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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Total investments at fair value $ 2,448,935 $ 1,800,594
Cash 96,160 49,987
Foreign currencies (cost of $42,627 and $34,069 as of December 31, 2022 and 2021, respectively) 43,255 34,266
Interest and fees receivable 42,738 33,645
Prepaid expenses and other assets 1,079 3,356
Deferred financing fees 3,224 2,985
Receivable from unsettled transactions 19,972 219,732
Total assets 2,709,957 2,160,906
Liabilities:    
Accounts payable and accrued liabilities 971 2,341
Interest payable 7,635 5,704
Administrative fees payable 677 750
Base management fees payable 7,981 5,422
Incentive management fees payable 0 4,067
Payable from unsettled transactions 35,565 26,786
Borrowings under credit facilities 729,144 655,189
Notes payable (net of deferred financing fees) 718,978 717,556
Total liabilities 1,517,628 1,418,975
Commitments and contingencies (Note 7)
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 107,916,166 and 65,316,085 shares issued and outstanding as of December 31, 2022 and 2021, respectively) 108 65
Additional paid-in capital 1,855,975 1,027,687
Total distributable loss (663,754) (285,821)
Total net assets 1,192,329 741,931
Total liabilities and net assets $ 2,709,957 $ 2,160,906
Net asset value per share (in dollars per share) $ 11.05 $ 11.36
Credit Support Agreements    
Assets:    
Derivative asset $ 53,086 $ 15,400
Foreign Exchange Contract    
Assets:    
Derivative asset 1,508 941
Liabilities:    
Derivative liabilities 16,677 1,160
Non-Control / Non-Affiliate investments    
Assets:    
Total investments at fair value 2,052,614 1,490,113
Affiliate investments    
Assets:    
Total investments at fair value 289,993 288,069 [1]
Control investments    
Assets:    
Total investments at fair value $ 106,328 $ 22,412 [2]
[1] All of the investment is or will be encumbered as security for the Company’s senior secured credit facility with ING Capital LLC.
[2] As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2021 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:
December 31, 2020 ValueGross Additions
(b)		Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2021 ValueAmount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
MVC Automotive Group GmbH(e)
Common Equity Interest$9,582 $— $— $— $(1,883)$7,699 $— 
Bridge Loan (6.0% Cash 12/31/2021)
7,149 — — — — 7,149 435 
16,731 — — — (1,883)14,848 435 
MVC Private Equity Fund LPLimited Partnership Interest8,899 — — — (1,523)7,376 — 
General Partnership Interest225 — — (37)188 643 
9,124 — — — (1,560)7,564 643 
Waccamaw River LLC
50% Member Interest
— 4,500 (4,474)— (26)— — 
Total Control Investments$25,855 $4,500 $(4,474)$— $(3,469)$22,412 $1,078 
(a)     Equity and equity-linked investments are non-income producing, unless otherwise noted.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Control category.
(e) The fair value of the investment was determined using significant unobservable inputs.