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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Investments Measured at Fair Value on Recurring Basis Investments measured at fair value on a recurring basis are categorized in the tables below based upon the lowest level of significant input to the valuations as of June 30, 2024 and December 31, 2023.
(in thousands)Balance as of
June 30,
2024		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Other assets     
Escrow and Other Investment Receivables$1,888 $— $— $1,888 
Investments   
Senior Secured Debt$3,320,419 $— $— $3,320,419 
Unsecured Debt72,090 — — 72,090 
Preferred Stock46,525 — — 46,525 
Common Stock(2)
93,726 48,281 — 45,445 
Warrants28,922 — 11,254 17,668 
 $3,561,682 $48,281 $11,254 $3,502,147 
Investment Funds & Vehicles measured at Net Asset Value(3)
6,857    
Total Investments, at fair value$3,568,539    
Derivative Instruments(4)
188    
Total Investments, at fair value including derivative instruments$3,568,727    
(in thousands)Balance as of
December 31,
2023		Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Other Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Description
Cash and cash equivalents     
Money Market Fund(1)
$56,000 $56,000 $— $— 
Other assets
Escrow and Other Investment Receivables$10,888 $— $— $10,888 
Investments   
Senior Secured Debt$2,987,577 $— $— $2,987,577 
Unsecured Debt69,722 — — 69,722 
Preferred Stock53,038 — — 53,038 
Common Stock(2)
99,132 57,342 — 41,790 
Warrants33,969 — 11,881 22,088 
 $3,243,438 $57,342 $11,881 $3,174,215 
Investment Funds & Vehicles measured at Net Asset Value(3)
4,608    
Total Investments, at fair value$3,248,046    
Derivative Instruments(4)
(766)
Total Investments including cash and cash equivalents and derivative instruments$3,303,280 
(1)This investment is included in Cash and cash equivalents in the accompanying Consolidated Statements of Assets and Liabilities.
(2)Common Stock includes non-voting security in the form of a promissory note with a lien on shares of issuer's Common Stock.
(3)In accordance with U.S. GAAP, certain investments are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not categorized within the fair value hierarchy as per ASC 820. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the accompanying Consolidated Statements of Assets and Liabilities.
(4)Derivative Instruments are carried at fair value and a level 2 security within the Company's fair value hierarchy.
Schedule of Reconciliation Changes for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents a reconciliation of changes for all financial assets and liabilities measured at fair value on a recurring basis, excluding accrued interest components, using significant unobservable inputs (Level 3) for the six months ended June 30, 2024 and 2023.
(in thousands)Balance as of
January 1, 2024
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(3)
Gross
Transfers
out of
Level 3(3)
Balance as of
June 30, 2024
Investments
Senior Secured Debt$2,987,577 $(9,120)$(17,797)$856,973 $— $(493,121)$— $(4,093)$3,320,419 
Unsecured Debt69,722 — 527 1,841 — — — — 72,090 
Preferred Stock53,038 — (10,541)1,597 — — 2,431 — 46,525 
Common Stock41,790 (89)(2,018)4,100 — — 1,662 — 45,445 
Warrants22,088 464 (4,509)2,454 (2,829)— — — 17,668 
Other Assets             
Escrow and Other Investment Receivables10,888 60 9,546 43 (18,649)— — — 1,888 
Total$3,185,103 $(8,685)$(24,792)$867,008 $(21,478)$(493,121)$4,093 $(4,093)$3,504,035 
(in thousands)Balance as of
January 1, 2023
Net Realized
Gains (Losses)(1)
Net Change in
Unrealized
Appreciation
(Depreciation)(2)
Purchases(5)
Sales
Repayments(6)
Gross
Transfers
into
Level 3(4)
Gross
Transfers
out of
Level 3(4)
Balance as of
June 30, 2023
Investments              
Senior Secured Debt$2,741,388 $(5,845)$19,330 $648,729 $— $(524,679)$— $— $2,878,923 
Unsecured Debt54,056 — 4,276 687 — — — — 59,019 
Preferred Stock41,488 (1,941)1,702 — — — — — 41,249 
Common Stock25,059 — 8,322 1,000 (594)— — — 33,787 
Warrants19,419 (1,763)722 2,809 (7)— — — 21,180 
Other Assets             
Escrow Receivable875 80 — — (152)— — — 803 
Total$2,882,285 $(9,469)$34,352 $653,225 $(753)$(524,679)$— $— $3,034,961 
(1)Included in net realized gains (losses) in the accompanying Consolidated Statements of Operations.
(2)Included in net change in unrealized appreciation (depreciation) in the accompanying Consolidated Statements of Operations.
(3)Transfers out of Level 3 during the six months ended June 30, 2024 related to the conversion of the Company's Level 3 debt investments in Better Therapeutics, Inc. and Eigen Technologies Ltd. into common stock and preferred stock Level 3 investments in acquiring companies.
(4)There were no transfers into or out of Level 3 during the six months ended June 30, 2023.
(5)Amounts listed above are inclusive of loan origination fees received at the inception of the loan which are deferred and amortized into fee income as well as the accretion of existing loan discounts and fees during the period. Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments. Amounts are net of purchases assigned to the Adviser Funds.
(6)Amounts listed above include the acceleration and payment of loan discounts and loan fees due to early payoffs or restructures along with regularly scheduled amortization.
Schedule of Unrealized Gain (Loss) on Investments
The following table presents the net unrealized appreciation (depreciation) recorded for debt, preferred stock, common stock, and warrant Level 3 investments relating to assets still held at the reporting date.
(in millions)Six Months Ended June 30,
20242023
Debt Investments
$(17.5)$23.0 
Preferred Stock
(10.5)(1.7)
Common Stock
(1.5)8.3 
Warrant Investments
(2.0)(0.8)
Schedule of Quantitative Information of Fair Value Measurements
The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. See the accompanying Consolidated Schedule of Investments for the fair value of the Company’s investments. The methodology
for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.
Investment Type - Level 3
Debt Investments		Fair Value as of
June 30, 2024
(in thousands)		Valuation
Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$1,176,486 Market Comparable CompaniesHypothetical Market Yield
10.36% - 18.58%
13.20%
  Premium/(Discount)
(2.00)% - 4.25%
0.05%
Technology987,037 Market Comparable CompaniesHypothetical Market Yield
10.37% - 18.45%
13.48%
  Premium/(Discount)
(1.00)% - 3.25%
0.33%
 24,820 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 70.00%
50.12%
62,155 
Liquidation(3)
Probability weighting of alternative outcomes
20.00% - 100.00%
66.67%
Sustainable and Renewable Technology1,457 Market Comparable CompaniesHypothetical Market Yield
11.72% - 11.72%
11.72%
  Premium/(Discount)
2.00% - 2.00%
2.00%
Medical Devices30,761 Market Comparable CompaniesHypothetical Market Yield
12.60% - 12.60%
12.60%
Premium/(Discount)
0.50% - 0.50%
0.50%
Lower Middle Market436,935 Market Comparable CompaniesHypothetical Market Yield
10.75% - 19.07%
14.00%
  Premium/(Discount)
0.00% - 3.00%
0.90%
Debt Investments for which Cost Approximates Fair Value
 554,672 Debt Investments originated within 6 months  
 46,525 
Imminent Payoffs(4)
  
