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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements of Investments and Foreign Currency Forward Contracts, by Major Class According to the Fair Value Hierarchy | The following tables present fair value measurements of investments and foreign currency forward contracts, by major class according to the fair value hierarchy:
| Fair Value Measurements
March 31, 2024 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments: |  |  |  |  |  |  |
Senior secured loans | $ | — |  |  | $ | — |  |  | $ | 404,051 |  |  | $ | 404,051 |
Unitranche secured loans | — |  |  | — |  |  | 6,091 |  |  | 6,091 |
Junior secured loans | — |  |  | — |  |  | 27,427 |  |  | 27,427 |
Equity securities | 1,020 |  |  | — |  |  | 29,310 |  |  | 30,330 |
Investments measured at NAV (1) (2) | — |  |  | — |  |  | — |  |  | 32,990 |
Total investments | $ | 1,020 |  |  | $ | — |  |  | $ | 466,879 |  |  | $ | 500,889 |
| Fair Value Measurements
December 31, 2023 | Level 1 |  | Level 2 |  | Level 3 |  | Total
Investments: |  |  |  |  |  |  |
Senior secured loans | $ | — |  |  | $ | — |  |  | $ | 388,882 |  |  | $ | 388,882 |
Unitranche secured loans | — |  |  | — |  |  | 13,877 |  |  | 13,877 |
Junior secured loans | — |  |  | — |  |  | 26,594 |  |  | 26,594 |
Equity securities | 257 |  |  | — |  |  | 25,654 |  |  | 25,911 |
Investments measured at NAV (1) (2) | — |  |  | — |  |  | — |  |  | 33,122 |
Total investments | $ | 257 |  |  | $ | — |  |  | $ | 455,007 |  |  | $ | 488,386 |
________________________________________________________ (1)Certain investments that are measured at fair value using the NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the consolidated statements of assets and liabilities. (2)Represents the Company’s investment in LLC equity interests in SLF. The fair value of this investment has been determined using the NAV of the Company’s ownership interest in SLF’s members’ capital.
Schedule of Reconciliation of Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs | The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024 and 2023:
| Investments
| Senior Secured Loans |  | Unitranche Secured Loans |  | Junior Secured Loans |  | Equity Securities |  | Total Level 3 Investments
Balance as of December 31, 2023 | $ | 388,882 |  |  | $ | 13,877 |  |  | $ | 26,594 |  |  | $ | 25,654 |  |  | $ | 455,007 |
Net realized gain (loss) on investments | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |
Net change in unrealized gain (loss) on investments | (1,657) |  |  | (101) |  |  | 1,413 |  |  | (2,073) |  |  | (2,418) |
Purchases of investments and other adjustments to cost (1) | 23,576 |  |  | 100 |  |  | 1,087 |  |  | 1,945 |  |  | 26,708 |
Proceeds from principal payments and sales of investments (2) | (4,038) |  |  | (7,785) |  |  | (260) |  |  | (4) |  |  | (12,087) |
Reclassifications (3) | (2,712) |  |  | — |  |  | (1,407) |  |  | 4,119 |  |  | — |
Transfers in (out) of Level 3 (4) | — |  |  | — |  |  | — |  |  | (335) |  |  | (335) |
Balance as of March 31, 2024 | $ | 404,051 |  |  | $ | 6,091 |  |  | $ | 27,427 |  |  | $ | 29,310 |  |  | $ | 466,879 |
| Investments
| Senior Secured Loans |  | Unitranche Secured Loans |  | Junior Secured Loans |  | Equity Securities |  | Total Level 3 Investments
Balance as of December 31, 2022 | $ | 434,023 |  |  | $ | 20,633 |  |  | $ | 22,193 |  |  | $ | 28,388 |  |  | $ | 505,237 |
Net realized gain (loss) on investments | — |  |  | — |  |  | — |  |  | 706 |  |  | 706 |
Net change in unrealized gain (loss) on investments | (4,269) |  |  | 3 |  |  | 143 |  |  | (324) |  |  | (4,447) |
Purchases of investments and other adjustments to cost (1) | 23,577 |  |  | 45 |  |  | 569 |  |  | 755 |  |  | 24,946 |
Proceeds from principal payments and sales of investments (2) | (21,451) |  |  | (7,320) |  |  | (927) |  |  | (706) |  |  | (30,404) |
Balance as of March 31, 2023 | $ | 431,880 |  |  | $ | 13,361 |  |  | $ | 21,978 |  |  | $ | 28,819 |  |  | $ | 496,038 |
________________________________________________________ (1)Includes purchases of new investments, effects of refinancing and restructurings, premium and discount accretion and amortization and PIK interest. (2)Represents net proceeds from investments sold and principal paydowns received. (3)Represents non-cash reclassification of investment type due to a restructuring. (4)Represents non-cash transfers between fair value categories.
