Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Fair Value Hierarchy Investments

As of September 30, 2023 and December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy:



	September 30, 2023
Valuation Inputs	(Unaudited)		December 31, 2022

Level 1—Price quotations in active markets	$	1	$	—
Level 2—Significant other observable inputs	231		564
Level 3—Significant unobservable inputs	13,031		13,385
Investments measured at net asset value(1)	1,403		1,428
	$	14,666	$	15,377

____________

(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.

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation for the nine months ended September 30, 2023 and 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Nine Months Ended September 30, 2023
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,124	$	874	$	22	$	264	$	1,902	$	1,199	$	13,385
Accretion of discount (amortization of premium)	34		4		—		—		2		1		41
Net realized gain (loss)	(15)		(55)		(39)		(126)		8		(101)		(328)
Net change in unrealized appreciation (depreciation)	(30)		51		37		132		(65)		117		242
Purchases	1,040		16		—		8		93		39		1,196
Paid-in-kind interest	43		24		1		19		6		22		115
Sales and repayments	(1,583)		(115)		—		—		(207)		(45)		(1,950)
Transfers into Level 3	33		297		—		—		—		—		330
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	8,646	$	1,096	$	21	$	297	$	1,739	$	1,232	$	13,031
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	$	(49)	$	(35)	$	37	$	5	$	(67)	$	23	$	(86)


	For the Nine Months Ended September 30, 2022
	Senior Secured Loans—First Lien		Senior Secured Loans—Second Lien		Other Senior Secured Debt		Subordinated Debt		Asset Based Finance		Equity/Other		Total
Fair value at beginning of period	$	9,542	$	1,205	$	29	$	74	$	2,245	$	877	$	13,972
Accretion of discount (amortization of premium)	52		5		—		1		4		1		63
Net realized gain (loss)	(61)		(41)		—		—		113		211		222
Net change in unrealized appreciation (depreciation)	(252)		(90)		(8)		(47)		(229)		(121)		(747)
Purchases	2,297		67		—		223		779		475		3,841
Paid-in-kind interest	36		2		1		3		20		24		86
Sales and repayments	(2,017)		(225)		—		—		(1,106)		(378)		(3,726)
Transfers into Level 3	—		—		—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—		—		—
Fair value at end of period	$	9,597	$	923	$	22	$	254	$	1,826	$	1,089	$	13,711
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	$	(326)	$	(136)	$	(8)	$	(45)	$	(177)	$	(62)	$	(754)

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 September 30, 2023 and December 31, 2022 were as follows:

Type of Investment

Fair Value at

September 30, 2023

(Unaudited)

Valuation

Technique(1)

Unobservable
Input

Range (Weighted Average)

Impact to Valuation from an Increase in Input(2)

Senior Debt

8,813

Discounted Cash Flow

Discount Rate

6.3% - 19.1% (11.9%)

Decrease

754

Waterfall

EBITDA Multiple

0.2x - 14.0x (6.6x)

Increase

157

Other(3)

Cost

Subordinated Debt

264

Discounted Cash Flow

Discount Rate

10.1% - 20.0% (13.8%)

Decrease

Waterfall

EBITDA Multiple

7.3x - 7.3x (7.3x)

Increase

Asset Based Finance

937

Discounted Cash Flow

Discount Rate

5.7% - 44.3% (12.0%)

Decrease

540

Waterfall

EBITDA Multiple

1.0x - 1.3x (1.1x)

Increase

149

Cost

111

Other(3)

Indicative Dealer Quotes

28.0% - 28.0% (28.0%)

Increase

Equity/Other

730

Waterfall

EBITDA Multiple

0.6x - 15.8x (7.1x)

Increase

496

Discounted Cash Flow

Discount Rate

10.0% - 27.5% (14.9%)

Decrease

Other(3)

Total

13,031

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 Flow

Discount Rate

6.0% - 24.2% (12.0%)

Decrease

575

Waterfall

EBITDA Multiple

0.3x - 19.8x (7.2x)

Increase

167

Cost

Other(3)

Subordinated Debt

242

Discounted Cash Flow

Discount Rate

10.9% - 14.9% (13.3%)

Decrease

Waterfall

EBITDA Multiple

7.5x - 7.5x (7.5x)

Increase

Asset Based Finance

980

Discounted Cash Flow

Discount Rate

5.1% - 44.0% (11.3%)

Decrease

636

Waterfall

EBITDA Multiple

1.0x - 13.7x (1.6x)

Increase

144

Cost

138

Other(3)

Indicative Dealer Quotes

42.0% - 42.0% (42.0%)

Increase

Equity/Other

683

Waterfall

EBITDA Multiple

0.0x - 15.0x (7.4x)

Increase

488

Discounted Cash Flow

Discount Rate

10.0% - 25.0% (15.6%)

Decrease

Cost

Other(3)

Option Pricing Model

Equity Illiquidity Discount

65.0% - 65.0% (65.0%)

Decrease

Total

13,385

_______________

(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.