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Pay vs Performance Disclosure - USD ($)

2 Months Ended

10 Months Ended

12 Months Ended

Feb. 28, 2023

Dec. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE

As required by Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid to our principal executive officer (PEO) and other NEOs and certain financial performance metrics of the Company. We are externally managed by our Manager and for the years ended December 31, 2022, 2021 and 2020 our named executive officers (other than Mr. Gravelle) generally received most of their compensation from the Manager by virtue of being members of the Manager. In the year ended December 31, 2023, we began paying our named executive officers from the Company and our named executive officers generally began receiving most of their compensation from the Company. The following table does not reflect any interests of any of our named executive officers, as applicable, relating to fees paid to the Manager through the Management Fee and the MIP. For further information concerning the Company’s executive compensation philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis.”

PAY VERSUS PERFORMANCE TABLE



Year		Summary Compensation Table Total for PEO (Massey) ($) 1					Compensation Actually Paid to PEO (Massey) ($) 1,2					Summary Compensation Table Total for PEO (Ducommun) ($) 1					Compensation Actually Paid to PEO (Ducommun) ($) 1,2					Average Summary Compensation Table Total for Non-PEO NEOs ($) 3					Average Compensation Actually Paid to Non-PEO NEOs ($) 2					Value of $100 Investment Based on: 4										Net Income (Loss) ($ in millions) 6					Total Shareholders’ Equity ($ in millions) 6
																																Total Shareholder Return (TSR) ($)					Peer Group Total Shareholder Return (TSR) ($) 5

2023		1					1					389,833					389,833					1,598,255					1,554,765					52.46					195.56					(313.4)					2,324.5

2022		—					—					762,749					762,749					419,403					367,883					55.53					137.39					(428.1)					2,718.8

2021		—					—					2,028,114					1,979,862					760,923					731,833					94.51					151.97					(287.0)					3,335.3

2020		1					26,701					—					—					3,973,007					4,056,044					119.04					100.59					1,786.2					3,779.6

1.

Compensation information shown is based on the Company’s PEO(s) for the year presented. Mr. Ducommun was the Company’s PEO until February 2023 and in 2022 and 2021. Mr. Massey was the Company’s PEO from February 2023 through December 31, 2023 and in 2020. Refer to “Executive Compensation – Summary Compensation Table” for additional information.

2.

The dollar amounts reported in these columns represent the amount of “compensation actually paid” to our PEO or the average for our non-PEO NEOs as a group, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, adjustments were made to the total compensation of the PEOs and the other NEOs as a group for each year to reflect the change in fair value of stock-based compensation. Refer to “Compensation Actually Paid – Equity Adjustments” below for further detail.

3.

Compensation information shown represents the average compensation of the following named executive officers as a group (excluding the applicable PEO for that year): Messrs. Caswell, Coy, Sadowski and Curley for 2023; Messrs. Massey, Coy and Gravelle for 2022 and 2021; and Messrs. Bickett, Ducommun, Coy, Gravelle and Cox in 2020. Refer to “Executive Compensation – Summary Compensation Table” for additional information.

4.	Represents the value of a fixed $100 invested on 12/31/2019 in the Company’s stock or a basket of securities of our peer group, including reinvestment of dividends.

5.

Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. Peer group consists of the following companies: Apollo Global Management Inc., Compass Diversified Holdings, FS KKR Capital Corp. II, Golub Capital BDC, Inc., New Mountain Finance Corporation and Prospect Capital Corporation. The stock performance included in this table is not necessarily indicative of future stock price performance.

6.	Represents the Company’s net income (loss) and total shareholders’ equity as determined directly from the Company’s audited financial statements for the year presented.

Named Executive Officers, Footnote

Compensation information shown is based on the Company’s PEO(s) for the year presented. Mr. Ducommun was the Company’s PEO until February 2023 and in 2022 and 2021. Mr. Massey was the Company’s PEO from February 2023 through December 31, 2023 and in 2020. Refer to “Executive Compensation – Summary Compensation Table” for additional information.

Peer Group Issuers, Footnote

Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. Peer group consists of the following companies: Apollo Global Management Inc., Compass Diversified Holdings, FS KKR Capital Corp. II, Golub Capital BDC, Inc., New Mountain Finance Corporation and Prospect Capital Corporation. The stock performance included in this table is not necessarily indicative of future stock price performance.

Adjustment To PEO Compensation, Footnote

PRINCIPAL EXECUTIVE OFFICER



Year		Reported Summary Compensation Table Total for PEO ($)		Less: Reported Value of Equity Awards ($) 1					Equity Award Adjustments ($) 1					Compensation Actually Paid to PEO ($)

2023 (Massey)		1		—					—					1

2023 (Ducommun)		389,833		—					—					389,833

1.	No adjustments were required as we did not award any equity awards to our PEOs during 2023 and no PEO held or holds any equity awards which would be required to be adjusted pursuant to Item 402(v)(2)(iii)(C) of Regulation S-K.



