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Investments - Summary of Information Relating to Investments Measured at Fair Value for Company has Used Unobservable Inputs to Determine Fair Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance $ 471,170 $ 465,706
Transfers out of Level III (19,199) [1] (14,172) [2]
Transfers into Level III 1,643 [3] 3,815 [4]
Net accretion 7,315 13,098
Purchases 42,233 152,878
Sales/Paydowns/Return of Capital (120,635) (117,184)
Total realized gain (loss) included in earnings (23,940) (31,363)
Change in unrealized gain (loss) included in earnings (1,059) (1,608)
Ending balance 357,528 471,170
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date $ (13,680) $ (18,595)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gross Investment Income, Operating Gross Investment Income, Operating
Debt securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance $ 410,144 $ 392,432
Transfers out of Level III (19,199) [1] (14,172) [2]
Transfers into Level III 1,643 [3] 3,815 [4]
Net accretion 5,317 9,054
Purchases 41,584 146,017
Sales/Paydowns/Return of Capital (116,986) (108,369)
Total realized gain (loss) included in earnings (1,828) (15,763)
Change in unrealized gain (loss) included in earnings (6,923) (2,870)
Ending balance 313,752 410,144
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date (12,667) (15,256)
Equity Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 21,905 20,992
Purchases 649 6,861
Sales/Paydowns/Return of Capital (1,552) (4,696)
Total realized gain (loss) included in earnings 3,334 1,257
Change in unrealized gain (loss) included in earnings (3,803) (2,509)
Ending balance 20,533 21,905
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date (2,082) (2,250)
CLO Fund Securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 20,453 31,632
Net accretion 1,998 4,044
Sales/Paydowns/Return of Capital (2,097) (6,194)
Total realized gain (loss) included in earnings (25,446) (14,762)
Change in unrealized gain (loss) included in earnings 14,060 5,733
Ending balance 8,968 20,453
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date 5,461 3,315
Joint Ventures    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance 18,668 23,062
Change in unrealized gain (loss) included in earnings (4,393) (4,394)
Ending balance 14,275 18,668
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date $ (4,392) (4,394)
Derivatives    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Beginning balance   (2,412)
Sales/Paydowns/Return of Capital   2,075
Total realized gain (loss) included in earnings   (2,095)
Change in unrealized gain (loss) included in earnings   2,432
Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date   $ (10)
[1] Transfers out of Level III represent a transfer of $19.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2023.
[2] Transfers out of Level III represent a transfer of $14.2 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were observable as of December 31, 2022.(2)
[3] Transfers into Level III represent a transfer of $1.6 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2023.

 

 

 

Year Ended December 31, 2022

 

($ in thousands)

 

Debt
Securities

 

 

Equity
Securities

 

 

CLO Fund
Securities

 

 

Joint
Ventures

 

 

Derivatives

 

 

Total

 

Balance, December 31, 2021

 

$

392,432

 

 

$

20,992

 

 

$

31,632

 

 

$

23,062

 

 

$

(2,412

)

 

$

465,706

 

Transfers out of Level III¹

 

 

(14,172

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,172

)

Transfers into Level III²

 

 

3,815

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,815

 

Net accretion

 

 

9,054

 

 

 

-

 

 

 

4,044

 

 

 

-

 

 

 

-

 

 

 

13,098

 

Purchases

 

 

146,017

 

 

 

6,861

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

152,878

 

Sales/Paydowns/Return of Capital

 

 

(108,369

)

 

 

(4,696

)

 

 

(6,194

)

 

 

-

 

 

 

2,075

 

 

 

(117,184

)

Total realized gain (loss) included in earnings

 

 

(15,763

)

 

 

1,257

 

 

 

(14,762

)

 

 

-

 

 

 

(2,095

)

 

 

(31,363

)

Change in unrealized gain (loss) included in earnings

 

 

(2,870

)

 

 

(2,509

)

 

 

5,733

 

 

 

(4,394

)

 

 

2,432

 

 

 

(1,608

)

Balance, December 31, 2022

 

$

410,144

 

 

$

21,905

 

 

$

20,453

 

 

$

18,668

 

 

$

-

 

 

$

471,170

 

Changes in unrealized gains (losses) included in earnings related to investments still held at reporting date

 

$

(15,256

)

 

$

(2,250

)

 

$

3,315

 

 

$

(4,394

)

 

$

(10

)

 

$

(18,595

)
(1)
[4] Transfers into Level III represent a transfer of $3.8 million relating to debt securities for which pricing inputs, other than their quoted prices in active markets were unobservable as of December 31, 2022.