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Fair Value of Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy of Investments
The tables below present the fair value hierarchy of investments as of the following periods:
Fair Value Hierarchy as of September 30, 2023
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments(1)
$— $— $8,875,037 $8,875,037 
Second-lien senior secured debt investments— 98,992 1,684,612 1,783,604 
Unsecured debt investments— 11,637 264,434 276,071 
Preferred equity investments(4)
— — 401,139 401,139 
Common equity investments(2)
1,086 — 1,189,509 1,190,595 
Subtotal$1,086 $110,629 $12,414,731 $12,526,446 
Investments measured at NAV(3)
— — — 369,712 
Total Investments at fair value$1,086 $110,629 $12,414,731 $12,896,158 
_______________
(1)Includes debt investment in Amergin AssetCo
(2)Includes equity investment in Wingspire, Amergin AssetCo, and Fifth Season.
(3)Includes equity investment in OBDC SLF.
(4)Includes equity investment in LSI Financing.

Fair Value Hierarchy as of December 31, 2022
($ in thousands)Level 1Level 2Level 3Total
First-lien senior secured debt investments$— $— $9,279,179 $9,279,179 
Second-lien senior secured debt investments— 43,692 1,817,286 1,860,978 
Unsecured debt investments— 10,579 237,440 248,019 
Preferred equity investments(3)
— — 355,261 355,261 
Common equity investments(1)
816 — 977,111 977,927 
Subtotal$816 $54,271 $12,666,277 $12,721,364 
Investments measured at NAV(2)
— — — 288,981 
Total Investments at fair value$816 $54,271 $12,666,277 $13,010,345 
_______________
(1)Includes equity investment in Wingspire.
(2)Includes equity investment in OBDC SLF.
(3)Includes equity investment in LSI Financing.
Schedule of Changes in the Fair Value of Investments
The tables below present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods:

As of and for the Three Months Ended September 30, 2023
($ in thousands)First-lien senior secured debt
investments		Second-lien senior secured
debt investments		Unsecured debt investmentsPreferred equity investmentsCommon equity
investments		Total
Fair value, beginning of period$8,885,986 $1,703,509 $262,402 $400,625 $1,131,330 $12,383,852 
Purchases of investments, net452,554 (14)— 406 56,890 509,836 
Payment-in-kind27,929 4,218 9,496 5,622 186 47,451 
Proceeds from investments, net(525,076)— — (5,195)— (530,271)
Net change in unrealized gain (loss)8,790 (4,910)(7,587)(920)1,103 (3,524)
Net realized gains (losses)3 — — 232 — 235 
Net amortization/accretion of discount/premium on investments11,926 772 123 369 — 13,190 
Transfers between investment types— — — — — — 
Transfers into (out of) Level 3(1)
12,925 (18,963)— — — (6,038)
Fair value, end of period$8,875,037 $1,684,612 $264,434 $401,139 $1,189,509 $12,414,731 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended September 30, 2023, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

As of and for the Nine Months Ended September 30, 2023
($ in thousands)First-lien senior secured
debt investments		Second-lien senior secured
debt investments		Unsecured debt
investments		Preferred equity
investments		Common equity
investments		Total
Fair value, beginning of period$9,279,179 $1,817,286 $237,440 $355,261 $977,111 $12,666,277 
Purchases of investments, net817,703 (24)— 22,326 155,265 995,270 
Payment-in-kind98,182 11,933 22,954 26,694 528 160,291 
Proceeds from investments, net(1,309,289)(55,050)(192)(6,784)(12,400)(1,383,715)
Net change in unrealized gain (loss)62,391 (100)3,903 2,618 21,186 89,998 
Net realized gains (losses)(52,362)— (23)232 — (52,153)
Net amortization/accretion of discount/premium on investments27,539 2,819 352 840 — 31,550 
Transfers between investment types(47,819)— — — 47,819 — 
Transfers into (out of) Level 3(1)(487)(92,252)— (48)— (92,787)
Fair value, end of period$8,875,037 $1,684,612 $264,434 $401,139 $1,189,509 $12,414,731 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the period ended September 30, 2023, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.
As of and for the Three Months Ended September 30, 2022
($ in thousands)First-lien senior secured debt
investments		Second-lien senior secured
debt investments		Unsecured debt investments
Preferred equity investments
Common equity
investments
Total
Fair value, beginning of period$9,242,688 $1,763,979 $269,752 $296,766 $730,326 $12,303,511 
Purchases of investments, net1,233,610 36,326 — 24,302 51,092 1,345,330 
Payment-in-kind19,822 1,948 6,224 3,872 159 32,025 
Proceeds from investments, net(1,279,615)(11,688)(22,512)— (8,575)(1,322,390)
Net change in unrealized gain (loss)37,819 (7,765)(14,343)4,295 70,977 90,983 
Net realized gains (losses)494 — (1,865)— — (1,371)
Net amortization of discount on investments8,946 811 119 216 — 10,092 
Transfers into (out of) Level 3(1)
— (32,689)— — — (32,689)
Fair value, end of period$9,263,764 $1,750,922 $237,375 $329,451 $843,979 $12,425,491 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2022, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

