Annual report pursuant to Section 13 and 15(d)

FAIR VALUE HIERARCHY FOR INVESTMENTS???PORTFOLIO COMPOSITION - Level??3 Portfolio Investments (Details)

v3.22.4
FAIR VALUE HIERARCHY FOR INVESTMENTS—PORTFOLIO COMPOSITION - Level 3 Portfolio Investments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 4,102,177 [1],[2] $ 3,561,831 [3],[4]
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 4,100,273 $ 3,559,837
Significant Unobservable Inputs (Level 3) | EBITDA multiple, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 2.0 2.2
Significant Unobservable Inputs (Level 3) | EBITDA multiple, outlier | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 15.7 11.0
Significant Unobservable Inputs (Level 3) | Risk adjusted discount factor, outlier | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.038 0.042
Significant Unobservable Inputs (Level 3) | Risk adjusted discount factor, outlier | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.433 0.385
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 1,172,077 $ 1,050,269
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.094 0.091
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.225 0.206
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.145 0.138
Significant Unobservable Inputs (Level 3) | Equity investments | Discounted cash flow | WACC | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.154 0.148
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 4.3 4.8
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 8.3 7.7
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 6.7 6.6
Significant Unobservable Inputs (Level 3) | Equity investments | Market comparable / Enterprise value | EBITDA multiple | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 6.0 5.9
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 2,663,958 $ 2,158,424
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount factor | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.057 0.056
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount factor | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.157 0.157
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount factor | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.100 0.098
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Risk adjusted discount factor | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.103 0.093
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.000 0.000
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 1.000 1.000
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 0.994 0.996
Significant Unobservable Inputs (Level 3) | Debt investments | Discounted cash flow | Expected principal recovery percentage | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 1.000 1.000
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Total Level 3 investments $ 264,238 $ 351,144
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 5.6 3.0
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 98.5 100.5
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 87.0 94.4
Significant Unobservable Inputs (Level 3) | Debt investments | Market approach | Third-party quote | Median    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Range 91.4 99.0
[1] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
[2] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or SPV Facility (each as defined in Note B.5. — Deferred Financing Costs, and together the “Credit Facilities”) or in support of the SBA-guaranteed debentures issued by the Funds.
[3] Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion.
[4] All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for the Company’s Corporate Facility or in support of the SBA-guaranteed debentures issued by the Funds.