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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 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
June 30, 2024 Level 1 Level 2Level 3Total
Senior secured loans$— $— $2,906,171 $2,906,171 
Unitranche secured loans— — 168,253 168,253 
Junior secured loans— — 154,998 154,998 
Equity securities166 — 157,553 157,719 
Total investments$166 $— $3,386,975 $3,387,141 
Foreign currency forward contracts asset (liability)$— $(1,406)$— $(1,406)
Fair Value Measurements
December 31, 2023Level 1Level 2Level 3Total
Senior secured loans$— $— $2,171,243 $2,171,243 
Unitranche secured loans— — 184,853 184,853 
Junior secured loans— — 87,986 87,986 
Equity securities23 — 84,062 84,085 
Total investments$23 $— $2,528,144 $2,528,167 
Foreign currency forward contracts asset (liability)$— $(3,087)$— $(3,087)
Schedule of Reconciliation of the 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 and six months ended June 30, 2024:
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
securities
Total
investments
Balance as of March 31, 2024$2,432,957 $174,337 $102,443 $104,299 $2,814,036 
Net realized gain (loss) on investments221 — — (1)220 
Net change in unrealized gain (loss) on investments3,530 (653)(6,757)1,500 (2,380)
Purchases of investments and other adjustments to cost (1)
607,868 1,235 47,108 48,737 704,948 
Proceeds from principal payments and sales of investments (2)
(123,094)(6,666)(73)(16)(129,849)
Reclassifications (3)
(15,311)— 12,277 3,034 — 
Balance as of June 30, 2024$2,906,171 $168,253 $154,998 $157,553 $3,386,975 
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
securities
Total
investments
Balance as of December 31, 2023$2,171,243 $184,853 $87,986 $84,062 $2,528,144 
Net realized gain (loss) on investments221 — — 224 
Net change in unrealized gain (loss) on investments10,815 74 (3,423)(2,254)5,212 
Purchases of investments and other adjustments to cost (1)
948,674 3,673 62,167 59,224 1,073,738 
Proceeds from principal payments and sales of investments (2)
(198,881)(20,347)(347)(635)(220,210)
Reclassifications (3)
(25,901)— 8,615 17,286 — 
Transfers in (out) of Level 3 (4)
— — — (133)(133)
Balance as of June 30, 2024$2,906,171 $168,253 $154,998 $157,553 $3,386,975 
_________________________________________
(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.
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 and six months ended June 30, 2023:
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
securities
Total
investments
Balance as of March 31, 2023$1,320,148 $128,380 $44,633 $50,697 $1,543,858 
Net realized gain (loss) on investments(1,604)— — — (1,604)
Net change in unrealized gain (loss) on investments527 311 (1,088)(2,539)(2,789)
Purchases of investments and other adjustments to cost (1)
254,104 993 1,931 13,667 270,695 
Proceeds from principal payments and sales of investments (2)
(41,663)(285)(3,362)(108)(45,418)
Reclassifications (3)
(2,076)— 2,076 — — 
Balance as of June 30, 2023$1,529,436 $129,399 $44,190 $61,717 $1,764,742 
Investments
Senior
secured loans
Unitranche
secured loans
Junior
secured loans
Equity
securities
Total
investments
Balance as of December 31, 2022$1,250,788 $127,378 $44,469 $46,327 $1,468,962 
Net realized gain (loss) on investments(1,609)— — 949 (660)
Net change in unrealized gain (loss) on investments4,265 576 (1,004)(2,038)1,799 
Purchases of investments and other adjustments to cost (1)
351,354 1,883 4,050 17,549 374,836 
Proceeds from principal payments and sales of investments (2)
(73,286)(438)(5,401)(1,070)(80,195)
Reclassifications (3)
(2,076)— 2,076 — — 
Balance as of June 30, 2023$1,529,436 $129,399 $44,190 $61,717 $1,764,742 
_________________________________________
(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.
