Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2023 | Jul. 25, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Securities Act File Number | 814-00237 | |
Entity Registrant Name | GLADSTONE CAPITAL CORP | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 54-2040781 | |
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | |
Entity Address, Address Line Two | SUITE 100 | |
Entity Address, City or Town | McLean | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | 703 | |
Local Phone Number | 287-5800 | |
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | GLAD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,600,686 | |
Entity Central Index Key | 0001143513 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Jun. 30, 2023 | Sep. 30, 2022 | |||
ASSETS | |||||
Investments, at fair value | $ 715,324 | $ 649,615 | |||
Cash and cash equivalents | 1,681 | 2,011 | |||
Restricted cash and cash equivalents | 105 | 96 | |||
Interest receivable, net | 4,237 | 2,737 | |||
Due from administrative agent | 4,299 | 3,199 | |||
Deferred financing costs, net | 1,509 | 836 | |||
Other assets, net | 2,907 | 2,474 | |||
TOTAL ASSETS | 730,062 | 660,968 | |||
LIABILITIES | |||||
Line of credit at fair value (Cost of $163,800 and $141,800, respectively) | 163,800 | 141,800 | |||
Notes payable, net of unamortized deferred financing costs of $2,114 and $2,393, respectively | 197,886 | 197,607 | |||
Accounts payable and accrued expenses | 1,069 | 500 | |||
Interest payable | 4,307 | 2,517 | |||
Other liabilities | 1,845 | 530 | |||
TOTAL LIABILITIES | 372,116 | 345,481 | |||
Commitments and contingencies | [1] | ||||
NET ASSETS | |||||
Common stock, $0.001 par value per share, 44,000,000 and 44,560,000 shares authorized, respectively, and 38,600,686 and 34,734,796 shares issued and outstanding, respectively | 39 | 35 | |||
Capital in excess of par value | 433,165 | 395,542 | |||
Cumulative net unrealized appreciation (depreciation) of investments | (19,858) | (6,438) | |||
Under (over) distributed net investment income | 4,868 | (500) | |||
Accumulated net realized losses | (60,268) | (73,152) | |||
Total distributable loss | (75,258) | (80,090) | |||
TOTAL NET ASSETS | $ 357,946 | $ 315,487 | |||
NET ASSET VALUE PER COMMON SHARE (in USD per share) | $ 9.27 | $ 9.08 | |||
Related Party | |||||
LIABILITIES | |||||
Fees due to related party | $ 3,209 | $ 2,527 | |||
Adviser | Related Party | |||||
LIABILITIES | |||||
Fees due to related party | [2] | 2,513 | 2,104 | ||
Administrator | Related Party | |||||
LIABILITIES | |||||
Fees due to related party | [2] | 696 | 423 | ||
Non-Control/Non-Affiliate investments | |||||
ASSETS | |||||
Investments, at fair value | 642,847 | [3] | 574,811 | [4] | |
Affiliate investments | |||||
ASSETS | |||||
Investments, at fair value | 42,023 | 39,091 | |||
Control investments | |||||
ASSETS | |||||
Investments, at fair value | $ 30,454 | [5] | $ 35,713 | [6] | |
[1] Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 4— Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Sep. 30, 2022 | ||
Investment owned, at cost | $ 735,182 | $ 656,053 | ||
Line of credit outstanding, at cost | 163,800 | 141,800 | ||
Notes payable, net of unamortized deferred financing costs | $ 2,114 | $ 2,393 | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 44,000,000 | 44,560,000 | ||
Common stock, shares, issued (In shares) | 38,600,686 | 34,734,796 | ||
Common stock, shares, outstanding (in shares) | 38,600,686 | 34,734,796 | ||
Non-Control/Non-Affiliate investments | ||||
Investment owned, at cost | $ 650,784 | [1] | $ 571,736 | [2] |
Affiliate investments | ||||
Investment owned, at cost | 50,327 | 49,412 | ||
Control investments | ||||
Investment owned, at cost | $ 34,071 | [3] | $ 34,905 | [4] |
[1]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[2]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[3]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[4]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
INVESTMENT INCOME | |||||
Total interest income (excluding PIK interest income) | $ 20,971 | $ 11,948 | $ 57,143 | $ 35,725 | |
PIK interest income | 845 | 645 | 2,618 | 2,696 | |
Total interest income | 21,816 | 12,593 | 59,761 | 38,421 | |
Success fee income | 335 | 0 | 935 | 4,794 | |
Dividend income | 404 | 1,149 | 1,521 | 3,247 | |
Other income | 268 | 42 | 461 | 749 | |
Total investment income | 22,823 | 13,784 | 62,678 | 47,211 | |
EXPENSES | |||||
Base management fee | [1] | 3,106 | 2,501 | 8,833 | 7,500 |
Loan servicing fee | [1] | 2,069 | 1,614 | 5,866 | 4,596 |
Incentive fee | [1] | 2,919 | 1,579 | 7,508 | 5,641 |
Administration fee | [1] | 417 | 407 | 1,237 | 1,187 |
Interest expense | 5,553 | 3,150 | 15,091 | 9,177 | |
Amortization of deferred financing costs | 405 | 286 | 1,164 | 849 | |
Professional fees | 271 | 139 | 784 | 610 | |
Other general and administrative expenses | 402 | 346 | 1,110 | 1,045 | |
Expenses, before credits from Adviser | 15,142 | 10,022 | 41,593 | 30,605 | |
Credits to base management fee – loan servicing fee | [1] | (2,069) | (1,614) | (5,866) | (4,596) |
Credits to fees from Adviser - other | [1] | (1,926) | (1,571) | (3,082) | (3,600) |
Total expenses, net of credits | 11,147 | 6,837 | 32,645 | 22,409 | |
NET INVESTMENT INCOME | 11,676 | 6,947 | 30,033 | 24,802 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 2,955 | (8,149) | 12,955 | 5,264 | |
Net unrealized appreciation (depreciation) of investments | (2,747) | (4,397) | (13,420) | (15,259) | |
Net realized and unrealized gain (loss) | 208 | (12,546) | (465) | (9,995) | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 11,884 | $ (5,599) | $ 29,568 | $ 14,807 | |
BASIC AND DILUTED PER COMMON SHARE: | |||||
Net investment income, basic (in USD per share) | $ 0.31 | $ 0.20 | $ 0.82 | $ 0.72 | |
Net investment income, diluted (in USD per share) | 0.31 | 0.20 | 0.82 | 0.72 | |
Net increase (decrease) in net assets resulting from operations , basic (in USD per share) | 0.32 | (0.16) | 0.81 | 0.43 | |
Net increase (decrease) in net assets resulting from operations, diluted (in USD per share) | $ 0.32 | $ (0.16) | $ 0.81 | $ 0.43 | |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||||
Basic (in shares) | 37,680,465 | 34,304,371 | 36,492,168 | 34,304,371 | |
Diluted (in shares) | 37,680,465 | 34,304,371 | 36,492,168 | 34,304,371 | |
Cash and cash equivalents | |||||
INVESTMENT INCOME | |||||
Total interest income (excluding PIK interest income) | $ 29 | $ 1 | $ 93 | $ 1 | |
Non-Control/Non-Affiliate investments | |||||
INVESTMENT INCOME | |||||
Total interest income (excluding PIK interest income) | 19,183 | 10,550 | 52,051 | 31,318 | |
PIK interest income | 629 | 568 | 1,980 | 2,619 | |
Success fee income | 335 | 0 | 935 | 3,231 | |
Dividend income | 42 | 493 | 830 | 2,002 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | (789) | 0 | 9,949 | 472 | |
Net unrealized appreciation (depreciation) of investments | 2,394 | (5,596) | (11,012) | (2,027) | |
Affiliate investments | |||||
INVESTMENT INCOME | |||||
Total interest income (excluding PIK interest income) | 1,023 | 806 | 2,865 | 2,612 | |
PIK interest income | 139 | 77 | 415 | 77 | |
Success fee income | 0 | 0 | 0 | 1,563 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 0 | 0 | 0 | 13,408 | |
Net unrealized appreciation (depreciation) of investments | (228) | (1,272) | 2,017 | (19,094) | |
Control investments | |||||
INVESTMENT INCOME | |||||
Total interest income (excluding PIK interest income) | 736 | 591 | 2,134 | 1,794 | |
PIK interest income | 77 | 0 | 223 | 0 | |
Dividend income | 362 | 656 | 691 | 1,245 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 3,700 | (8,496) | 2,684 | (8,496) | |
