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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2024:
Senior debt and 1st lien notes
$1,629,203 67 %$1,581,827 66 %131 %
Subordinated debt and 2nd lien notes
242,827 10 226,055 10 19 
Structured products101,969 4 92,487 4 8 
Equity shares326,193 13 383,304 16 32 
Equity warrants76 — 2,624 — — 
Royalty rights3,871 — 3,871 — — 
Investment in joint ventures / PE fund141,723 6 105,492 4 9 
$2,445,862 100 %$2,395,660 100 %199 %
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 %$2,488,715 100 %208 %
The industry composition of investments at fair value at June 30, 2024 and December 31, 2023 was as follows:
($ in thousands)June 30, 2024Percent
of
Portfolio		Percent of
Total Net
Assets		December 31, 2023Percent
of
Portfolio		Percent of
Total Net
Assets
Aerospace and Defense$137,915 5.8 %11.5 %$132,498 5.3 %11.1 %
Automotive47,832 2.0 4.0 80,828 3.3 6.7 
Banking, Finance, Insurance and Real Estate401,733 16.8 33.5 401,816 16.1 33.6 
Beverage, Food and Tobacco34,920 1.5 2.9 23,135 0.9 1.9 
Capital Equipment121,509 5.1 10.1 128,706 5.2 10.8 
Chemicals, Plastics, and Rubber40,108 1.7 3.3 35,897 1.5 3.0 
Construction and Building18,529 0.8 1.5 30,387 1.2 2.5 
Consumer goods: Durable37,926 1.6 3.2 47,074 1.9 3.9 
Consumer goods: Non-durable41,064 1.7 3.4 28,210 1.1 2.4 
Containers, Packaging and Glass36,762 1.5 3.1 37,524 1.5 3.1 
Electrical Components & Equipment10,440 0.4 0.9 — — — 
Energy: Electricity28,856 1.2 2.4 20,874 0.8 1.7 
Energy: Oil and Gas3,113 0.1 0.3 3,240 0.1 0.3 
Environmental Services51,846 2.1 4.3 53,484 2.1 4.5 
Healthcare & Pharmaceuticals186,845 7.8 15.5 216,952 8.7 18.1 
High Tech Industries254,135 10.6 21.1 303,082 12.2 25.4 
Hotel, Gaming and Leisure56,582 2.3 4.7 54,256 2.2 4.5 
Investment Funds and Vehicles105,494 4.4 8.8 110,066 4.4 9.2 
Media: Advertising, Printing and Publishing42,354 1.8 3.5 39,447 1.6 3.3 
Media: Broadcasting and Subscription12,359 0.5 1.0 13,277 0.5 1.1 
Media: Diversified and Production66,944 2.8 5.6 64,559 2.6 5.4 
Metals and Mining8,788 0.4 0.7 8,993 0.4 0.8 
Services: Business363,373 15.2 30.2 326,762 13.2 27.3 
Services: Consumer59,146 2.5 4.9 61,409 2.5 5.1 
Structured Products101,231 4.2 8.4 102,922 4.1 8.6 
Telecommunications28,119 1.2 2.3 27,565 1.1 2.3 
Transportation: Cargo82,385 3.4 6.9 96,450 3.9 8.1 
Transportation: Consumer— — — 11,951 0.5 1.0 
Utilities: Electric15,352 0.6 1.3 22,696 0.9 1.9 
Utilities: Oil and Gas— — — 4,655 0.2 0.4 
Total$2,395,660 100.0 %199.3 %$2,488,715 100.0 %208.0 %
As of June 30, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2024:
Senior debt and 1st lien notes
$1,154,291 93 %$1,122,447 94 %
Subordinated debt and 2nd lien notes19,877 2 19,848 2 
Equity shares449 — 253 — 
Equity warrants— — 470 — 
Investment in joint ventures49,397 4 25,567 2 
Short-term investments18,746 1 18,746 2 
$1,242,760 100 %$1,187,331 100 %
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 %$1,330,526 100 %
