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Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of December 31, 2022 and 2021. The weighted average range of unobservable inputs is based on fair value of investments.
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$1,305,819 Yield AnalysisMarket Yield
7.7% – 37.3%
11.7%Decrease
14,794 Market ApproachAdjusted EBITDA Multiple
6.0x
6.0xIncrease
1,263 Market ApproachRevenue Multiple
0.2x
0.2xIncrease
13,153 Discounted Cash Flow AnalysisDiscount Rate13.0%13.0%Decrease
233,824 Recent TransactionTransaction Price
96.7% – 100.0%
97.5%Increase
Subordinated debt and 2nd lien notes(2)
182,856 Yield AnalysisMarket Yield
8.4% – 16.6%
13.1%Decrease
35,536 Market ApproachAdjusted EBITDA Multiple
6.5x – 9.0x
7.4xIncrease
2,186 Market ApproachRevenue Multiple
0.5x
0.5xIncrease
513 Recent TransactionTransaction Price97.3%97.3%Increase
Structured products(3)
3,792 Discounted Cash Flow AnalysisDiscount Rate
10.4%
10.4%Decrease
5,239 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
12,600 Yield AnalysisMarket Yield
15.7% – 17.8%
16.7%Decrease
259,219 Market ApproachAdjusted EBITDA Multiple
4.0x – 43.0x
9.4xIncrease
1,321 Market ApproachRevenue Multiple
0.2x – 7.0x
6.8xIncrease
221 Market ApproachAdjusted EBITDA/Revenue Multiple Blend5.8x5.8xIncrease
1,932 Net Asset ApproachLiabilities$(8,942)$(8,942)Decrease
112 Expected RecoveryExpected Recovery
$2.5 - $110
$107.6Increase
4,921 Recent TransactionTransaction Price
$0.00 – $1,015.13
$521.22Increase
Equity warrants1,054 Market ApproachAdjusted EBITDA Multiple
4.0x – 17.5x
7.3xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $22,503, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $13,123, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $8,796, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to 2,741, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
December 31, 2021:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$717,374 Yield AnalysisMarket Yield
5.2% – 33.5%
7.7%Decrease
416,010 Recent TransactionTransaction Price
96.5% – 99.0%
97.7%Increase
Subordinated debt and 2nd lien notes(2)
107,345 Yield AnalysisMarket Yield
5.3% – 19.0%
11.5%Decrease
64,895 Market ApproachAdjusted EBITDA Multiple
0.6x – 9.0x
5.67xIncrease
40,354 Recent TransactionTransaction Price
97.0% – 100.0%
98.0%Increase
Equity shares(3)
137,393 Market ApproachAdjusted EBITDA Multiple
5.5x – 54.0x
13.1xIncrease
6,197 Expected Transaction(4)Transaction Price
$6,197,037
$6,197,037Increase
4,546 Recent TransactionTransaction Price
$1.0 – $1,000
$140.03Increase
Equity warrants864 Market ApproachAdjusted EBITDA Multiple
5.0x – 6.0x
6.0xIncrease
(1)Excludes investments with an aggregate fair value amounting to $3,939, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $17,975, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $3,146, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Estimated proceeds expected to be received under legally binding asset purchase agreement for sale of real estate held by portfolio company.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2022 and 2021. The weighted average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$12,386 Income ApproachDiscount Rate
7.1% - 8.1%
7.6%Decrease
December 31, 2021:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$15,400 Simulation AnalysisEnterprise Value
$5,700 - $111,700
$58,700Decrease
Asset Volatility
25.0% - 47.5%
36.3%Increase
Time Until Exit (years)
0.5 - 6.0
3.3Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of December 31, 2022. The weighted average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$40,700 Simulation AnalysisEnterprise Value
$100 - $403,500
$201,800Decrease
Asset Volatility
37.5% - 70.0%
53.8%Increase
Time Until Exit (years)
0 - 9.1
4.6Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
Schedule of Fee Income
Fee income for the years ended December 31, 2022, 2021 and 2020 was as follows:
Year Ended December 31
($ in thousands)202220212020
Recurring Fee Income:
Amortization of loan origination fees$5,943 $4,620 $2,180 
Management, valuation and other fees1,237 2,186 867 
Total Recurring Fee Income7,180 6,806 3,047 
Non-Recurring Fee Income:
Prepayment fees303 474 84 
Acceleration of unamortized loan origination fees5,595 4,824 537 
Advisory, loan amendment and other fees1,845 916 412 
Total Non-Recurring Fee Income7,743 6,214 1,033 
Total Fee Income$14,923 $13,020 $4,080 
Schedule of Dividends Payable
The table below summarizes the Company’s dividends and distributions in the three years ended December 31, 2022: 
Declared
($ in thousands, except per share amounts)		RecordPayablePer  Share
Amount		Amount
Paid in
Cash		Amount Settled via Newly Issued SharesTotal
February 27, 2020March 11, 2020March 18, 2020$0.16 $7,824 $— $7,824 
April 1, 3020June 10, 2020June 17, 20200.16 7,674 — 7,674 
August 5, 2020September 9, 2020September 16, 20200.16 7,674 — 7,674 
November 9, 2020November 25, 2020December 2, 20200.17 8,153 — 8,153 
Total 2020 dividends and distributions$0.65 $31,325 $— $31,325 
February 7, 2021March 10, 2021March 17, 2021$0.19 $12,410 $— $12,410 
May 6, 2021June 9, 2021June 16, 20210.20 13,063 — 13,063 
August 5, 2021September 8, 2021September 15, 20210.21 13,716 — 13,716 
November 9, 2021November 24, 2021December 1, 20210.22 14,370 — 14,370 
Total 2021 dividends and distributions$0.82 $53,559 $— $53,559 
February 1, 2022February 16, 2022February 23, 2022$0.23 $15,023 $— $15,023 
May 5, 2022June 8, 2022June 15, 20220.24 26,506 — 26,506 
August 9, 2022September 7, 2022September 14, 20220.24 26,198 — 26,198 
November 10, 2022December 7, 2022December 14, 20220.24 25,999 — 25,999 
Total 2022 dividends and distributions$0.95 $93,726 $— $93,726