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value Measurements of Assets
The following tables present quantitative information about the valuation techniques and significant unobservable inputs of the Company's Level 3 investments as of June 30, 2024 and December 31, 2023:
Fair ValueValuation
Technique
Unobservable
Input
Weighted
Average
Mean (1)
Range
Minimum Maximum
Assets:
Senior secured loans$1,933,882 Discounted cash flowEBITDA multiples
11.3x
3.8x
24.4x
Market yields11.3 %8.7 %21.0 %
Senior secured loans711,503 Discounted cash flowRevenue multiples
7.3x
0.8x
18.3x
Market yields11.5 %9.3 %24.5 %
Senior secured loans11,214 Enterprise valueRevenue multiples
0.5x
0.4x
1.6x
Senior secured loans9,221 LiquidationProbability weighting of alternative outcomes91.1 %91.1 %91.1 %
Unitranche secured loans134,246 Discounted cash flowEBITDA multiples
10.4x
7.3x
14.5x
Market yields13.5 %8.6 %22.2 %
Unitranche secured loans34,007 Discounted cash flowRevenue multiples
9.2x
6.0x
12.5x
Market yields13.2 %12.3 %14.1 %
Junior secured loans116,680 Discounted cash flowMarket yields14.1 %11.8 %17.3 %
Junior secured loans3,153 Enterprise valueRevenue multiples
0.7x
0.3x
1.6x
Junior secured loans751 Discounted cash flowRevenue multiples
1.0x
1.0x
1.0x
Market yields22.0 %22.0 %22.0 %
Equity securities99,521 Enterprise valueEBITDA multiples
11.3x
3.8x
21.5x
Equity securities52,082 Enterprise valueRevenue multiples
3.6x
0.4x
11.8x
Equity securities3,452 Option pricing modelVolatility47.0 %25.0 %72.5 %
Total Level 3 Assets$3,109,712 (2)
_________________________________________
(1)The weighted average mean and weighted average range of unobservable inputs is based on the fair value of investments.
(2)Excludes investments of $277,263 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.
Fair ValueValuation
Technique
Unobservable
Input
Weighted
Average
Mean (1)
Range (Weighted Average)
MinimumMaximum
Assets:
Senior secured loans$1,351,324 Discounted cash flowEBITDA multiples
11.1x
5.0x
22.2x
 Market yields11.4 %8.7 %24.0 %
Senior secured loans559,534 Discounted cash flowRevenue multiples
7.2x
0.7x
19.5x
Market yields11.6 %9.0 %16.6 %
Senior secured loans10,310 Enterprise valueEBITDA multiples
7.4x
5.3x
8.3x
Senior secured loans9,618 LiquidationProbability weighting of alternative outcomes95.0 %95.0 %95.0 %
Senior secured loans6,473 Enterprise valueRevenue multiples
0.6x
0.5x
1.6x
Unitranche secured loans151,703 Discounted cash flowEBITDA multiples
10.5x
7.3x
14.8x
Market yields15.0 %8.6 %24.6 %
Unitranche secured loans33,150 Discounted cash flowRevenue multiples
9.4x
6.0x
12.8x
Market yields12.3 %11.9 %12.7 %
Junior secured loans70,881 Discounted cash flowEBITDA multiples
13.5x
13.5x
13.5x
Market yields12.6 %11.6 %18.4 %
Junior secured loans6,241 Enterprise valueRevenue multiples
1.6x
1.6x
1.6x
Junior secured loans348 Discounted cash flowRevenue multiples
0.9x
0.9x
0.9x
Market yields16.2 %16.2 %16.2 %
Equity securities52,062 Enterprise valueEBITDA multiples
10.7x
6.3x
20.5x
Equity securities29,920 Enterprise valueRevenue multiples
3.6x
0.5x
11.8x
Equity securities1,487 Option pricing modelVolatility59.6 %35.0 %74.0 %
Total Level 3 Assets$2,283,051 (2)
_________________________________________
(1)The weighted average mean and weighted average range of unobservable inputs is based on the fair value of investments.
(2)Excludes investments of $245,093 at fair value where valuation (unadjusted) is obtained from a third-party pricing service or broker quote for which such disclosure is not required.