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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Schedule of Investments [Abstract]  
Schedule of Composition of Investment Portfolio at Cost And Fair Value 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
June 30, 2023:
Senior debt and 1st lien notes
$1,748,615 69 %$1,700,975 68 %141 %
Subordinated debt and 2nd lien notes
265,943 10 246,997 10 20 
Structured products98,301 4 81,068 3 7 
Equity shares291,794 11 356,201 14 30 
Equity warrants178 — 1,144 — — 
Investment in joint ventures / PE fund149,874 6 119,607 5 10 
$2,554,705 100 %$2,505,992 100 %208 %
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 %$2,448,935 100 %205 %
The industry composition of investments at fair value at June 30, 2023 and December 31, 2022 was as follows:
($ in thousands)June 30, 2023December 31, 2022
Aerospace and Defense$138,050 5.5 %$120,945 4.9 %
Automotive87,101 3.5 76,934 3.2 
Banking, Finance, Insurance and Real Estate377,001 15.0 312,936 12.8 
Beverage, Food and Tobacco37,055 1.5 34,690 1.4 
Capital Equipment139,473 5.6 141,479 5.8 
Chemicals, Plastics, and Rubber37,204 1.5 47,076 1.9 
Construction and Building29,948 1.2 45,049 1.8 
Consumer goods: Durable44,254 1.8 43,932 1.8 
Consumer goods: Non-durable27,513 1.1 27,693 1.1 
Containers, Packaging and Glass37,913 1.5 37,877 1.5 
Energy: Electricity7,836 0.3 7,337 0.3 
Energy: Oil and Gas4,533 0.2 4,776 0.2 
Environmental Industries51,386 2.1 51,006 2.1 
Healthcare and Pharmaceuticals193,058 7.7 203,576 8.3 
High Tech Industries286,196 11.4 300,980 12.3 
Hotel, Gaming and Leisure54,856 2.2 54,023 2.2 
Investment Funds and Vehicles119,607 4.8 130,427 5.3 
Media: Advertising, Printing and Publishing49,235 1.9 55,477 2.3 
Media: Broadcasting and Subscription20,540 0.8 20,257 0.8 
Media: Diversified and Production62,466 2.5 60,561 2.5 
Metals and Mining32,042 1.3 33,125 1.4 
Services: Business356,439 14.2 338,417 13.8 
Services: Consumer63,407 2.5 67,070 2.7 
Structured Products91,969 3.7 86,703 3.5 
Telecommunications26,462 1.0 24,058 1.0 
Transportation: Cargo97,311 3.9 89,398 3.7 
Transportation: Consumer11,289 0.4 11,062 0.5 
Utilities: Electric17,172 0.7 17,374 0.7 
Utilities: Oil and Gas4,676 0.2 4,697 0.2 
Total$2,505,992 100.0 %$2,448,935 100.0 %
sAs of June 30, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2023:
Senior debt and 1st lien notes
$1,209,696 93 %$1,175,711 94 %
Subordinated debt and 2nd lien notes23,249 2 22,283 2 
Equity shares7,589 — 7,186 — 
Equity warrants31 — 136 — 
Investment in joint ventures57,358 4 40,834 3 
Short-term investments8,344 1 8,344 1 
$1,306,267 100 %$1,254,494 100 %
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 %$1,219,889 100 %
The industry composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)June 30, 2023December 31, 2022
Aerospace and Defense$76,238 6.1 %$69,133 5.7 %
Automotive22,154 1.8 20,625 1.7 
Banking, Finance, Insurance and Real Estate107,781 8.6 105,047 8.7 
Beverage, Food and Tobacco31,472 2.5 25,885 2.1 
Capital Equipment26,164 2.1 25,014 2.1 
Chemicals, Plastics, and Rubber32,268 2.6 33,111 2.7 
Construction and Building16,456 1.3 17,616 1.5 
Consumer goods: Durable19,304 1.6 18,751 1.7 
Consumer goods: Non-durable24,320 2.0 22,861 1.9 
Containers, Packaging and Glass25,959 2.1 24,445 2.0 
Energy: Electricity15,458 1.2 15,375 1.3 
Energy: Oil and Gas6,379 0.5 5,726 0.5 
Environmental Industries7,015 0.6 7,314 0.6 
Forest Products & Paper 2,951 0.2 2,269 0.2 
Healthcare and Pharmaceuticals140,680 11.3 128,983 10.7 
High Tech Industries151,718 12.2 141,906 11.7 
Hotel, Gaming and Leisure29,274 2.4 23,587 2.0 
Investment Funds and Vehicles40,834 3.3 61,028 5.0 
Media: Advertising, Printing and Publishing11,907 1.0 5,969 0.5 
