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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31, 2024:
Senior debt and 1st lien notes
$1,699,117 67 %$1,658,742 66 %137 %
Subordinated debt and 2nd lien notes
260,225 10 246,902 10 21 
Structured products105,043 4 95,131 4 8 
Equity shares343,533 13 413,482 16 34 
Equity warrants129 — 2,586 — — 
Investment in joint ventures / PE fund143,252 6 110,694 4 9 
$2,551,299 100 %$2,527,537 100 %209 %
December 31, 2023:
Senior debt and 1st lien notes
$1,705,353 67 %$1,670,300 67 %140 %
Subordinated debt and 2nd lien notes
256,850 10 238,215 10 20 
Structured products107,314 4 93,038 4 8 
Equity shares320,335 13 374,704 15 31 
Equity warrants76 — 2,392 — — 
Investment in joint ventures / PE fund145,648 6 110,066 4 9 
$2,535,576 100 %$2,488,715 100 %208 %
The industry composition of investments at fair value at March 31, 2024 and December 31, 2023 was as follows:
($ in thousands)March 31, 2024Percent
of
Portfolio		Percent of
Total Net
Assets		December 31, 2023Percent
of
Portfolio		Percent of
Total Net
Assets
Aerospace and Defense$137,956 5.5 %11.4 %$132,498 5.3 %11.1 %
Automotive71,897 2.9 5.9 80,828 3.3 6.7 
Banking, Finance, Insurance and Real Estate406,291 16.1 33.5 401,816 16.1 33.6 
Beverage, Food and Tobacco33,518 1.3 2.8 23,135 0.9 1.9 
Capital Equipment136,168 5.4 11.2 128,706 5.2 10.8 
Chemicals, Plastics, and Rubber40,937 1.6 3.4 35,897 1.5 3.0 
Construction and Building30,684 1.2 2.5 30,387 1.2 2.5 
Consumer goods: Durable49,236 2.0 4.1 47,074 1.9 3.9 
Consumer goods: Non-durable36,108 1.4 3.0 28,210 1.1 2.4 
Containers, Packaging and Glass37,542 1.5 3.1 37,524 1.5 3.1 
Energy: Electricity29,079 1.2 2.4 20,874 0.8 1.7 
Energy: Oil and Gas3,236 0.1 0.3 3,240 0.1 0.3 
Environmental Industries51,501 2.0 4.2 53,484 2.1 4.5 
Healthcare and Pharmaceuticals190,321 7.5 15.7 216,952 8.7 18.1 
High Tech Industries304,442 12.0 25.1 303,082 12.2 25.4 
Hotel, Gaming and Leisure55,991 2.2 4.6 54,256 2.2 4.5 
Investment Funds and Vehicles110,694 4.4 9.1 110,066 4.4 9.2 
Media: Advertising, Printing and Publishing38,931 1.5 3.2 39,447 1.6 3.3 
Media: Broadcasting and Subscription13,060 0.5 1.1 13,277 0.5 1.1 
Media: Diversified and Production65,449 2.6 5.4 64,559 2.6 5.4 
Metals and Mining9,015 0.4 0.7 8,993 0.4 0.8 
Services: Business366,291 14.5 30.2 326,762 13.2 27.3 
Services: Consumer61,307 2.4 5.1 61,409 2.5 5.1 
Structured Products104,014 4.1 8.6 102,922 4.1 8.6 
Telecommunications27,535 1.1 2.3 27,565 1.1 2.3 
Transportation: Cargo88,075 3.5 7.3 96,450 3.9 8.1 
Transportation: Consumer12,882 0.5 1.1 11,951 0.5 1.0 
Utilities: Electric15,377 0.6 1.3 22,696 0.9 1.9 
Utilities: Oil and Gas— — — 4,655 0.2 0.4 
Total$2,527,537 100.0 %208.6 %$2,488,715 100.0 %208.0 %
As of March 31, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2024:
Senior debt and 1st lien notes
$1,217,642 93 %$1,188,239 95 %
Subordinated debt and 2nd lien notes21,207 2 21,244 2 
Equity shares449 — 244 — 
Equity warrants— — 468 — 
Investment in joint ventures51,339 4 30,550 2 
Short-term investments12,954 1 12,954 1 
$1,303,591 100 %$1,253,699 100 %
December 31, 2023:
Senior debt and 1st lien notes
$1,284,098 93 %$1,260,183 95 %
Subordinated debt and 2nd lien notes21,728 2 21,262 2 
Equity shares449 — 268 — 
Equity warrants— — 467 — 
Investment in joint ventures54,563 4 33,450 2 
Short-term investments14,896 1 14,896 1 
$1,375,734 100 %$1,330,526 100 %
