Investments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Investments [Abstract]

Schedule of Composition of Investment Portfolio

The following table shows the composition of our investment portfolio as of December 31, 2023, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,093,887	$	2,075,031	$	—	$	—	$	2,075,031
Second Lien Secured Debt		46,274		31,887		—		—		31,887
Unsecured Debt		—		—		—		—		—
Structured Products and Other		44,993		41,333		—		—		41,333
Preferred Equity		25,685		32,405		—		—		32,405
Common Equity/Interests		326,914		153,344		1,217		—		152,127
Warrants		389		199		—		—		199
Total Investments	$	2,538,142	$	2,334,199	$	1,217	$	—	$	2,332,982
Money Market Fund	$	252	$	252	$	252	$	—	$	—
Total Investments after Cash Equivalents	$	2,538,394	$	2,334,451	$	1,469	$	—	$	2,332,982

The following table shows the composition of our investment and derivative portfolio as of December 31, 2022, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,150,973	$	2,130,309	$	—	$	—	$	2,130,309
Second Lien Secured Debt		105,731		70,919		—		—		70,919
Unsecured Debt		50		50		—		—		50
Structured Products and Other		16,998		9,413		—		—		9,413
Preferred Equity		40,530		35,557		—		—		35,557
Common Equity/Interests		292,503		151,398		1,761		323		149,314
Warrants		389		474		—		—		474
Total Investments	$	2,607,174	$	2,398,120	$	1,761	$	323	$	2,396,036

Schedule of Changes in Fair Value of Investments

The following table shows changes in the fair value of our Level 3 investments for the twelve months ended December 31, 2023:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total
Fair value as of December 31, 2022	$	2,130,309		$	70,919		$	50		$	9,413		$	35,557		$	149,314		$	474		$	2,396,036
Net realized gains (losses)		8,066			(978	)		—			—			—			381			—			7,469
Net change in unrealized gains (losses)		1,808			20,424			—			3,924			11,692			(32,193	)		(275	)		5,380
Net amortization on investments		7,536			254			—			—			—			—			—			7,790
Purchases, including capitalized PIK (3)		521,876			138			2			30,077			67			23,754			—			575,914
Sales (3)		(594,564	)		(58,870	)		(52	)		(2,081	)		(14,911	)		10,276			—			(660,202	)
Transfers out of Level 3 (1)		—			—			—			—			—			—			—			—
Transfers into Level 3 (1)		—			—			—			—			—			595			—			595
Fair value as of December 31, 2023	$	2,075,031		$	31,887		$	—		$	41,333		$	32,405		$	152,127		$	199		$	2,332,982
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2023	$	334		$	(1,613	)	$	—		$	4,977		$	(1,258	)	$	4,209		$	(274	)	$	6,375

(1)Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

(2)Includes unfunded commitments measured at fair value of $(3,602).

(3)Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2022:

	First Lien Secured Debt (2)			Second Lien Secured Debt (2)			Unsecured Debt		Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants		Total
Fair value as of March 31, 2022	$	2,259,506		$	97,844		$	—	$	10,038		$	30,162		$	124,294		$	99	$	2,521,943
Net realized gains (losses)		(791	)		(27	)		—		—			—			(68,694	)		—		(69,512	)
Net change in unrealized gains (losses)		(18,690	)		(16,582	)		—		(625	)		6,164			42,713			121		13,101
Net amortization on investments		11,881			2,873			—		—			—			—			—		14,754
Purchases, including capitalized PIK (3)		501,950			204			50		—			1,280			138,067			254		641,805
Sales (3)		(625,264	)		(11,676	)		—		—			(2,049	)		(86,714	)		—		(725,703	)
Transfers out of Level 3 (1)		1,717			(1,717	)		—		—			—			(352	)		—		(352	)
Transfers into Level 3 (1)		—			—			—		—			—			—			—		—
Fair value as of December 31, 2022	$	2,130,309		$	70,919		$	50	$	9,413		$	35,557		$	149,314		$	474	$	2,396,036
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2022	$	(17,540	)	$	(17,835	)	$	—	$	(625	)	$	9,103		$	(30,939	)	$	122	$	(57,714	)

(1)Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

(2)Includes unfunded commitments measured at fair value of $(2,479).

(3)Includes reorganizations and restructuring of investments.

