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Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
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 December 31, 2023 and 2022. The weighted average range of unobservable inputs is based on fair value of investments.
December 31, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,399,907 |  |  | Yield Analysis |  | Market Yield |  | 7.8% – 19.6% |  | 11.7% |  | Decrease
32,150 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 1.1x – 12.5x |  | 3.7x |  | Increase
136,594 |  |  | Recent Transaction |  | Transaction Price |  | 95.0% – 100.0% |  | 97.9% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 167,250 |  |  | Yield Analysis |  | Market Yield |  | 8.5% – 18.9% |  | 13.5% |  | Decrease
39,826 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 7.0x – 12.3x |  | 8.2x |  | Increase
5,875 |  |  | Recent Transaction |  | Transaction Price |  | 98.0% – 100.0% |  | 99.3% |  | Increase
Structured products(3) | 30,529 |  |  | Yield Analysis |  | Market Yield |  | 9.2% – 10.3% |  | 9.7% |  | Decrease
Equity shares(4) | 8,788 |  |  | Yield Analysis |  | Market Yield |  | 14.6% |  | 14.6% |  | Decrease
328,210 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 4.5x – 30.0x |  | 10.6x |  | Increase
1,771 |  |  | Market Approach |  | Revenue Multiple |  | 6.5x – 9.5x |  | 6.9x |  | Increase
12,159 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 14.2% |  | 14.2% |  | Decrease
3,196 |  |  | Net Asset Approach |  | Liabilities |  | $(55,281.8) |  | $(55,281.8) |  | Decrease
3 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 |  | $2.5 |  | Increase
12,947 |  |  | Recent Transaction |  | Transaction Price |  | $1.00 – $10.00 |  | $9.5 |  | Increase
Equity warrants | 2,389 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 6.3x – 12.5x |  | 7.3x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
(1)Excludes investments with an aggregate fair value amounting to $25,146, which the Company 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 $10,847, which the Company 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 $12,443, which the Company 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 $7,498, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. During the year ended December 31, 2023, one equity position with a fair value of $5.3 million and six senior debt and first lien note positions with a fair value of $20.0 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $9.9 million and one structured product position with a fair value of $3.3 million transitioned from a discounted cash flow analysis to a broker quote valuation model. Lastly, one equity position with a fair value of nil transitioned from an expected recovery to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Weighted Average |  | Impact to Valuation from an Increase in Input
Senior debt and 1 st lien notes(1) | $ | 1,305,819 |  |  | Yield Analysis |  | Market Yield |  | 7.7% – 37.3% |  | 11.7% |  | Decrease
14,794 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 6.0x |  | 6.0x |  | Increase
1,263 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x |  | 0.2x |  | Increase
13,153 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 13.0% |  | 13.0% |  | Decrease
233,824 |  |  | Recent Transaction |  | Transaction Price |  | 96.7% – 100.0% |  | 97.5% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 182,856 |  |  | Yield Analysis |  | Market Yield |  | 8.4% – 16.6% |  | 13.1% |  | Decrease
35,536 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 6.5x – 9.0x |  | 7.4x |  | Increase
2,186 |  |  | Market Approach |  | Revenue Multiple |  | 0.5x |  | 0.5x |  | Increase
513 |  |  | Recent Transaction |  | Transaction Price |  | 97.3% |  | 97.3% |  | Increase
Structured Products(3) | 3,792 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 10.4% |  | 10.4% |  | Decrease
5,239 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase
Equity shares(4) | 12,600 |  |  | Yield Analysis |  | Market Yield |  | 15.7% – 17.8% |  | 16.7% |  | Decrease
259,219 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 4.0x – 43.0x |  | 9.4x |  | Increase
1,321 |  |  | Market Approach |  | Revenue Multiple |  | 0.2x – 7.0x |  | 6.8x |  | Increase
221 |  |  | Market Approach |  | Adjusted EBITDA/Revenue Multiple Blend |  | 5.8x |  | 5.8x |  | Increase
1,932 |  |  | Net Asset Approach |  | Liabilities |  | $(8,941.8) |  | $(8,941.8) |  | Decrease
112 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $110 |  | $107.6 |  | Increase
4,921 |  |  | Recent Transaction |  | Transaction Price |  | $0.00 – $1,015.13 |  | $521.22 |  | Increase