Net unrealized appreciation (depreciation) of investments | (4,752) | 2,471 | (4,425) | 5,862 | |
Other | |||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 44 | 347 | 322 | (120) | |
Net unrealized appreciation (depreciation) of investments | $ (161) | $ 0 | $ 0 | $ 0 | |
[1] Refer to Note 4— Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 3 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Investment Company, Net Assets [Roll Forward] | |||||||
NET ASSETS, beginning balance | $ 341,811 | $ 324,326 | $ 315,487 | $ 325,467 | $ 323,853 | $ 318,439 | |
OPERATIONS | |||||||
Net investment income | 11,676 | 9,632 | 8,725 | 6,947 | 8,695 | 9,160 | |
Net realized gain (loss) on investments | 2,911 | 403 | 9,319 | (8,496) | 0 | 13,880 | |
Net realized gain (loss) on other | 44 | 25 | 253 | 347 | 233 | (700) | |
Net unrealized appreciation (depreciation) of investments | (2,586) | 1,765 | (12,599) | (4,397) | (625) | (10,237) | |
Net unrealized depreciation and appreciation of other | (161) | 161 | 0 | 0 | |||
Net increase (decrease) in net assets resulting from operations | 11,884 | 11,986 | 5,698 | (5,599) | 8,303 | 12,103 | |
DISTRIBUTIONS | |||||||
Distributions to common stockholders from net investment income | [1] | (9,082) | (8,257) | (7,398) | (5,173) | (6,689) | (6,689) |
Distributions to common stockholders from return of capital | [1] | 0 | (1,774) | ||||
Net decrease in net assets from distributions | (9,082) | (8,257) | (7,398) | (6,947) | (6,689) | (6,689) | |
CAPITAL TRANSACTIONS | |||||||
Issuance of common stock | 13,565 | 13,993 | 10,721 | 0 | 0 | 0 | |
Discounts, commissions and offering costs for issuance of common stock | (232) | (237) | (182) | 0 | 0 | 0 | |
Net increase (decrease) in net assets resulting from capital transactions | 13,333 | 13,756 | 10,539 | 0 | 0 | 0 | |
NET INCREASE (DECREASE) IN NET ASSETS | 16,135 | 17,485 | 8,839 | (12,546) | 1,614 | 5,414 | |
NET ASSETS, ending balance | $ 357,946 | $ 341,811 | $ 324,326 | $ 312,921 | $ 325,467 | $ 323,853 | |
[1] Refer to Note 9 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Net investment income (in USD per share) | $ 0.24 | $ 0.15 |
Return of capital (in USD per share) | $ 0 | $ 0.05 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net increase (decrease) in net assets resulting from operations | $ 29,568 | $ 14,807 | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Purchase of investments | (148,084) | (188,851) | |
Principal repayments on investments | 66,200 | 138,231 | |
Net proceeds from sale of investments | 18,296 | 15,929 | |
Increase in investments due to PIK interest | (2,779) | (3,218) | |
Net change in premiums, discounts and amortization | 193 | (605) | |
Net realized loss (gain) on investments and other | (12,955) | (5,264) | |
Net unrealized depreciation (appreciation) of investments | 13,420 | 15,259 | |
Changes in assets and liabilities: | |||
Amortization of deferred financing costs | 1,164 | 849 | |
Decrease (increase) in interest receivable, net | (1,500) | (1,068) | |
Decrease (increase) in funds due from administrative agent | (1,100) | (372) | |
Decrease (increase) in other assets, net | (509) | (685) | |
Increase (decrease) in accounts payable and accrued expenses | 569 | (130) | |
Increase (decrease) in interest payable | 1,790 | 1,947 | |
Increase (decrease) in other liabilities | 1,315 | (4,766) | |
Net cash provided by (used in) operating activities | (33,730) | (18,603) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from line of credit | 123,000 | 235,500 | |
Repayments on line of credit | (101,000) | (206,000) | |
Proceeds from issuance of notes payable | 0 | 50,000 | |
Redemption of notes payable | 0 | (38,813) | |
Financing costs | (1,559) | (1,662) | |
Proceeds from issuance of common stock | 38,279 | 0 | |
Discounts, commissions and offering costs for issuance of common stock | (574) | 0 | |
Distributions paid to common stockholders | (24,737) | (20,325) | |
Net cash provided by (used in) financing activities | 33,409 | 18,700 | |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | (321) | 97 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,107 | 846 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 1,786 | 943 | |
Supplemental Cash Flow Elements | |||
CASH PAID FOR INTEREST | 13,301 | 7,230 | |
NON-CASH ACTIVITIES | [1] | 2,416 | 7,489 |
Adviser | |||
Changes in assets and liabilities: | |||
Increase (decrease) in fee due to related party | [2] | 409 | (960) |
Administrator | |||
Changes in assets and liabilities: | |||
Increase (decrease) in fee due to related party | [2] | 273 | 294 |
Investment, Unaffiliated and Affiliated Issuer, Excluding Other | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net realized loss (gain) on investments and other | (12,633) | (5,384) | |
Net unrealized depreciation (appreciation) of investments | 13,420 | 15,259 | |
Other | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net realized loss (gain) on investments and other | (322) | 120 | |
Net unrealized depreciation (appreciation) of investments | $ 0 | $ 0 | |
[1]Non-cash activities relate to the October 2022 exit of our investment in Targus Cayman HoldCo Ltd., which was sold for net proceeds of approximately $8.0 million, resulting in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million.[2] Refer to Note 4— Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2023 | Oct. 31, 2022 | Sep. 30, 2022 | |
Cost | $ 735,182 | $ 656,053 | |
Targus Cayman HoldCo Ltd. | |||
Net proceeds from the sale of investments | $ 8,000 | ||
Realized investment gains | $ 5,900 | ||
B. Riley Financial, Inc. – Term Debt | |||
Net proceeds from the sale of investments | $ 2,400 | ||
Investment, interest rate, paid in cash | 6.75% | 6.75% | |
Cost | $ 2,400 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 735,182,000 | $ 656,053,000 | |||
Fair Value | 715,324,000 | 649,615,000 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 87,932,000 | 88,649,000 | |||
Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 74,641,000 | 64,283,000 | |||
Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 160,904,000 | 114,105,000 | |||
Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 164,261,000 | 148,907,000 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 145,011,000 | 136,401,000 | |||
Machinery | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 6,676,000 | 9,562,000 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 5,976,000 | 10,088,000 | |||
Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | 26,887,000 | 25,373,000 | |||
Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 549,860,000 | 475,806,000 | |||
Fair Value | 533,237,000 | 463,858,000 | |||
Secured second lien debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 122,681,000 | 118,949,000 | |||
Fair Value | 120,036,000 | 115,928,000 | |||
Unsecured debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 198,000 | 293,000 | |||
Fair Value | 32,000 | 55,000 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 35,617,000 | 34,505,000 | |||
Fair Value | 27,991,000 | 27,046,000 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 26,826,000 | 26,500,000 | |||
Fair Value | 34,028,000 | 42,728,000 | |||
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 650,784,000 | [1] | 571,736,000 | [2] | |
Fair Value | 642,847,000 | [1] | 574,811,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 494,074,000 | [1] | 420,857,000 | [2] | |
Fair Value | 481,679,000 | [1] | 413,631,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Cost | 72,090,000 | [1] | 74,112,000 | [2] | |
