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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
Schedule of Investments [Abstract]  
Schedule of Investments Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands)CostPercentage of
Total Portfolio		Fair ValuePercentage of
Total Portfolio		Percentage of
Total
Net Assets
March 31, 2023:
Senior debt and 1st lien notes
$1,813,687 68 %$1,765,238 69 %146 %
Subordinated debt and 2nd lien notes
318,480 12 255,089 10 21 
Structured products96,896 4 79,343 3 7 
Equity shares274,704 10 331,880 13 28 
Equity warrants178 — 1,056 — — 
Investment in joint ventures / PE fund154,539 6 123,508 5 10 
$2,658,484 100 %$2,556,114 100 %212 %
December 31, 2022:
Senior debt and 1st lien notes
$1,752,943 69 %$1,696,192 69 %142 %
Subordinated debt and 2nd lien notes
326,639 13 263,139 11 22 
Structured products88,805 3 73,550 3 6 
Equity shares230,188 9 284,570 12 24 
Equity warrants178 — 1,057 — — 
Investment in joint ventures / PE fund163,645 6 130,427 5 11 
$2,562,398 100 %$2,448,935 100 %205 %
The industry composition of investments at fair value at March 31, 2023 and December 31, 2022 was as follows:
($ in thousands)March 31, 2023December 31, 2022
Aerospace and Defense$143,668 5.6 %$120,945 4.9 %
Automotive80,731 3.2 76,934 3.2 
Banking, Finance, Insurance and Real Estate358,053 14.0 312,936 12.8 
Beverage, Food and Tobacco36,133 1.4 34,690 1.4 
Capital Equipment145,705 5.7 141,479 5.8 
Chemicals, Plastics, and Rubber46,877 1.8 47,076 1.9 
Construction and Building44,105 1.7 45,049 1.8 
Consumer goods: Durable43,165 1.7 43,932 1.8 
Consumer goods: Non-durable27,817 1.1 27,693 1.1 
Containers, Packaging and Glass38,312 1.5 37,877 1.5 
Energy: Electricity7,718 0.3 7,337 0.3 
Energy: Oil and Gas4,497 0.2 4,776 0.2 
Environmental Industries51,319 2.0 51,006 2.1 
Healthcare and Pharmaceuticals195,826 7.7 203,576 8.3 
High Tech Industries314,514 12.3 300,980 12.3 
Hotel, Gaming and Leisure54,326 2.1 54,023 2.2 
Investment Funds and Vehicles123,508 4.8 130,427 5.3 
Media: Advertising, Printing and Publishing55,057 2.2 55,477 2.3 
Media: Broadcasting and Subscription20,249 0.8 20,257 0.8 
Media: Diversified and Production62,423 2.4 60,561 2.5 
Metals and Mining32,472 1.3 33,125 1.4 
Services: Business359,253 14.1 338,417 13.8 
Services: Consumer59,465 2.3 67,070 2.7 
Structured Products92,310 3.6 86,703 3.5 
Telecommunications24,930 1.0 24,058 1.0 
Transportation: Cargo100,756 3.9 89,398 3.7 
Transportation: Consumer11,125 0.4 11,062 0.5 
Utilities: Electric17,113 0.7 17,374 0.7 
Utilities: Oil and Gas4,687 0.2 4,697 0.2 
Total$2,556,114 100.0 %$2,448,935 100.0 %
sAs of March 31, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2023:
Senior debt and 1st lien notes
$1,175,878 92 %$1,133,366 93 %
Subordinated debt and 2nd lien notes24,151 2 23,096 2 
Equity shares8,555 — 6,911 — 
Equity warrants31 — 108 — 
Investment in joint ventures63,690 5 48,651 4 
Short-term investments9,946 1 %9,946 1 %
$1,282,251 100 %$1,222,078 100 %
December 31, 2022:
Senior debt and 1st lien notes
$1,177,895 91 %$1,123,760 92 %
Subordinated debt and 2nd lien notes23,141 2 21,659 2 
Equity shares8,521 — 2,458 — 
Equity warrants31 — 158 — 
Investment in joint ventures75,941 6 61,028 5 
Short-term investments10,826 1 10,826 1 
$1,296,355 100 %$1,219,889 100 %
The industry composition of Jocassee’s investments at fair value at March 31, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)March 31, 2023December 31, 2022
