v3.26.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2026 and December 31, 2025, according to the fair value hierarchy: 
September 30, 2026(1)(2)December 31, 2025(3)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$— $— $1,053,970 $1,053,970 $— $— $1,370,525 $1,370,525 
Senior secured second lien debt— — — — — — — — 
Collateralized securities and structured products - equity— — — — — — 5,028 5,028 
Unsecured debt— — 7,668 7,668 — — 6,639 6,639 
Equity3,140 — 348,094 351,234 6,268 — 294,841 301,109 
Short term investments30,397 — — 30,397 116,010 — — 116,010 
Total Investments$33,537 $— $1,409,732 $1,443,269 $122,278 $— $1,677,033 $1,799,311 
(1)Excludes the Company's $10,860 investment in CION/EagleTree, which is measured at NAV.
(2)Excludes the Company's $47,523 investment in SLFP, which is measured at NAV.
(3)Excludes the Company's $13,679 investment in CION/EagleTree, which is measured at NAV.
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended
September 30, 2026
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, June 30, 2026$1,303,616 $— $— $7,359 $321,520 $1,632,495 
Investments purchased(2)(3)62,131 — — 51 27,338 89,520 
Net realized (loss) gain(8,632)— — — 1 (8,631)
Net change in unrealized (depreciation) appreciation(9,200)— — 258 2,595 (6,347)
Accretion of discount1,907 — — — — 1,907 
Sales and principal repayments(3)(295,852)— — — (3,360)(299,212)
Ending balance, September 30, 2026$1,053,970 $— $— $7,668 $348,094 $1,409,732 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2026(1)$(11,769)$— $— $258 $2,595 $(8,916)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased include PIK interest.
(3)Includes non-cash restructured securities and equity investments received in settlement of fee income.
Nine Months Ended
September 30, 2026
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2025$1,370,525 $— $5,028 $6,639 $294,841 $1,677,033 
Investments purchased(2)(3)256,610 — — 147 38,067 294,824 
Net realized (loss) gain(27,651)— (69)— 1,360 (26,360)
Net change in unrealized (depreciation) appreciation (21,433)— (59)882 20,188 (422)
Accretion of discount6,441 — — — — 6,441 
Sales and principal repayments(3)(530,522)— (4,900)— (6,362)(541,784)
Ending balance, September 30, 2026$1,053,970 $— $— $7,668 $348,094 $1,409,732 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2026(1)$(29,739)$— $— $882 $20,188 $(8,669)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased include PIK interest.
(3)Includes non-cash restructured securities and equity investments received in settlement of fee income.
Three Months Ended
September 30, 2025
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, June 30, 2025$1,501,896 $1,011 $3,027 $8,091 $229,488 $1,743,513 
Investments purchased(2)(3)128,458 70 985 45 51,308 180,866 
Net realized loss(5,965)(3,200)(440)— — (9,605)
Net change in unrealized (depreciation) appreciation (28,647)2,113 462 (738)37,376 10,566 
Accretion of discount19,404 41 — — — 19,445 
Sales and principal repayments(3)(225,332)(35)(25)— — (225,392)
Net transfers in and/or (out) of Level 3— — — — (4,555)(4,555)
Ending balance, September 30, 2025$1,389,814 $— $4,009 $7,398 $313,617 $1,714,838 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)$(14,931)$(892)$462 $(738)$37,351 $21,252 
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased include PIK interest.
(3)Includes non-cash restructured securities.
Nine Months Ended
September 30, 2025
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2024$1,563,256 $2,680 $2,682 $11,814 $219,294 $1,799,726 
Investments purchased(2)(3)293,866 214 1,964 132 62,639 358,815 
Net realized loss(35,516)(3,200)(440)— (531)(39,687)
Net change in unrealized (depreciation) appreciation(50,167)289 340 (445)37,726 (12,257)
Accretion of discount23,602 52 — — — 23,654 
Sales and principal repayments(3)(405,227)(35)(537)(4,103)— (409,902)
Net transfers in and/or (out) of Level 3— — — — (5,511)(5,511)
Ending balance, September 30, 2025$1,389,814 $— $4,009 $7,398 $313,617 $1,714,838 
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1)$(38,917)$(1,507)$340 $(445)$37,929 $(2,600)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased include PIK interest.
(3)Includes non-cash restructured securities.
Significant Unobservable Inputs
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$829,167 Discounted Cash FlowDiscount Rates9.6%—71.1%16.3%
99,614 Market Comparable ApproachRevenue Multiple
0.75x
—
5.00x
1.84x
72,909 EBITDA Multiple
2.75x
—
12.50x
8.40x
24,699 Other(2)Insurance Claim Recovery Rate46%N/A
24,104 Probability Weighted Recovery Rate14%—100%99%
3,477 Broker QuotesBroker QuotesN/AN/A
Senior secured second lien debt— Market Comparable ApproachRevenue Multiple
1.33x
N/A
Unsecured debt4,809 Other(2)Probability Weighted Recovery Rate25%N/A
1,620 Discounted Cash FlowDiscount Rates14.5%N/A
1,239 
Options Pricing Model
Expected Volatility21%N/A
Equity146,174 Market Comparable ApproachEBITDA Multiple
2.75x
—
22.75x
11.68x
99,241 $ per kW$938N/A
74,352 Revenue Multiple
0.43x
—
5.00x
0.72x
19,279 Options Pricing ModelExpected Volatility40%—80%57%
6,774 Discounted Cash FlowDiscount Rates8.5%N/A
2,019 Other(2)Other(2)N/AN/A
255 Broker QuotesBroker QuotesN/AN/A
Total$1,409,732 
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.
December 31, 2025
Fair ValueValuation Techniques/
Methodologies		Unobservable
Inputs		RangeWeighted Average(1)
Senior secured first lien debt$1,125,658 Discounted Cash FlowDiscount Rates8.3%—56.1%13.3%
123,118 Market Comparable ApproachRevenue Multiple
0.75x
—
4.00x
1.71x
43,583 EBITDA Multiple
1.50x
—
5.00x
3.33x
34,919 Other(2)
Probability Weighted Recovery Rate
15%—100%97%
23,133 Insurance Claim Recovery Rate38.3%N/A
20,114 Broker QuotesBroker QuotesN/AN/A
Senior secured second lien debt— Market Comparable Approach
Revenue Multiple
1.43x
N/A
Collateralized securities and structured products - equity5,028 Discounted Cash FlowDiscount Rates13.5%N/A
Unsecured debt4,840 Other(2)
Probability Weighted Recovery Rate
25%N/A
1,646 Discounted Cash FlowDiscount Rates12.3%N/A
153 
Market Comparable Approach
EBITDA Multiple
9.75x
N/A
Equity127,094 Market Comparable ApproachEBITDA Multiple
4.00x
—
26.38x
12.49x
105,657 $ per kW$1,000N/A
34,934 Revenue Multiple
0.35x
—
4.00x
0.63x
16,775 Options Pricing ModelExpected Volatility43.3%—112.5%57.3%
9,571 Broker QuotesBroker QuotesN/AN/A
810 Other(2)Other(2)N/AN/A
Total$1,677,033 
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.
The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, broker quotes, recovery rates, $ per kW and expected volatility would result in a significantly higher or lower fair value measurement, respectively.