Fair Value | 71,575,000 | [1] | 73,898,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Cost | 71,300,000 | [1] | 59,730,000 | [2] | |
Fair Value | 69,183,000 | [1] | 58,971,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Cost | 2,150,000 | [1] | 1,700,000 | [2] | |
Fair Value | 2,012,000 | [1] | 1,654,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Cost | 117,983,000 | [1] | 70,815,000 | [2] | |
Fair Value | 115,251,000 | [1] | 70,117,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Cost | 111,164,000 | [1] | 101,924,000 | [2] | |
Fair Value | 105,816,000 | [1] | 97,884,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Cost | 106,352,000 | [1] | 99,644,000 | [2] | |
Fair Value | 106,344,000 | [1] | 98,881,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Machinery | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,835,000 | [1] | 5,625,000 | [2] | |
Fair Value | 5,522,000 | [1] | 5,350,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,200,000 | [1] | 7,200,000 | [2] | |
Fair Value | 5,976,000 | [1] | 6,876,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 115,256,000 | [1] | 111,284,000 | [2] | |
Fair Value | 112,611,000 | [1] | 108,263,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Cost | 36,849,000 | [1] | 34,829,000 | [2] | |
Fair Value | 36,188,000 | [1] | 34,051,000 | [2] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,526,000 | [1] | 7,512,000 | [2] | |
Fair Value | 11,349,000 | [1] | 7,265,000 | [2] | |
Non-Control/Non-Affiliate investments | Unsecured debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | [1] | 198,000 | |||
Fair Value | [1] | 32,000 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 23,061,000 | [1] | 21,949,000 | [2] | |
Fair Value | 21,726,000 | [1] | 17,719,000 | [2] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,250,000 | [1] | 7,500,000 | [2] | |
Fair Value | 9,654,000 | [1] | 8,151,000 | [2] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2] | 2,813,000 | |||
Fair Value | [2] | 3,187,000 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Cost | 6,838,000 | [1] | 6,982,000 | [2] | |
Fair Value | 5,275,000 | [1] | 2,028,000 | [2] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 18,195,000 | [1] | 17,448,000 | [2] | |
Fair Value | 26,799,000 | [1] | 35,143,000 | [2] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,283,000 | [1] | 5,283,000 | [2] | |
Fair Value | 16,357,000 | [1] | 14,751,000 | [2] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Cost | 1,750,000 | [1] | 1,750,000 | [2] | |
Fair Value | 2,892,000 | [1] | 2,172,000 | [2] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Cost | [1] | 5,000,000 | |||
Fair Value | [1] | 855,000 | |||
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Cost | 2,786,000 | [1] | 2,009,000 | [2] | |
Fair Value | 5,726,000 | [1] | 7,775,000 | [2] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Cost | 499,000 | [1] | 499,000 | [2] | |
Fair Value | 119,000 | [1] | 50,000 | [2] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 50,327,000 | 49,412,000 | |||
Fair Value | 42,023,000 | 39,091,000 | |||
Affiliate investments | Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Cost | 39,721,000 | [3] | 39,306,000 | [4] | |
Fair Value | 35,493,000 | [3] | 34,804,000 | [4] | |
Affiliate investments | Secured first lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Cost | 33,581,000 | [3] | 33,166,000 | [4] | |
Fair Value | 32,741,000 | [3] | 32,254,000 | [4] | |
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Cost | 9,806,000 | [3] | 9,806,000 | [4] | |
Fair Value | 5,124,000 | [3] | 3,640,000 | [4] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 50,327,000 | [3] | 49,412,000 | [4] | |
Fair Value | 42,023,000 | [3] | 39,091,000 | [4] | |
Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 800,000 | [3] | 300,000 | [4] | |
Fair Value | 1,406,000 | [3] | 647,000 | [4] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 34,071,000 | [5] | 34,905,000 | [6] | |
Fair Value | 30,454,000 | [5] | 35,713,000 | [6] | |
Control investments | Secured first lien debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,318,000 | [5] | 11,393,000 | [6] | |
Fair Value | 11,318,000 | [5] | 11,393,000 | [6] | |
Control investments | Secured first lien debt | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,065,000 | [5] | 15,643,000 | [6] | |
Fair Value | 16,065,000 | [5] | 15,423,000 | [6] | |
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,831,000 | [5] | 8,752,000 | [6] | |
Fair Value | $ 5,823,000 | [5] | 6,938,000 | [6] | |
Control investments | Common Equity/ Equivalents | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6] | 7,671,000 | |||
Fair Value | [6] | $ 0 | |||
Investment, Identifier [Axis]: Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment | |||||
Schedule of Investments [Line Items] | |||||
Units | 3.50% | [7],[8],[9],[10],[11],[12] | 3.50% | [13],[14],[15],[16],[17] | |
Cost | $ 0 | [7],[8],[10],[11] | $ 1,223,000 | [14],[16],[17] | |
Fair Value | $ 193,000 | [7],[8],[10],[11] | $ 6,397,000 | [14],[16],[17] | |
Investment, Identifier [Axis]: Antenna Research Associates, Inc. – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,283 | [8],[9],[10],[12] | 4,283 | [13],[15],[16],[18] | |
Cost | $ 4,283,000 | [8],[10] | $ 4,283,000 | [16],[18] | |
Fair Value | $ 15,814,000 | [8],[10] | $ 13,734,000 | [16],[18] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,000 | [8],[9],[10],[12] | 6,000 | [13],[15],[16],[18] | |
Cost | $ 3,000,000 | [8],[10] | $ 3,000,000 | [16],[18] | |
Fair Value | $ 0 | [8],[10] | $ 1,773,000 | [16],[18] | |
Investment, Identifier [Axis]: NeoGraf Solutions LLC | |||||
Schedule of Investments [Line Items] | |||||
Shares | [8],[9],[10],[12] | 2,000,000 | |||
Cost | [8],[10] | $ 2,000,000 | |||
Fair Value | [8],[10] | $ 855,000 | |||
Investment, Identifier [Axis]: OCI, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | [8],[9],[10],[12] | 306 | |||
Cost | [8],[10] | $ 0 | |||
Fair Value | [8],[10] | $ 0 | |||
Investment, Identifier [Axis]: Ohio Armor Holdings, LLC – Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares | 100 | [8],[9],[10],[12] | 100 | [13],[15],[16],[18] | |
Cost | $ 1,000,000 | [8],[10] | $ 1,000,000 | [16],[18] | |
Fair Value | $ 543,000 | [8],[10] | $ 1,017,000 | [16],[18] | |
Investment, Identifier [Axis]: WorkforceQA, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 532 | [8],[9],[10],[12] | 500 | [13],[15],[16],[18] | |
Cost | $ 532,000 | [8],[10] | $ 500,000 | [16],[18] | |
Fair Value | 391,000 | [8],[10] | 456,000 | [16],[18] | |
Investment, Identifier [Axis]: 8th Avenue Food & Provisions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,683,000 | [9],[12],[19] | 3,682,000 | [13],[15],[20] | |
Cost | 3,683,000 | [19] | 3,698,000 | [20] | |
Fair Value | 2,431,000 | [19] | 3,020,000 | [20] | |
Investment, Identifier [Axis]: ALS Education, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | 0 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: ALS Education, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 19,030,000 | [9],[12],[21] | 19,690,000 | [13],[15],[22] | |
Cost | 19,030,000 | [21] | 19,690,000 | [22] | |
Fair Value | 18,982,000 | [21] | 19,468,000 | [22] | |
Investment, Identifier [Axis]: Antenna Research Associates, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [8] | 22,041,000 | [9],[12] | 21,973,000 | [13],[15] |
Cost | [8] | 22,041,000 | 21,973,000 | ||
Fair Value | [8] | $ 22,041,000 | $ 21,973,000 | ||
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 15,000 | [8],[9],[10],[12] | 15,000 | [13],[15],[16],[18] | |
Cost | $ 1,500,000 | [8],[10] | $ 1,500,000 | [16],[18] | |