The industry composition of Jocassee’s investments at fair value at June 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)June 30, 2024December 31, 2023
Aerospace and Defense$86,045 7.3 %$82,200 6.3 %
Automotive13,674 1.2 26,087 2.0 
Banking, Finance, Insurance and Real Estate119,636 10.2 121,798 9.3 
Beverage, Food and Tobacco29,924 2.6 30,637 2.3 
Capital Equipment12,447 1.1 17,986 1.4 
Chemicals, Plastics, and Rubber38,055 3.3 37,030 2.8 
Construction and Building17,542 1.5 16,942 1.3 
Consumer goods: Durable24,713 2.1 26,412 2.0 
Consumer goods: Non-durable22,689 1.9 21,850 1.7 
Containers, Packaging and Glass28,863 2.5 26,829 2.0 
Energy: Electricity22,940 2.0 20,250 1.5 
Energy: Oil and Gas9,281 0.8 6,724 0.5 
Environmental Industries6,335 0.5 6,986 0.5 
Forest Products & Paper 3,113 0.3 3,605 0.3 
Healthcare & Pharmaceuticals118,175 10.1 141,070 10.7 
High Tech Industries119,603 10.2 174,572 13.3 
Hotel, Gaming and Leisure21,004 1.8 22,834 1.7 
Investment Funds and Vehicles25,567 2.2 33,450 2.5 
Media: Advertising, Printing and Publishing12,093 1.0 12,081 0.9 
Media: Broadcasting and Subscription20,042 1.7 31,201 2.4 
Media: Diversified and Production34,481 3.0 34,391 2.6 
Metals and Mining4,775 0.4 3,863 0.3 
Retail11,390 1.0 13,141 1.0 
Services: Business211,291 18.1 222,610 16.9 
Services: Consumer59,951 5.0 58,632 4.5 
Telecommunications36,200 3.1 36,027 2.7 
Transportation: Cargo46,309 4.0 57,575 4.4 
Transportation: Consumer5,451 0.5 12,613 1.0 
Utilities: Electric6,996 0.6 9,396 0.7 
Utilities: Oil and Gas— — 6,838 0.5 
Total$1,168,585 100.0 %$1,315,630 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at June 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)June 30, 2024December 31, 2023
Australia$19,825 1.7 %$26,291 2.0 %
Austria5,895 0.5 6,026 0.5 
Belgium20,839 1.8 20,379 1.5 
Canada830 0.1 3,998 0.3 
Denmark— — 1,082 0.1 
Finland— — 2,207 0.2 
France133,666 11.4 137,072 10.4 
Germany48,440 4.2 50,672 3.9 
Hong Kong14,625 1.3 14,162 1.1 
Ireland7,228 0.6 7,445 0.6 
Luxembourg2,225 0.2 1,839 0.1 
Netherlands41,995 3.6 41,260 3.1 
Panama1,425 0.1 1,466 0.1 
Singapore5,000 0.4 4,980 0.4 
Spain2,147 0.2 4,777 0.4 
Sweden3,675 0.3 4,519 0.3 
Switzerland583 — 592 — 
United Kingdom114,697 9.8 120,398 9.2 
USA745,490 63.8 866,465 65.8 
Total$1,168,585 100.0 %$1,315,630 100.0 %
As of June 30, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $215,000 
As of June 30, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2024:
Federal Housing Administration (“FHA”) loans $258,190 93 %$240,367 93 %
Veterans Affairs (“VA”) loans18,684 7 %17,425 7 %
$276,874 100 %$257,792 100 %
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 %$366,731 100 %
As of June 30, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 and total contributed capital by related parties of $162.1 million as of both June 30, 2024 and December 31, 2023.
As of June 30, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $82.0 million of total contributed capital by related parties as of both June 30, 2024 and December 31, 2023.