Summary of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2023 and December 31, 2022. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2023 were as follows:

				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		59,746	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			111,468	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			1,903,817	Yield Analysis	Discount Rate	6.6%	25.1%	12.2%
Second Lien Secured Debt			2,207	Market Comparable Technique	Comparable Multiple	8.5x	8.5x	8.5x
			238	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			29,442	Yield Analysis	Discount Rate	13.7%	25.8%	17.3%
Structured Products and Other			41,333	Yield Analysis	Discount Rate	13.0%	15.6%	14.9%
Preferred Equity			31,950	Market Comparable Technique	Comparable Multiple	2.8x	12.5x	11.1x
			268	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			—	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			78	Residual Value	Residual Value	N/A	N/A	N/A
			109	Yield Analysis	Discount Rate	13.5%	13.5%	13.5%
Common Equity/Interests			12,898	Market Comparable Technique	Comparable Multiple	3.6x	26.0x	11.8x
			281	Option Pricing Model	Expected Volatility	30.0%	115.0%	59.1%
			125	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			—	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			117,454	Yield Analysis	Discount Rate	13.5%	14.3%	14.3%
			21,369	Estimated Proceeds	Estimated Proceeds	N/A	N/A	N/A
Warrants			199	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
Total Level 3 Investments	$		2,332,982

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2022 were as follows:

				Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$		150,000	Discounted Cash Flow	Discount Rate	11.4%	12.0%	12.0%
				Residual Value	Residual Value	N/A	N/A	N/A
			69,333	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			2,539	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			1,908,437	Yield Analysis	Discount Rate	7.1%	52.8%	12.0%
Second Lien Secured Debt			6,429	Market Comparable Technique	Comparable Multiple	11.0x	11.0x	11.0x
			1,402	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			62,849	Yield Analysis	Discount Rate	13.3%	23.1%	15.5%
			239	Sale Proceeds	Sale Proceeds	N/A	N/A	N/A
Structured Products and Other			9,413	Yield Analysis	Discount Rate	12.3%	12.3%	12.3%
Preferred Equity			33,183	Market Comparable Technique	Comparable Multiple	2.1x	19.3x	13.4x
			1,961	Option Pricing Model	Expected Volatility	90.0%	90.0%	90.0%
			250	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			11	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			78	Residual Value	Residual Value	N/A	N/A	N/A
			74	Yield Analysis	Discount Rate	12.5%	12.5%	12.5%
Common Equity/Interests			111,446	Discounted Cash Flow	Discount Rate	11.4%	11.4%	11.4%
				Residual Value	Residual Value	N/A	N/A	N/A
			11,996	Market Comparable Technique	Comparable Multiple	6.5x	36.5x	13.3x
			190	Option Pricing Model	Expected Volatility	35.0%	90.0%	35.0%
			4,256	Recent Transaction	Recent Transaction	N/A	N/A	N/A
			—	Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			449	Yield Analysis	Discount Rate	12.5%	12.5%	12.5%
			20,977	Sale Proceeds	Sale Proceeds	N/A	N/A	N/A
Warrants			474	Option Pricing Model	Expected Volatility	50.0%	50.0%	50.0%
Unsecured Debt			50	Recent Transaction	Recent Transaction	N/A	N/A	N/A
Total Level 3 Investments	$		2,396,036

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

Summary of Change in Capitalized PIK balance

The following table shows the change in capitalized PIK balance for the twelve months ended December 31, 2023, nine months ended December 31, 2022 and twelve months ended March 31, 2022:

	Twelve Months Ended December 31,				Nine Months Ended December 31,					Twelve months ended March 31,
		2023				2022				2022
PIK balance at beginning of period	$		21,533		$		39,227		$		41,947
PIK income capitalized			2,971				2,154				4,318
Adjustments due to investments exited or written off			(19	)			(19,848	)			(7,038	)
PIK income received in cash			—				—				—
PIK balance at end of period	$		24,485		$		21,533		$		39,227

Summarized Financial Information of Subsidiary

Merx Aviation Finance, LLC and its subsidiaries (collectively, “Merx”) are principally engaged in acquiring and leasing commercial aircraft to airlines. Their focus is on current generation aircraft, held either domestically or internationally. Merx may acquire fleets of aircraft primarily through securitized, non-recourse debt or individual aircraft. Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks.

Balance Sheet

	December 31,
		2023			2022
Total current assets	$		199,549	$		98,139
Total non-current assets			687,706			1,115,920
Total current liabilities			87,151			47,651
Total non-current liabilities			785,031			1,114,974
Shareholders' equity (deficit)			15,072			51,434

Income Statement

	Twelve Months Ended December 31,				Nine Months Ended December 31,
		2023				2022
Net revenue	$		148,460		$		104,842
Net operating income			20,045				13,224
Earnings (loss) before taxes			(28,158	)			(6,825	)
Net profit (loss)			(34,149	)			(6,851	)

ChyronHego Corporation

ChyronHego Corporation provides broadcast graphics creation, play-out and real-time data visualization for live television, news and sports production. It was founded in 1966 and is headquartered in Melville, New York.

Balance Sheet

	December 31,
		2023				2022
Total current assets	$		18,918		$		18,380
Total non-current assets			72,131				79,103
Total current liabilities			12,928				14,763
Total non-current liabilities			120,500				110,193
Shareholders' equity (deficit)			(42,379	)			(27,473	)

Income Statement

	Twelve Months Ended December 31,
		2023				2022				2021
Net revenue	$		33,848		$		44,292		$		43,196
Net operating income			(2,438	)			(1,353	)			(5,422	)
Earnings (loss) before taxes			(12,854	)			(7,186	)			(11,744	)
Net profit/(loss)			(13,207	)			(7,108	)			(12,144	)