As of and for the Nine Months Ended September 30, 2022
($ in thousands)First-lien senior secured
debt investments		Second-lien senior secured
debt investments		Unsecured debt
investments		Preferred equity
investments		Common equity
investments		Total
Fair value, beginning of period$9,539,774 $1,921,447 $196,485 $260,869 $571,616 $12,490,191 
Purchases of investments, net4,157,703 337,290 89,239 98,241 330,519 5,012,992 
Payment-in-kind64,774 7,689 15,002 13,303 467 101,235 
Proceeds from investments, net(4,432,479)(335,797)(22,512)(33,693)(137,306)(4,961,787)
Net change in unrealized gain (loss)(95,391)(80,797)(39,286)(14,933)78,683 (151,724)
Net realized gains (losses)670 — (1,865)4,482 — 3,287 
Net amortization of discount on investments29,227 2,751 312 1,182 — 33,472 
Transfers into (out of) Level 3(1)(514)(101,661)— — — (102,175)
Fair value, end of period$9,263,764 $1,750,922 $237,375 $329,451 $843,979 $12,425,491 
_______________
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2022, transfers out of Level 3 into Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.
The table below presents the net change in unrealized gains on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods:

Net change in unrealized gain (loss) for the Three Months Ended September 30, 2023 on Investments Held at September 30, 2023
Net change in unrealized gain (loss) for the Three Months Ended September 30, 2022 on Investments Held at September 30, 2022
First-lien senior secured debt investments$8,740 $28,663 
Second-lien senior secured debt investments(4,910)(7,756)
Unsecured debt investments(7,587)(14,345)
Preferred equity investments(921)4,295 
Common equity investments1,112 73,339 
Total Investments$(3,566)$84,196 

Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2023 on Investments Held at September 30, 2023
Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2022 on Investments Held at September 30, 2022
First-lien senior secured debt investments$14,469 $(97,931)
Second-lien senior secured debt investments(100)(80,309)
Unsecured debt investments3,903 (39,287)
Preferred equity investments2,617 (14,675)
Common equity investments69,014 75,774 
Total Investments$89,903 $(156,428)
Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