As of June 30, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2024:
Senior debt and 1st lien notes
$42,537 100 %$40,703 100 %
$42,537 100 %$40,703 100 %
December 31, 2023:
Senior debt and 1st lien notes
$85,304 100 %$79,599 100 %
$85,304 100 %$79,599 100 %
The industry composition of Sierra JV’s investments at fair value at June 30, 2024 and December 31, 2023 was as follows:
($ in thousands)June 30, 2024December 31, 2023
Automotive$2,783 6.8 %$2,463 3.1 %
Banking, Finance, Insurance and Real Estate— — 254 0.3 
Beverage, Food and Tobacco3,556 8.7 3,172 4.0 
Capital Equipment— — 5,271 6.6 
Chemicals, Plastics, and Rubber2,989 7.4 2,942 3.7 
Construction and Building— — 1,867 2.4 
Consumer goods: Durable1,087 2.7 1,042 1.3 
Environmental Industries— — 3,487 4.4 
Healthcare & Pharmaceuticals3,784 9.3 12,880 16.2 
High Tech Industries9,319 22.9 14,661 18.4 
Retail6,233 15.3 6,255 7.9 
Services: Business4,650 11.4 6,798 8.5 
Services: Consumer— — 8,525 10.7 
Transportation: Cargo6,302 15.5 6,296 7.9 
Transportation: Consumer— — 3,686 4.6 
Total$40,703 100.0 %$79,599 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.
June 30, 2024:
($ 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)
$1,352,872 Yield AnalysisMarket Yield
8.1% – 22.0%
11.5%Decrease
44,784 Market ApproachAdjusted EBITDA Multiple
1.9x – 11.5x
7.4xIncrease
105,185 Recent TransactionTransaction Price
95.0% – 99.5%
98.3%Increase
Subordinated debt and 2nd lien notes(2)
152,920 Yield AnalysisMarket Yield
8.5% – 18.0%
13.3%Decrease
53,325 Market ApproachAdjusted EBITDA Multiple
6.0x – 23.2x
10.8xIncrease
709 Recent TransactionTransaction Price
 98.0%
98.0%Increase
Structured products(3)
32,298 Yield AnalysisMarket Yield
9.1% – 10.3%
9.6%Decrease
Equity shares(4)
29,729 Yield AnalysisMarket Yield
9.7% – 25.7%
14.3%Decrease
322,402 Market ApproachAdjusted EBITDA Multiple
3.8x – 27.0x
15.4xIncrease
1,617 Market ApproachRevenue Multiple
5.5x – 9.0x
6.4xIncrease
16,086 Discounted Cash Flow AnalysisDiscount Rate14.4%14.4%Decrease
3,535 Net Asset ApproachLiabilities$(76,365.9)$(76,365.9)Decrease
68 Expected RecoveryExpected Recovery
$0.00 – $65.9
$63.6Increase
277 Recent TransactionTransaction Price
$0.00 – $100.00
$100.00Increase
Equity warrants2,621 Market ApproachAdjusted EBITDA Multiple
6.3x – 11.5x
7.7xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights3,871 Recent TransactionTransaction Price$1.00$1.00Increase
(1)Excludes investments with an aggregate fair value amounting to $17,106, 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 $6,069, 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 $13,202, 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 $8,881, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
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)
$1,399,907 Yield AnalysisMarket Yield
7.8% – 19.6%
11.7%Decrease
32,150 Market ApproachAdjusted EBITDA Multiple
1.1x – 12.5x
3.7xIncrease
136,594 Recent TransactionTransaction Price
95.0% – 100.0%
97.9%Increase
Subordinated debt and 2nd lien notes(2)
167,250 Yield AnalysisMarket Yield
8.5% – 18.9%
13.5%Decrease
39,826 Market ApproachAdjusted EBITDA Multiple
7.0x – 12.3x
8.2xIncrease
5,875 Recent TransactionTransaction Price
98.0% – 100.0%
99.3%Increase
Structured products(3)
30,529 Yield AnalysisMarket Yield
9.2% – 10.3%
9.7%Decrease
Equity shares(4)
8,788 Yield AnalysisMarket Yield14.6%14.6%Decrease
328,210 Market ApproachAdjusted EBITDA Multiple
4.5x – 30.0x
10.6xIncrease
1,771 Market ApproachRevenue Multiple
6.5x – 9.5x
6.9xIncrease
12,159 Discounted Cash Flow AnalysisDiscount Rate14.2%14.2%Decrease
3,196 Net Asset ApproachLiabilities$(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 $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of June 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
June 30, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,946 Income ApproachDiscount Rate
