XML 46 R37.htm IDEA: XBRL DOCUMENT v3.23.1
Related Party Agreements and Transactions - Additional Information (Details)
3 Months Ended 48 Months Ended 57 Months Ended
Feb. 21, 2023
USD ($)
Jan. 01, 2023
Dec. 31, 2022
USD ($)
Sep. 01, 2022
USD ($)
Jan. 16, 2019
USD ($)
Mar. 31, 2023
USD ($)
Component
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Related Party Transaction [Line Items]                  
Performance-based incentive fees           $ 6,196,000 $ 1,043,000    
Management fees recognized           4,264,000 8,938,000    
Management and performance-based incentive fees payable     $ 9,060,000     10,348,000   $ 9,060,000 $ 9,060,000
Administrative services expense           1,422,000 $ 1,409,000    
Investments at fair value     2,398,120,000 [1],[2]     2,385,211,000   2,398,120,000 [1],[2] 2,398,120,000 [1],[2]
Investment cost     $ 2,607,174,000     $ 2,591,761,000   $ 2,607,174,000 $ 2,607,174,000
Total annualized interest cost           6.85% 3.61%    
Co-Investment Holdings                  
Related Party Transaction [Line Items]                  
Investment owned, percent of fair value     74.00%     77.00%   74.00% 74.00%
Investments at fair value     $ 1,783,438,000     $ 1,831,123,000   $ 1,783,438,000 $ 1,783,438,000
Investment owned percent at cost     69.00%     71.00%   69.00% 69.00%
Investment cost     $ 1,797,140,000     $ 1,844,616,000   $ 1,797,140,000 $ 1,797,140,000
Administrative Service Expense | Merx Aviation Finance, LLC                  
Related Party Transaction [Line Items]                  
Administrative service expense reimbursements           74,000 $ 74,000    
Incentive Fee based on Income | Legacy Fee                  
Related Party Transaction [Line Items]                  
Catch-up amount multiplying percentage   2.1875%              
Merx Administration Agreement | Interest Expense                  
Related Party Transaction [Line Items]                  
Administrative service expense reimbursements           261,000 40,000    
AIM                  
Related Party Transaction [Line Items]                  
Performance-based incentive fees           6,196,000 1,043,000    
Management fees recognized           4,264,000 8,938,000    
Management fees waived           $ 0 0    
AIM | Base Management Fee                  
Related Party Transaction [Line Items]                  
Management fee annual rate percentage           1.75%      
Management fee annual rate percentage                 1.50%
Management fee quarter rate percentage           0.4375%     0.375%
Management fee annual rate percentage of average gross assets                 1.00%
Management fee quarter rate percentage of average gross assets                 0.25%
Average gross assets minimum product percentage                 200.00%
AIM | Base Management Fee | Maximum                  
Related Party Transaction [Line Items]                  
Management fee annual rate percentage           1.50%      
Management fee quarter rate percentage           0.375%      
AIM | Performance-based Incentive Fee                  
Related Party Transaction [Line Items]                  
Number of components consists in incentive fee | Component           2      
AIM | Incentive Fee based on Income                  
Related Party Transaction [Line Items]                  
Preferred return multiplying net asset percentage               1.75%  
Preferred return multiplying net assets percentage   1.75%              
Percentage of pre-incentive fee net investment income   100.00%           100.00%  
Catch-up amount multiplying percentage               2.1875%  
Pre-incentive fee net investment income description   The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the Trailing Twelve Quarters does not exceed the preferred return amount.(2) 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875% multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii) the product of 2.1212% multiplied by the Company's net asset value at the beginning of each applicable Current Fee Quarter included in the relevant Trailing Twelve Quarters.(3) for any quarter in which the Company’s pre-incentive fee net investment income for the Trailing Twelve Quarters exceeds the catch-up amount, the incentive fee shall equal 20.00% for each Legacy Fee Quarter and 17.50% otherwise of the amount of the Company’s pre-incentive fee net investment income for such Trailing Twelve Quarters, provided, however, that the incentive fee on income for any quarter shall not be greater than 20.00% or 17.50%, as applicable, of the amount of the Company's current quarter’s pre-incentive fee net investment income.       The Company paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters did not exceed the preferred return amount.(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeded the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeded the catch-up amount, the incentive fee should equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.      
Percentage of cumulative pre-Incentive fee net return               20.00%  
Cumulative pre-Incentive fee net return description               “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap was zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter.  
AIM | Incentive Fee based on Income | Legacy Fee                  
Related Party Transaction [Line Items]                  
Percentage of cumulative pre-Incentive fee net return   20.00%              
AIM | Incentive Fee based on Income | Current Fee                  
Related Party Transaction [Line Items]                  
Catch-up amount multiplying percentage   2.1212%              
Percentage of cumulative pre-Incentive fee net return   17.50%              
AIM | Incentive Fee based on Cumulative Net Realized Gains                  
Related Party Transaction [Line Items]                  
Percentage of cumulative pre-Incentive fee net return     20.00%            
Percentage Of cumulative pre incentive fees net return           17.50%      
Capital gains incentive fee           $ 0 0    
Incentive fees waived           0 0    
Management and performance-based incentive fees payable     $ 9,060,000     $ 10,348,000   $ 9,060,000 $ 9,060,000
AIM | Fee Offset Agreement                  
Related Party Transaction [Line Items]                  
Percentage of management fee revenue earned and incentive fee revenue offset         20.00%        
Fee offset step down percentage         10.00%        
Fee offset period         7 years        
Fee offset period description           The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by the Company.      
Management fee offset           $ 274,000 68,000    
AIM | Fee Offset Agreement | Minimum                  
Related Party Transaction [Line Items]                  
Aggregate capital of New Aircraft Funds and New Balance Sheet Investments         $ 3,000,000,000        
AIA | Administration Agreement                  
Related Party Transaction [Line Items]                  
Administrative services expense           1,422,000 $ 1,409,000    
Payable for expenses paid     $ 0     0   $ 0 $ 0
Merx Aviation                  
Related Party Transaction [Line Items]                  
Termination fee $ 7,500,000                
Merx Aviation | First Lien Secured Revolver                  
Related Party Transaction [Line Items]                  
Balance of debt amount           $ 84,575,000      
Merx Aviation | First Lien Secured Revolver | Common Equity                  
Related Party Transaction [Line Items]                  
Debt conversion, converted into common equity       $ 110,700          
Merx and Apollo | Fee Offset Agreement                  
Related Party Transaction [Line Items]                  
Termination fee $ 7,500,000                
[1] Aggregate gross unrealized gain and loss for federal income tax purposes is $55,195 and $279,808, respectively. Net unrealized loss is $224,613 based on a tax cost of $2,707,446.
[2] Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 7 to the financial statements). As such, these securities are not available as collateral to our general creditors.