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Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of December 31, 2024 and 2023. The weighted average range of unobservable inputs is based on fair value of investments.
December 31, 2024
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes
$1,975,176 Yield AnalysisMarket Yield
6.5% – 75.8%
10.4%Decrease
35,525 Market ApproachAdjusted EBITDA Multiple
0.5x – 9.0x
8.2xIncrease
391,476 Recent TransactionTransaction Price
95.0% – 100.0%
98.6%Increase
Subordinated debt and 2nd lien notes78,884 Yield AnalysisMarket Yield
8.0% – 18.6%
13.1%Decrease
25,667 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
14.8xIncrease
5,656 Expected RecoveryExpected Recovery$5,656.1$5,656.1Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(1)
3,962 Yield AnalysisMarket Yield9.7%9.7%Decrease
Equity shares30,517 Yield AnalysisMarket Yield
10.8% – 30.5%
14.1%Decrease
282,073 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
11.1xIncrease
1,367 Market ApproachRevenue Multiple
5.5x – 8.8x
5.8xIncrease
8,426 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
6,458 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
8,843 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,326.31Increase
Equity warrants2,813 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.0xIncrease
Royalty rights14,583 Yield AnalysisMarket Yield
18.6% – 26.4%
21.0%Decrease
(1) Excludes investments with an aggregate fair value amounting to $15,937, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
December 31, 2023
($ in thousands)(3)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$1,684,709 Yield AnalysisMarket Yield
7.8% – 26.1%
11.5%Decrease
17,693 Market ApproachAdjusted EBITDA Multiple
1.1x – 12.5x
6.5xIncrease
184,932 Recent TransactionTransaction Price
95.0% – 100.0%
97.7%Increase
Subordinated debt and 2nd lien notes(2)
121,811 Yield AnalysisMarket Yield
8.5% – 21.0%
13.8%Decrease
7,123 Market ApproachAdjusted EBITDA Multiple11.0x11.0xIncrease
Equity shares8,788 Yield AnalysisMarket Yield14.6%14.6%Decrease
274,281 Market ApproachAdjusted EBITDA Multiple
4.8x– 30.0x
11.0xIncrease
1,789 Market ApproachRevenue Multiple
6.5x – 9.5x
6.8xIncrease
6,080 Discounted Cash Flow AnalysisDiscount Rate14.2%14.2%Decrease
5,327 Net Asset ApproachLiabilities$(55,281.8)$(55,281.8)Decrease
873 Recent TransactionTransaction Price
$1.00 – $10.00
$4.07Increase
Equity warrants2,475 Market ApproachAdjusted EBITDA Multiple
6.3x – 12.5x
7.3xIncrease
(1) Excludes investments with an aggregate fair value amounting to $28,299, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $1,339, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(3) For structured products, investments with an aggregate fair value amounting to $15,705, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
Schedule of Fee and Other Income
Fee and other income for the years ended December 31, 2024, 2023 and 2022, was as follows:
Year Ended December 31,
($ in thousands)202420232022
Recurring Fee and Other Income:
Amortization of loan origination fees$9,852 $8,374 $6,633 
Management, valuation and other fees2,860 2,422 1,783 
Royalty income1,055 — — 
Total Recurring Fee and Other Income13,767 10,796 8,416 
Non-Recurring Fee and Other Income:
Prepayment fees5,913 380 241 
Acceleration of unamortized loan origination fees6,198 2,058 3,910 
Advisory, loan amendment and other fees2,604 896 1,071 
Total Non-Recurring Fee and Other Income14,715 3,334 5,222 
Total Fee and Other Income$28,482 $14,130 $13,638 
Schedule of Dividends Payable
The table below summarizes the Company’s dividends and distributions in the three years ended December 31, 2024:
Declared
($ in thousands, except per share amounts)		RecordPayablePer  Share
Amount		Amount
Paid in
Cash		Amount Settled via Newly Issued SharesTotal
February 23, 2022March 9, 2022March 16, 2022$0.42 $16,971 $126 $17,097 
May 5, 2022June 8, 2022June 15, 20220.43 22,054 129 22,183 
August 9, 2022September 27, 2022September 29, 20220.44 22,834 41 22,875 
October 13, 2022October 26, 2022October 28, 20220.15 7,774 49 7,823 
October 13, 2022November 25, 2022November 29, 20220.15 7,863 50 7,913 
October 13, 2022December 27, 2022December 29, 20220.15 7,880 56 7,936 
Total 2022 dividends and distributions$1.74 $85,376 $451 $85,827 
November 10, 2022January 26, 2023January 30, 2023$0.155 $8,153 $57 $8,210 
November 10, 2022February 24, 2023February 27, 20230.155 8,167 93 8,260 
November 10, 2022March 27, 2023March 29, 20230.20 10,573 184 10,757 
February 23, 2023April 26, 2023April 28, 20230.20 10,619 975 11,594 
February 23, 2023May 26, 2023May 26, 20230.20 11,485 294 11,779 
May 4, 2023June 27, 2023June 29, 20230.20 11,503 341 11,844 
May 4, 2023July 25, 2023July 28, 20230.20 11,543 403 11,946 
May 4, 2023August 28, 2023August 30, 20230.20 11,569 436 12,005 
August 9, 2023September 26, 2023September 28, 20230.20 11,819 646 12,465 
August 9, 2023October 26, 2023October 30, 20230.20 11,471 759 12,230 
August 9, 2023November 27, 2023November 29, 20230.20 11,571 718 12,289 
November 9, 2023December 26, 2023December 28, 20230.20 11,725 813 12,538 
Total 2023 dividends and distributions$2.31 $130,198 $5,719 $135,917 
November 9, 2023January 26, 2024January 30, 2024$0.20 $11,411 $1,591 $13,002 
November 9, 2023February 26, 2024February 28, 20240.20 12,025 1,714 13,739 
February 22, 2024March 26, 2024March 28, 20240.20 14,776 1,162 15,938 
February 22, 2024April 26, 2024April 29, 20240.20 15,075 1,218 16,293 
February 22, 2024May 24, 2024May 30, 20240.20 15,282 1,321 16,603 
May 7, 2024June 25, 2024June 27, 20240.20 15,996 901 16,897 
May 7, 2024July 26, 2024July 29, 20240.20 15,972 1,255 17,227 
May 7, 2024August 26, 2024August 28, 20240.20 16,384 1,342 17,726 
August 7, 2024September 25, 2024September 27, 20240.20 16,687 1,331 18,018 
August 7, 2024October 25, 2024October 29, 20240.20 16,852 1,432 18,284 
August 7, 2024November 25, 2024November 27, 20240.20 17,093 1,541 18,634 
November 6, 2024December 24, 2024December 27, 20240.20 17,435 1,607 19,042 
Total 2024 dividends and distributions$2.40 $184,988 $16,415 $201,403