Equity warrants | 1,054 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 4.0x – 17.5x |  | 7.3x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
(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 $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2023 and 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
MVC Credit Support Agreement | $ | 17,300 |  |  | Income Approach |  | Discount Rate |  | 6.7% - 7.7% |  | 7.2% |  | Decrease
|  | Time Until Exit (years) |  | 2.5 - 5.5 |  | 4.0 |  | Decrease
December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
MVC Credit Support Agreement | $ | 12,386 |  |  | Income Approach |  | Discount 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 December 31, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
December 31, 2023: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 40,500 |  |  | Simulation Analysis |  | Enterprise Value |  | $91 - $159,700 |  | $79,900 |  | Decrease
|  | Asset Volatility |  | 35.0% - 50.0% |  | 42.5% |  | Increase
|  | Time Until Exit (years) |  | 0 - 8.1 |  | 4.1 |  | Decrease
|  | Discount Rate |  | 5.7% |  | 5.7% |  | Decrease
|  | Recovery Rate |  | 0.0% - 70.0% |  | 35.0% |  | Decrease
December 31, 2022: ($ in thousands) | Fair Value |  | Valuation Model |  | Level 3 Input |  | Range of Inputs |  | Average |  | Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement | $ | 40,700 |  |  | Simulation Analysis |  | Enterprise Value |  | $100 - $403,500 |  | $201,800 |  | Decrease
|  | Asset Volatility |  | 37.5% - 70.0% |  | 53.8% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 9.1 |  | 4.6 |  | Decrease
|  | Recovery Rate |  | 0.0% - 70.0% |  | 35.0% |  | Decrease
Schedule of Fee Income | Fee income for the years ended December 31, 2023, 2022 and 2021 was as follows:
| Year Ended December 31
($ in thousands) | 2023 |  | 2022 |  | 2021
Recurring Fee Income: |  |  |  |  |
Amortization of loan origination fees | $ | 6,949 |  |  | $ | 5,943 |  |  | $ | 4,620 |
Management, valuation and other fees | 2,261 |  |  | 1,237 |  |  | 2,186 |
Total Recurring Fee Income | 9,210 |  |  | 7,180 |  |  | 6,806 |
Non-Recurring Fee Income: |  |  |  |  |
Prepayment fees | 510 |  |  | 303 |  |  | 474 |
Acceleration of unamortized loan origination fees | 1,476 |  |  | 5,595 |  |  | 4,824 |
Advisory, loan amendment and other fees | 2,205 |  |  | 1,845 |  |  | 916 |
Total Non-Recurring Fee Income | 4,191 |  |  | 7,743 |  |  | 6,214 |
Total Fee Income | $ | 13,401 |  |  | $ | 14,923 |  |  | $ | 13,020 |
Schedule of Dividends Payable | The table below summarizes the Company’s dividends and distributions in the three years ended December 31, 2023:
Declared ($ in thousands, except per share amounts) |  | Record |  | Payable |  | Per Share Amount |  | Amount Paid in Cash |  | Amount Settled via Newly Issued Shares |  | Total
February 7, 2021 |  | March 10, 2021 |  | March 17, 2021 |  | $ | 0.19 |  |  | $ | 12,410 |  |  | $ | — |  |  | $ | 12,410 |
May 6, 2021 |  | June 9, 2021 |  | June 16, 2021 |  | 0.20 |  |  | 13,063 |  |  | — |  |  | 13,063 |
August 5, 2021 |  | September 8, 2021 |  | September 15, 2021 |  | 0.21 |  |  | 13,716 |  |  | — |  |  | 13,716 |
November 9, 2021 |  | November 24, 2021 |  | December 1, 2021 |  | 0.22 |  |  | 14,370 |  |  | — |  |  | 14,370 |
Total 2021 dividends and distributions |  | $ | 0.82 |  |  | $ | 53,559 |  |  | $ | — |  |  | $ | 53,559 |
February 1, 2022 |  | February 16, 2022 |  | February 23, 2022 |  | $ | 0.23 |  |  | $ | 15,023 |  |  | $ | — |  |  | $ | 15,023 |
May 5, 2022 |  | June 8, 2022 |  | June 15, 2022 |  | 0.24 |  |  | 26,506 |  |  | — |  |  | 26,506 |
August 9, 2022 |  | September 7, 2022 |  | September 14, 2022 |  | 0.24 |  |  | 26,198 |  |  | — |  |  | 26,198 |
November 10, 2022 |  | December 7, 2022 |  | December 14, 2022 |  | 0.24 |  |  | 25,999 |  |  | — |  |  | 25,999 |
Total 2022 dividends and distributions |  | $ | 0.95 |  |  | $ | 93,726 |  |  | $ | — |  |  | $ | 93,726 |
February 23, 2023 |  | March 8, 2023 |  | March 15, 2023 |  | $ | 0.25 |  |  | $ | 26,979 |  |  | $ | — |  |  | $ | 26,979 |
May 4, 2023 |  | June 7, 2023 |  | June 14, 2023 |  | 0.25 |  |  | 26,667 |  |  | — |  |  | 26,667 |
August 9, 2023 |  | September 6, 2023 |  | September 13, 2023 |  | 0.26 |  |  | 27,694 |  |  | — |  |  | 27,694 |
November 9, 2023 |  | December 6, 2023 |  | December 13, 2023 |  | 0.26 |  |  | 27,657 |  |  | — |  |  | 27,657 |
Total 2023 dividends and distributions |  | $ | 1.02 |  |  | $ | 108,997 |  |  | $ | — |  |  | $ | 108,997 |

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