Fair Value | 106,000 | [8],[10] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | 0 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,835,000 | [9],[12],[21] | 5,625,000 | [13],[15],[22] | |
Cost | 5,835,000 | [21] | 5,625,000 | [22] | |
Fair Value | 5,522,000 | [21] | 5,350,000 | [22] | |
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 3,000,000 | |||
Cost | [21] | 3,000,000 | |||
Fair Value | [21] | 2,948,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 9,000,000 | |||
Cost | [22],[23] | 9,000,000 | |||
Fair Value | [22],[23] | 8,741,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 9,000,000 | |||
Cost | [21] | 8,967,000 | |||
Fair Value | [21] | $ 8,843,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC– Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 3,000,000 | |||
Cost | [22],[23] | 3,000,000 | |||
Fair Value | [22],[23] | $ 2,914,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Common Stock Warrant | |||||
Schedule of Investments [Line Items] | |||||
Units | 1.50% | [8],[9],[10],[12],[24] | 1.50% | [13],[15],[16],[18],[25] | |
Cost | $ 0 | [8],[10],[24] | $ 0 | [16],[18],[25] | |
Fair Value | 0 | [8],[10],[24] | 25,000 | [16],[18],[25] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,200,000 | [9],[12],[21],[24] | 1,200,000 | [13],[15],[22],[25] | |
Cost | 1,200,000 | [21],[24] | 1,200,000 | [22],[25] | |
Fair Value | $ 996,000 | [21],[24] | $ 1,146,000 | [22],[25] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,130 | [8],[9],[10],[12],[24] | 6,130 | [13],[15],[16],[18],[25] | |
Cost | $ 2,024,000 | [8],[10],[24] | $ 2,024,000 | [16],[18],[25] | |
Fair Value | 0 | [8],[10],[24] | 2,718,000 | [16],[18],[25] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,000,000 | [9],[12],[21],[24] | 6,000,000 | [13],[15],[22],[25] | |
Cost | 6,000,000 | [21],[24] | 6,000,000 | [22],[25] | |
Fair Value | 4,980,000 | [21],[24] | 5,730,000 | [22],[25] | |
Investment, Identifier [Axis]: CHA Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,000,000 | [9],[12],[19],[26] | 3,000,000 | [13],[15],[20],[27] | |
Cost | 2,973,000 | [19],[26] | 2,967,000 | [20],[27] | |
Fair Value | 2,760,000 | [19],[26] | 2,700,000 | [20],[27] | |
Investment, Identifier [Axis]: CPM Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 798,000 | [9],[12],[19] | 798,000 | [13],[15],[20] | |
Cost | 798,000 | [19] | 798,000 | [20] | |
Fair Value | 792,000 | [19] | 758,000 | [20] | |
Investment, Identifier [Axis]: Café Zupas – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,970,000 | [9],[12],[21] | 1,970,000 | [13],[15],[22] | |
Cost | 3,970,000 | [21] | 1,970,000 | [22] | |
Fair Value | 3,891,000 | [21] | 1,958,000 | [22] | |
Investment, Identifier [Axis]: Café Zupas – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: Café Zupas – Line of Credit, | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 0 | |||
Cost | [22] | 0 | |||
Fair Value | [22] | 0 | |||
Investment, Identifier [Axis]: Café Zupas – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 23,460,000 | [9],[12],[21] | 23,460,000 | [13],[15],[22] | |
Cost | 23,460,000 | [21] | 23,460,000 | [22] | |
Fair Value | $ 22,991,000 | [21] | $ 23,313,000 | [22] | |
Investment, Identifier [Axis]: Canopy Safety Brands, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 1,170,370 | [8],[9],[10],[12] | 800,000 | [13],[15],[16],[18] | |
Cost | $ 800,000 | [8],[10] | $ 300,000 | [16],[18] | |
Fair Value | $ 1,406,000 | [8],[10] | $ 647,000 | [16],[18] | |
Investment, Identifier [Axis]: Canopy Safety Brands, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 500,000 | [8],[9],[10],[12] | 500,000 | [13],[15],[16],[18] | |
Cost | $ 500,000 | [8],[10] | $ 500,000 | [16],[18] | |
Fair Value | 846,000 | [8],[10] | 798,000 | [16],[18] | |
Investment, Identifier [Axis]: Chinese Yellow Pages Company – Line of Credit, | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[18],[28],[29] | 107,000 | |||
Cost | [18],[28],[29] | 107,000 | |||
Fair Value | [18],[28],[29] | $ 0 | |||
Investment, Identifier [Axis]: Circuitronics EMS Holdings LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | [13],[15],[16],[18] | 921,000 | |||
Cost | [16],[18] | $ 921,000 | |||
Fair Value | [16],[18] | 0 | |||
Investment, Identifier [Axis]: DKI Ventures, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,915,000 | [9],[12],[21] | 5,915,000 | [13],[15],[22] | |
Cost | 5,915,000 | [21] | 5,915,000 | [22] | |
Fair Value | $ 3,549,000 | [21] | $ 4,554,000 | [22] | |
Investment, Identifier [Axis]: Defiance Integrated Technologies, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 33,321 | [8],[9],[10],[12] | 33,321 | [13],[15],[16],[18] | |
Cost | $ 580,000 | [8],[10] | $ 580,000 | [16],[18] | |
Fair Value | 2,639,000 | [8],[10] | 1,147,000 | [16],[18] | |
Investment, Identifier [Axis]: Defiance Integrated Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 7,425,000 | [8],[9],[12] | 7,665,000 | [13],[15],[18] | |
Cost | 7,425,000 | [8] | 7,665,000 | [18] | |
Fair Value | 7,425,000 | [8] | 7,665,000 | [18] | |
Investment, Identifier [Axis]: ENET Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 24,360,000 | |||
Cost | [22] | 24,360,000 | |||
Fair Value | [22] | 23,142,000 | |||
Investment, Identifier [Axis]: ENET Holdings, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 22,289,000 | |||
Cost | [21] | 22,289,000 | |||
Fair Value | [21] | 21,453,000 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. (S) – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,140,000 | [9],[12],[21],[24],[30] | 6,140,000 | [13],[15],[18],[25] | |
Cost | 6,140,000 | [21],[24],[30] | 6,140,000 | [18],[25] | |
Fair Value | $ 2,752,000 | [21],[24],[30] | $ 2,550,000 | [18],[25] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.(S) – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 5,466 | [8],[9],[10],[12],[24] | 5,466 | [13],[15],[16],[18],[25] | |
Cost | $ 5,466,000 | [8],[10],[24] | $ 5,466,000 | [16],[18],[25] | |
Fair Value | 0 | [8],[10],[24] | 0 | [16],[18],[25] | |
Investment, Identifier [Axis]: Eegee’s LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,000,000 | [9],[12],[21] | 3,000,000 | [13],[15],[22] | |
Cost | 3,000,000 | [21] | 3,000,000 | [22] | |
Fair Value | 2,873,000 | [21] | 2,910,000 | [22] | |
Investment, Identifier [Axis]: Eegee’s LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | 0 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: Eegee’s LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 17,000,000 | |||
Cost | [21] | 17,000,000 | |||
Fair Value | [21] | 16,278,000 | |||
Investment, Identifier [Axis]: Eegee’s LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 17,000,000 | |||
Cost | [22] | 17,000,000 | |||
Fair Value | [22] | 16,490,000 | |||
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,081,000 | [9],[12],[21] | 5,023,000 | [13],[15],[22] | |
Cost | 5,081,000 | [21] | 5,023,000 | [22] | |
Fair Value | 4,954,000 | [21] | 4,885,000 | [22] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | $ 0 | [21] | $ 0 | [22] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 3,840,000 | [8],[9],[10],[12] | 3,840,000 | [13],[15],[16],[18],[25] | |
Cost | $ 3,840,000 | [8],[10] | $ 3,840,000 | [16],[18],[25] | |
Fair Value | 4,278,000 | [8],[10] | 2,842,000 | [16],[18],[25] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 23,881,000 | [9],[12],[21] | 23,611,000 | [13],[15],[22] | |
Cost | 23,881,000 | [21] | 23,611,000 | [22] | |
Fair Value | 23,284,000 | [21] | 22,962,000 | [22] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 4,619,000 | [9],[12],[21] | 4,532,000 | [13],[15],[22] | |
Cost | 4,619,000 | [21] | 4,532,000 | [22] | |
Fair Value | 4,503,000 | [21] | 4,407,000 | [22] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | 0 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 22,500,000 | |||