6.6% - 7.6%
7.1%Decrease
Time Until Exit (years)
2.0 - 5.0
3.5Decrease
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,300 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit
(years)
2.3 - 5.3
3.8Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
June 30, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$32,600 Simulation AnalysisEnterprise/Equity Value
$0 - $160,200
$80,100Decrease
Asset Volatility
35.0% - 100.0%
67.5%Increase
Time Until Exit (years)
0.0 - 7.6
3.8Decrease
Discount Rate6.9%6.9%Decrease
Recovery Rate
5.0% - 60.0%
32.5%Increase
December 31, 2023:
($ 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 June 30, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of June 30, 2024
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $61,880 $1,519,947 $1,581,827 
Subordinated debt and 2nd lien notes
— 13,032 213,023 226,055 
Structured products— 46,987 45,500 92,487 
Equity shares— 709 382,595 383,304 
Equity warrants— — 2,624 2,624 
Royalty rights— — 3,871 3,871 
Investments subject to leveling$— $122,608 $2,167,560 $2,290,168 
Investment in joint ventures / PE fund (1)105,492 
$2,395,660 
Fair Value as of December 31, 2023
($ 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 
$2,488,715 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2024 and 2023:
Six Months Ended
June 30, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsTotal
Fair value, beginning of period$1,593,797 $223,798 $42,972 $374,572 $2,392 $— $2,237,531 
New investments176,984 26,325 48 5,524 — 3,871 212,752 
Investment restructuring(22,249)— — — — — (22,249)
Transfers into (out of) Level 3, net(1,862)— — (130)— — (1,992)
Proceeds from sales of investments(18,512)(4,975)— (1,040)— — (24,527)
Loan origination fees received(3,473)(296)— — — — (3,769)
Principal repayments received(191,286)(32,222)(357)— — — (223,865)
Payment-in-kind interest / dividends2,002 1,708 — 5,849 — — 9,559 
Accretion of loan premium / discount221 55 — — — — 276 
Accretion of deferred loan origination revenue4,969 487 — — — — 5,456 
Realized gain (loss)(7,040)(5,107)(6)(4,179)— — (16,332)
Unrealized appreciation (depreciation)(13,604)3,250 2,843 1,999 232 — (5,280)
Fair value, end of period$1,519,947 $213,023 $45,500 $382,595 $2,624 $3,871 $2,167,560 
Six Months Ended
June 30, 2023:
($ 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 investments131,734 11,478 13,479 60,137 — 216,828 
Transfers into (out of) Level 3, net(9,417)(7,748)— 914 — (16,251)
Proceeds from sales of investments(68,425)(2,800)— (4,200)— (75,425)
Loan origination fees received(2,825)(51)— — — (2,876)
Principal repayments received(59,097)(32,345)(367)— — (91,809)
Payment-in-kind interest / dividends2,309 6,187 — 3,711 — 12,207 
Accretion of loan premium / discount259 426 — — — 685 
Accretion of deferred loan origination revenue3,672 281 — — — 3,953 
Realized gain (loss)(661)(43,902)— 953 — (43,610)
Unrealized appreciation (depreciation)7,224 43,350 (44)10,593 87 61,210 
Fair value, end of period$1,596,129 $209,090 $30,895 $355,175 $1,144 $2,192,433 
Schedule of Fee and Other Income
Fee and other income for the three and six months ended June 30, 2024 and 2023 was as follows:
Three Months Ended
Three Months Ended
Six Months Ended
Six Months Ended
($ in thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Recurring Fee and Other Income:
Amortization of loan origination fees$1,763 $1,749 $3,449 $3,420 
Management, valuation and other fees396 601 840 1,194 
Royalty income75 — 75 — 
Total Recurring Fee and Other Income2,234 2,350 4,364 4,614 
Non-Recurring Fee and Other Income:
Prepayment fees271 329 272 329 
Acceleration of unamortized loan origination fees1,290 328 2,024 674 
Advisory, loan amendment and other fees(26)1,294 582 1,984 
Total Non-Recurring Fee and Other Income1,535 1,951 2,878 2,987 
Total Fee and Other Income$3,769 $4,301 $7,242 $7,601