As of September 30, 2023
($ in thousands)Fair ValueValuation TechniqueUnobservable Input(Range) Weighted AverageImpact to Valuation from an
Increase in Input
First-lien senior secured debt investments$8,614,432 Yield AnalysisMarket Yield
(8.9% - 27.3%) 13.4%
Decrease
200,596 Recent TransactionTransaction Price
(97.0% - 100.0%) 98.9%
Increase
60,009 Collateral AnalysisRecovery Rate
(85.5% - 85.5%) 85.5%
Increase
Second-lien senior secured debt investments$1,676,175 Yield AnalysisMarket Yield
(12.1% - 29.8%) 16.2%
Decrease
8,437 Collateral AnalysisRecovery Rate
(13.3% - 13.3%) 13.3%
Increase
Unsecured debt investments$258,662 Yield AnalysisMarket Yield
(11.7% - 18.0%) 13.2%
Decrease
5,772 Market ApproachEBITDA Multiple
(12.4x - 12.4x) 12.4x
Increase
Preferred equity investments$401,139 Yield AnalysisMarket Yield
(11.4% - 26.3%) 16.0%
Decrease
Common equity investments$952,960 Market ApproachEBITDA Multiple
(1.2x - 19.3x) 4.6x
Increase
188,172 Recent TransactionTransaction Price
(100.0% - 100.0%) 100.0%
Increase
34,288 Market ApproachRevenue
(1.9x - 14.3x) 10.3x
Increase
9,416 Yield AnalysisMarket Yield
(8.0% - 8%) 8%
Decrease
4,533 Market ApproachTransaction Price
($77.00 - $77.00) $77.00
Increase
140 Market ApproachGross Profit
(10.0x - 10.0x) 10.0x
Increase
As of December 31, 2022
($ in thousands)Fair ValueValuation TechniqueUnobservable InputRange (Weighted Average)Impact to Valuation from an
Increase in Input
First-lien senior secured debt investments$9,148,610 Yield AnalysisMarket Yield
(8.2% - 42.0%) 13.1%
Decrease
86,606 Recent TransactionTransaction Price
(97.5% - 99.0%) 97.8%
Increase
43,963 Collateral AnalysisRecovery Rate
(51.0% - 51.0%) 51.0%
Increase
Second-lien senior secured debt investments
$1,806,340 Yield AnalysisMarket Yield
(12.6% - 21.0%) 16.0%
Decrease
6,048 Collateral AnalysisRecovery Rate
(9.5% - 9.5%) 9.5%
Increase
4,898 Recent TransactionTransaction Price
(98.0% - 98.0%) 98.0%
Increase
Unsecured debt investments
$232,280 Yield AnalysisMarket Yield
(10.4% - 20.2%) 12.4%
Decrease
5,160 Market ApproachEBITDA Multiple
(14.3x - 14.3x) 14.3x
Increase
Preferred equity investments$339,821 Yield AnalysisMarket Yield
(11.9% - 17.9%) 14.1%
Decrease
15,395 Recent TransactionTransaction Price
(96.5% - 100.0%) 97.9%
Increase
45 Market ApproachEBITDA Multiple
(11.5x - 11.5x) 11.5x
Increase
Common equity investments$848,356 Market ApproachEBITDA Multiple
(1.2x - 23.3x) 5.5x
Increase
25,241 Market ApproachRevenue
(0.8x - 16.6x) 12.2x
Increase
99,210 Recent TransactionTransaction Price
(100% - 100%) 100%
Increase
4,215 Market ApproachTransaction Price
($75.31 - $75.31) $75.31
Increase
89 Market ApproachGross Profit
(8.5x - 8.5x) 8.5x
Increase
Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods:
September 30, 2023
December 31, 2022
($ in thousands)
Net Carrying
Value(1)
Fair Value
Net Carrying
Value(2)
Fair Value
Revolving Credit Facility$408,806 $408,806 $542,453 $542,453 
SPV Asset Facility II135,617 135,617 245,368 245,368 
SPV Asset Facility III— — 249,372 249,372 
CLO I384,328 384,328 387,321 387,321 
CLO II257,405 257,405 257,206 257,206 
CLO III258,263 258,263 258,145 258,145 
CLO IV288,061 288,061 287,777 287,777 
CLO V506,941 506,941 506,792 506,792 
CLO VI258,396 258,396 258,271 258,271 
CLO VII237,232 237,232 237,155 237,155 
CLO X258,093 258,093 — — 
2024 Notes392,062 397,000 384,851 395,000 
2025 Notes422,459 403,750 421,242 399,500 
July 2025 Notes496,670 468,750 495,347 462,500 
2026 Notes494,772 467,500 493,162 461,250 
July 2026 Notes986,434 897,500 982,993 875,000 
2027 Notes439,095 430,000 438,332 412,500 
2028 Notes837,765 699,125 835,957 673,625 
Total Debt$7,062,399 $6,756,767 $7,281,744 $6,909,235 
_______________
(1)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, CLO VII, CLO X, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $12.2 million, $4.4 million, $2.5 million, $2.6 million, $1.7 million, $4.4 million, $2.7 million, $1.6 million, $1.9 million, $1.9 million, $1.2 million, $2.6 million, $3.3 million, $5.2 million, $13.6 million, $6.5 million and $12.2 million, respectively.
(2)The carrying value of the Company’s Revolving Credit Facility, SPV Asset Facility II, SPV Asset Facility III, CLO I, CLO II, CLO III, CLO IV, CLO V, CLO VI, CLO VII, 2024 Notes, 2025 Notes, July 2025 Notes, 2026 Notes, July 2026 Notes, 2027 Notes and 2028 Notes are presented net of deferred financing costs of $14.7 million, $4.6 million, $0.6 million, $2.7 million, $2.8 million, $1.9 million, $4.7 million, $2.8 million, $1.7 million, $2.0 million, $2.9 million, $3.8 million, $4.7 million, $6.8 million, $17.0 million, $7.9 million and $14.0 million, respectively.

The below table presents the fair value measurements of the Company’s debt obligations as of the following periods:
($ in thousands)
September 30, 2023
December 31, 2022
Level 1$— $— 
Level 23,763,625 3,679,375 
Level 32,993,142 3,229,860 
Total Debt$6,756,767 $6,909,235