Media: Broadcasting and Subscription31,533 2.5 34,676 2.9 
Media: Diversified and Production28,556 2.3 28,897 2.4 
Metals and Mining3,903 0.3 5,069 0.4 
Retail14,125 1.1 15,720 1.3 
Services: Business204,382 16.4 199,805 16.5 
Services: Consumer53,562 4.3 52,543 4.3 
Telecommunications37,267 3.0 38,034 3.1 
Transportation: Cargo58,710 4.7 56,018 4.6 
Transportation: Consumer12,749 1.0 12,562 1.0 
Utilities: Electric6,161 0.5 4,194 0.3 
Utilities: Oil and Gas6,870 0.5 6,900 0.6 
Total$1,246,150 100.0 %$1,209,063 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)June 30, 2023December 31, 2022
Australia$25,833 2.1 %$26,111 2.1 %
Austria6,995 0.6 6,697 0.5 
Belgium20,213 1.6 16,385 1.4 
Canada7,445 0.6 7,280 0.6 
Denmark2,411 0.2 953 0.1 
Finland44,864 3.6 1,967 0.2 
France1,028 0.1 133,682 11.1 
Germany4,591 0.4 38,068 3.1 
Hong Kong2,136 0.2 16,593 1.4 
Ireland135,291 10.8 4,334 0.4 
Italy122,041 9.8 — — 
Luxembourg14,587 1.2 1,759 0.1 
Netherlands7,120 0.6 35,194 2.9 
Panama— — 945 0.1 
Singapore1,813 0.1 4,955 0.4 
Spain40,185 3.2 4,189 0.3 
Sweden963 0.1 4,371 0.4 
Switzerland4,967 0.4 5,558 0.5 
United Kingdom4,217 0.2 126,305 10.4 
USA799,450 64.2 773,717 64.0 
Total$1,246,150 100.0 %$1,209,063 100.0 %
As of June 30, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $215,000 
As of June 30, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2023:
Federal Housing Administration (“FHA”) loans $510,032 92 %$479,899 92 %
Veterans Affairs (“VA”) loans44,797 8 %42,275 8 %
$554,829 100 %$522,174 100 %
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 %$890,911 100 %
As of June 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $162.1 million, respectively, of total contributed capital by related parties.
As of June 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 2023
As of
 December 31, 2022
Total contributed capital by Barings BDC, Inc.$30,280 $27,800 
Total contributed capital by all members (1)$139,020 $126,620 
Total return of capital (recallable) by Barings BDC, Inc.$(5,280)$(5,280)
Total return of capital (recallable) by all members (2)$(14,020)$(14,020)
Total unfunded commitments by Barings BDC, Inc.$— $2,480 
Total unfunded commitments by all members$— $12,400 (3)
(1)Includes $82.0 million and $74.6 million of total contributed capital by related parties as of June 30, 2023 and December 31, 2022, respectively.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
As of June 30, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2023:
Senior debt and 1st lien notes
$115,684 100 %$106,927 100 %
$115,684 100 %$106,927 100 %
December 31, 2022:
Senior debt and 1st lien notes
$125,220 100 %$110,047 100 %
$125,220 100 %$110,047 100 %
The industry composition of Sierra JV’s investments at fair value at June 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)June 30, 2023December 31, 2022
Automotive$2,517 2.3 %$2,283 2.1 %
Banking, Finance, Insurance and Real Estate1,040 1.0 1,414 1.3 
Beverage, Food and Tobacco3,307 3.1 3,181 2.9 
Capital Equipment9,273 8.7 9,208 8.4 
Chemicals, Plastics, and Rubber2,684 2.5 2,772 2.5 
Construction and Building1,877 1.8 1,887 1.7 
Consumer goods: Durable988 0.9 1,272 1.1 
Containers, Packaging and Glass1,803 1.7 1,812 1.6 
Environmental Industries8,062 7.5 7,797 7.1 
Healthcare and Pharmaceuticals13,301 12.4 13,614 12.4 
High Tech Industries14,684 13.7 13,713 12.5 
Media: Advertising, Printing and Publishing9,918 9.3 10,032 9.1 
Media: Diversified and Production5,626 5.3 5,498 5.0 
Retail6,055 5.7 5,489 5.0 
Services: Business6,867 6.4 10,876 9.9 
Services: Consumer8,382 7.8 8,265 7.5 
Transportation: Cargo6,311 5.9 6,221 5.6 
Transportation: Consumer4,232 4.0 4,713 4.3 
Total$106,927 100.0 %$110,047 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.