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets | The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of March 31, 2024 were as follows:
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Weighted Average Mean |  | Range
|  |  |  |  | Minimum |  | Maximum
Assets: |  |  |  |  |  |  |  |  |  |  |
Senior secured loans | $ | 254,006 |  |  | Discounted cash flow |  | EBITDA multiples |  | 10.4x |  | 4.8x |  | 22.4x
|  |  |  |  | Market yields |  | 13.1% |  | 8.9% |  | 24.5%
Senior secured loans | 112,692 |  |  | Discounted cash flow |  | Revenue multiples |  | 5.6x |  | 1.0x |  | 12.0x
|  |  |  |  | Market yields |  | 11.7% |  | 9.2% |  | 17.3%
Senior secured loans | 17,784 |  |  | Enterprise value |  | Book value multiples |  | 1.3x |  | 1.3x |  | 1.3x
Senior secured loans | 8,813 |  |  | Enterprise value |  | Revenue multiples |  | 1.9x |  | 0.5x |  | 2.4x
Senior secured loans | 8,138 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 89.1% |  | 32.4% |  | 92.3%
Senior secured loans | 1,991 |  |  | Enterprise value |  | EBITDA multiples |  | 9.5x |  | 9.5x |  | 9.5x
Unitranche secured loans | 3,841 |  |  | Discounted cash flow |  | Revenue multiples |  | 9.0x |  | 6.0x |  | 12.8x
|  |  |  |  | Market yields |  | 13.1% |  | 12.1% |  | 13.8%
Unitranche secured loans | 2,250 |  |  | Discounted cash flow |  | Market yields |  | 11.9% |  | 11.9% |  | 11.9%
Junior secured loans | 21,514 |  |  | Discounted cash flow |  | Market yields |  | 13.1% |  | 12.7% |  | 15.4%
Junior secured loans | 2,391 |  |  | Discounted cash flow |  | Revenue multiples |  | 0.7x |  | 0.2x |  | 1.0x
|  |  |  |  | Market yields |  | 17.6% |  | 16.0% |  | 22.5%
Junior secured loans | 2,246 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 269.8% |  | 0.0% |  | 269.8%
Junior secured loans | 331 |  |  | Enterprise value |  | Revenue multiples |  | 1.7x |  | 1.7x |  | 1.7x
Equity securities | 20,905 |  |  | Enterprise value |  | EBITDA multiples |  | 8.7x |  | 5.4x |  | 20.0x
Equity securities | 4,895 |  |  | Enterprise value |  | Revenue multiples |  | 3.2x |  | 1.7x |  | 12.0x
Equity securities | 2,248 |  |  | Option pricing model |  | Volatility |  | 57.9% |  | 25.0% |  | 72.5%
Equity securities | 842 |  |  | Discounted cash flow |  | Market yields |  | 16.3% |  | 16.3% |  | 16.3%
Total Level 3 Assets | $ | 464,887 |  | (1) |  |  |  |  |  |  |  |  |
________________________________________________________ (1)Excludes investments of $1,992 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required. The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of December 31, 2023 were as follows:
| Fair Value |  | Valuation Technique |  | Unobservable Input |  | Weighted Average Mean |  | Range
|  |  |  |  | Minimum |  | Maximum
Assets: |  |  |  |  |  |  |  |  |  |  |
Senior secured loans | $ | 238,481 |  |  | Discounted cash flow |  | EBITDA multiples |  | 10.5x |  | 5.0x |  | 22.2x
|  |  |  |  | Market yields |  | 13.2% |  | 9.0% |  | 24.5%
Senior secured loans | 112,213 |  |  | Discounted cash flow |  | Revenue multiples |  | 5.6x |  | 0.9x |  | 11.8x
|  |  |  |  | Market yields |  | 11.9% |  | 9.0% |  | 16.6%
Senior secured loans | 17,839 |  |  | Enterprise value |  | Book value multiples |  | 1.3x |  | 1.3x |  | 1.3x
Senior secured loans | 8,352 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 91.7% |  | 32.4% |  | 95.0%
Senior secured loans | 7,054 |  |  | Enterprise value |  | Revenue multiples |  | 2.5x |  | 1.6x |  | 2.5x
Senior secured loans | 4,322 |  |  | Enterprise value |  | EBITDA multiples |  | 7.3x |  | 5.3x |  | 8.3x
Unitranche secured loans | 10,126 |  |  | Discounted cash flow |  | Market yields |  | 11.9% |  | 11.9% |  | 11.9%
Unitranche secured loans | 3,751 |  |  | Discounted cash flow |  | Revenue multiples |  | 9.0x |  | 6.0x |  | 12.8x
|  |  |  |  | Market yields |  | 12.4% |  | 11.9% |  | 12.7%
Junior secured loans | 20,661 |  |  | Discounted cash flow |  | Market yields |  | 13.1% |  | 12.4% |  | 15.6%
Junior secured loans | 2,340 |  |  | Enterprise value |  | Revenue multiples |  | 1.6x |  | 1.6x |  | 1.6x
Junior secured loans | 2,174 |  |  | Liquidation |  | Probability weighting of alternative outcomes |  | 260.8% |  | —% |  | 260.8%
Junior secured loans | 1,419 |  |  | Discounted cash flow |  | Revenue multiples |  | 0.4x |  | 0.2x |  | 0.9x
|  |  |  |  | Market yields |  | 14.2% |  | 13.3% |  | 16.2%
Equity securities | 18,994 |  |  | Enterprise value |  | EBITDA multiples |  | 8.8x |  | 4.9x |  | 20.5x
Equity securities | 2,701 |  |  | Enterprise value |  | Revenue multiples |  | 3.7x |  | 0.9x |  | 11.8x
Equity securities | 2,160 |  |  | Option pricing model |  | Volatility |  | 59.0% |  | 35.0% |  | 70.0%
Equity securities | 1,380 |  |  | Discounted cash flow |  | EBITDA multiples |  | 6.0x |  | 6.0x |  | 6.0x
|  |  |  |  | Market yields |  | 19.0% |  | 16.3% |  | 27.5%
Total Level 3 Assets | $ | 453,967 |  | (1) |  |  |  |  |  |  |  |  |
________________________________________________________ (1)Excludes investments of $1,040 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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