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INVESTMENTS (Tables)
 9 Months Ended
Sep. 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
September 30, 2024:
Senior debt and 1st lien notes
$1,659,800 68 %$1,632,057 68 %137 %
Subordinated debt and 2nd lien notes
214,860 9 199,971 8 17 
Structured products99,154 4 91,493 4 7 
Equity shares328,635 13 382,531 16 32 
Equity warrants76 — 2,600 — — 
Royalty rights3,790 — 3,819 — — 
Investment in joint ventures / PE fund140,605 6 104,243 4 9 
$2,446,920 100 %$2,416,714 100 %202 %
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 %$2,488,715 100 %208 %
The industry composition of investments at fair value at September 30, 2024 and December 31, 2023 was as follows:
($ in thousands)September 30, 2024Percent
of
Portfolio		Percent of
Total Net
Assets		December 31, 2023Percent
of
Portfolio		Percent of
Total Net
Assets
Aerospace and Defense$110,084 4.6 %9.2 %$132,498 5.3 %11.1 %
Automotive52,532 2.2 4.4 80,828 3.3 6.7 
Banking, Finance, Insurance and Real Estate404,997 16.8 34.0 401,816 16.1 33.6 
Beverage, Food and Tobacco36,388 1.5 3.0 23,135 0.9 1.9 
Capital Equipment112,786 4.7 9.4 128,706 5.2 10.8 
Chemicals, Plastics, and Rubber38,852 1.6 3.3 35,897 1.5 3.0 
Construction and Building27,933 1.2 2.3 30,387 1.2 2.5 
Consumer goods: Durable38,378 1.6 3.2 47,074 1.9 3.9 
Consumer goods: Non-durable44,231 1.8 3.7 28,210 1.1 2.4 
Containers, Packaging and Glass37,033 1.5 3.1 37,524 1.5 3.1 
Electrical Components & Equipment10,451 0.4 0.9 — — — 
Energy: Electricity12,046 0.5 1.0 20,874 0.8 1.7 
Energy: Oil and Gas2,857 0.1 0.2 3,240 0.1 0.3 
Environmental Services51,828 2.1 4.3 53,484 2.1 4.5 
Healthcare & Pharmaceuticals201,303 8.3 16.9 216,952 8.7 18.1 
High Tech Industries251,487 10.4 21.1 303,082 12.2 25.4 
Hotel, Gaming and Leisure56,771 2.3 4.8 54,256 2.2 4.5 
Investment Funds and Vehicles104,243 4.3 8.7 110,066 4.4 9.2 
Media: Advertising, Printing and Publishing42,754 1.8 3.6 39,447 1.6 3.3 
Media: Broadcasting and Subscription12,437 0.5 1.0 13,277 0.5 1.1 
Media: Diversified and Production64,084 2.7 5.3 64,559 2.6 5.4 
Metals and Mining8,720 0.4 0.7 8,993 0.4 0.8 
Services: Business404,614 16.7 33.9 326,762 13.2 27.3 
Services: Consumer64,362 2.7 5.4 61,409 2.5 5.1 
Structured Products99,341 4.1 8.3 102,922 4.1 8.6 
Telecommunications29,618 1.2 2.5 27,565 1.1 2.3 
Transportation: Cargo82,114 3.4 6.9 96,450 3.9 8.1 
Transportation: Consumer— — — 11,951 0.5 1.0 
Utilities: Electric14,470 0.6 1.2 22,696 0.9 1.9 
Utilities: Oil and Gas— — — 4,655 0.2 0.4 
Total$2,416,714 100.0 %202.3 %$2,488,715 100.0 %208.0 %
As of September 30, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2024:
Senior debt and 1st lien notes
$1,122,271 93 %$1,105,053 95 %
Subordinated debt and 2nd lien notes20,176 2 20,333 2 
Equity shares449 — 239 — 
Equity warrants— — 449 — 
Investment in joint ventures47,892 4 24,471 2 
Short-term investments12,030 1 12,030 1 
$1,202,818 100 %$1,162,575 100 %
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 %$1,330,526 100 %
The industry composition of Jocassee’s investments at fair value at September 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)September 30, 2024December 31, 2023
Aerospace and Defense$86,149 7.5 %$82,200 6.3 %
Automotive10,855 0.9 26,087 2.0 
Banking, Finance, Insurance and Real Estate125,185 10.9 121,798 9.3 
Beverage, Food and Tobacco30,731 2.7 30,637 2.3 
Capital Equipment13,351 1.2 17,986 1.4 
Chemicals, Plastics, and Rubber38,367 3.3 37,030 2.8 
Construction and Building20,283 1.8 16,942 1.3 
Consumer goods: Durable26,537 2.3 26,412 2.0 
Consumer goods: Non-durable23,210 2.0 21,850 1.7 
Containers, Packaging and Glass28,120 2.4 26,829 2.0 
Energy: Electricity10,040 0.9 20,250 1.5 
Energy: Oil and Gas11,877 1.0 6,724 0.5 
Environmental Industries6,230 0.5 6,986 0.5 
Forest Products & Paper 1,157 0.1 3,605 0.3 
Healthcare & Pharmaceuticals119,185 10.4 141,070 10.7 
High Tech Industries99,252 8.6 174,572 13.3 
Hotel, Gaming and Leisure21,286 1.9 22,834 1.7 
