v3.25.1
FAIR VALUE MEASUREMENTS - Level 3 Reconciliation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair value measurements    
Fair value, beginning of period $ 673,386 $ 740,068
Funding of investments 207,283 149,424
Non-cash interest income 7,260 5,738
Accretion of discount 4,111 4,493
Proceeds from paydowns and sales (244,746) (202,334)
Realized gains (losses) $ (18,688) $ (834)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Sale of Investments Gain (Loss) on Sale of Investments
Net unrealized appreciation (depreciation) $ (9,134) $ (23,169)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Debt and Equity Securities, Unrealized Gain (Loss) Debt and Equity Securities, Unrealized Gain (Loss)
Fair value, end of period $ 619,472 $ 673,386
Change in unrealized appreciation (depreciation) on investments still held (27,059) (25,471)
First lien secured loans    
Fair value measurements    
Fair value, beginning of period 553,085 618,267
Funding of investments 206,830 143,792
Non-cash interest income 6,786 5,471
Accretion of discount 4,084 4,411
Proceeds from paydowns and sales (241,304) (195,496)
Conversions (8,852) (7,232)
Realized gains (losses) (10,985) (518)
Net unrealized appreciation (depreciation) (6,951) (15,610)
Fair value, end of period 502,693 553,085
Change in unrealized appreciation (depreciation) on investments still held (17,190) (17,346)
Second lien secured loans    
Fair value measurements    
Fair value, beginning of period 19,039 20,634
Non-cash interest income 380 267
Accretion of discount 22 82
Proceeds from paydowns and sales (2,039) (233)
Conversions (11,769) 2,695
Realized gains (losses) (5,817) 22
Net unrealized appreciation (depreciation) 8,526 (4,428)
Fair value, end of period 8,342 19,039
Change in unrealized appreciation (depreciation) on investments still held 259 (4,430)
Unsecured Loans    
Fair value measurements    
Fair value, beginning of period 167 167
Non-cash interest income 94  
Accretion of discount 5  
Conversions 886  
Net unrealized appreciation (depreciation) 23  
Fair value, end of period 1,175 167
Change in unrealized appreciation (depreciation) on investments still held 23  
Subordinated Note to STRS JV    
Fair value measurements    
Fair value, beginning of period 84,416 80,000
Funding of investments   4,416
Fair value, end of period 84,416 84,416
Equity (excluding STRS JV)    
Fair value measurements    
Fair value, beginning of period 16,679 21,000
Funding of investments 453 1,216
Proceeds from paydowns and sales (1,403) (6,605)
Conversions 19,735 4,537
Realized gains (losses) (1,886) (338)
Net unrealized appreciation (depreciation) (10,732) (3,131)
Fair value, end of period 22,846 16,679
Change in unrealized appreciation (depreciation) on investments still held $ (10,151) $ (3,694)