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INVESTMENTS (Tables) | 9 Months Ended
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Sep. 30, 2025
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) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio |  | Percentage of Total Net Assets
September 30, 2025: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,813,919 |  |  | 70 | % |  | $ | 1,785,626 |  |  | 70 | % |  | 153 | %
Subordinated debt and 2 nd lien notes | 209,181 |  |  | 8 |  |  | 201,371 |  |  | 8 |  |  | 17 |
Structured products | 43,554 |  |  | 2 |  |  | 33,602 |  |  | 1 |  |  | 3 |
Equity shares | 373,866 |  |  | 15 |  |  | 425,580 |  |  | 17 |  |  | 36 |
Equity warrants | 76 |  |  | — |  |  | 1,068 |  |  | — |  |  | — |
Royalty rights | 1,318 |  |  | — |  |  | 1,581 |  |  | — |  |  | — |
Investment in joint ventures | 122,088 |  |  | 5 |  |  | 87,487 |  |  | 4 |  |  | 8 |
| $ | 2,564,002 |  |  | 100 | % |  | $ | 2,536,315 |  |  | 100 | % |  | 217 | %
December 31, 2024: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,747,841 |  |  | 69 | % |  | $ | 1,686,411 |  |  | 69 | % |  | 142 | %
Subordinated debt and 2 nd lien notes | 184,043 |  |  | 7 |  |  | 165,455 |  |  | 7 |  |  | 14 |
Structured products | 89,543 |  |  | 4 |  |  | 79,548 |  |  | 3 |  |  | 7 |
Equity shares | 360,691 |  |  | 14 |  |  | 409,129 |  |  | 17 |  |  | 34 |
Equity warrants | 76 |  |  | — |  |  | 2,732 |  |  | — |  |  | — |
Royalty rights | 3,627 |  |  | — |  |  | 5,833 |  |  | — |  |  | 1 |
Investment in joint ventures / PE fund | 136,875 |  |  | 6 |  |  | 100,164 |  |  | 4 |  |  | 8 |
| $ | 2,522,696 |  |  | 100 | % |  | $ | 2,449,272 |  |  | 100 | % |  | 206 | %
As of September 30, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) | Cost |  |  | Percentage of Total Portfolio |  | Fair Value |  |  | Percentage of Total Portfolio
September 30, 2025: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,175,738 |  |  |  | 95 | % |  | $ | 1,160,662 |  |  |  | 97 | %
Subordinated debt and 2 nd lien notes | 10,526 |  |  |  | 1 |  |  | 10,405 |  |  |  | 1 |
Equity shares | 874 |  |  |  | — |  |  | 337 |  |  |  | — |
Investment in joint ventures | 36,268 |  |  |  | 3 |  |  | 11,886 |  |  |  | 1 |
Short-term investments | 11,671 |  |  |  | 1 |  |  | 11,671 |  |  |  | 1 |
| $ | 1,235,077 |  |  |  | 100 | % |  | $ | 1,194,961 |  |  |  | 100 | %
December 31, 2024: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,092,038 |  |  |  | 94 | % |  | $ | 1,052,366 |  |  |  | 96 | %
Subordinated debt and 2 nd lien notes | 11,388 |  |  |  | 1 |  |  | 11,141 |  |  |  | 1 |
Equity shares | 874 |  |  |  | — |  |  | 636 |  |  |  | — |
Equity warrants | — |  |  |  | — |  |  | 455 |  |  |  | — |
Investment in joint ventures | 44,416 |  |  |  | 4 |  |  | 20,427 |  |  |  | 2 |
Short-term investments | 10,283 |  |  |  | 1 |  |  | 10,283 |  |  |  | 1 |
| $ | 1,158,999 |  |  |  | 100 | % |  | $ | 1,095,308 |  |  |  | 100 | %
The industry composition of Jocassee’s investments at fair value at September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands) | September 30, 2025 |  | December 31, 2024
Aerospace & Defense | $ | 66,732 |  |  | 6 | % |  | $ | 61,069 |  |  | 6 | %
Automotive | 11,341 |  |  | 1 |  |  | 11,236 |  |  | 1 |
