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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, 2024
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, 2024 and 2023. The weighted average range of unobservable inputs is based on fair value of investments.
December 31, 2024: ($ 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) | $ | 1,323,618 |  |  | Yield Analysis |  | Market Yield |  | 6.5% – 75.8% |  | 10.5% |  | Decrease
50,535 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.0x |  | 6.3x |  | Increase
247,508 |  |  | Recent Transaction |  | Transaction Price |  | 95.0% – 100.0% |  | 98.7% |  | Increase
Subordinated debt and 2 nd lien notes(2) | 94,912 |  |  | Yield Analysis |  | Market Yield |  | 8.0% – 18.6% |  | 12.7% |  | Decrease
47,775 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.9x – 22.4x |  | 11.7x |  | Increase
3,791 |  |  | Expected Recovery |  | Expected Recovery |  | $3,790.6 |  | $3,790.6 |  | Increase
702 |  |  | Recent Transaction |  | Transaction Price |  | 98.0% |  | 98.0% |  | Increase
Structured products(3) | 28,904 |  |  | Yield Analysis |  | Market Yield |  | 7.6% – 10.3% |  | 8.2% |  | Decrease
1,733 |  |  | Expected Recovery |  | Expected Recovery |  | $1,733.3 |  | $1,733.3 |  | Increase
| 5,250 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase
Equity shares(4) | 30,302 |  |  | Yield Analysis |  | Market Yield |  | 10.8% – 30.5% |  | 15.7% |  | Decrease
339,142 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 28.5x |  | 12.9x |  | Increase
1,353 |  |  | Market Approach |  | Revenue Multiple |  | 5.5x – 8.8x |  | 6.0x |  | Increase
16,852 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.9% |  | 12.9% |  | Decrease
3,875 |  |  | Net Asset Approach |  | Liabilities |  | $(96,678.3) |  | $(96,678.3) |  | Decrease
59 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $56.9 |  | $54.6 |  | Increase
10,008 |  |  | Recent Transaction |  | Transaction Price |  | $1.00 – $1,847.58 |  | $1,525.9 |  | Increase
Equity warrants | 2,729 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.8x |  | 8.1x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
Royalty rights | 5,833 |  |  | Yield Analysis |  | Market Yield |  | 18.6% – 26.4% |  | 21.0% |  | Decrease
(1)Excludes investments with an aggregate fair value amounting to 3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (2)Excludes investments with an aggregate fair value amounting to 6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (3)Excludes investments with an aggregate fair value amounting to 12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. (4)Excludes investments with an aggregate fair value amounting to 6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
December 31, 2023: ($ 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 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 $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024 and 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024: ($ 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 | $ | 19,250 |  |  | Income Approach |  | Discount Rate |  | 5.4% - 6.4% |  | 5.9% |  | Decrease
|  | Time Until Exit (years) |  | 1.5 - 4.5 |  | 3.0 |  | Decrease
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
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, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
December 31, 2024: ($ 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 | $ | 44,200 |  |  | Simulation Analysis |  | Enterprise Value |  | $15 - $393,900 |  | $196,958 |  | Decrease
|  | Asset Volatility |  | 25.0% - 55.0% |  | 40.0% |  | Increase
|  | Time Until Exit (years) |  | 0 - 6.6 |  | 3.3 |  | Decrease
|  | Discount Rate |  | 6.3% |  | 6.3% |  | Decrease
|  | Recovery Rate |  | 5.0% - 70.0% |  | 37.5% |  | Increase
December 31, 2023: ($ 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 / Equity Value |  | $91 - $159,700 |  | $79,900 |  | Decrease
|  | Asset Volatility |  | 35.0% - 50.0% |  | 42.5% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 8.1 |  | 4.1 |  | Decrease
|  | Discount Rate |  | 5.7% |  | 5.7% |  | Decrease
|  | Recovery Rate |  | 0.0% - 70.0% |  | 35.0% |  | Increase
Schedule of Fee and Other Income | Fee and other income for the years ended December 31, 2024, 2023 and 2022 was as follows:
| Year Ended December 31,
($ in thousands) | 2024 |  | 2023 |  | 2022
Recurring Fee and Other Income: |  |  |  |  |
Amortization of loan origination fees | $ | 6,817 |  |  | $ | 6,949 |  |  | $ | 5,943 |
Management, valuation and other fees | 1,728 |  |  | 2,261 |  |  | 1,237 |
Royalty income | $ | 422 |  |  | — |  |  | — |
Total Recurring Fee and Other Income | 8,967 |  |  | 9,210 |  |  | 7,180 |
Non-Recurring Fee and Other Income: |  |  |  |  |
Prepayment fees | 847 |  |  | 510 |  |  | 303 |
Acceleration of unamortized loan origination fees | 4,834 |  |  | 1,476 |  |  | 5,595 |
Advisory, loan amendment and other fees | 2,244 |  |  | 2,205 |  |  | 1,845 |
Total Non-Recurring Fee and Other Income | 7,925 |  |  | 4,191 |  |  | 7,743 |
Total Fee and Other Income | $ | 16,892 |  |  | $ | 13,401 |  |  | $ | 14,923 |
Schedule of Dividends Payable | The table below summarizes the Company’s dividends and distributions in the three years ended December 31, 2024:
Declared ($ in thousands, except per share amounts) |  | Record |  | Payable |  | Per Share Amount |  | Amount Paid in Cash |  | Amount Settled via Newly Issued Shares |  | Total
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 |
February 22, 2024 |  | March 6, 2024 |  | March 13, 2024 |  | $ | 0.26 |  |  | $ | 27,578 |  |  | $ | — |  |  | $ | 27,578 |
May 7, 2024 |  | June 5, 2024 |  | June 12, 2024 |  | 0.26 |  |  | 27,532 |  |  | — |  |  | 27,532 |
August 7, 2024 |  | September 4, 2024 |  | September 11, 2024 |  | 0.26 |  |  | 27,497 |  |  | — |  |  | 27,497 |
November 6, 2024 |  | December 4, 2024 |  | December 11, 2024 |  | 0.26 |  |  | 27,445 |  |  | — |  |  | 27,445 |
Total 2024 dividends and distributions |  | $ | 1.04 |  |  | $ | 110,052 |  |  | $ | — |  |  | $ | 110,052 |

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