Aerospace and Defense$71,892 5.9 %$69,133 5.7 %
Automotive21,930 1.8 20,625 1.7 %
Banking, Finance, Insurance and Real Estate106,880 8.8 105,047 8.7 %
Beverage, Food and Tobacco28,321 2.3 25,885 2.1 %
Capital Equipment25,438 2.1 25,014 2.1 %
Chemicals, Plastics, and Rubber31,774 2.6 33,111 2.7 %
Construction and Building17,363 1.4 17,616 1.5 %
Consumer goods: Durable18,441 1.5 18,751 1.7 %
Consumer goods: Non-durable24,468 2.0 22,861 1.9 %
Containers, Packaging and Glass21,468 1.8 24,445 2.0 %
Energy: Electricity15,273 1.3 15,375 1.3 %
Energy: Oil and Gas5,493 0.5 5,726 0.5 %
Environmental Industries7,335 0.6 7,314 0.6 %
Forest Products & Paper 2,802 0.2 2,269 0.2 %
Healthcare and Pharmaceuticals132,192 10.9 128,983 10.7 %
High Tech Industries141,309 11.7 141,906 11.7 %
Hotel, Gaming and Leisure27,733 2.3 23,587 2.0 %
Investment Funds and Vehicles48,651 4.0 61,028 5.0 %
Media: Advertising, Printing and Publishing5,982 0.5 5,969 0.5 %
Media: Broadcasting and Subscription33,800 2.8 34,676 2.9 %
Media: Diversified and Production29,830 2.5 28,897 2.4 %
Metals and Mining3,910 0.3 5,069 0.4 %
Retail16,306 1.3 15,720 1.3 %
Services: Business199,721 16.5 199,805 16.5 %
Services: Consumer52,961 4.4 52,543 4.3 %
Telecommunications38,384 3.2 38,034 3.1 %
Transportation: Cargo56,704 4.7 56,018 4.6 %
Transportation: Consumer12,739 1.0 12,562 1.0 %
Utilities: Electric6,147 0.5 4,194 0.3 %
Utilities: Oil and Gas6,885 0.6 6,900 0.6 %
Total$1,212,132 100.0 %$1,209,063 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at March 31, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)March 31, 2023December 31, 2022
Australia$25,771 2.1 %$26,111 2.1 %
Austria6,924 0.6 6,697 0.5 
Belgium17,075 1.4 16,385 1.4 
Canada7,309 0.6 7,280 0.6 
Denmark986 0.1 953 0.1 
Finland2,112 0.2 1,967 0.2 
France135,678 11.2 133,682 11.1 
Germany39,323 3.2 38,068 3.1 
Hong Kong16,635 1.4 16,593 1.4 
Ireland4,336 0.3 4,334 0.4 
Luxembourg1,795 0.1 1,759 0.1 
Netherlands35,965 3.0 35,194 2.9 
Panama946 0.1 945 0.1 
Singapore4,961 0.4 4,955 0.4 
Spain4,452 0.4 4,189 0.3 
Sweden4,392 0.4 4,371 0.4 
Switzerland2,404 0.2 5,558 0.5 
United Kingdom128,084 10.5 126,305 10.4 
USA772,984 63.8 773,717 64.0 
Total$1,212,132 100.0 %$1,209,063 100.0 %
As of March 31, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2023
As of December 31, 2022
Total contributed capital by Barings BDC, Inc.$35,000 $35,000 
Total contributed capital by all members$385,000 $385,000 
Total unfunded commitments by Barings BDC, Inc.$65,000 $65,000 
Total unfunded commitments by all members$215,000 $215,000 
As of March 31, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2023:
Federal Housing Administration (“FHA”) loans $634,664 91 %$605,542 91 %
Veterans Affairs (“VA”) loans61,344 9 %58,569 9 %
$696,008 100 %$664,111 100 %
December 31, 2022:
Federal Housing Administration (“FHA”) loans$864,625 91 %$811,358 91 %
Veterans Affairs (“VA”) loans84,654 9 %79,553 9 %
$949,279 100 %$890,911 100 %
As of March 31, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2023
As of December 31, 2022
Total contributed capital by Barings BDC, Inc. (1)$79,411 $79,411 
Total contributed capital by all members (2)$482,083 $482,083 
Total unfunded commitments by Barings BDC, Inc.$— $— 
Total unfunded commitments by all members$— $— 
(1)Includes $4.4 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and $162.1 million of total contributed capital by related parties.
