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FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Portfolio Investments by Level in the Fair Value Hierarchy
The following tables present the fair value hierarchy of investments:
June 30, 2024
December 31, 2023(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien Debt$— $26,691 $3,319,052 $3,345,743 $— $24,674 $2,979,870 $3,004,544 
Second Lien Debt— 35,858 67,286 103,144 — 35,567 96,848 132,415 
Other Debt Investments  8,467 8,467   2,064 2,064 
Equity— — 41,505 41,505 — — 38,572 38,572 
Subtotal$— $62,549 $3,436,310 $3,498,859 $— $60,241 $3,117,354 $3,177,595 
Investment measured at net asset value(1)
15,427 15,966 
Total Investments$3,514,286 $3,193,561 
Cash equivalents$21,107 $— $— $21,107 $— $— $— $— 
(1) The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.
(2) The Company reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2023.
Changes in Level III Portfolio Investments
The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2024:
First Lien DebtSecond Lien DebtOther Debt Investments EquityTotal Investments
Fair value, beginning of period$3,093,759 $82,186 $2,163 $41,565 $3,219,673 
Purchases of investments(1)
493,351 — 5,770 497 499,618 
Proceeds from principal repayments and sales of investments(1)
(274,169)(14,780)— — (288,949)
Accretion of discount/amortization of premium4,238 255 — 4,497 
Payment-in-kind2,207 230 95 701 3,233 
Net change in unrealized appreciation (depreciation)4,840 (605)435 (1,258)3,412 
Net realized gains (losses)— — — — — 
Transfers into/(out) of Level 3(2)
(5,174)— — — (5,174)
Fair value, end of period$3,319,052 $67,286 $8,467 $41,505 $3,436,310 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024$3,387 $(414)$435 $(1,295)$2,113 
The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2024:
First Lien DebtSecond Lien DebtOther Debt InvestmentsEquityTotal Investments
Fair value, beginning of period$2,979,870 $96,848 $2,064 $38,572 $3,117,354 
Purchases of investments(1)
660,813 836 5,770 2,516 669,935 
Proceeds from principal repayments and sales of investments(1)
(337,511)(25,230)— — (362,741)
Accretion of discount/amortization of premium6,744 426 — 7,176 
Payment-in-kind4,700 365 114 1,281 6,460 
Net change in unrealized appreciation (depreciation)10,775 (5,959)513 (864)4,465 
Net realized gains (losses)(4,750)— — — (4,750)
Transfers into/(out) of Level 3(2)
(1,589)— — — (1,589)
Fair value, end of period$3,319,052 $67,286 8,467 $41,505 $3,436,310 
$— 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024$9,438 $(5,932)$513 $(864)$3,155 
(1)     Includes transactions relating to restructurings.
(2)     Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2023:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$2,713,691 $115,410 $37,053 $2,866,154 
Purchases of investments82,682 86 17 82,785 
Proceeds from principal repayments and sales of investments(37,683)— — (37,683)
Accretion of discount/amortization of premium2,516 69 2,587 
Payment-in-kind425 126 506 1,057 
Net change in unrealized appreciation (depreciation)11,022 (2,607)1,524 9,939 
Net realized gains (losses)— — — — 
Transfers into/(out) of Level 3— — — — 
Fair value, end of period$2,772,653 $113,084 $39,102 $2,924,839 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023$11,184 $(2,607)$1,524 $10,101 
The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2023:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$2,668,749 $122,891 $36,395 $2,828,035 
Purchases of investments212,587 8,586 91 221,264 
Proceeds from principal repayments and sales of investments(126,765)— — (126,765)
Accretion of discount/amortization of premium4,949 136 5,089 
Payment-in-kind806 260 994 2,060 
Net change in unrealized appreciation (depreciation)12,205 (2,600)1,618 11,223 
Net realized gains (losses)122 — — 122 
Transfers into/(out) of Level 3(1)
— (16,189)— (16,189)
Fair value, end of period$2,772,653 $113,084 $39,102 $2,924,839 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023$11,813 $(2,600)$1,618 $10,831 
(1)     Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
June 30, 2024
Range(1)
Asset CategoryFair
Value
Valuation Technique (2)
Significant Unobservable
Input
LowHigh
Weighted
Average(3)
Investments in first lien debt$3,319,052 Yield AnalysisDiscount Rate8.84 %22.73 %11.18 %
Investments in second lien debt67,286 Yield AnalysisDiscount Rate10.65 %15.35 %13.77 %
  Unsecured debt7,778 Yield AnalysisDiscount Rate9.90 %16.60 %11.56 %
689 Market ApproachEBITDA Multiple9.00x
  Preferred equity20,321 Income ApproachDiscount Rate9.88 %14.90 %12.72 %
1,688 Market ApproachEBITDA Multiple8.50x
  Common equity16,060 Market ApproachEBITDA Multiple8.10x18.70x13.10x
3,436 Market ApproachRevenue Multiple7.50x9.93x8.11x
Total Investments$3,436,310 
(1) For an asset category that contains a single investment, the range is not included.
(2) During the six months ended June 30, 2024, one unsecured debt position with a fair value of $1.93 million transitioned from an income approach to a yield analysis valuation technique.
(3) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

December 31, 2023
Range
Asset CategoryFair
Value
Valuation TechniqueSignificant Unobservable
Input
LowHigh
Weighted
Average(1)
Investments in first lien debt$2,979,870 Yield AnalysisDiscount Rate8.61 %25.09 %11.00 %
Investments in second lien debt96,848 Yield AnalysisDiscount Rate10.80 %31.13 %14.37 %
Investments in other securities
Unsecured debt1,894 Income ApproachDiscount Rate14.60 %14.60 %14.60 %
170 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Preferred equity18,758 Income ApproachDiscount Rate12.19 %15.68 %13.47 %
1,275 Market ApproachRevenue Multiple7.50x7.50x7.50x
Common equity16,600 Market ApproachEBITDA Multiple8.10x18.70x13.26x
1,939 Market ApproachRevenue Multiple7.60x9.80x8.47x
Total Investments$3,117,354 
(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.
Schedule of Carrying Values and Fair Values of Debt The carrying value, fair value and level of the Company’s debt were as follows:
June 30, 2024December 31, 2023
Level Carrying ValueFair ValueCarrying ValueFair Value
BNP Funding Facility3$194,000 $194,000 $282,000 $282,000 
Truist Credit Facility3431,474 431,474 520,263 520,263 
2027 Notes(1)
2421,500 409,573 420,834 407,617 
2025 Notes(1)
3273,539 275,000 272,935 275,000 
2029 Notes(1)
3343,909 351,628 — — 
Total$1,664,423 $1,661,675 $1,496,032 $1,484,880 
(1)As of June 30, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,940, $1,461 and $3,930 and unamortized original issuance discount of $560, $0 and $3,789, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.