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Agreements and Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Summary of Investments in Affiliates

The Company’s investments in non-controlled affiliates for the year ended December 31, 2022 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of December 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

—

 

$

11,436

 

$

—

 

$

—

 

$

681

 

$

12,117

 

$

321

 

ASP MCS Acquisition

 

1,616

 

 

263

 

 

(3

)

 

—

 

 

(1,050

)

 

826

 

 

28

 

Battery Solutions, Inc.

 

7,031

 

 

2,129

 

 

(14,712

)

 

7,098

 

 

(1,546

)

 

—

 

 

2,113

 

GACP II, LP

 

12,619

 

 

—

 

 

(7,804

)

 

—

 

 

74

 

 

4,889

 

 

1,593

 

Slickdeals Holdings, LLC

 

15,847

 

 

93

 

 

(148

)

 

—

 

 

(359

)

 

15,433

 

 

1,268

 

Southern Technical Institute, Inc.

 

7,686

 

 

—

 

 

—

 

 

—

 

 

(7,686

)

 

—

 

 

2,932

 

Vivid Seats Ltd.

 

922

 

 

—

 

 

—

 

 

—

 

 

22

 

 

944

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

5,980

 

 

4,710

 

 

(2,265

)

 

—

 

 

446

 

 

8,871

 

 

645

 

Total Non-Controlled Affiliates

$

51,701

 

$

18,631

 

$

(24,932

)

$

7,098

 

$

(9,418

)

$

43,080

 

$

8,900

 

 

The Company’s investments in non-controlled affiliates for the year ended December 31, 2021 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2020

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of December 31, 2021

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP MCS Acquisition

$

1,793

 

$

3

 

$

(3

)

 

—

 

$

(177

)

$

1,616

 

$

25

 

Battery Solutions, Inc.

 

3,565

 

 

567

 

 

—

 

 

—

 

 

2,899

 

 

7,031

 

 

230

 

Conisus, LLC

 

22,865

 

 

1,026

 

 

(38,628

)

 

27,440

 

 

(12,703

)

 

—

 

 

1,026

 

GACP II, LP(1)

 

16,154

 

 

—

 

 

(3,332

)

 

—

 

 

(203

)

 

12,619

 

 

1,373

 

Slickdeals Holdings, LLC

 

16,010

 

 

88

 

 

(381

)

 

72

 

 

58

 

 

15,847

 

 

1,127

 

Southern Technical Institute, Inc.

 

7,253

 

 

—

 

 

—

 

 

—

 

 

433

 

 

7,686

 

 

1,041

 

Vivid Seats Ltd.

 

3,714

 

 

—

 

 

(3,190

)

 

1,298

 

 

(900

)

 

922

 

 

—

 

WhiteHawk III Onshore Fund L.P.

 

—

 

 

5,851

 

 

—

 

 

—

 

 

129

 

 

5,980

 

 

—

 

Total Non-Controlled Affiliates

$

71,354

 

$

7,535

 

$

(45,534

)

$

28,810

 

$

(10,464

)

$

51,701

 

$

4,822

 

 

(1)
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the presentation of the current period financial statements. The Company’s investment in GACP II, LP and the related income generated by it were reclassified from non-controlled non-affiliated to non-controlled affiliated investment for the prior periods presented in the consolidated financial statements.
(2)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(3)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The Company’s investments in controlled affiliates for the year ended December 31, 2022 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of December 31, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBDC Senior Loan Fund LLC(1)

$

39,360

 

$

—

 

$

(36,699

)

 

(3,301

)

$

640

 

$

—

 

$

2,358

 

Envocore LLC

 

13,408

 

 

1,999

 

 

(1,793

)

 

—

 

 

(2,239

)

 

11,375

 

 

1,477

 

Total Controlled Affiliates

$

52,768

 

$

1,999

 

$

(38,492

)

$

(3,301

)

$

(1,600

)

$

11,375

 

$

3,835

 

 

The Company’s investments in controlled affiliates for the year ended December 31, 2021 were as follows (in thousands):

 

 

Fair Value as of
December 31, 2020

 

Gross
Additions (2)

 

Gross
Reductions (3)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of December 31, 2021

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBDC Senior Loan Fund LLC(1)

$

38,735

 

$

—

 

$

—

 

$

—

 

$

625

 

$

39,360

 

$

3,200

 

Envocore LLC

 

-

 

 

13,431

 

 

—

 

 

—

 

 

(23

)

 

13,408

 

 

2

 

Total Controlled Affiliates

$

38,735

 

$

13,431

 

$

—

 

$

—

 

$

602

 

$

52,768

 

$

3,202

 

 

(1)
Prior to the Senior Loan Fund's dissolution during the fourth quarter of 2022, the Company owned more than 25% of the voting securities of the Senior Loan Fund, but the Company did not have control over the Senior Loan Fund (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses on middle market lending in senior secured first lien, second lien and equity investments, while the Senior Loan Fund focused on senior secured broadly syndicated loans.
(2)
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(3)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.