As of March 31, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2023
As of
 December 31, 2022
Total contributed capital by Barings BDC, Inc.$27,800 $27,800 
Total contributed capital by all members (1)$126,620 $126,620 
Total return of capital (recallable) by Barings BDC, Inc.$(5,280)$(5,280)
Total return of capital (recallable) by all members (2)$(14,020)$(14,020)
Total unfunded commitments by Barings BDC, Inc.$2,480 $2,480 
Total unfunded commitments by all members (3)$12,400 $12,400 
(1)Includes $74.6 million of total contributed capital by related parties.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
As of March 31, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2023:
Senior debt and 1st lien notes
$119,673 100 %$106,251 100 %
$119,673 100 %$106,251 100 %
December 31, 2022:
Senior debt and 1st lien notes
$125,220 100 %$110,047 100 %
$125,220 100 %$110,047 100 %
The industry composition of Sierra JV’s investments at fair value at March 31, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)March 31, 2023December 31, 2022
Automotive$2,386 2.2 %$2,283 2.1 
Banking, Finance, Insurance and Real Estate1,016 1.0 1,414 1.3 
Beverage, Food and Tobacco3,132 2.9 3,181 2.9 
Capital Equipment9,226 8.7 9,208 8.4 
Chemicals, Plastics, and Rubber2,751 2.6 2,772 2.5 
Construction and Building1,882 1.8 1,887 1.7 
Consumer goods: Durable750 0.7 1,272 1.1 
Containers, Packaging and Glass1,807 1.7 1,812 1.6 
Environmental Industries7,950 7.5 7,797 7.1 
Healthcare and Pharmaceuticals13,856 13.0 13,614 12.4 
High Tech Industries14,226 13.4 13,713 12.5 
Media: Advertising, Printing and Publishing9,975 9.4 10,032 9.1 
Media: Diversified and Production5,596 5.3 5,498 5.0 
Retail5,746 5.4 5,489 5.0 
Services: Business6,746 6.4 10,876 9.9 
Services: Consumer8,396 7.9 8,265 7.5 
Transportation: Cargo6,319 5.9 6,221 5.6 
Transportation: Consumer4,491 4.2 4,713 4.3 
Total$106,251 100.0 %$110,047 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.
March 31, 2023:
($ 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)
$1,507,198 Yield AnalysisMarket Yield
7.6% – 43.3%
11.6%Decrease
14,455 Market ApproachAdjusted EBITDA Multiple5.8x5.8xIncrease
1,104 Market ApproachRevenue Multiple0.2x0.2xIncrease
12,967 Discounted Cash Flow AnalysisDiscount Rate12.6%12.6%Decrease
88,690 Recent TransactionTransaction Price
96.0% – 98.6%
96.8%Increase
Subordinated debt and 2nd lien notes(2)
176,745 Yield AnalysisMarket Yield
9.0% – 16.9%
12.9%Decrease
34,810 Market ApproachAdjusted EBITDA Multiple
7.0x – 11.0x
8.2xIncrease
924 Market ApproachRevenue Multiple0.5x0.5xIncrease
39 Market ApproachLiquidation Value$39.4$39.4Increase
746 Recent TransactionTransaction Price97.0%97.0%Increase
Structured products(3)
4,275 Yield AnalysisMarket Yield
9.6% – 10.6%
10.1%Decrease
9,379 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
7,197 Yield AnalysisMarket Yield
15.4% – 16.7%
16.1%Decrease
269,697 Market ApproachAdjusted EBITDA Multiple
2.3x – 40.0x
10.8xIncrease
1,431 Market ApproachRevenue Multiple
0.2x – 9.5x
6.6xIncrease
1,941 Net Asset ApproachLiabilities$(20,598.4)$(20,598.4)Decrease
112 Expected RecoveryExpected Recovery
$2.5 – $110.0
$107.6Increase
46,008 Recent TransactionTransaction Price
$0.01 – $1,408.64
$988.3Increase
Equity warrants1,053 Market ApproachAdjusted EBITDA Multiple
5.0x – 16.5x
7.6xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $25,947, which the Adviser 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 $12,470, which the Adviser 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 $12,462, which the Adviser 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 $2,598, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.