Cost | [22] | 22,500,000 | |||
Fair Value | [22] | $ 22,134,000 | |||
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 21,500,000 | |||
Cost | [21] | 21,500,000 | |||
Fair Value | [21] | $ 20,317,000 | |||
Investment, Identifier [Axis]: FES Resources Holdings LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,233 | [8],[9],[10],[12] | 6,233 | [13],[15],[16],[18] | |
Cost | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Fair Value | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: FES Resources Holdings LLC – Preferred Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 6,350 | [8],[9],[10],[12] | 6,350 | [13],[15],[16],[18] | |
Cost | $ 6,350,000 | [8],[10] | $ 6,350,000 | [16],[18] | |
Fair Value | 3,619,000 | [8],[10] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 6,911,000 | [9],[12],[21] | 0 | [13],[15],[22],[27] | |
Cost | 6,911,000 | [21] | 0 | [22],[27] | |
Fair Value | 6,911,000 | [21] | 0 | [22],[27] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,000,000 | [9],[12],[21] | 0 | [13],[15],[22],[27] | |
Cost | 1,000,000 | [21] | 0 | [22],[27] | |
Fair Value | 1,000,000 | [21] | 0 | [22],[27] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 12,200,000 | [9],[12],[21] | 10,000,000 | [13],[15],[22],[27] | |
Cost | 12,200,000 | [21] | 10,000,000 | [22],[27] | |
Fair Value | 12,200,000 | [21] | 9,950,000 | [22],[27] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Convertible Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 198,000 | [8],[9],[12],[31] | 198,000 | [13],[15],[18],[32] | |
Cost | 198,000 | [8],[31] | 198,000 | [18],[32] | |
Fair Value | $ 32,000 | [8],[31] | $ 55,000 | [18],[32] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 766 | [8],[9],[10],[12] | 766 | [13],[15],[16],[18] | |
Cost | $ 500,000 | [8],[10] | $ 500,000 | [16],[18] | |
Fair Value | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Preferred Stock Warrant | |||||
Schedule of Investments [Line Items] | |||||
Shares | 168 | [8],[9],[10],[12] | 168 | [13],[15],[16],[18] | |
Cost | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Fair Value | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC(S) – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 4,239 | [9],[10],[12],[24],[33] | 4,239 | [13],[15],[16],[25],[34] | |
Cost | $ 22,000 | [10],[24],[33] | $ 22,000 | [16],[25],[34] | |
Fair Value | $ 31,000 | [10],[24],[33] | $ 58,000 | [16],[25],[34] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Units | 45% | [8],[9],[10],[12] | 45% | [13],[15],[16],[18] | |
Cost | $ 0 | [8],[10] | $ 0 | [16],[18] | |
Fair Value | 0 | [8],[10] | 0 | [16],[18] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,150,000 | [9],[12],[21] | 700,000 | [13],[15],[22] | |
Cost | 1,150,000 | [21] | 700,000 | [22] | |
Fair Value | $ 1,076,000 | [21] | $ 681,000 | [22] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 1,000 | [8],[9],[10],[12] | 1,000 | [13],[15],[16],[18] | |
Cost | $ 1,025,000 | [8],[10] | $ 1,025,000 | [16],[18] | |
Fair Value | 263,000 | [8],[10] | 551,000 | [16],[18] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,000,000 | [9],[12],[21] | 1,000,000 | [13],[15],[22] | |
Cost | 1,000,000 | [21] | 1,000,000 | [22] | |
Fair Value | $ 936,000 | [21] | $ 973,000 | [22] | |
Investment, Identifier [Axis]: GSM MidCo LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 767 | [8],[9],[10],[12] | 767 | [13],[15],[16],[18] | |
Cost | $ 767,000 | [8],[10] | $ 767,000 | [16],[18] | |
Fair Value | 1,118,000 | [8],[10] | 1,359,000 | [16],[18] | |
Investment, Identifier [Axis]: Giving Home Health Care, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 28,800,000 | [9],[12],[21],[31] | 28,800,000 | [13],[15],[22],[32] | |
Cost | 28,800,000 | [21],[31] | 28,800,000 | [22],[32] | |
Fair Value | $ 28,728,000 | [21],[31] | $ 28,800,000 | [22],[32] | |
Investment, Identifier [Axis]: Giving Home Health Care, LLC – Warrant | |||||
Schedule of Investments [Line Items] | |||||
Shares | 10,667 | [8],[9],[10],[12] | 10,667 | [13],[15],[16],[18] | |
Cost | $ 19,000 | [8],[10] | $ 19,000 | [16],[18] | |
Fair Value | 2,415,000 | [8],[10] | 19,000 | [16],[18] | |
Investment, Identifier [Axis]: Gray Matter Systems, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[32] | 2,500,000 | |||
Cost | [22],[32] | 2,476,000 | |||
Fair Value | [22],[32] | 2,481,000 | |||
Investment, Identifier [Axis]: Gray Matter Systems, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 8,600,000 | [9],[12],[21],[31] | 2,100,000 | [13],[15],[22],[32] | |
Cost | 8,553,000 | [21],[31] | 2,069,000 | [22],[32] | |
Fair Value | 8,589,000 | [21],[31] | 2,084,000 | [22],[32] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[27] | 10,000,000 | |||
Cost | [22],[27] | 10,000,000 | |||
Fair Value | [22],[27] | 9,925,000 | |||
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 624,000 | [9],[12],[21],[26] | 1,500,000 | [13],[15],[22],[27] | |
Cost | 624,000 | [21],[26] | 1,500,000 | [22],[27] | |
Fair Value | $ 624,000 | [21],[26] | $ 1,489,000 | [22],[27] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 1,329,054 | [8],[9],[10],[12] | 854,848 | [13],[15],[16],[18] | |
Cost | $ 2,251,000 | [8],[10] | $ 956,000 | [16],[18] | |
Fair Value | 4,213,000 | [8],[10] | 945,000 | [16],[18] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 16,013,000 | [9],[12],[21],[26] | 16,000,000 | [13],[15],[22],[27] | |
Cost | 16,013,000 | [21],[26] | 16,000,000 | [22],[27] | |
Fair Value | 16,013,000 | [21],[26] | 15,880,000 | [22],[27] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 3,225,000 | [9],[12],[21],[26] | 8,000,000 | [13],[15],[22],[27] | |
Cost | 3,225,000 | [21],[26] | 8,000,000 | [22],[27] | |
Fair Value | $ 3,225,000 | [21],[26] | $ 7,940,000 | [22],[27] | |
Investment, Identifier [Axis]: Imperative Holdings Corporation – Preferred Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 972,569 | [8],[9],[10],[12] | 1,474,225 | [13],[15],[16],[18] | |
Cost | $ 488,000 | [8],[10] | $ 632,000 | [16],[18] | |
Fair Value | 1,656,000 | [8],[10] | 2,028,000 | [16],[18] | |
Investment, Identifier [Axis]: Imperative Holdings Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 21,765,000 | [9],[12],[21] | 24,016,000 | [13],[15],[22] | |
Cost | 21,611,000 | [21] | 23,968,000 | [22] | |
Fair Value | 21,493,000 | [21] | 23,295,000 | [22] | |
Investment, Identifier [Axis]: LWO Acquisitions Company LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[18],[35] | 95,000 | |||
Cost | [18],[35] | 95,000 | |||
Fair Value | [18],[35] | $ 0 | |||
Investment, Identifier [Axis]: Leadpoint Business Services, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 13,500,000 | |||
Cost | [21] | 13,500,000 | |||
Fair Value | [21] | 13,365,000 | |||
Investment, Identifier [Axis]: Lonestar EMS, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [8],[9],[12],[31] | 3,847,000 | |||
Cost | [8],[31] | 3,847,000 | |||
Fair Value | [8],[31] | $ 3,847,000 | |||
Investment, Identifier [Axis]: Lonestar EMS, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Units | 100% | [8],[9],[10],[12] | 100% | [13],[15],[16],[18] | |
Cost | $ 6,750,000 | [8],[10] | $ 6,750,000 | [16],[18] | |
Fair Value | $ 0 | [8],[10] | 0 | [16],[18] | |
Investment, Identifier [Axis]: Lonestar EMS, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[18],[32] | 3,250,000 | |||
Cost | [18],[32] | 3,250,000 | |||
Fair Value | [18],[32] | 3,030,000 | |||
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 0 | |||
Cost | [22] | 0 | |||
Fair Value | [22] | $ 0 | |||
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 7,000,000 | [8],[9],[12] | 7,000,000 | [13],[15],[18] | |