Banking, Finance, Insurance, & Real Estate | 114,462 |  |  | 10 |  |  | 115,269 |  |  | 11 |
Beverage, Food, & Tobacco | 32,437 |  |  | 3 |  |  | 28,657 |  |  | 3 |
Capital Equipment | 39,637 |  |  | 3 |  |  | 13,376 |  |  | 1 |
Chemicals, Plastics, & Rubber | 26,448 |  |  | 2 |  |  | 30,248 |  |  | 3 |
Construction & Building | 24,080 |  |  | 2 |  |  | 21,805 |  |  | 2 |
Consumer goods: Durable | 24,600 |  |  | 2 |  |  | 26,531 |  |  | 2 |
Consumer goods: Non-durable | 23,429 |  |  | 2 |  |  | 21,629 |  |  | 2 |
Containers, Packaging, & Glass | 32,719 |  |  | 3 |  |  | 28,616 |  |  | 3 |
Energy: Electricity | 8,937 |  |  | 1 |  |  | 10,005 |  |  | 1 |
Energy: Oil & Gas | 12,004 |  |  | 1 |  |  | 11,209 |  |  | 1 |
Environmental Industries | 14,520 |  |  | 1 |  |  | 6,237 |  |  | — |
Forest Products & Paper | 2,018 |  |  | — |  |  | 1,156 |  |  | — |
Healthcare & Pharmaceuticals | 133,698 |  |  | 11 |  |  | 113,530 |  |  | 10 |
High Tech Industries | 111,563 |  |  | 10 |  |  | 87,247 |  |  | 8 |
Hotel, Gaming, & Leisure | 27,652 |  |  | 2 |  |  | 22,031 |  |  | 2 |
Investment Funds & Vehicles | 11,886 |  |  | 1 |  |  | 20,427 |  |  | 2 |
Media: Advertising, Printing, & Publishing | 10,142 |  |  | 1 |  |  | 10,420 |  |  | 1 |
Media: Broadcasting & Subscription | 16,069 |  |  | 1 |  |  | 17,297 |  |  | 2 |
Media: Diversified & Production | 48,282 |  |  | 4 |  |  | 41,913 |  |  | 4 |
Metals & Mining | 4,661 |  |  | — |  |  | 4,028 |  |  | — |
Retail | 9,726 |  |  | 1 |  |  | 12,361 |  |  | 1 |
Services: Business | 212,533 |  |  | 18 |  |  | 213,492 |  |  | 20 |
Services: Consumer | 63,644 |  |  | 5 |  |  | 58,080 |  |  | 5 |
Telecommunications | 36,630 |  |  | 3 |  |  | 36,205 |  |  | 3 |
Transportation: Cargo | 41,779 |  |  | 4 |  |  | 41,968 |  |  | 4 |
Transportation: Consumer | 8,306 |  |  | 1 |  |  | 8,529 |  |  | 1 |
Utilities: Electric | 12,231 |  |  | 1 |  |  | 10,454 |  |  | 1 |
Utilities: Oil & Gas | 1,124 |  |  | — |  |  | — |  |  | — |
Total | $ | 1,183,290 |  |  | 100 | % |  | $ | 1,085,025 |  |  | 100 | %
Schedule of Investment Portfolio | The geographic composition of Jocassee’s investments at fair value at September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands) | September 30, 2025 |  | December 31, 2024
Australia | $ | 23,903 |  |  | 2 | % |  | $ | 23,187 |  |  | 2 | %
Austria | 6,463 |  |  | 1 |  |  | 5,695 |  |  | 1 |
Belgium | 20,614 |  |  | 2 |  |  | 20,741 |  |  | 2 |
Canada | 373 |  |  | — |  |  | 590 |  |  | — |
France | 107,376 |  |  | 10 |  |  | 124,810 |  |  | 12 |
Germany | 48,368 |  |  | 4 |  |  | 35,691 |  |  | 3 |
Hong Kong | 14,950 |  |  | 1 |  |  | 14,843 |  |  | 1 |
Ireland | 13,607 |  |  | 1 |  |  | 7,302 |  |  | 1 |
Luxembourg | 2,427 |  |  | — |  |  | 2,128 |  |  | — |
Netherlands | 44,489 |  |  | 4 |  |  | 39,504 |  |  | 4 |
Panama | — |  |  | — |  |  | 1,470 |  |  | — |
Singapore | 4,945 |  |  | — |  |  | 5,000 |  |  | 1 |
Spain | 3,182 |  |  | — |  |  | 2,078 |  |  | — |
Sweden | — |  |  | — |  |  | 3,523 |  |  | — |
Switzerland | 592 |  |  | — |  |  | 595 |  |  | — |
United Kingdom | 122,695 |  |  | 10 |  |  | 111,097 |  |  | 10 |
USA | 769,306 |  |  | 65 |  |  | 686,771 |  |  | 63 |
Total | $ | 1,183,290 |  |  | 100 | % |  | $ | 1,085,025 |  |  | 100 | %