Investment Funds and Vehicles24,471 2.1 33,450 2.5 
Media: Advertising, Printing and Publishing11,515 1.0 12,081 0.9 
Media: Broadcasting and Subscription20,359 1.8 31,201 2.4 
Media: Diversified and Production36,192 3.1 34,391 2.6 
Metals and Mining4,742 0.4 3,863 0.3 
Retail13,377 1.2 13,141 1.0 
Services: Business208,691 18.1 222,610 16.9 
Services: Consumer59,857 5.2 58,632 4.5 
Telecommunications37,829 3.3 36,027 2.7 
Transportation: Cargo45,757 4.0 57,575 4.4 
Transportation: Consumer5,324 0.5 12,613 1.0 
Utilities: Electric10,616 0.9 9,396 0.7 
Utilities: Oil and Gas— — 6,838 0.5 
Total$1,150,545 100.0 %$1,315,630 100.0 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at September 30, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands)September 30, 2024December 31, 2023
Australia$20,778 1.8 %$26,291 2.0 %
Austria6,138 0.5 6,026 0.5 
Belgium21,901 1.9 20,379 1.5 
Canada545 — 3,998 0.3 
Denmark— — 1,082 0.1 
Finland— — 2,207 0.2 
France135,790 11.8 137,072 10.4 
Germany49,363 4.4 50,672 3.9 
Hong Kong14,838 1.3 14,162 1.1 
Ireland7,571 0.7 7,445 0.6 
Luxembourg2,297 0.2 1,839 0.1 
Netherlands43,353 3.8 41,260 3.1 
Panama1,460 0.1 1,466 0.1 
Singapore5,000 0.4 4,980 0.4 
Spain2,237 0.2 4,777 0.4 
Sweden3,840 0.3 4,519 0.3 
Switzerland587 0.1 592 — 
United Kingdom120,027 10.4 120,398 9.2 
USA714,820 62.1 866,465 65.8 
Total$1,150,545 100.0 %$1,315,630 100.0 %
As of September 30, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $215,000 
As of September 30, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2024:
Federal Housing Administration (“FHA”) loans $218,501 93 %$208,953 93 %
Veterans Affairs (“VA”) loans16,341 7 %15,647 7 %
$234,842 100 %$224,600 100 %
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 %$366,731 100 %
As of September 30, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $162.1 million as of both September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $82.0 million of total contributed capital by related parties as of both September 30, 2024 and December 31, 2023.
As of September 30, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2024:
Senior debt and 1st lien notes
$42,464 100 %$39,976 100 %
$42,464 100 %$39,976 100 %
December 31, 2023:
Senior debt and 1st lien notes
$85,304 100 %$79,599 100 %
$85,304 100 %$79,599 100 %
The industry composition of Sierra JV’s investments at fair value at September 30, 2024 and December 31, 2023 was as follows:
($ in thousands)September 30, 2024December 31, 2023
Automotive$2,781 7.0 %$2,463 3.1 %
Banking, Finance, Insurance and Real Estate— — 254 0.3 
Beverage, Food and Tobacco3,586 9.0 3,172 4.0 
Capital Equipment— — 5,271 6.6 
Chemicals, Plastics, and Rubber3,004 7.5 2,942 3.7 
Construction and Building— — 1,867 2.4 
Consumer goods: Durable324 0.8 1,042 1.3 
Environmental Industries— — 3,487 4.4 
Healthcare & Pharmaceuticals3,809 9.5 12,880 16.2 
High Tech Industries9,526 23.8 14,661 18.4 
Retail6,101 15.3 6,255 7.9 
Services: Business4,538 11.3 6,798 8.5 
Services: Consumer— — 8,525 10.7 
Transportation: Cargo6,307 15.8 6,296 7.9 
Transportation: Consumer— — 3,686 4.6 
Total$39,976 100.0 %$79,599 100.0 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2024:
($ 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)
$1,365,234 Yield AnalysisMarket Yield
6.6% – 75.9%
10.5%Decrease
48,076 Market ApproachAdjusted EBITDA Multiple
0.5x – 10.5x
7.8xIncrease
134,738 Recent TransactionTransaction Price
97.0% – 99.5%
98.3%Increase
Subordinated debt and 2nd lien notes(2)
127,431 Yield AnalysisMarket Yield
8.6% – 18.1%
12.3%Decrease
52,566 Market ApproachAdjusted EBITDA Multiple
5.6x – 23.9x
10.4xIncrease
1,012 Recent TransactionTransaction Price
98.0% – 100.0%
98.6%Increase
Structured products(3)
32,903 Yield AnalysisMarket Yield
7.6% – 10.3%
8.3%Decrease
Equity shares(4)
29,008 Yield AnalysisMarket Yield
11.2% – 33.5%
15.7%Decrease
323,252 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.0x
13.5xIncrease
1,473 Market ApproachRevenue Multiple
5.5x – 9.0x
6.2xIncrease
15,677 Discounted Cash Flow AnalysisDiscount Rate14.4%14.4%Decrease
