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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments by Major Class According to Fair Value Hierarchy

The following tables present fair value measurements of investments by major class according to the fair value hierarchy:

		December 31, 2023
		Level 1				Level 2				Level 3				Total
First Lien Debt	$		—		$		—		$		578,140		$		578,140
Second Lien Debt			—				—				119,561				119,561
Subordinated Debt			—				—				135,173				135,173
Equity			257				—				120,007				120,264
Warrants			—				—				4,768				4,768
Money Market Funds			114,556				—				—				114,556
Total	$		114,813		$		—		$		957,649		$		1,072,462

		December 31, 2022
		Level 1				Level 2				Level 3				Total
First Lien Debt	$		—		$		—		$		456,105		$		456,105
Second Lien Debt			—				—				182,948				182,948
Subordinated Debt			—				—				101,456				101,456
Equity			310				—				117,431				117,741
Warrants			—				—				2,079				2,079
Money Market Funds			61,076				—				—				61,076
Total	$		61,386		$		—		$		860,019		$		921,405

Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments

The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022:

		First Lien				Second Lien				Subordinated
		Debt				Debt				Debt				Equity				Warrants				Total
Balance, December 31, 2021		$	354,922			$	158,815			$	36,064			$	165,762			$	3,204			$	718,767
Net realized gains (losses) on investments			(1,717	)			—				—				65,817				1,535				65,635
Net change in unrealized appreciation (depreciation) on investments			904				(20,948	)			753				(45,610	)			(754	)			(65,655	)
Purchase of investments			189,149				67,998				66,516				10,183				—				333,846
Proceeds from sales and repayments of investments			(87,622	)			(23,731	)			(2,000	)			(78,721	)			(1,906	)			(193,980	)
Interest and dividend income paid-in-kind			597				651				415				—				—				1,663
Proceeds from loan origination fees			(1,566	)			(208	)			(350	)			—				—				(2,124	)
Accretion of loan origination fees			1,412				155				58				—				—				1,625
Accretion of original issue discount			26				216				—				—				—				242
Balance, December 31, 2022		$	456,105			$	182,948			$	101,456			$	117,431				2,079			$	860,019
Net realized gains (losses) on investments			—				(10,168	)			178				34,061				-				24,071
Net change in unrealized appreciation (depreciation) on investments			(2,064	)			1,461				(1,096	)			(11,343	)			2,689				(10,353	)
Purchase of investments			245,741				25,000				42,041				23,959				—				336,741
Proceeds from sales and repayments of investments			(122,680	)			(81,719	)			(10,328	)			(44,101	)			—				(258,828	)
Interest and dividend income paid-in-kind			1,516				1,770				3,348				—				—				6,634
Proceeds from loan origination fees			(2,647	)			(331	)			(622	)			—				—				(3,600	)
Accretion of loan origination fees			2,101				214				189				—				—				2,504
Accretion of original issue discount			68				386				7				—				—				461
Balance, December 31, 2023		$	578,140			$	119,561			$	135,173			$	120,007			$	4,768			$	957,649

Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value

The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of December 31, 2023 and 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

		Fair Value at				Valuation		Unobservable		Range
		December 31, 2023				Techniques		Inputs		(weighted average)(1)
Debt investments:
First Lien Debt		$	573,140			Discounted cash flow		Weighted average cost of capital		9.4% - 23.4% (15.6%)
			5,000			Enterprise value		Asset Coverage		1.3x - 1.3x (1.3x)
Second Lien Debt			119,561			Discounted cash flow (2)		Weighted average cost of capital		12.7% - 30.0% (16.1%)
Subordinated Debt			134,965			Discounted cash flow		Weighted average cost of capital		10.3% - 16.4% (13.4%)
			208			Enterprise value		EBITDA multiples		6.0x - 6.0x (6.0x)
Equity investments:
Equity			112,008			Enterprise value		EBITDA multiples		4.0x - 32.5x (9.5x)
			7,999			Enterprise value		Revenue multiples		0.7x - 9.5x (7.5x)
Warrants			4,625			Enterprise value		EBITDA multiples		6.0x - 6.0x (6.0x)
			143			Enterprise value		Revenue multiples		4.5x - 4.5x (4.5x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

(2) Includes $50.5 million of debt investments which were valued using a trading discount to par.

		Fair Value at				Valuation		Unobservable		Range
		December 31, 2022				Techniques		Inputs		(weighted average)(1)
Debt investments:
First Lien Debt		$	441,830			Discounted cash flow		Weighted average cost of capital		8.9% - 21.9% (15.5%)
			11,000			Enterprise value		Asset Coverage		1.1x - 1.1x (1.1x)
			3,275			Enterprise value		Revenue multiples		4.3x - 4.3x (4.3x)
Second Lien Debt			180,825			Discounted cash flow (2)		Weighted average cost of capital		11.7% - 25.0% (14.5%)
			-			Enterprise value		EBITDA multiples		5.0x - 5.0x (5.0x)
			2,123			Enterprise value		Asset Coverage		0.8x - 0.8x (0.8x)
Subordinated Debt			97,706			Discounted cash flow		Weighted average cost of capital		10.0% - 15.2% (12.5%)
			3,750			Enterprise value		EBITDA multiples		8.5x - 8.5x (8.5x)
Equity investments:
Equity			111,808			Enterprise value		EBITDA multiples		4.0x - 16.8x (8.1x)
			5,623			Enterprise value		Revenue multiples		0.9x - 7.8x (6.4x)
Warrants			1,949			Enterprise value		EBITDA multiples		6.0x - 6.0x (6.0x)
			130			Enterprise value		Revenue multiples		4.5x - 4.5x (4.5x)

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

(2) Includes $18.0 million of debt investments which were valued using a trading discount to par.

Summary of Carrying Value and Fair Value of Debt Obligations

The following tables summarize the carrying value and fair value of the Company’s debt obligations as of December 31, 2023 and 2022:

		December 31, 2023(5)								December 31, 2022(5)
		Carrying Value (1)				Fair Value				Carrying Value (1)				Fair Value
SBA debentures (2)		$	210,000			$	210,000			$	153,000			$	153,000
Credit Facility borrowings (3)			—				—				—				—
January 2026 Notes (4)			125,000				113,682				125,000				111,854
November 2026 Notes (4)			125,000				106,103				125,000				103,963
Total		$	460,000			$	429,785			$	403,000			$	368,817

(1)Carrying value represents the outstanding principal balance of the debt obligation.

(2)The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820.

(3)The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

(4)The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820.

(5)Totals exclude $15,880 and $16,880 of Secured Borrowings as of December 31, 2023 and December 31, 2022, respectively.

Summary of Inputs Used to Value Debt Obligations

The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of December 31, 2023 and 2022:

		Fair Value
		December 31,				December 31,
Valuation Inputs		2023				2022
Level 1		$	—			$	—
Level 2			—				—
Level 3			429,785				368,817
Total		$	429,785			$	368,817

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