As of September 30, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of September 30, 2025 |  | As of December 31, 2024
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, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
September 30, 2025: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 124,090 |  |  | 94 | % |  | $ | 117,042 |  |  | 94 | %
Veterans Affairs (“VA”) loans | 8,037 |  |  | 6 |  |  | 7,647 |  |  | 6 |
| $ | 132,127 |  |  | 100 | % |  | $ | 124,689 |  |  | 100 | %
December 31, 2024: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 193,265 |  |  | 93 | % |  | $ | 179,963 |  |  | 93 | %
Veterans Affairs (“VA”) loans | 14,305 |  |  | 7 |  |  | 13,388 |  |  | 7 |
| $ | 207,570 |  |  | 100 | % |  | $ | 193,351 |  |  | 100 | %
As of September 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of September 30, 2025 |  | As of December 31, 2024 |
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 $162.1 million as of both September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of September 30, 2025 |  | As of December 31, 2024 |
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 $82.0 million of total contributed capital by related parties as of both September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) | Cost |  |  | Percentage of Total Portfolio |  | Fair Value |  |  | Percentage of Total Portfolio
September 30, 2025: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 15,165 |  |  |  | 100 | % |  | $ | 13,746 |  |  |  | 100 | %
Equity shares | — |  |  |  | — |  |  | 22 |  |  |  | — |
| $ | 15,165 |  |  |  | 100 | % |  | $ | 13,768 |  |  |  | 100 | %
December 31, 2024: |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 36,083 |  |  |  | 100 | % |  | $ | 33,389 |  |  |  | 100 | %
Equity shares | — |  |  |  | — |  |  | 33 |  |  |  | — |
| $ | 36,083 |  |  |  | 100 | % |  | $ | 33,422 |  |  |  | 100 | %
The industry composition of Sierra JV’s investments at fair value at September 30, 2025 and December 31, 2024 was as follows:
($ in thousands) | September 30, 2025 |  | December 31, 2024
Automotive | $ | — |  |  | — | % |  | $ | 2,746 |  |  | 8 | %
Banking, Finance, Insurance, & Real Estate | 22 |  |  | — |  |  | 33 |  |  | — |
Beverage, Food, & Tobacco | — |  |  | — |  |  | 3,578 |  |  | 11 |
Chemicals, Plastics, & Rubber | — |  |  | — |  |  | 2,954 |  |  | 9 |
Consumer goods: Durable | — |  |  | — |  |  | 232 |  |  | 1 |
Healthcare & Pharmaceuticals | — |  |  | — |  |  | 3,821 |  |  | 11 |
High Tech Industries | 9,402 |  |  | 68 |  |  | 9,363 |  |  | 28 |
Services: Business | 4,344 |  |  | 32 |  |  | 4,411 |  |  | 13 |
Transportation: Cargo | — |  |  | — |  |  | 6,284 |  |  | 19 |
Total | $ | 13,768 |  |  | 100 | % |  | $ | 33,422 |  |  | 100 | %
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, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2025: ($ 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 | $ | 1,482,773 |  |  | Yield Analysis |  | Market Yield |  | 6.6% – 27.0% |  | 10.2% |  | Decrease
73,057 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.2x – 9.8x |  | 5.6x |  | Increase
182,237 |  |  | Recent Transaction |  | Transaction Price |  | 97.8% – 100.0% |  | 98.9% |  | Increase