June 30, 2023:
($ 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)
$1,499,714 Yield AnalysisMarket Yield
7.5% – 30.6%
11.9%Decrease
15,133 Market ApproachAdjusted EBITDA Multiple5.8x5.8xIncrease
1,141 Market ApproachRevenue Multiple0.2x0.2xIncrease
47,748 Recent TransactionTransaction Price
93.3% – 97.5%
96.0%Increase
Subordinated debt and 2nd lien notes(2)
165,875 Yield AnalysisMarket Yield
8.6% – 18.1%
13.5%Decrease
36,829 Market ApproachAdjusted EBITDA Multiple
7.0x – 11.0x
8.2xIncrease
1,504 Recent TransactionTransaction Price
97.0% – 98.0%
97.6%Increase
Structured products(3)
18,797 Yield AnalysisMarket Yield
8.2% – 11.6%
9.2%Decrease
Equity shares(4)
8,220 Yield AnalysisMarket Yield
13.6% – 14.8%
14.2%Decrease
337,091 Market ApproachAdjusted EBITDA Multiple
1.8x – 40.0x
10.7xIncrease
1,425 Market ApproachRevenue Multiple
0.2x – 9.5x
6.6xIncrease
2,938 Net Asset ApproachLiabilities$(33,951.4)$(33,951.4)Decrease
112 Expected RecoveryExpected Recovery
$2.5 – $110.0
$107.6Increase
2,111 Recent TransactionTransaction Price
$0.98 – $14.94
$11.8Increase
Equity warrants1,141 Market ApproachAdjusted EBITDA Multiple
5.3x – 14.5x
8.4xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $32,393, 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 $4,882, 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 $12,098, 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 $3,278, 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 $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
June 30, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$15,650 Income ApproachDiscount Rate
6.8% - 7.8%
7.3%Decrease
Time Until Exit (years)
2.5 - 5.5
4.0Decrease
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$12,386 Income ApproachDiscount Rate
7.1% - 8.1%
7.6%Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
June 30, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$45,000 Simulation AnalysisEnterprise Value
$12 - $138,800
$69,406Decrease
Asset Volatility
40.0% - 70.0%
55.0%Increase
Time Until Exit (years)
0.0 - 8.6
4.3Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
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 June 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of June 30, 2023
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $104,846 $1,596,129 $1,700,975 
Subordinated debt and 2nd lien notes
— 37,907 209,090 246,997 
Structured products— 50,173 30,895 81,068 
Equity shares121 905 355,175 356,201 
Equity warrants— — 1,144 1,144 
Investments subject to leveling$121 $193,831 $2,192,433 $2,386,385 
Investment in joint ventures / PE fund (1)119,607 
$2,505,992 
Fair Value as of December 31, 2022
($ 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 
$2,448,935 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2023 and 2022:
Six Months Ended
June 30, 2023:
($ 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 investments131,734 11,478 13,479 60,137 — 216,828 
Transfers into (out of) Level 3, net(9,417)(7,748)— 914 — (16,251)
Proceeds from sales of investments(68,425)(2,800)— (4,200)— (75,425)
Loan origination fees received(2,825)(51)— — — (2,876)
Principal repayments received(59,097)(32,345)(367)— — (91,809)
Payment-in-kind interest/dividends2,309 6,187 — 3,711 — 12,207 
Accretion of loan premium/discount259 426 — — — 685 
Accretion of deferred loan origination revenue3,672 281 — — — 3,953 
Realized gain (loss)(661)(43,902)— 953 — (43,610)
Unrealized appreciation (depreciation)7,224 43,350 (44)10,593 87 61,210 
Fair value, end of period$1,596,129 $209,090 $30,895 $355,175 $1,144 $2,192,433 
Six Months Ended
June 30, 2022:
($ 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 investments510,243 80,752 6,000 45,116 — 642,111 
Investments acquired in Sierra merger210,176 54,177 — 7,065 72 271,490 
Transfers into Level 3, net(6,054)— 4,905 7,263 — 6,114 
Proceeds from sales of investments(220,592)(14,754)— (1,472)(250)(237,068)
Loan origination fees received(10,371)(1,121)— — — (11,492)
Principal repayments received(157,387)(22,610)— — — (179,997)
Payment-in-kind interest/dividends985 8,939 — — — 9,924 
Accretion of loan premium/discount74 36 — — — 110 
Accretion of deferred loan origination revenue4,178 974 — — — 5,152 
Realized gain (loss)(5,329)(1,506)— 18 (760)(7,577)
Unrealized appreciation (depreciation)(25,312)(39,874)(471)55,059 109 (10,489)
Fair value, end of period$1,437,934 $295,582 $10,434 $264,331 $35 $2,008,316 
Schedule of Fee Income
Fee income for the three and six months ended June 30, 2023 and 2022 was as follows:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
($ in thousands)June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Recurring Fee Income:
Amortization of loan origination fees$1,749 $1,489 $3,420 $2,816 
Management, valuation and other fees601 633 1,194 47 
Total Recurring Fee Income2,350 2,122 4,614 2,863 
Non-Recurring Fee Income:
Prepayment fees329 133 329 133 
Acceleration of unamortized loan origination fees328 2,301 674 2,497 
Advisory, loan amendment and other fees1,294 516 1,984 775 
Total Non-Recurring Fee Income1,951 2,950 2,987 3,405 
Total Fee Income$4,301 $5,072 $7,601 $6,268