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Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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 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)
$1,399,907 Yield AnalysisMarket Yield
7.8% – 19.6%
11.7%Decrease
32,150 Market ApproachAdjusted EBITDA Multiple
1.1x – 12.5x
3.7xIncrease
136,594 Recent TransactionTransaction Price
95.0% – 100.0%
97.9%Increase
Subordinated debt and 2nd lien notes(2)
167,250 Yield AnalysisMarket Yield
8.5% – 18.9%
13.5%Decrease
39,826 Market ApproachAdjusted EBITDA Multiple
7.0x – 12.3x
8.2xIncrease
5,875 Recent TransactionTransaction Price
98.0% – 100.0%
99.3%Increase
Structured products(3)
30,529 Yield AnalysisMarket Yield
9.2% – 10.3%
9.7%Decrease
Equity shares(4)
8,788 Yield AnalysisMarket Yield
14.6%
14.6%Decrease
328,210 Market ApproachAdjusted EBITDA Multiple
4.5x – 30.0x
10.6xIncrease
1,771 Market ApproachRevenue Multiple
6.5x – 9.5x
6.9xIncrease
12,159 Discounted Cash Flow AnalysisDiscount Rate14.2%14.2%Decrease
3,196 Net Asset ApproachLiabilities$(55,281.8)$(55,281.8)Decrease
3 Expected RecoveryExpected Recovery
$2.5
$2.5Increase
12,947 Recent TransactionTransaction Price
$1.00 – $10.00
$9.5Increase
Equity warrants2,389 Market ApproachAdjusted EBITDA Multiple
6.3x – 12.5x
7.3xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(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 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
3 Expected 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 $2,741, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2023 and 2022. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,300 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit (years)
2.5 - 5.5
4.0Decrease
December 31, 2022:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		AverageImpact to Valuation from an Increase in Input
MVC Credit Support Agreement$12,386 Income ApproachDiscount Rate
7.1% - 8.1%
7.6%Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of December 31, 2023 and December 31, 2022. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$40,500 Simulation AnalysisEnterprise Value
$91 - $159,700
$79,900Decrease
Asset Volatility
35.0% - 50.0%
42.5%Increase
Time Until Exit (years)
0 - 8.1
4.1Decrease
Discount Rate5.7%5.7%Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
December 31, 2022:
($ 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
$201,800Decrease
Asset Volatility
37.5% - 70.0%
53.8%Increase
Time Until Exit (years)
0.0 - 9.1
4.6Decrease
Recovery Rate
0.0% - 70.0%
35.0%Decrease
Schedule of Fee Income
Fee income for the years ended December 31, 2023, 2022 and 2021 was as follows:
Year Ended December 31
($ in thousands)202320222021
Recurring Fee Income:
Amortization of loan origination fees$6,949 $5,943 $4,620 
Management, valuation and other fees2,261 1,237 2,186 
Total Recurring Fee Income9,210 7,180 6,806 
Non-Recurring Fee Income:
Prepayment fees510 303 474 
Acceleration of unamortized loan origination fees1,476 5,595 4,824 
Advisory, loan amendment and other fees2,205 1,845 916 
Total Non-Recurring Fee Income4,191 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)		RecordPayablePer  Share
Amount		Amount
Paid in
Cash		Amount Settled via Newly Issued SharesTotal
February 7, 2021March 10, 2021March 17, 2021$0.19 $12,410 $— $12,410 
May 6, 2021June 9, 2021June 16, 20210.20 13,063 — 13,063 
August 5, 2021September 8, 2021September 15, 20210.21 13,716 — 13,716 
November 9, 2021November 24, 2021December 1, 20210.22 14,370 — 14,370 
Total 2021 dividends and distributions$0.82 $53,559 $— $53,559 
February 1, 2022February 16, 2022February 23, 2022$0.23 $15,023 $— $15,023 
May 5, 2022June 8, 2022June 15, 20220.24 26,506 — 26,506 
August 9, 2022September 7, 2022September 14, 20220.24 26,198 — 26,198 
November 10, 2022December 7, 2022December 14, 20220.24 25,999 — 25,999 
Total 2022 dividends and distributions$0.95 $93,726 $— $93,726 
February 23, 2023March 8, 2023March 15, 2023$0.25 $26,979 $— $26,979 
May 4, 2023June 7, 2023June 14, 20230.25 26,667 — 26,667 
August 9, 2023September 6, 2023September 13, 20230.26 27,694 — 27,694 
November 9, 2023December 6, 2023December 13, 20230.26 27,657 — 27,657 
Total 2023 dividends and distributions$1.02 $108,997 $— $108,997