The industry composition of Jocassee’s investments at fair value at March 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)March 31, 2024December 31, 2023
Aerospace and Defense$85,020 6.8 %$82,200 6.3 %
Automotive14,460 1.2 26,087 2.0 
Banking, Finance, Insurance and Real Estate121,466 9.8 121,798 9.3 
Beverage, Food and Tobacco29,561 2.4 30,637 2.3 
Capital Equipment14,466 1.2 17,986 1.4 
Chemicals, Plastics, and Rubber39,054 3.1 37,030 2.8 
Construction and Building19,052 1.5 16,942 1.3 
Consumer goods: Durable24,608 2.0 26,412 2.0 
Consumer goods: Non-durable21,383 1.7 21,850 1.7 
Containers, Packaging and Glass27,983 2.3 26,829 2.0 
Energy: Electricity21,150 1.7 20,250 1.5 
Energy: Oil and Gas8,751 0.7 6,724 0.5 
Environmental Industries5,749 0.5 6,986 0.5 
Forest Products & Paper 3,601 0.3 3,605 0.3 
Healthcare and Pharmaceuticals127,058 10.2 141,070 10.7 
High Tech Industries161,353 13.0 174,572 13.3 
Hotel, Gaming and Leisure19,691 1.6 22,834 1.7 
Investment Funds and Vehicles30,550 2.5 33,450 2.5 
Media: Advertising, Printing and Publishing11,819 1.0 12,081 0.9 
Media: Broadcasting and Subscription22,596 1.8 31,201 2.4 
Media: Diversified and Production34,354 2.8 34,391 2.6 
Metals and Mining4,870 0.4 3,863 0.3 
Retail12,974 1.0 13,141 1.0 
Services: Business217,010 17.5 222,610 16.9 
Services: Consumer59,055 4.7 58,632 4.5 
Telecommunications35,894 2.9 36,027 2.7 
Transportation: Cargo46,477 3.7 57,575 4.4 
Transportation: Consumer13,682 1.1 12,613 1.0 
Utilities: Electric7,058 0.6 9,396 0.7 
Utilities: Oil and Gas— — 6,838 0.5 
Total$1,240,745 100.0 %$1,315,630 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at March 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)March 31, 2024December 31, 2023
Australia$25,432 2.0 %$26,291 2.0 %
Austria5,940 0.5 6,026 0.5 
Belgium20,564 1.7 20,379 1.5 
Canada1,895 0.2 3,998 0.3 
Denmark538 — 1,082 0.1 
Finland— — 2,207 0.2 
France133,970 10.8 137,072 10.4 
Germany49,125 4.0 50,672 3.9 
Hong Kong14,570 1.2 14,162 1.1 
Ireland7,248 0.6 7,445 0.6 
Luxembourg1,803 0.1 1,839 0.1 
Netherlands41,631 3.4 41,260 3.1 
Panama1,456 0.1 1,466 0.1 
Singapore4,990 0.4 4,980 0.4 
Spain4,681 0.4 4,777 0.4 
Sweden3,950 0.3 4,519 0.3 
Switzerland585 — 592 — 
United Kingdom120,445 9.7 120,398 9.2 
USA801,922 64.6 866,465 65.8 
Total$1,240,745 100.0 %$1,315,630 100.0 %
As of March 31, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2024
As of December 31, 2023
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 $215,000 
As of March 31, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2024:
Federal Housing Administration (“FHA”) loans $306,491 93 %$287,390 93 %
Veterans Affairs (“VA”) loans21,604 7 %20,295 7 %
$328,095 100 %$307,685 100 %
December 31, 2023:
Federal Housing Administration (“FHA”) loans$360,847 93 %$342,240 93 %
Veterans Affairs (“VA”) loans25,810 7 %24,491 7 %
$386,657 100 %$366,731 100 %
As of March 31, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2024
As of December 31, 2023
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 $32.1 million of total contributed capital by related parties.
As of March 31, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2024
As of
 December 31, 2023
Total contributed capital by Barings BDC, Inc.$30,280 $30,280 
Total contributed capital by all members (1)$139,020 $139,020 
Total unfunded commitments by Barings BDC, Inc.$— $— 
Total unfunded commitments by all members$— $— 
(1)Includes $82.0 million of total contributed capital by related parties as of both March 31, 2024 and December 31, 2023.