Cost | $ 7,000,000 | [8] | $ 7,000,000 | [18] | |
Fair Value | 8,904,000 | [8] | 8,151,000 | [18] | |
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 20,111,000 | [9],[12],[21] | 20,820,000 | [13],[15],[22] | |
Cost | 20,068,000 | [21] | 20,820,000 | [22] | |
Fair Value | 18,226,000 | [21] | $ 19,779,000 | [22] | |
Investment, Identifier [Axis]: NeoGraf Solutions LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: NeoGraf Solutions LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 27,070,000 | |||
Cost | [21] | 27,070,000 | |||
Fair Value | [21] | 26,258,000 | |||
Investment, Identifier [Axis]: NetFortris Corp. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [13],[15],[16],[18] | 7,890,860 | |||
Cost | [16],[18] | $ 789,000 | |||
Fair Value | [16],[18] | 469,000 | |||
Investment, Identifier [Axis]: OCI, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 20,000,000 | |||
Cost | [21] | 20,000,000 | |||
Fair Value | [21] | 20,000,000 | |||
Investment, Identifier [Axis]: OCI, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21],[31] | 2,000,000 | |||
Cost | [21],[31] | 2,000,000 | |||
Fair Value | [21],[31] | 2,000,000 | |||
Investment, Identifier [Axis]: Ohio Armor Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 18,031,000 | [9],[12],[21] | 18,913,000 | [13],[15],[22] | |
Cost | 18,013,000 | [21] | 18,913,000 | [22] | |
Fair Value | $ 17,670,000 | [21] | $ 18,558,000 | [22] | |
Investment, Identifier [Axis]: PIC 360, LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 750 | [8],[9],[10],[12] | 750 | [13],[15],[16],[18] | |
Cost | $ 1,000 | [8],[10] | $ 1,000 | [16],[18] | |
Fair Value | 256,000 | [8],[10] | 3,454,000 | [16],[18] | |
Investment, Identifier [Axis]: Pansophic Learning, Ltd. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 28,000,000 | [9],[12],[21] | 28,000,000 | [13],[15],[22] | |
Cost | 27,966,000 | [21] | 27,961,000 | [22] | |
Fair Value | 28,000,000 | [21] | 27,825,000 | [22] | |
Investment, Identifier [Axis]: Pansophic Learning, Ltd. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,000,000 | [9],[12],[21] | 5,000,000 | [13],[15],[22] | |
Cost | 4,994,000 | [21] | 4,993,000 | [22] | |
Fair Value | $ 5,000,000 | [21] | 4,969,000 | [22] | |
Investment, Identifier [Axis]: R2i Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[32],[36] | 829,000 | |||
Cost | [32],[36] | 829,000 | |||
Fair Value | [32],[36] | 829,000 | |||
Investment, Identifier [Axis]: R2i Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[32],[36] | 18,000,000 | |||
Cost | [32],[36] | 18,000,000 | |||
Fair Value | [32],[36] | 18,000,000 | |||
Investment, Identifier [Axis]: Salt & Straw, LLC | |||||
Schedule of Investments [Line Items] | |||||
Units | [8],[9],[10],[12] | 0.40% | |||
Cost | [8],[10] | $ 0 | |||
Fair Value | [8],[10] | 0 | |||
Investment, Identifier [Axis]: Salt & Straw, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 8,500,000 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 8,430,000 | [21] | 0 | [22] | |
Fair Value | 8,118,000 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: Salt & Straw, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,940,000 | [9],[12],[21] | 800,000 | [13],[15],[22] | |
Cost | 1,940,000 | [21] | 800,000 | [22] | |
Fair Value | $ 1,853,000 | [21] | $ 800,000 | [22] | |
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 2,500 | [8],[9],[10],[12] | 2,500 | [13],[15],[16],[18] | |
Cost | $ 2,500,000 | [8],[10] | $ 2,500,000 | [16],[18] | |
Fair Value | 2,011,000 | [8],[10] | 2,584,000 | [16],[18] | |
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 11,887,000 | |||
Cost | [22],[23] | 11,887,000 | |||
Fair Value | [22],[23] | $ 11,619,000 | |||
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 11,797,000 | |||
Cost | [21] | 11,797,000 | |||
Fair Value | [21] | $ 10,971,000 | |||
Investment, Identifier [Axis]: Sea Link International IRB, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 98,039 | [8],[9],[10],[12] | 98,039 | [13],[15],[16],[18] | |
Cost | $ 98,000 | [8],[10] | $ 98,000 | [16],[18] | |
Fair Value | 175,000 | [8],[10] | 153,000 | [16],[18] | |
Investment, Identifier [Axis]: Sea Link International IRB, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 12,021,000 | [9],[12],[21],[31] | 11,719,000 | [13],[15],[22],[32] | |
Cost | 11,989,000 | [21],[31] | 11,679,000 | [22],[32] | |
Fair Value | $ 11,630,000 | [21],[31] | $ 11,074,000 | [22],[32] | |
Investment, Identifier [Axis]: Sea Link International IRB, Inc.– Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 823,333 | [8],[9],[10],[12] | 823,333 | [13],[15],[16],[18] | |
Cost | $ 823,000 | [8],[10] | $ 823,000 | [16],[18] | |
Fair Value | $ 322,000 | [8],[10] | $ 105,000 | [16],[18] | |
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 1,500,000 | [8],[9],[10],[12] | 1,500,000 | [13],[15],[16],[18] | |
Cost | $ 1,500,000 | [8],[10] | $ 1,500,000 | [16],[18] | |
Fair Value | 1,581,000 | [8],[10] | 1,500,000 | [16],[18] | |
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 13,500,000 | |||
Cost | [22],[23] | 13,500,000 | |||
Fair Value | [22],[23] | 13,500,000 | |||
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 13,500,000 | |||
Cost | [21] | 13,500,000 | |||
Fair Value | [21] | 13,179,000 | |||
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,900,000 | [9],[12],[21],[26] | 1,900,000 | [13],[15],[22],[27] | |
Cost | 1,900,000 | [21],[26] | 1,900,000 | [22],[27] | |
Fair Value | 1,869,000 | [21],[26] | 1,886,000 | [22],[27] | |
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Term Deb | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[27] | 31,719,000 | |||
Cost | [22],[27] | 31,326,000 | |||
Fair Value | [22],[27] | 31,481,000 | |||
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21],[26] | 30,491,000 | |||
Cost | [21],[26] | 30,136,000 | |||
Fair Value | [21],[26] | 29,995,000 | |||
Investment, Identifier [Axis]: Springfield, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 30,000,000 | [9],[12],[21] | 30,000,000 | [13],[15],[22] | |
Cost | 30,000,000 | [21] | 30,000,000 | [22] | |
Fair Value | $ 29,888,000 | [21] | $ 29,738,000 | [22] | |
Investment, Identifier [Axis]: TNCP Intermediate HoldCo, LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Shares | 790,000 | [8],[9],[10],[12] | 790,000 | [13],[15],[16],[18] | |
Cost | $ 500,000 | [8],[10] | $ 500,000 | [16],[18] | |
Fair Value | 2,928,000 | [8],[10] | 2,337,000 | [16],[18] | |
Investment, Identifier [Axis]: TNCP Intermediate HoldCo, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 900,000 | [8],[9],[12],[31] | 1,000,000 | [13],[15],[18],[32] | |
Cost | 900,000 | [8],[31] | 1,000,000 | [18],[32] | |
Fair Value | 900,000 | [8],[31] | 1,000,000 | [18],[32] | |
Investment, Identifier [Axis]: Tailwind Smith Cooper Intermediate Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 5,000,000 | [9],[12],[19] | 5,000,000 | [13],[15],[20] | |
Cost | 4,849,000 | [19] | 4,829,000 | [20] | |
Fair Value | $ 4,300,000 | [19] | $ 4,313,000 | [20] | |
Investment, Identifier [Axis]: Targus Cayman HoldCo, Ltd. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [13],[15],[16],[36],[37] | 3,076,414 | |||
Cost | [16],[36],[37] | $ 2,062,000 | |||
Fair Value | [16],[36],[37] | $ 7,978,000 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [8],[9],[10],[12] | 2,000,000 | |||
Cost | [8],[10] | $ 2,000,000 | |||
Fair Value | [8],[10] | 2,000,000 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 23,000,000 | |||
Cost | [21] | 23,000,000 | |||
Fair Value | [21] | $ 23,000,000 | |||
Investment, Identifier [Axis]: Total Safety Holdings, LLC – Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Shares | 435 | [8],[9],[10],[12] | 435 | [13],[15],[16],[18] | |