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)
$1,305,819 Yield AnalysisMarket Yield
7.7% – 37.3%
11.7%Decrease
14,794 Market ApproachAdjusted EBITDA Multiple6.0x6.0xIncrease
1,263 Market ApproachRevenue Multiple0.2x0.2xIncrease
13,153 Discounted Cash Flow AnalysisDiscount Rate13.0%13.0%Decrease
233,824 Recent TransactionTransaction Price
96.7% – 100.0%
97.5%Increase
Subordinated debt and 2nd lien notes(2)
182,856 Yield AnalysisMarket Yield
8.4% – 16.6%
13.1%Decrease
35,536 Market ApproachAdjusted EBITDA Multiple
6.5x – 9.0x
7.4xIncrease
2,186 Market ApproachRevenue Multiple0.5x0.5xIncrease
513 Recent TransactionTransaction Price97.3%97.3%Increase
Structured products(3)
3,792 Discounted Cash Flow AnalysisDiscount Rate10.4%10.4%Decrease
5,239 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
12,600 Yield AnalysisMarket Yield
15.7% – 17.8%
16.7%Decrease
259,219 Market ApproachAdjusted EBITDA Multiple
4.0x – 43.0x
9.4xIncrease
1,321 Market ApproachRevenue Multiple
0.2x – 7.0x
6.8xIncrease
221 Market ApproachAdjusted EBITDA/Revenue Multiple Blend5.8x5.8xIncrease
1,932 Net Asset ApproachLiabilities$(8,941.8)$(8,941.8)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
3Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $22,503, which the Adviser 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 Adviser 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 Adviser 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 $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of March 31, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
March 31, 2023:
($ 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$13,272 Income ApproachDiscount Rate
6.5% - 7.5%
7.0%Decrease
December 31, 2022:
($ 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$12,386 Income ApproachDiscount Rate
7.1% - 8.1%
7.6%Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of March 31, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
March 31, 2023:
($ 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$45,400 Simulation AnalysisEnterprise Value
$100 - $141,100
$70,600Decrease
Asset Volatility
40.0% - 70.0%
55.0%Increase
Time Until Exit (years)
0.0 - 8.8
4.4Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
December 31, 2022:
($ 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)
0.0 - 9.1
4.6Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables present the Company’s investment portfolio at fair value as of March 31, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of March 31, 2023
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $114,877 $1,650,361 $1,765,238 
Subordinated debt and 2nd lien notes
— 29,355 225,734 255,089 
Structured products— 53,227 26,116 79,343 
Equity shares145 2,751 328,984 331,880 
Equity warrants— — 1,056 1,056 
Investments subject to leveling$145 $200,210 $2,232,251 $2,432,606 
Investment in joint ventures / PE fund (1)123,508 
$2,556,114 
Fair Value as of December 31, 2022
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $104,836 $1,591,356 $1,696,192 
Subordinated debt and 2nd lien notes
— 28,925 234,214 263,139 
Structured products— 55,723 17,827 73,550 
Equity shares164 1,339 283,067 284,570 
Equity warrants— — 1,057 1,057 
Investments subject to leveling$164 $190,823 $2,127,521 $2,318,508 
Investment in joint ventures / PE fund (1)130,427 
$2,448,935 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31, 2023:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,591,356 $234,214 $17,827 $283,067 $1,057 $2,127,521 
New investments86,805 769 9,382 46,758 — 143,714 
Transfers into (out of) Level 3, net(9,898)— — — — (9,898)
Proceeds from sales of investments(326)— — (4,200)— (4,526)
Loan origination fees received(2,397)(23)— — — (2,420)
Principal repayments received(25,486)(11,575)(367)— — (37,428)
Payment-in-kind interest/dividends1,170 2,449 — — — 3,619 
Accretion of loan premium/discount132 41 — — — 173 
Accretion of deferred loan origination revenue1,787 161 — — — 1,948 
Realized gain (loss)(274)5 — 953 — 684 
Unrealized appreciation (depreciation)7,492 (307)(726)2,406 (1)8,864 
Fair value, end of period$1,650,361 $225,734 $26,116 $328,984 $1,056 $2,232,251 
Three Months Ended
March 31, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,137,323 $230,569 $— $151,282 $864 $1,520,038 
New investments258,441 30,065 — 11,936 — 300,442 
Investments acquired in Sierra merger210,176 54,177 — 7,065 72 271,490 
Transfers into Level 3, net2,580 — 4,905 — — 7,485 
Proceeds from sales of investments(151,580)— — (1,364)(250)(153,194)
Loan origination fees received(5,350)36 — — — (5,314)
Principal repayments received(7,773)(11,020)— — — (18,793)
Payment-in-kind interest/dividends308 6,984 — — — 7,292 
Accretion of loan premium/discount7 10 — — — 17 
Accretion of deferred loan origination revenue1,390 62 — — — 1,452 
Realized gain (loss)611 8 — — (760)(141)
Unrealized appreciation (depreciation)(5,602)(14,894)81 40,403 146 20,134 
Fair value, end of period$1,440,531 $295,997 $4,986 $209,322 $72 $1,950,908 
Schedule of Fee Income
Fee income for the three months ended March 31, 2023 and 2022 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2023March 31, 2022
Recurring Fee Income:
Amortization of loan origination fees$1,672 $1,327 
Management, valuation and other fees593 (585)
Total Recurring Fee Income2,265 742 
Non-Recurring Fee Income:
Acceleration of unamortized loan origination fees345 196 
Advisory, loan amendment and other fees690 259 
Total Non-Recurring Fee Income1,035 455 
Total Fee Income$3,300 $1,197