 71,661 Debt Investments Maturing in Less than One Year
 $3,392,509 Total Level 3 Debt Investments
Other Investment Receivables1,687 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
40.20%
$3,394,196 Total Level Three Debt Investments and Other Investment Receivables
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, “Space Technologies”, and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables is the probability weighting of alternative outcomes.
(4)Imminent Payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3
Debt Investments
Fair Value as of
December 31, 2023
(in thousands)		Valuation Techniques/ Methodologies
Unobservable Input(1)
Range
Weighted
Average(2)
Pharmaceuticals$971,775 Market Comparable CompaniesHypothetical Market Yield
10.91% - 21.43%
13.46%
  Premium/(Discount)
(1.00)% - 3.50%
0.04%
 8,455 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
41.83%
Technology1,181,823 Market Comparable CompaniesHypothetical Market Yield
11.30% - 20.74%
15.03%
  Premium/(Discount)
(1.00)% - 5.00%
0.47%
 23,244 Convertible Note AnalysisProbability weighting of alternative outcomes
1.00% - 50.00%
39.32%
 — 
Liquidation(3)
Probability weighting of alternative outcomes
100.00% - 100.00%
100.00%
Sustainable and Renewable Technology1,678 Market Comparable CompaniesHypothetical Market Yield
10.75% - 10.75%
10.75%
   Premium/(Discount)
0.75% - 0.75%
0.75%
Lower Middle Market322,162 Market Comparable CompaniesHypothetical Market Yield
12.54% - 20.15%
14.13%
   Premium/(Discount)
(0.75)% - 2.25%
0.56%
Debt Investments for which Cost Approximates Fair Value
 431,512 Debt Investments originated within 6 months  
 54,430 
Imminent Payoffs(4)
  