Year		Year End Fair Value of Outstanding and Unvested Equity Awards Granted in Year ($)					Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($)					Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)					Total Equity Award Adjustments ($)

2023		1,215,600					(11,239)					2,650					1,207,010

Non-PEO NEO Average Total Compensation Amount

$ 1,598,255

$ 419,403

$ 760,923

$ 3,973,007

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,554,765

367,883

731,833

4,056,044

Adjustment to Non-PEO NEO Compensation Footnote

AVERAGE OF NON-PEO NAMED EXECUTIVE OFFICERS



Year		Reported Summary Compensation Table Average for Non- PEOs ($)		Less: Reported Value of Equity Awards ($) 1					Equity Award Adjustments ($) 1					Compensation Actually Paid – Average for Non-PEOs ($)

2023		1,598,255		(1,250,501)					1,207,010					1,554,765

1.

The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year. The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; and (iii) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value. The valuation assumptions used to calculate fair value were the same as those disclosed at the time of grant and are calculated in accordance with Accounting Standards Codification Topic 718. The amounts deducted or added in calculating the equity award adjustments are as follows:



Year		Year End Fair Value of Outstanding and Unvested Equity Awards Granted in Year ($)					Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($)					Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)					Total Equity Award Adjustments ($)

2023		1,215,600					(11,239)					2,650					1,207,010

Compensation Actually Paid vs. Total Shareholder Return

Cumulative Total Shareholder Return (TSR).

The Company’s cumulative TSR over the four- year period presented in the table was (48)%. The cumulative TSR of the peer group presented for this purpose was 96% over the four years presented in the table. Over the four-year period presented in the table, the aggregate compensation actually paid to our PEOs changed from $26,701 to $389,834. Mr. Massey’s compensation actually paid in 2020 was attributable to the change in fair value of stock compensation granted prior to 2020. Mr. Ducommun’s compensation in 2023 was primarily attributable to payments under the ISIP. Mr. Massey received nominal compensation in 2023. Refer to discussion under “Our Compensation Programs are Driven by our Business Objectives” and “The Investment Success Incentive Program” for further information on the ISIP. The average compensation actually paid to our NEOs as a group (excluding our PEO) decreased by 62%, directionally consistent with the Company’s cumulative TSR, over the four-year period.

Compensation Actually Paid vs. Net Income

Net Income (Loss).

While the Company does not use net income (loss) as a performance measure in its overall executive compensation program, the change in the amount of compensation actually paid to our principal executive officer and in the average amount of compensation actually paid to the Company’s NEOs as a group (excluding our PEO) is generally aligned with the change in the Company’s net income (loss) over the four years presented in the table. As seen in the Pay Versus Performance Table, decreases in compensation actually paid to our non-PEO NEOs as a group over the four-year period generally aligned with similar decreases in net income (loss).

Total Shareholder Return Vs Peer Group

Cumulative Total Shareholder Return (TSR).

The Company’s cumulative TSR over the four- year period presented in the table was (48)%. The cumulative TSR of the peer group presented for this purpose was 96% over the four years presented in the table. Over the four-year period presented in the table, the aggregate compensation actually paid to our PEOs changed from $26,701 to $389,834. Mr. Massey’s compensation actually paid in 2020 was attributable to the change in fair value of stock compensation granted prior to 2020. Mr. Ducommun’s compensation in 2023 was primarily attributable to payments under the ISIP. Mr. Massey received nominal compensation in 2023. Refer to discussion under “Our Compensation Programs are Driven by our Business Objectives” and “The Investment Success Incentive Program” for further information on the ISIP. The average compensation actually paid to our NEOs as a group (excluding our PEO) decreased by 62%, directionally consistent with the Company’s cumulative TSR, over the four-year period.

Total Shareholder Return Amount

$ 52.46

55.53

94.51

119.04

Peer Group Total Shareholder Return Amount

195.56

137.39

151.97

100.59

Net Income (Loss)

(313,400,000)

(428,100,000)

(287,000,000)

1,786,200,000

Total Shareholders Equity

2,324,500,000

2,718,800,000

3,335,300,000

3,779,600,000

Mr. Ducommun [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

389,833

762,749

2,028,114

PEO Actually Paid Compensation Amount

389,833

$ 762,749

$ 1,979,862

Mr. Ducommun

Mr. Ducommun

Mr. Ducommun

Mr. Massey [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

1

1

PEO Actually Paid Compensation Amount

1

$ 26,701

Mr. Massey

Mr. Massey

PEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,207,010

PEO | Year End Fair Value of Outstanding and Unvested Equity Awards Granted [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,215,600

PEO | Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(11,239)

PEO | Year Over Year Change in Fair Value of Equity Awards Granted that Vested [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,650

Non-PEO NEO | Reported Value of Equity Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,250,501)

Non-PEO NEO | Equity Award Adjustments [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 1,207,010