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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Total investments at fair value $ 2,521,635 $ 2,448,935 [1]
Cash 33,118 96,160
Foreign currencies (cost of $16,908 and $42,627 as of September 30, 2023 and December 31, 2022, respectively) 16,640 43,255
Interest and fees receivable 47,268 42,738
Prepaid expenses and other assets 2,237 1,079
Deferred financing fees 4,411 3,224
Receivable from unsettled transactions 53,961 19,972
Total assets 2,741,710 2,709,957
Liabilities:    
Accounts payable and accrued liabilities 1,709 971
Interest payable 11,358 7,635
Administrative fees payable 483 677
Base management fees payable 8,315 7,981
Incentive management fees payable 4,618 0
Payable from unsettled transactions 424 35,565
Borrowings under credit facilities 796,126 729,144
Notes payable (net of deferred financing fees) 720,187 718,978
Total liabilities 1,543,486 1,517,628
Commitments and contingencies (Note 7)
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 106,516,166 and 107,916,166 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively) 107 108
Additional paid-in capital 1,845,122 1,855,975
Total distributable earnings (loss) (647,005) (663,754)
Total net assets 1,198,224 1,192,329
Total liabilities and net assets $ 2,741,710 $ 2,709,957
Net asset value per share (in dollars per share) $ 11.25 $ 11.05
Credit Support Agreements    
Assets:    
Derivative asset $ 54,200 $ 53,086
Foreign Exchange Contract    
Assets:    
Derivative asset 8,240 1,508
Liabilities:    
Derivative liabilities 266 16,677
Non-Control / Non-Affiliate investments    
Assets:    
Total investments at fair value 2,044,426 2,052,614 [1]
Affiliate investments    
Assets:    
Total investments at fair value 382,346 289,993 [1]
Control investments    
Assets:    
Total investments at fair value $ 94,863 [2] $ 106,328 [1]
[1] All of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in the February 2019 Credit Facility.
[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 nine months ended September 30, 2023 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:
December 31, 2022
Value		Gross Additions
(a)		Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)September 30, 2023
Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Black Angus Steakhouses, LLC(d)
First Lien Senior Secured Term Loan (SOFR + 9.00%, 14.3% Cash)
$5,647 $417 $— $— $— $6,064 $688 
First Lien Senior Secured Term Loan (10.0% PIK)(e)
9,147 — — — (3,007)6,140 — 
LLC Units (44.6 units)
— — — — — — — 
14,794 417 — — (3,007)12,204 688 
MVC Automotive Group GmbH(d)
Bridge Loan (4.5% Cash, 1.5% PIK)
7,149 2,467 — — — 9,616 439 
Common Equity Interest (18,000 Shares)
9,675 — — — 4,863 14,538 — 
16,824 2,467 — — 4,863 24,154 439 
MVC Private Equity Fund LP
General Partnership Interest
(1,831.4 units)
45 — (15)— (6)24 80 
Limited Partnership Interest
(71,790.4 units)
1,793 — (580)— (232)981 — 
1,838 — (595)— (238)1,005 80 
Security Holdings B.V(d)
Bridge Loan (5.0% PIK,)
6,020 152 — — — 6,172 230 
2023 Revolver (6.0% Cash)
— 3,293 — — (117)3,176 71 
Senior Subordinated Term Loan (3.1% PIK)
10,534 313 — — — 10,847 283 
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)
2,015 153 — — (26)2,142 266 
Common Stock Series A (17,100 shares)
575 — — — (202)373 — 
Common Stock Series B (1,236 shares)
53,728 — — — (18,938)34,790 — 
72,872 3,911 — — (19,283)57,500 850 
Total Control Investments$106,328 $6,795 $(595)$— $(17,665)$94,863 $2,057 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    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.
(d) The fair value of the investment was determined using significant unobservable inputs.
(e) Non-accrual investment.