 62,220 Debt Investments Maturing in Less than One Year
 $3,057,299 Total Level 3 Debt Investments
Other Investment Receivables9,648 
Liquidation(3)
Probability weighting of alternative outcomes
10.00% - 50.00%
41.83%
$3,066,947 Total Level Three Debt Investments and Other Investment Receivables
(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The premiums/(discounts) relate to company specific characteristics such as underlying investment performance, security liens, and other characteristics of the investment. Significant increases (decreases) in the inputs in isolation may result in a significantly lower (higher) fair value measurement, depending on the materiality of the investment.
Debt investments in the industries noted in the Company’s Consolidated Schedule of Investments are included in the industries noted above as follows:
•Pharmaceuticals, above, is comprised of debt investments in the “Drug Discovery & Development” and “Healthcare Services, Other” industries.
•Technology, above, is comprised of debt investments in the “Communications & Networking”, “Information Services”, “Consumer & Business Services”, “Media/Content/Info”, and “Software” industries.
•Sustainable and Renewable Technology, above, is comprised of debt investments in the “Sustainable and Renewable Technology” industry.
•Lower Middle Market, above, is comprised of debt investments in the “Healthcare Services – Other”, “Consumer & Business Services”, “Diversified Financial Services”, “Sustainable and Renewable Technology”, and “Software” industries.
(2)The weighted averages are calculated based on the fair market value of each investment.
(3)The significant unobservable input used in the fair value measurement of impaired debt securities and other investment receivables is the probability weighting of alternative outcomes.
(4)Imminent payoffs represent debt investments that the Company expects to be fully repaid within the next three months, prior to their scheduled maturity date.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
June 30, 2024
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$44,149 Market Comparable Companies
Revenue Multiple(2)
0.3x - 16.2x
13.2x
  
Tangible Book Value Multiple(2)
1.5x - 1.5x
1.5x
  
Discount for Lack of Marketability(3)
10.60% - 92.58%
34.54%
 10,845 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(90.62)% - 4.58%
(9.31)%
 32,417 Discounted Cash Flow
Discount Rate(7)
12.93% - 33.53%
30.77%
 4,559 
Other(6)
   
Warrant Investments14,837 Market Comparable Companies
Revenue Multiple(2)
0.9x - 11.3x
4.5x
  
Discount for Lack of Marketability(3)
10.16% - 32.96%
24.55%
 2,831 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(44.75)% - 46.34%
(2.96)%
Total Level 3 Equity and Warrant Investments$109,638     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent private market and merger and acquisition transaction prices.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Investment Type - Level 3 Equity and Warrant InvestmentsFair Value as of
December 31, 2023
(in thousands)		Valuation Techniques/
Methodologies
Unobservable Input(1)
Range
Weighted Average(5)
Equity Investments$52,094 Market Comparable Companies
EBITDA Multiple(2)
12.3x - 12.3x
12.3x
  
