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INVESTMENTS (Tables)
 9 Months Ended
Sep. 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
September 30, 2023:
Senior debt and 1st lien notes
$1,751,992 68 %$1,700,689 67 %142 %
Subordinated debt and 2nd lien notes
277,176 11 257,633 10 21 
Structured products105,045 4 89,731 4 7 
Equity shares293,210 11 355,690 14 30 
Equity warrants178 — 1,246 — — 
Investment in joint ventures / PE fund148,596 6 116,646 5 10 
$2,576,197 100 %$2,521,635 100 %210 %
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 %$2,448,935 100 %205 %
The industry composition of investments at fair value at September 30, 2023 and December 31, 2022 was as follows:
($ in thousands)September 30, 2023December 31, 2022
Aerospace and Defense$132,059 5.2 %$120,945 4.9 %
Automotive82,755 3.3 76,934 3.2 
Banking, Finance, Insurance and Real Estate372,497 14.8 312,936 12.8 
Beverage, Food and Tobacco39,573 1.6 34,690 1.4 
Capital Equipment135,679 5.4 141,479 5.8 
Chemicals, Plastics, and Rubber36,720 1.4 47,076 1.9 
Construction and Building30,072 1.2 45,049 1.8 
Consumer goods: Durable36,567 1.4 43,932 1.8 
Consumer goods: Non-durable27,142 1.1 27,693 1.1 
Containers, Packaging and Glass37,732 1.5 37,877 1.5 
Energy: Electricity22,589 0.9 7,337 0.3 
Energy: Oil and Gas4,544 0.2 4,776 0.2 
Environmental Industries53,387 2.1 51,006 2.1 
Healthcare and Pharmaceuticals201,815 8.0 203,576 8.3 
High Tech Industries298,811 11.9 300,980 12.3 
Hotel, Gaming and Leisure54,301 2.2 54,023 2.2 
Investment Funds and Vehicles116,646 4.5 130,427 5.3 
Media: Advertising, Printing and Publishing44,811 1.8 55,477 2.3 
Media: Broadcasting and Subscription20,480 0.8 20,257 0.8 
Media: Diversified and Production67,829 2.7 60,561 2.5 
Metals and Mining32,000 1.3 33,125 1.4 
Services: Business352,052 14.0 338,417 13.8 
Services: Consumer57,578 2.3 67,070 2.7 
Structured Products100,827 4.0 86,703 3.5 
Telecommunications26,432 1.0 24,058 1.0 
Transportation: Cargo98,385 3.9 89,398 3.7 
Transportation: Consumer11,102 0.4 11,062 0.5 
Utilities: Electric22,584 0.9 17,374 0.7 
Utilities: Oil and Gas4,666 0.2 4,697 0.2 
Total$2,521,635 100.0 %$2,448,935 100.0 %
As of September 30, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2023:
Senior debt and 1st lien notes
$1,237,158 93 %$1,197,052 94 %
Subordinated debt and 2nd lien notes23,479 2 22,221 2 
Equity shares449 — 417 — 
Equity warrants31 — 185 — 
Investment in joint ventures55,638 4 37,001 3 
Short-term investments17,514 1 17,514 1 
$1,334,269 100 %$1,274,390 100 %
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 %$1,219,889 100 %
The industry composition of Jocassee’s investments at fair value at September 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)September 30, 2023December 31, 2022
Aerospace and Defense$80,321 6.4 %$69,133 5.7 %
Automotive23,133 1.8 20,625 1.7 
Banking, Finance, Insurance and Real Estate114,941 9.1 105,047 8.7 
Beverage, Food and Tobacco28,953 2.3 25,885 2.1 
Capital Equipment24,955 2.0 25,014 2.1 
Chemicals, Plastics, and Rubber30,817 2.5 33,111 2.7 
Construction and Building16,513 1.3 17,616 1.5 
Consumer goods: Durable12,915 1.0 18,751 1.7 
Consumer goods: Non-durable20,874 1.7 22,861 1.9 
Containers, Packaging and Glass28,684 2.3 24,445 2.0 
Energy: Electricity15,325 1.2 15,375 1.3 
Energy: Oil and Gas6,392 0.5 5,726 0.5 
Environmental Industries6,866 0.6 7,314 0.6 
Forest Products & Paper 3,059 0.2 2,269 0.2 
Healthcare and Pharmaceuticals142,345 11.3 128,983 10.7 
High Tech Industries163,461 13.0 141,906 11.7 
Hotel, Gaming and Leisure22,185 1.8 23,587 2.0 
Investment Funds and Vehicles37,001 3.0 61,028 5.0 
Media: Advertising, Printing and Publishing15,482 1.2 5,969 0.5 
Media: Broadcasting and Subscription32,690 2.6 34,676 2.9 
Media: Diversified and Production28,105 2.2 28,897 2.4 
Metals and Mining3,863 0.3 5,069 0.4 
Retail12,395 1.0 15,720 1.3 
Services: Business208,216 16.6 199,805 16.5 
Services: Consumer56,439 4.5 52,543 4.3 
Telecommunications35,066 2.8 38,034 3.1 
Transportation: Cargo59,279 4.7 56,018 4.6 
Transportation: Consumer12,626 1.0 12,562 1.0 
