XML 51 R32.htm IDEA: XBRL DOCUMENT v3.22.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy Investments
As of December 31, 2022 and 2021, the Company’s investments were categorized as follows in the fair value hierarchy:
 
Valuation InputsDecember 31, 2022December 31, 2021
Level 1—Price quotations in active markets$— $30 
Level 2—Significant other observable inputs564 703 
Level 3—Significant unobservable inputs13,385 13,972 
Investments measured at net asset value(1)
1,428 1,396 
$15,377 $16,101 
___________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient 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 consolidated balance sheet.
Reconciliation Fair Value, Assets
The following is a reconciliation for the years ended December 31, 2022 and 2021 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
 For the Year Ended December 31, 2022
 
Senior Secured
Loans—First
Lien
Senior Secured
Loans—Second
Lien
Other Senior Secured DebtSubordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$9,542 $1,205 $29 $74 $2,245 $877 $13,972 
Accretion of discount (amortization of premium)66 7 — 2 5 1 81 
Net realized gain (loss)(76)(81)— — 113 202 158 
Net change in unrealized appreciation (depreciation)(330)(81)(9)(41)(234)(53)(748)
Purchases3,116 122 — 223 980 522 4,963 
Paid-in-kind interest49 1 2 6 28 30 116 
Sales and repayments(3,243)(299)— — (1,235)(380)(5,157)
Transfers into Level 3— — — — — — — 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$9,124 $874 $22 $264 $1,902 $1,199 $13,385 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date$(382)$(125)$(9)$(41)$(182)$(6)$(745)
 
 For the Year Ended December 31, 2021
 
Senior Secured
Loans—First
Lien
Senior Secured
Loans—Second
Lien
Other Senior Secured DebtSubordinated
Debt		Asset Based FinanceEquity/OtherTotal
Fair value at beginning of period$3,276 $862 $36 $152 $951 $530 $5,807 
Accretion of discount (amortization of premium)
46 11 — — 3 — 60 
Net realized gain (loss)88 (88)(21)(7)(24)205 153 
Net change in unrealized appreciation (depreciation)
204 122 9 (7)186 59 573 
Purchases9,561 1,105 52 29 2,039 503 13,289 
Paid-in-kind interest22 6 1 — 49 31 109 
Sales and repayments(3,655)(813)(48)(93)(959)(454)(6,022)
Transfers into Level 3— — — — — 3 3 
Transfers out of Level 3— — — — — — — 
Fair value at end of period$9,542 $1,205 $29 $74 $2,245 $877 $13,972 
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date
$207 $42 $(17)$(14)$166 $96 $480 
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2022 and 2021 were as follows:
Type of Investment
Fair Value at
December 31, 2022
Valuation
Technique(1)
Unobservable
Input		Range
Impact to Valuation from an Increase in Input(2)
Senior Debt
$9,274 Discounted Cash FlowDiscount Rate
6.0% - 24.2% (12.0%)
Decrease
575 WaterfallEBITDA Multiple
0.3x - 19.8x (7.2x)
Increase
167 Cost
4
Other(3)

Subordinated Debt
242 Discounted Cash FlowDiscount Rate
10.9% - 14.9% (13.3%)
Decrease
22 WaterfallEBITDA Multiple
7.5x - 7.5x (7.5x)
Increase
Asset Based Finance980 Discounted Cash FlowDiscount Rate
5.1% - 44.0% (11.3%)
Decrease
636 WaterfallEBITDA Multiple
1.0x - 13.7x (1.6x)
Increase
144 Cost
138 
Other(3)
4 Indicative Dealer Quotes
42.0% - 42.0% (42.0%)
Increase
Equity/Other683 WaterfallEBITDA Multiple
0.0x - 15.0x (7.4x)
Increase
488 Discounted Cash FlowDiscount Rate
10.0% - 25.0% (15.6%)
Decrease
13 Cost
12 
Other(3)
3 Option Pricing ModelEquity Illiquidity Discount
65.0% - 65.0% (65.0%)
Decrease
Total$13,385 
Type of Investment
Fair Value at
December 31, 2021
Valuation
Technique(1)
Unobservable
Input		Range
Impact to Valuation from an Increase in Input(2)
Senior Debt
$8,746 Discounted Cash FlowDiscount Rate
5.3% - 30.3% (8.5%)
Decrease
1,242 Cost
737 WaterfallEBITDA Multiple
0.1x - 11.0x (7.0x)
Increase
51 
Other(3)

Subordinated Debt
53 WaterfallEBITDA Multiple
7.0x - 7.8x (7.8x)
Increase
21 Cost
Asset Based Finance1,021 WaterfallEBITDA Multiple
1.0x - 23.1x (4.1x)
Increase
744 Discounted Cash FlowDiscount Rate
4.2% - 16.2% (10.1%)
Decrease
359 Cost
117 
Other(3)
4 Indicative Dealer Quotes
50.8% - 50.8% (50.8%)
Increase
Equity/Other737 WaterfallEBITDA Multiple
0.1x - 16.0x (6.1x)
Increase
111 Discounted Cash FlowDiscount Rate
7.3% - 25.0% (9.8%)
Decrease
5 Option Pricing ModelEquity Illiquidity Discount
65.0% - 65.0% (65.0%)
Decrease
22 
Other(3)
2 Cost
Total$13,972 
_______________
(1)Investments using a market quotes valuation technique were primarily valued by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which were provided by independent third-party pricing services and screened for validity by such services. Investments valued using an EBITDA multiple or a revenue multiple pursuant to the market comparables valuation technique may be conducted using an enterprise valuation waterfall analysis.
(2)Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.
(3)Fair value based on expected outcome of proposed corporate transactions and/or other factors.