3,649 Net Asset ApproachLiabilities$(88,826.0)$(88,826.0)Decrease
64 Expected RecoveryExpected Recovery
$0.00 – $61.5
$59.2Increase
2,228 Recent TransactionTransaction Price
$0.98 – $100.00
$11.47Increase
Equity warrants2,597 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.6x
7.9xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights3,819 Yield AnalysisMarket Yield
20.6% – 26.4%
23.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to $11,772, 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 $6,296, 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 $12,779, 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 $2,857, 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 $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of September 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
September 30, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$19,000 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit (years)
1.8 - 4.8
3.3Decrease
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,300 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit
(years)
2.3 - 5.3
3.8Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of September 30, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$32,200 Simulation AnalysisEnterprise/Equity Value
$14 - $376,000
$188,007Decrease
Asset Volatility
30.0% - 55.0%
42.5%Increase
Time Until Exit (years)
0.0 - 7.3
3.7Decrease
Discount Rate5.8%5.8%Decrease
Recovery Rate
5.0% - 60.0%
32.5%Increase
December 31, 2023:
($ 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 September 30, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2024
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $72,237 $1,559,820 $1,632,057 
Subordinated debt and 2nd lien notes
— 12,666 187,305 199,971 
Structured products— 45,811 45,682 91,493 
Equity shares— 4,323 378,208 382,531 
Equity warrants— — 2,600 2,600 
Royalty rights— — 3,819 3,819 
Investments subject to leveling$— $135,037 $2,177,434 $2,312,471 
Investment in joint ventures / PE fund (1)104,243 
$2,416,714 
Fair Value as of December 31, 2023
($ 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 
$2,488,715 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2024 and 2023:
Nine Months Ended
September 30, 2024:
($ 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 investments291,822 28,741 48 7,440 — 3,871 331,922 
Investment restructuring(22,249)— — — — — (22,249)
Transfers into (out of) Level 3, net(5,770)— — (6,269)— — (12,039)
Proceeds from sales of investments(18,512)(4,975)— (4,238)— (81)(27,806)
Loan origination fees received(5,463)(296)— — — — (5,759)
Principal repayments received(271,403)(62,050)(1,483)— — — (334,936)
Payment-in-kind interest / dividends4,590 1,313 — 8,065 — — 13,968 
Accretion of loan premium / discount313 83 — — — — 396 
Accretion of deferred loan origination revenue7,391 651 — — — — 8,042 
Realized gain (loss)(19,528)(5,461)42 (1,486)— — (26,433)
Unrealized appreciation (depreciation)4,832 5,501 4,103 124 208 29 14,797 
Fair value, end of period$1,559,820 $187,305 $45,682 $378,208 $2,600 $3,819 $2,177,434 
Nine Months Ended
September 30, 2023:
($ 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 $2,238,391 
Schedule of Fee and Other Income
Fee and other income for the three and nine months ended September 30, 2024 and 2023 was as follows:
Three Months Ended
Three Months Ended
Nine Months Ended
Nine Months Ended
($ in thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Recurring Fee and Other Income:
Amortization of loan origination fees$1,743 $1,740 $5,191 $5,160 
Management, valuation and other fees403 518 1,244 1,712 
Royalty income176 — 251 — 
Total Recurring Fee and Other Income2,322 2,258 6,686 6,872 
Non-Recurring Fee and Other Income:
Prepayment fees44 — 316 329 
Acceleration of unamortized loan origination fees855 208 2,880 882 
Advisory, loan amendment and other fees1,068 184 1,650 2,167 
Total Non-Recurring Fee and Other Income1,967 392 4,846 3,378 
Total Fee and Other Income$4,289 $2,650 $11,532 $10,250