Utilities: Electric7,120 0.6 4,194 0.3 
Utilities: Oil and Gas6,855 0.5 6,900 0.6 
Total$1,256,876 100.0 %$1,209,063 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at September 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)September 30, 2023December 31, 2022
Australia$25,033 2.0 %$26,111 2.1 %
Austria6,815 0.5 6,697 0.5 
Belgium19,497 1.6 16,385 1.4 
Canada4,823 0.4 7,280 0.6 
Denmark1,029 0.1 953 0.1 
Finland2,104 0.2 1,967 0.2 
France139,206 11.1 133,682 11.1 
Germany43,703 3.5 38,068 3.1 
Hong Kong14,465 1.1 16,593 1.4 
Ireland7,064 0.6 4,334 0.4 
Luxembourg1,788 0.1 1,759 0.1 
Netherlands39,751 3.2 35,194 2.9 
Panama1,464 0.1 945 0.1 
Singapore4,973 0.4 4,955 0.4 
Spain4,569 0.4 4,189 0.3 
Sweden4,192 0.3 4,371 0.4 
Switzerland582 — 5,558 0.5 
United Kingdom116,029 9.2 126,305 10.4 
USA819,789 65.2 773,717 64.0 
Total$1,256,876 100.0 %$1,209,063 100.0 %
As of September 30, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $215,000 
As of September 30, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2023:
Federal Housing Administration (“FHA”) loans $419,651 92 %$384,251 92 %
Veterans Affairs (“VA”) loans34,071 8 %31,380 8 %
$453,722 100 %$415,631 100 %
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 %$890,911 100 %
As of September 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $162.1 million, respectively, of total contributed capital by related parties.
As of September 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 September 30, 2023 and December 31, 2022, respectively.
(2)Includes ($7.0) million of total return of capital (recallable) by related parties.
(3)Includes $7.4 million of unfunded commitments by related parties.
As of September 30, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2023:
Senior debt and 1st lien notes
$99,026 100 %$91,902 100 %
$99,026 100 %$91,902 100 %
December 31, 2022:
Senior debt and 1st lien notes
$125,220 100 %$110,047 100 %
$125,220 100 %$110,047 100 %
The industry composition of Sierra JV’s investments at fair value at September 30, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands)September 30, 2023December 31, 2022
Automotive$2,347 2.5 %$2,283 2.1 %
Banking, Finance, Insurance and Real Estate677 0.7 1,414 1.3 
Beverage, Food and Tobacco3,302 3.6 3,181 2.9 
Capital Equipment9,250 10.1 9,208 8.4 
Chemicals, Plastics, and Rubber2,954 3.2 2,772 2.5 
Construction and Building1,872 2.0 1,887 1.7 
Consumer goods: Durable1,005 1.1 1,272 1.1 
Containers, Packaging and Glass— — 1,812 1.6 
Environmental Industries8,083 8.8 7,797 7.1 
Healthcare and Pharmaceuticals13,407 14.6 13,614 12.4 
High Tech Industries14,156 15.4 13,713 12.5 
Media: Advertising, Printing and Publishing— — 10,032 9.1 
Media: Diversified and Production3,234 3.5 5,498 5.0 
Retail6,028 6.6 5,489 5.0 
Services: Business6,870 7.5 10,876 9.9 
Services: Consumer8,449 9.2 8,265 7.5 
Transportation: Cargo6,301 6.9 6,221 5.6 
Transportation: Consumer3,967 4.3 4,713 4.3 
Total$91,902 100.0 %$110,047 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2023:
($ 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)
$1,397,313 Yield AnalysisMarket Yield
7.3% – 41.4%
12.2%Decrease
13,132 Market ApproachAdjusted EBITDA Multiple
5.0x – 5.8x
5.1xIncrease
1,127 Market ApproachRevenue Multiple0.2x0.2xIncrease
167,325 Recent TransactionTransaction Price
96.1% – 100.0%
97.6%Increase
Subordinated debt and 2nd lien notes(2)
172,950 Yield AnalysisMarket Yield
9.0% – 18.9%
13.6%Decrease
21,563 Market ApproachAdjusted EBITDA Multiple
7.0x – 12.50x
9.3xIncrease
3,176 Recent TransactionTransaction Price100.0%100.0%Increase
Structured products(3)
23,519 Yield AnalysisMarket Yield
8.8% – 11.0%
9.5%Decrease
Equity shares(4)
8,518 Yield AnalysisMarket Yield
14.2% – 15.5%
14.9%Decrease
330,192 Market ApproachAdjusted EBITDA Multiple
1.8x – 35.0x
10.6xIncrease
1,452 Market ApproachRevenue Multiple
0.2x – 9.5x
6.7xIncrease
3,026 Net Asset ApproachLiabilities$(44,742.4)$(44,742.4)Decrease
1,402 Expected RecoveryExpected Recovery
$2.5 – $1,400.0
$1,397.5Increase
3,326 Recent TransactionTransaction Price
$1.00 – $1,000.00
$171.5Increase
Equity warrants1,243 Market ApproachAdjusted EBITDA Multiple