Revenue Multiple(2)
0.3x - 20.1x
7.2x
  
Tangible Book Value Multiple(2)
1.8x - 1.8x
1.8x
  
Discount for Lack of Marketability(3)
7.11% - 92.72%
31.57%
 11,096 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(86.14)% - 32.69%
7.47%
 28,713 Discounted Cash Flow
Discount Rate(7)
19.88% - 31.97%
30.51%
 2,925 
Other(6)
   
Warrant Investments19,014 Market Comparable Companies
EBITDA Multiple(2)
12.3x -12.3x
12.3x
  
Revenue Multiple(2)
0.9x - 10.2x
4.2x
  
Discount for Lack of Marketability(3)
6.21% - 33.12%
21.70%
 3,074 Market Adjusted OPM Backsolve
Market Equity Adjustment(4)
(70.67)% - 34.86%
13.17%
 — 
Other(6)
   
Total Level 3 Equity and Warrant Investments$116,916     
(1)The significant unobservable inputs used in the fair value measurement of the Company’s warrant and equity securities are revenue and/or earnings multiples (e.g. EBITDA, EBT, ARR), market equity adjustment factors, and discounts for lack of marketability. Significant increases/(decreases) in the inputs in isolation would result in a significantly higher/(lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger/acquisition events near the measurement date. The significant unobservable input used in the fair value measurement of impaired equity securities is the probability weighting of alternative outcomes.
(2)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(3)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
(4)Represents the range of changes in industry valuations since the portfolio company's last external valuation event.
(5)Weighted averages are calculated based on the fair market value of each investment.
(6)The fair market value of these investments is derived based on recent market transactions.
(7)The discount rate used is based on current portfolio yield adjusted for uncertainty of actual performance and timing in capital deployments.
Schedule of Fair Value Hierarchy of Outstanding Borrowings The following tables provide additional information about the approximate fair value and level in the fair value hierarchy of the Company’s outstanding borrowings as of June 30, 2024 and December 31, 2023:
(in thousands)June 30, 2024
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$170,615 $149,839 $— $— $149,839 
July 2024 Notes104,975 107,142 — — 107,142 
February 2025 Notes49,924 49,816 — — 49,816 
June 2025 Notes69,838 68,046 — — 68,046 
June 2025 3-Year Notes49,848 49,199 — — 49,199 
March 2026 A Notes49,842 48,137 — — 48,137 
March 2026 B Notes49,828 48,183 — — 48,183 
September 2026 Notes322,830 293,518 — — 293,518 
January 2027 Notes346,600 319,515 — — 319,515 
2031 Asset-Backed Notes148,838 142,500 — 142,500 — 
2033 Notes38,989 39,840 — 39,840 — 
MUFG Bank Facility133,000 133,000 — — 133,000 
SMBC Facility212,000 212,000 — — 212,000 
Total$1,747,127 $1,660,735 $— $182,340 $1,478,395 
(in thousands)December 31, 2023
DescriptionCarrying
Value		Approximate
Fair Value		Identical Assets
(Level 1)		Observable Inputs
(Level 2)		Unobservable Inputs
(Level 3)
SBA Debentures$170,323 $142,011 $— $— $142,011 
July 2024 Notes104,828 105,755 — — 105,755 
February 2025 Notes49,866 49,144 — — 49,144 
June 2025 Notes69,757 67,198 — — 67,198 
June 2025 3-Year Notes49,771 48,983 — — 48,983 
March 2026 A Notes49,795 47,702 — — 47,702 
March 2026 B Notes49,776 47,759 — — 47,759 
September 2026 Notes322,339 288,711 — — 288,711 
January 2027 Notes345,935 315,832 — — 315,832 
2031 Asset-Backed Notes148,544 142,500 — 142,500 — 
2033 Notes38,935 40,400 — 40,400 — 
MUFG Bank Facility61,000 61,000 — — 61,000 
SMBC Facility94,000 94,000 — — 94,000 
Total$1,554,869 $1,450,995 $— $182,900 $1,268,095