Cost | $ 499,000 | [8],[10] | $ 499,000 | [16],[18] | |
Fair Value | $ 119,000 | [8],[10] | $ 50,000 | [16],[18] | |
Investment, Identifier [Axis]: Triple H Food Processors, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 250,000 | [8],[9],[10],[12] | 250,000 | [13],[15],[16],[18] | |
Cost | $ 250,000 | [8],[10] | $ 250,000 | [16],[18] | |
Fair Value | $ 1,311,000 | [8],[10] | $ 672,000 | [16],[18] | |
Investment, Identifier [Axis]: Triple H Food Processors, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | 75 | [8],[9],[10],[12] | 75 | [13],[15],[16],[18] | |
Cost | $ 75,000 | [8],[10] | $ 75,000 | [16],[18] | |
Fair Value | 135,000 | [8],[10] | 120,000 | [16],[18] | |
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | $ 0 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares | [8],[9],[10],[12] | 242,105 | |||
Cost | [8],[10] | $ 750,000 | |||
Fair Value | [8],[10] | 750,000 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 5,750,000 | |||
Cost | [21] | 5,750,000 | |||
Fair Value | [21] | 5,750,000 | |||
Investment, Identifier [Axis]: Turn Key Health Clinics, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 500,000 | [9],[12],[21] | 500,000 | [13],[15],[22] | |
Cost | 500,000 | [21] | 500,000 | [22] | |
Fair Value | 500,000 | [21] | 495,000 | [22] | |
Investment, Identifier [Axis]: Turn Key Health Clinics, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 11,000,000 | [9],[12],[21] | 11,000,000 | [13],[15],[22] | |
Cost | 11,000,000 | [21] | 11,000,000 | [22] | |
Fair Value | 11,000,000 | [21] | 10,890,000 | [22] | |
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 0 | |||
Cost | [22],[23] | 0 | |||
Fair Value | [22],[23] | 0 | |||
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 0 | |||
Cost | [22],[23] | 0 | |||
Fair Value | [22],[23] | 0 | |||
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[23] | 15,000,000 | |||
Cost | [22],[23] | 14,628,000 | |||
Fair Value | [22],[23] | 15,000,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 1,108,000 | |||
Cost | [21] | 1,108,000 | |||
Fair Value | [21] | 1,110,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 1,200,000 | |||
Cost | [21] | 1,200,000 | |||
Fair Value | [21] | 1,201,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 14,888,000 | |||
Cost | [21] | 14,561,000 | |||
Fair Value | [21] | 14,906,000 | |||
Investment, Identifier [Axis]: Viva Railings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 0 | [9],[12],[21] | 0 | [13],[15],[22] | |
Cost | 0 | [21] | 0 | [22] | |
Fair Value | 0 | [21] | 0 | [22] | |
Investment, Identifier [Axis]: Viva Railings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 20,747,000 | |||
Cost | [21] | 20,747,000 | |||
Fair Value | [21] | $ 20,488,000 | |||
Investment, Identifier [Axis]: Viva Railings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22] | 21,800,000 | |||
Cost | [22] | 21,800,000 | |||
Fair Value | [22] | $ 21,364,000 | |||
Investment, Identifier [Axis]: WB Xcel Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Shares | 333 | [8],[9],[10],[12] | 333 | [13],[15],[16],[18] | |
Cost | $ 2,750,000 | [8],[10] | $ 2,750,000 | [16],[18] | |
Fair Value | 1,141,000 | [8],[10] | 5,687,000 | [16],[18] | |
Investment, Identifier [Axis]: WB Xcel Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 1,468,000 | [8],[9],[12] | 1,468,000 | [13],[15],[18] | |
Cost | 1,468,000 | [8] | 1,468,000 | [18] | |
Fair Value | 1,468,000 | [8] | 1,468,000 | [18] | |
Investment, Identifier [Axis]: WB Xcel Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | 9,850,000 | [8],[9],[12] | 9,925,000 | [13],[15],[18] | |
Cost | 9,850,000 | [8] | 9,925,000 | [18] | |
Fair Value | 9,850,000 | [8] | 9,925,000 | [18] | |
Investment, Identifier [Axis]: WorkforceQA, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21] | 0 | |||
Cost | [21] | 0 | |||
Fair Value | [21] | 0 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[27],[38] | 10,000,000 | |||
Cost | [22],[27],[38] | 10,000,000 | |||
Fair Value | [22],[27],[38] | 9,975,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21],[39] | 10,000,000 | |||
Cost | [21],[39] | 9,969,000 | |||
Fair Value | [21],[39] | 9,975,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [9],[12],[21],[39] | 1,600,000 | |||
Cost | [21],[39] | 1,595,000 | |||
Fair Value | [21],[39] | $ 1,596,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC– Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Principal amount | [13],[15],[22],[27] | 0 | |||
Cost | [22],[27] | 0 | |||
Fair Value | [22],[27] | $ 0 | |||
[1]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[2]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[3]Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[4]Affiliate investments, as defined by the 1940 Act, are those in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[5]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[6]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[7]Fair value was based on net asset value provided by the fund as a practical expedient.[8]Fair value was based on the total enterprise value of the portfolio company, which was then allocated to the portfolio company’s securities in order of their relative priority in the capital structure.[9]Represents the principal balance for debt investments and the number of shares/units held for equity investments. Warrants are represented as a percentage of ownership, as applicable.[10]Security is non-income producing.[11]There are certain limitations on our ability to withdraw our partnership interest prior to dissolution of the entity, which must occur no later than May 9, 2024 or two years after all outstanding leverage has matured.[12]Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.[13] Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. (V) The cash interest rate on this investment was indexed to 30-day LIBOR, which was 5.22% as of June 30, 2023 and transitioned to one month SOFR on July 3, 2023. Our investment in Funko was valued using Level 2 inputs within ASC 820 of the fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures" (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 | |||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 199.80% | [1],[2],[3],[4] | 205.90% | [5],[6],[7],[8] | |
Line of credit facility, available | [5],[6],[7],[8],[9] | $ 4,000,000 | |||
Investments owned, fair value | $ 715,324,000 | $ 649,615,000 | |||
Percentage threshold of qualified assets representing total assets in order to acquire non-qualified assets | 70% | 70% | |||
Debt instrument, leverage maturity, terms | 2 years | 2 years | |||
Cumulative net unrealized appreciation | $ 52,300,000 | ||||
Cumulative gross unrealized depreciation | 35,200,000 | ||||
Cumulative gross unrealized appreciation for federal income tax purposes | 17,100,000 | ||||
Based on a tax cost | 666,700,000 | ||||
Cost | $ 735,182,000 | $ 656,053,000 | |||
London Interbank Offered Rate (LIBOR)_30 day | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 5.22% | 3.14% | |||
Secured Overnight Financing Rate (SOFR) | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 5.14% | 3.04% | |||
London Interbank Offered Rate (LIBOR)_90 day | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 3.75% | ||||
Secured Overnight Financing Rate (SOFR) _90 day | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 5.27% | ||||
LIBOR | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6.50% | ||||
Investment, basis spread, variable rate, floor | 1% | ||||
Prime Rate | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 6.25% | ||||
Funko Acquisition Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 31,000,000 | $ 58,000 | |||