5.0x – 14.0x
7.9xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $23,430, 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 $45,908, 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 $12,081, 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 $7,705, 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 $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of September 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
September 30, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$16,800 Income ApproachDiscount Rate
7.0% - 8.0%
7.5%Decrease
Time Until Exit (years)
2.8 - 5.8
4.3Decrease
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$12,386 Income ApproachDiscount Rate
7.1% - 8.1%
7.6%Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of September 30, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$37,400 Simulation AnalysisEnterprise Value
$91 - $150,800
$75,446Decrease
Asset Volatility
35.0% - 70.0%
52.5%Increase
Time Until Exit (years)
0.0 - 8.3
4.2Decrease
Discount Rate7.1%7.1%Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
December 31, 2022:
($ 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 September 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2023
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $98,362 $1,602,327 $1,700,689 
Subordinated debt and 2nd lien notes
— 14,036 243,597 257,633 
Structured products— 54,131 35,600 89,731 
Equity shares69 — 355,621 355,690 
Equity warrants— — 1,246 1,246 
Investments subject to leveling$69 $166,529 $2,238,391 $2,404,989 
Investment in joint ventures / PE fund (1)116,646 
$2,521,635 
Fair Value as of December 31, 2022
($ 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 
$2,448,935 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2023 and 2022:
Nine Months Ended
September 30, 2023:
($ 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 investments232,280 32,722 22,669 68,680 — 356,351 
Transfers into (out of) Level 3, net(18,355)16,815 — 914 — (626)
Proceeds from sales of investments(113,358)(2,800)— (4,367)— (120,525)
Loan origination fees received(5,801)(51)— — — (5,852)
Principal repayments received(93,447)(44,129)(1,018)— — (138,594)
Payment-in-kind interest/dividends3,834 7,803 — 5,331 — 16,968 
Accretion of loan premium/discount427 465 — — — 892 
Accretion of deferred loan origination revenue5,380 437 — — — 5,817 
Realized gain (loss)(1,029)(43,902)— (3,434)— (48,365)
Unrealized appreciation (depreciation)1,040 42,023 (3,878)5,430 189 44,804 
Fair value, end of period$1,602,327 $243,597 $35,600 $355,621 $1,246 $2,238,391 
Nine Months Ended
September 30, 2022:
($ 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 investments689,638 89,749 6,000 63,344 4 848,735 
Investments acquired in Sierra merger210,176 54,177 — 7,065 72 271,490 
Transfers into (out of) Level 3, net18,015 9,056 4,905 7,263 — 39,239 
Proceeds from sales of investments(321,758)(21,555)— (1,472)(250)(345,035)
Loan origination fees received(14,660)(1,303)— — — (15,963)
Principal repayments received(207,026)(56,443)(357)— — (263,826)
Payment-in-kind interest/dividends1,994 9,320 — 206 — 11,520 
Accretion of loan premium/discount222 89 — — — 311 
Accretion of deferred loan origination revenue6,574 1,761 — — — 8,335 
Realized gain (loss)(12,292)(2,567)— 18 (760)(15,601)
Unrealized appreciation (depreciation)(45,793)(42,858)(1,066)49,782 73 (39,862)
Fair value, end of period$1,462,413 $269,995 $9,482 $277,488 $3 $2,019,381 
Schedule of Fee Income
Fee income for the three and nine months ended September 30, 2023 and 2022 was as follows:
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Recurring Fee Income:
Amortization of loan origination fees$1,740 $1,582 $5,160 $4,398 
Management, valuation and other fees518 620 1,712 667 
Total Recurring Fee Income2,258 2,202 6,872 5,065 
Non-Recurring Fee Income:
Prepayment fees— — 329 134 
Acceleration of unamortized loan origination fees208 1,685 882 4,182 
Advisory, loan amendment and other fees184 434 2,167 1,208 
Total Non-Recurring Fee Income392 2,119 3,378 5,524 
Total Fee Income$2,650 $4,321 $10,250 $10,589