Subordinated debt and 2 nd lien notes | 141,659 |  |  | Yield Analysis |  | Market Yield |  | 7.0% – 21.5% |  | 13.0% |  | Decrease
47,513 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.7x – 25.9x |  | 11.9x |  | Increase
2,500 |  |  | Recent Transaction |  | Transaction Price |  | 100.0% |  | 100.0% |  | Increase
Structured products(1) | 2,064 |  |  | Yield Analysis |  | Market Yield |  | 9.3% – 10.3% |  | 9.8% |  | Decrease
Equity shares(2) | 44,191 |  |  | Yield Analysis |  | Market Yield |  | 11.7% – 29.4% |  | 16.9% |  | Decrease
341,961 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.2x – 27.5x |  | 13.7x |  | Increase
784 |  |  | Market Approach |  | Revenue Multiple |  | 5.5x – 8.8x |  | 5.9x |  | Increase
19,983 |  |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.4% |  | 12.4% |  | Decrease
5,492 |  |  | Net Asset Approach |  | Liabilities |  | $(45,292.5) – $(117,088.0) |  | $(80,417.9) |  | Decrease
44 |  |  | Expected Recovery |  | Expected Recovery |  | $2.5 – $41.7 |  | $39.5 |  | Increase
5,602 |  |  | Recent Transaction |  | Transaction Price |  | $0.00 – $100.00 |  | $2.81 |  | Increase
Equity warrants | 1,065 |  |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.3x |  | 11.3x |  | Increase
3 |  |  | Expected Recovery |  | Expected Recovery |  | $3.0 |  | $3.0 |  | Increase
Royalty rights | 1,581 |  |  | Yield Analysis |  | Market Yield |  | 28.0% – 30.0% |  | 29.0% |  | Decrease
(1)Excludes investments with an aggregate fair value amounting to $15,713, 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 $2,886, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
December 31, 2024: ($ 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 $6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024: ($ 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
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, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2025: ($ 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 | $ | 52,800 |  |  | Simulation Analysis |  | Enterprise Value |  | $0 - $399,400 |  | $199,700 |  | Decrease
|  | Asset Volatility |  | 20.0% - 50.0% |  | 35.0% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 5.8 |  | 2.9 |  | Decrease
|  | Discount Rate |  | 5.7% |  | 5.7% |  | Decrease
|  | Recovery Rate |  | 5.0% - 80.0% |  | 42.5% |  | Decrease
December 31, 2024: ($ 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 |  | $196,958 |  | Decrease
|  | Asset Volatility |  | 25.0% - 55.0% |  | 40.0% |  | Increase
|  | Time Until Exit (years) |  | 0.0 - 6.6 |  | 3.3 |  | Decrease
|  | Discount Rate |  | 6.3% |  | 6.3% |  | Decrease
|  | Recovery Rate |  | 5.0% - 70.0% |  | 37.5% |  | Decrease
Schedule of Fair Value, Assets Measured on Recurring Basis | The following tables present the Company’s investment portfolio at fair value as of September 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
| Fair Value as of September 30, 2025
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 47,559 |  |  | $ | 1,738,067 |  |  | $ | 1,785,626 |
Subordinated debt and 2 nd lien notes | — |  |  | 9,699 |  |  | 191,672 |  |  | 201,371 |
Structured products | — |  |  | 15,825 |  |  | 17,777 |  |  | 33,602 |
Equity shares | — |  |  | 4,637 |  |  | 420,943 |  |  | 425,580 |
