excludes the Company's $18,101 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 nine months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, June 30, 2025$1,501,896 $1,011 $3,027 $8,091 $229,488 $1,743,513 
Investments purchased(2)(3)128,458 70 985 45 51,308 180,866 
Net realized loss(5,965)(3,200)(440)— — (9,605)
Net change in unrealized (depreciation) appreciation (28,647)2,113 462 (738)37,376 10,566 
Accretion of discount19,404 41 — — — 19,445 
Sales and principal repayments(3)(225,332)(35)(25)— — (225,392)
Net transfers in and/or (out) of Level 3— — — — (4,555)(4,555)
Ending balance, September 30, 2025$1,389,814 $— $4,009 $7,398 $313,617 $1,714,838 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)$(14,931)$(892)$462 $(738)$37,351 $21,252 
(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 and equity investments received in settlement of fee income.
Nine Months Ended
September 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)293,866 214 1,964 132 62,639 358,815 
Net realized loss(35,516)(3,200)(440)— (531)(39,687)
Net change in unrealized (depreciation) appreciation(50,167)289 340 (445)37,726 (12,257)
Accretion of discount23,602 52 — — — 23,654 
Sales and principal repayments(3)(405,227)(35)(537)(4,103)— (409,902)
Net transfers in and/or (out) of Level 3— — — — (5,511)(5,511)
Ending balance, September 30, 2025$1,389,814 $— $4,009 $7,398 $313,617 $1,714,838 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)$(38,917)$(1,507)$340 $(445)$37,929 $(2,600)
(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 and equity investments received in settlement of fee income.
Three Months Ended
September 30, 2024
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, June 30, 2024$1,536,753 $15,050 $770 $5,493 $245,634 $1,803,700 
Investments purchased(2)(3)122,203 134 — 5,187 11,326 138,850 
Net realized (loss) gain(1,792)— — — 5,730 3,938 
Net change in unrealized (depreciation) appreciation(6,653)107 (64)1,081 (21,509)(27,038)
Accretion of discount1,781 83 — — — 1,864 
Sales and principal repayments(3)(157,768)(11,501)(21)— (19,660)(188,950)
Ending balance, September 30, 2024$1,494,524 $3,873 $685 $11,761 $221,521 $1,732,364 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1)$(6,228)$174 $(64)$1,081 $(17,503)$(22,540)
(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.
Nine Months Ended
September 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)398,176 323 — 6,641 54,805 459,945 
Net realized (loss) gain(22,209)(11,809)(1,210)— 9,153 (26,075)
Net change in unrealized (depreciation) appreciation(7,672)10,926 948 1,079 (21,635)(16,354)
Accretion of discount14,315 808 — 39 — 15,162 
Sales and principal repayments(3)(453,257)(25,486)(149)(8,872)(26,711)(514,475)
Ending balance, September 30, 2024$1,494,524 $3,873 $685 $11,761 $221,521 $1,732,364 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1)$(10,575)$(856)$(249)$985 $(14,229)$(24,924)
(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 September 30, 2025 and December 31, 2024 were as follows:
September 30, 2025
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,185,212 Discounted Cash FlowDiscount Rates8.3%—35.0%12.7%
110,299 Market Comparable ApproachRevenue Multiple
0.76x
—
4.50x
1.61x
14,184 EBITDA Multiple
4.50x
—
5.50x
5.09x
33,403 Other(2)Probability Weighted Recovery Rate15%—100%97%
18,291 Insurance Claim Recovery Rate31%N/A
28,425 Broker QuotesBroker QuotesN/AN/A
Senior secured second lien debt— Market Comparable ApproachRevenue Multiple
1.43x
N/A
Collateralized securities and structured products - equity4,009 Discounted Cash FlowDiscount Rates13.4%N/A
Unsecured debt4,840 Other(2)Probability Weighted Recovery Rate19%N/A
1,597 Discounted Cash FlowDiscount Rates12.3%N/A
961 Options Pricing ModelExpected Volatility38%N/A
Equity145,619 Market Comparable ApproachEBITDA Multiple
4.50x
—
24.75x
12.63x
103,705 $ per kW$817.50N/A
45,587 Revenue Multiple
0.35x
—
4.50x
0.61x
14,859 Options Pricing ModelExpected Volatility45%—110%57%
2,981 Broker QuotesBroker QuotesN/AN/A
866 Other(2)Other(2)N/AN/A
Total$1,714,838 
(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.