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Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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 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)
$1,323,618 Yield AnalysisMarket Yield
6.5% – 75.8%
10.5%Decrease
50,535 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.0x
6.3xIncrease
247,508 Recent TransactionTransaction Price
95.0% – 100.0%
98.7%Increase
Subordinated debt and 2nd lien notes(2)
94,912 Yield AnalysisMarket Yield
8.0% – 18.6%
12.7%Decrease
47,775 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
11.7xIncrease
3,791 Expected RecoveryExpected Recovery$3,790.6$3,790.6Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(3)
28,904 Yield AnalysisMarket Yield
7.6% – 10.3%
8.2%Decrease
1,733 Expected RecoveryExpected Recovery$1,733.3$1,733.3Increase
5,250 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
30,302 Yield AnalysisMarket Yield
10.8% – 30.5%
15.7%Decrease
339,142 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
12.9xIncrease
1,353 Market ApproachRevenue Multiple
5.5x – 8.8x
6.0xIncrease
16,852 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
3,875 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
59 Expected RecoveryExpected Recovery
$2.5 – $56.9
$54.6Increase
10,008 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,525.9Increase
Equity warrants2,729 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.1xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights5,833 Yield AnalysisMarket Yield
18.6% – 26.4%
21.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to 3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to 6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to 12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to 6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
December 31, 2023:
($ in thousands)
Fair 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
3 Expected 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 $7,498, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024 and 2023. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$19,250 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit (years)
1.5 - 4.5
3.0Decrease
December 31, 2023:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		AverageImpact to Valuation from an Increase in Input
MVC Credit Support Agreement$17,300 Income ApproachDiscount Rate
6.7% - 7.7%
7.2%Decrease
Time Until Exit (years)
2.5 - 5.5
4.0Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of December 31, 2024 and December 31, 2023. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$44,200 Simulation AnalysisEnterprise Value
$15 - $393,900
$196,958Decrease
Asset Volatility
25.0% - 55.0%
40.0%Increase
Time Until Exit (years)
0 - 6.6
3.3Decrease
Discount Rate6.3%6.3%Decrease
Recovery Rate
5.0% - 70.0%
37.5%Increase
December 31, 2023:
($ 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 Value / Equity Value
$91 - $159,700
$79,900Decrease
Asset Volatility
35.0% - 50.0%
42.5%Increase
Time Until Exit (years)
0.0 - 8.1
4.1Decrease
Discount Rate
5.7%
5.7%Decrease
Recovery Rate
0.0% - 70.0%
35.0%Increase
Schedule of Fee and Other Income
Fee and other income for the years ended December 31, 2024, 2023 and 2022 was as follows:
Year Ended December 31,
($ in thousands)202420232022
Recurring Fee and Other Income:
Amortization of loan origination fees$6,817 $6,949 $5,943 
Management, valuation and other fees1,728 2,261 1,237 
Royalty income$422 — — 
Total Recurring Fee and Other Income8,967 9,210 7,180 
Non-Recurring Fee and Other Income:
Prepayment fees847 510 303 
Acceleration of unamortized loan origination fees4,834 1,476 5,595 
Advisory, loan amendment and other fees2,244 2,205 1,845 
Total Non-Recurring Fee and Other Income7,925 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)		RecordPayablePer
Share
Amount		Amount
Paid in
Cash		Amount Settled via Newly Issued SharesTotal
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 
February 22, 2024March 6, 2024March 13, 2024$0.26 $27,578 $— $27,578 
May 7, 2024June 5, 2024June 12, 20240.26 27,532 — 27,532 
August 7, 2024September 4, 2024September 11, 20240.26 27,497 — 27,497 
November 6, 2024December 4, 2024December 11, 20240.26 27,445 — 27,445 
Total 2024 dividends and distributions$1.04 $110,052 $— $110,052