Equity warrants | — |  |  | — |  |  | 1,068 |  |  | 1,068 |
Royalty rights | — |  |  | — |  |  | 1,581 |  |  | 1,581 |
Investments subject to leveling | $ | — |  |  | $ | 77,720 |  |  | $ | 2,371,108 |  |  | $ | 2,448,828 |
Investment in joint ventures (1) |  |  |  |  |  |  | 87,487 |
|  |  |  |  |  |  | $ | 2,536,315 |
| Fair Value as of December 31, 2024
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 60,910 |  |  | $ | 1,625,501 |  |  | $ | 1,686,411 |
Subordinated debt and 2 nd lien notes | — |  |  | 11,752 |  |  | 153,703 |  |  | 165,455 |
Structured products | — |  |  | 30,884 |  |  | 48,664 |  |  | 79,548 |
Equity shares | — |  |  | 654 |  |  | 408,475 |  |  | 409,129 |
Equity warrants | — |  |  | — |  |  | 2,732 |  |  | 2,732 |
Royalty rights | — |  |  | — |  |  | 5,833 |  |  | 5,833 |
Investments subject to leveling | $ | — |  |  | $ | 104,200 |  |  | $ | 2,244,908 |  |  | $ | 2,349,108 |
Investment in joint ventures / PE fund (2) |  |  |  |  |  |  | 100,164 |
|  |  |  |  |  |  | $ | 2,449,272 |
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River 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. (2)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 Audited 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, 2025 and 2024:
Nine Months Ended September 30, 2025: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  | Royalty Rights |  |  |  | Total
Fair value, beginning of period | $ | 1,625,501 |  |  | $ | 153,703 |  |  | $ | 48,664 |  |  | $ | 408,475 |  |  | $ | 2,732 |  |  | $ | 5,833 |  |  |  |  | $ | 2,244,908 |
New investments | 459,219 |  |  | 60,065 |  |  | 7,500 |  |  | 18,825 |  |  | — |  |  | — |  |  |  |  | 545,609 |
Investment restructuring | 424 |  |  | (424) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers into Level 3 (1) | — |  |  | 5,989 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 5,989 |
Transfers out of Level 3 (1) | — |  |  | (10,159) |  |  | (3,310) |  |  | (13,156) |  |  | — |  |  | — |  |  |  |  | (26,625) |
Proceeds from sales of investments / return of capital | (154,807) |  |  | — |  |  | (1,998) |  |  | (15,265) |  |  | — |  |  | (4,776) |  |  |  |  | (176,846) |
Loan origination fees received | (7,929) |  |  | (1,650) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (9,579) |
Principal repayments received | (208,334) |  |  | (20,684) |  |  | (31,922) |  |  | — |  |  | — |  |  | — |  |  |  |  | (260,940) |
Payment-in-kind interest / dividends | 6,831 |  |  | 3,824 |  |  | — |  |  | 8,885 |  |  | — |  |  | — |  |  |  |  | 19,540 |
Accretion of loan premium / discount | 248 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 248 |
Accretion of deferred loan origination revenue | 7,200 |  |  | 615 |  |  | 143 |  |  | — |  |  | — |  |  | — |  |  |  |  | 7,958 |
Realized gain (loss) | (23,320) |  |  | (9,384) |  |  | (1,560) |  |  | 5,976 |  |  | — |  |  | 2,467 |  |  |  |  | (25,821) |
Unrealized appreciation (depreciation) | 33,034 |  |  | 9,777 |  |  | 260 |  |  | 7,203 |  |  | (1,664) |  |  | (1,943) |  |  |  |  | 46,667 |
Fair value, end of period | $ | 1,738,067 |  |  | $ | 191,672 |  |  | $ | 17,777 |  |  | $ | 420,943 |  |  | $ | 1,068 |  |  | $ | 1,581 |  |  |  |  | $ | 2,371,108 |