As of March 31, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2024:
Senior debt and 1st lien notes
$51,269 100 %$50,361 100 %
$51,269 100 %$50,361 100 %
December 31, 2023:
Senior debt and 1st lien notes
$85,304 100 %$79,599 100 %
$85,304 100 %$79,599 100 %
The industry composition of Sierra JV’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:
($ in thousands)March 31, 2024December 31, 2023
Automotive$2,730 5.4 %$2,463 3.1 %
Banking, Finance, Insurance and Real Estate— — 254 0.3 
Beverage, Food and Tobacco3,747 7.4 3,172 4.0 
Capital Equipment— — 5,271 6.6 
Chemicals, Plastics, and Rubber3,014 6.0 2,942 3.7 
Construction and Building— — 1,867 2.4 
Consumer goods: Durable1,064 2.1 1,042 1.3 
Environmental Industries3,769 7.5 3,487 4.4 
Healthcare and Pharmaceuticals8,578 17.0 12,880 16.2 
High Tech Industries10,153 20.2 14,661 18.4 
Retail6,219 12.4 6,255 7.9 
Services: Business4,799 9.5 6,798 8.5 
Services: Consumer— — 8,525 10.7 
Transportation: Cargo6,288 12.5 6,296 7.9 
Transportation: Consumer— — 3,686 4.6 
Total$50,361 100.0 %$79,599 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.
March 31, 2024:
($ 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)
$1,340,742 Yield AnalysisMarket Yield
6.1% – 27.0%
11.3%Decrease
42,618 Market ApproachAdjusted EBITDA Multiple
0.9x – 12.5x
7.4xIncrease
190,551 Recent TransactionTransaction Price
95.6% – 100.0%
98.0%Increase
Subordinated debt and 2nd lien notes(2)
171,135 Yield AnalysisMarket Yield
9.0% – 17.7%
13.2%Decrease
48,627 Market ApproachAdjusted EBITDA Multiple
5.0x – 11.0x
7.0xIncrease
1,875 Recent TransactionTransaction Price100.0%100.0%Increase
Structured products(3)
32,112 Yield AnalysisMarket Yield
9.0% – 10.3%
9.6%Decrease
Equity shares(4)
23,191 Yield AnalysisMarket Yield
10.5% – 14.2%
12.5%Decrease
342,771 Market ApproachAdjusted EBITDA Multiple
4.5x – 27.5x
10.2xIncrease
1,762 Market ApproachRevenue Multiple
6.0x – 9.3x
6.7xIncrease
16,055 Discounted Cash Flow AnalysisDiscount Rate14.5%14.5%Decrease
3,535 Net Asset ApproachLiabilities$(64,894.6)$(64,894.6)Decrease
3 Expected RecoveryExpected Recovery$2.5$2.5Increase
1,130 Recent TransactionTransaction Price
$0.00 – $1,037.50
$440.33Increase
Equity warrants2,506 Market ApproachAdjusted EBITDA Multiple
6.3x – 12.5x
7.5xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $21,506, 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 $10,571, 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 $13,097, 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 $2,669, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
During the three months ended March 31, 2024, one equity position with a fair value of $14.2 million transitioned from a market approach to a yield analysis valuation model. In addition, two senior debt and first lien note positions with a fair value of $16.0 million transitioned from a yield analysis 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, 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)
$1,399,907 Yield AnalysisMarket Yield
7.8% – 19.6%
11.7%Decrease
32,150 Market ApproachAdjusted EBITDA Multiple
1.10x – 12.5x
3.7xIncrease
136,594 Recent TransactionTransaction Price
95.0% – 100.0%
97.9%Increase
Subordinated debt and 2nd lien notes(2)
167,250 Yield AnalysisMarket Yield
8.5% – 18.9%
13.5%Decrease
39,826 Market ApproachAdjusted EBITDA Multiple
7.0x – 12.3x
8.2xIncrease
5,875 Recent TransactionTransaction Price
98.0% – 100.0%
99.3%Increase
Structured products(3)
30,529 Yield AnalysisMarket Yield
9.2% – 10.3%
9.7%Decrease
Equity shares(4)
8,788 Yield AnalysisMarket Yield14.6%14.6%Decrease
328,210 Market ApproachAdjusted EBITDA Multiple
4.5x – 30.0x
10.6xIncrease
1,771 Market ApproachRevenue Multiple
6.5x – 9.5x
6.9xIncrease
12,159 Discounted Cash Flow AnalysisDiscount Rate14.2%14.2%Decrease
3,196 Net Asset ApproachLiabilities$(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
3Expected RecoveryExpected Recovery$3.0$3.0Increase
(1)Excludes investments with an aggregate fair value amounting to $25,146, 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 $10,847, 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 $12,443, 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 $7,498, which the Adviser 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 $3.3 million transitioned from a discounted cash flow analysis to a broker quote valuation model. Lastly, one equity position with a fair value of nil transitioned from an expected recovery to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of March 31, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