Nine Months Ended September 30, 2024: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  |  |  | Equity Warrants |  | Royalty Rights |  | Total
Fair value, beginning of period | $ | 1,593,797 |  |  | $ | 223,798 |  |  | $ | 42,972 |  |  | $ | 374,572 |  |  |  |  | $ | 2,392 |  |  | $ | — |  |  | $ | 2,237,531 |
New investments | 291,822 |  |  | 28,741 |  |  | 48 |  |  | 7,440 |  |  |  |  | — |  |  | 3,871 |  |  | 331,922 |
Investment restructuring | (22,249) |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (22,249) |
Transfers into (out of) Level 3, net (1) | (5,770) |  |  | — |  |  | — |  |  | (6,269) |  |  |  |  | — |  |  | — |  |  | (12,039) |
Proceeds from sales of investments / return of capital | (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 / dividends | 4,590 |  |  | 1,313 |  |  | — |  |  | 8,065 |  |  |  |  | — |  |  | — |  |  | 13,968 |
Accretion of loan premium / discount | 313 |  |  | 83 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 396 |
Accretion of deferred loan origination revenue | 7,391 |  |  | 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 |
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the nine months ended September 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
Schedule of PIK Interest and Dividend Income | PIK interest and dividend income for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Three Months Ended |  | Three Months Ended |  | Nine Months Ended |  | Nine Months Ended
($ in thousands) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
PIK interest income | $ | 5,199 |  |  | $ | 4,802 |  |  | $ | 14,025 |  |  | $ | 12,124 |
PIK interest income as a % of investment income | 7.2 | % |  | 6.8 | % |  | 6.6 | % |  | 5.6 | %
PIK dividend income | $ | 3,525 |  |  | $ | 3,239 |  |  | $ | 10,132 |  |  | $ | 9,430 |
PIK dividend income as % of investment income | 4.9 | % |  | 4.6 | % |  | 4.8 | % |  | 4.4 | %
Total PIK income | $ | 8,724 |  |  | $ | 8,041 |  |  | $ | 24,157 |  |  | $ | 21,554 |
Total PIK income as a % of investment income | 12.0 | % |  | 11.3 | % |  | 11.4 | % |  | 10.0 | %
Schedule of Fee and Other Income | Fee and other income for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Three Months Ended |  | Three Months Ended |  | Nine Months Ended |  | Nine Months Ended
($ in thousands) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Recurring Fee and Other Income: |  |  |  |  |  |  |
Amortization of loan origination fees | $ | 1,780 |  |  | $ | 1,743 |  |  | $ | 5,453 |  |  | $ | 5,191 |
Management, valuation and other fees | 656 |  |  | 403 |  |  | 1,883 |  |  | 1,244 |
Royalty income | 36 |  |  | 176 |  |  | 339 |  |  | 251 |
Total Recurring Fee and Other Income | 2,472 |  |  | 2,322 |  |  | 7,675 |  |  | 6,686 |
Non-Recurring Fee and Other Income: |  |  |  |  |  |  |
Prepayment fees | 124 |  |  | 44 |  |  | 320 |  |  | 316 |
Acceleration of unamortized loan origination fees | 969 |  |  | 855 |  |  | 2,509 |  |  | 2,880 |
Advisory, loan amendment and other fees | 439 |  |  | 1,068 |  |  | 1,955 |  |  | 1,650 |
Total Non-Recurring Fee and Other Income | 1,532 |  |  | 1,967 |  |  | 4,784 |  |  | 4,846 |
Total Fee and Other Income | $ | 4,004 |  |  | $ | 4,289 |  |  | $ | 12,459 |  |  | $ | 11,532 |

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