March 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$16,050 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit (years)
2.3 - 5.3
3.8Decrease
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,300 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit
(years)
2.3 - 5.3
3.8Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of March 31, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
March 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$35,400 Simulation AnalysisEnterprise/Equity Value
$18 - $168,600
$84,308Decrease
Asset Volatility
35.0% - 50.0%
42.5%Increase
Time Until Exit (years)
0.0 - 7.8
3.9Decrease
Discount Rate7.2%7.2%Decrease
Recovery Rate
0.0% - 70.0%
35.0%Increase
December 31, 2023:
($ 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/Equity Value
$91 - $159,700
$79,900Decrease
Asset Volatility
35.0% - 50.0%
42.5%Increase
Time Until Exit (years)
0.0 - 8.1
4.1Decrease
Discount Rate5.7%5.7%Decrease
Recovery Rate
0.0% - 70.0%
35.0%Increase
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables present the Company’s investment portfolio at fair value as of March 31, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of March 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $63,325 $1,595,417 $1,658,742 
Subordinated debt and 2nd lien notes
— 14,694 232,208 246,902 
Structured products— 49,922 45,209 95,131 
Equity shares16,985 5,381 391,116 413,482 
Equity warrants77 — 2,509 2,586 
Investments subject to leveling$17,062 $133,322 $2,266,459 $2,416,843 
Investment in joint ventures / PE fund (1)110,694 
$2,527,537 
Fair Value as of December 31, 2023
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $76,503 $1,593,797 $1,670,300 
Subordinated debt and 2nd lien notes
— 14,417 223,798 238,215 
Structured products— 50,066 42,972 93,038 
Equity shares132 — 374,572 374,704 
Equity warrants— — 2,392 2,392 
Investments subject to leveling$132 $140,986 $2,237,531 $2,378,649 
Investment in joint ventures / PE fund (1)110,066 
$2,488,715 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,593,797 $223,798 $42,972 $374,572 $2,392 $2,237,531 
New investments117,843 18,330 49 4,831 — 141,053 
Investment restructuring(22,249)— — — — (22,249)
Transfers into (out of) Level 3, net(2,596)— — (4,829)— (7,425)
Proceeds from sales of investments(187)— — — — (187)
Loan origination fees received(2,238)(281)— — — (2,519)
Principal repayments received(78,200)(11,091)(357)— — (89,648)
Payment-in-kind interest/dividends921 1,363 — 2,062 — 4,346 
Accretion of loan premium/discount134 27 — — — 161 
Accretion of deferred loan origination revenue2,266 133 — — — 2,399 
Realized gain (loss)(7,528)(5,107)(6)— — (12,641)
Unrealized appreciation (depreciation)(6,546)5,036 2,551 14,480 117 15,638 
Fair value, end of period$1,595,417 $232,208 $45,209 $391,116 $2,509 $2,266,459 
Three Months Ended
March 31, 2023:
($ 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 investments86,805 769 9,382 46,758 — 143,714 
Transfers into (out of) Level 3, net(9,898)— — — — (9,898)
Proceeds from sales of investments(326)— — (4,200)— (4,526)
Loan origination fees received(2,397)(23)— — — (2,420)
Principal repayments received(25,486)(11,575)(367)— — (37,428)
Payment-in-kind interest/dividends1,170 2,449 — — — 3,619 
Accretion of loan premium/discount132 41 — — — 173 
Accretion of deferred loan origination revenue1,787 161 — — — 1,948 
Realized gain (loss)(274)5 — 953 — 684 
Unrealized appreciation (depreciation)7,492 (307)(726)2,406 (1)8,864 
Fair value, end of period$1,650,361 $225,734 $26,116 $328,984 $1,056 $2,232,251 
Schedule of Fee Income
Fee income for the three months ended March 31, 2024 and 2023 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2024March 31, 2023
Recurring Fee Income:
Amortization of loan origination fees$1,685 $1,672 
Management, valuation and other fees445 593 
Total Recurring Fee Income2,130 2,265 
Non-Recurring Fee Income:
Prepayment fees1 — 
Acceleration of unamortized loan origination fees734 345 
Advisory, loan amendment and other fees609 690 
Total Non-Recurring Fee Income1,344 1,035 
Total Fee Income$3,474 $3,300