Percentage of acquired non-qualifying assets of total assets | 0.10% | 1% | |||
Collateral Pledged | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 649,200,000 | $ 577,600,000 | |||
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 87,932,000 | 88,649,000 | |||
Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 74,641,000 | 64,283,000 | |||
Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 160,904,000 | 114,105,000 | |||
Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 164,261,000 | 148,907,000 | |||
Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 145,011,000 | 136,401,000 | |||
Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 6,676,000 | 9,562,000 | |||
Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 5,976,000 | 10,088,000 | |||
Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 22,191,000 | 20,144,000 | |||
Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 26,887,000 | 25,373,000 | |||
Textiles and Leather | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | 7,978,000 | |||
Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 533,237,000 | 463,858,000 | |||
Cost | 549,860,000 | 475,806,000 | |||
Secured second lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 120,036,000 | 115,928,000 | |||
Cost | 122,681,000 | 118,949,000 | |||
Unsecured debt | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 32,000 | 55,000 | |||
Cost | 198,000 | 293,000 | |||
Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 27,991,000 | 27,046,000 | |||
Cost | 35,617,000 | 34,505,000 | |||
Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 34,028,000 | 42,728,000 | |||
Cost | $ 26,826,000 | $ 26,500,000 | |||
Non-Control/Non-Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 179.60% | [1],[2],[3],[4],[10] | 182.20% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 642,847,000 | [10] | $ 574,811,000 | [11] | |
Cost | $ 650,784,000 | [10] | $ 571,736,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 134.60% | [1],[2],[3],[4],[10] | 131.20% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 481,679,000 | [10] | $ 413,631,000 | [11] | |
Cost | $ 494,074,000 | [10] | $ 420,857,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 20% | [1],[2],[3],[4],[10] | 23.40% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 71,575,000 | [10] | $ 73,898,000 | [11] | |
Cost | $ 72,090,000 | [10] | $ 74,112,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 19.30% | [1],[2],[3],[4],[10] | 18.70% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 69,183,000 | [10] | $ 58,971,000 | [11] | |
Cost | $ 71,300,000 | [10] | $ 59,730,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.60% | [1],[2],[3],[4],[10] | 0.50% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 2,012,000 | [10] | $ 1,654,000 | [11] | |
Cost | $ 2,150,000 | [10] | $ 1,700,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 32.20% | [1],[2],[3],[4],[10] | 22.30% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 115,251,000 | [10] | $ 70,117,000 | [11] | |
Cost | $ 117,983,000 | [10] | $ 70,815,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 29.60% | [1],[2],[3],[4],[10] | 31.10% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 105,816,000 | [10] | $ 97,884,000 | [11] | |
Cost | $ 111,164,000 | [10] | $ 101,924,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 29.70% | [1],[2],[3],[4],[10] | 31.30% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 106,344,000 | [10] | $ 98,881,000 | [11] | |
Cost | $ 106,352,000 | [10] | $ 99,644,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.50% | [1],[2],[3],[4],[10] | 1.70% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 5,522,000 | [10] | $ 5,350,000 | [11] | |
Cost | $ 5,835,000 | [10] | $ 5,625,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured first lien debt | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [5],[6],[7],[8],[11] | 0% | |||
Non-Control/Non-Affiliate investments | Secured first lien debt | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.70% | [1],[2],[3],[4],[10] | 2.20% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 5,976,000 | [10] | $ 6,876,000 | [11] | |
Cost | $ 7,200,000 | [10] | $ 7,200,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 31.50% | [1],[2],[3],[4],[10] | 34.30% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 112,611,000 | [10] | $ 108,263,000 | [11] | |
Cost | $ 115,256,000 | [10] | $ 111,284,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.70% | [1],[2],[3],[4],[10] | 1% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 10.10% | [1],[2],[3],[4],[10] | 10.80% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 36,188,000 | [10] | $ 34,051,000 | [11] | |
Cost | $ 36,849,000 | [10] | $ 34,829,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.20% | [1],[2],[3],[4],[10] | 2.30% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 11,349,000 | [10] | $ 7,265,000 | [11] | |
Cost | $ 11,526,000 | [10] | $ 7,512,000 | [11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 8% | [1],[2],[3],[4],[10] | 9.10% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[10] | 0.20% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.30% | [1],[2],[3],[4],[10] | 3.50% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Secured second lien debt | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 6% | [1],[2],[3],[4],[10] | 7.40% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Unsecured debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | [10] | $ 32,000 | |||
Cost | [10] | $ 198,000 | |||
Non-Control/Non-Affiliate investments | Unsecured debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 6.10% | [1],[2],[3],[4],[10] | 5.60% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 21,726,000 | [10] | $ 17,719,000 | [11] | |
Cost | $ 23,061,000 | [10] | $ 21,949,000 | [11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.10% | [1],[2],[3],[4],[10] | 0.20% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.60% | [1],[2],[3],[4],[10] | 0.80% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.70% | [1],[2],[3],[4],[10] | 2.60% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 9,654,000 | [10] | $ 8,151,000 | [11] | |
Cost | $ 8,250,000 | [10] | $ 7,500,000 | [11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.20% | [1],[2],[3],[4],[10] | 0.30% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 1.10% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | [11] | $ 3,187,000 | |||
Cost | [11] | $ 2,813,000 | |||
Non-Control/Non-Affiliate investments | Preferred Equity | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Preferred Equity | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.50% | [1],[2],[3],[4],[10] | 0.60% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 5,275,000 | [10] | $ 2,028,000 | [11] | |
Cost | $ 6,838,000 | [10] | $ 6,982,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 7.40% | [1],[2],[3],[4],[10] | 11.10% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 26,799,000 | [10] | $ 35,143,000 | [11] | |
Cost | $ 18,195,000 | [10] | $ 17,448,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.60% | [1],[2],[3],[4],[10] | 4.70% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 16,357,000 | [10] | $ 14,751,000 | [11] | |
Cost | $ 5,283,000 | [10] | $ 5,283,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Beverage, Food, and Tobacco | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.80% | [1],[2],[3],[4],[10] | 0.70% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 2,892,000 | [10] | $ 2,172,000 | [11] | |
Cost | $ 1,750,000 | [10] | $ 1,750,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Buildings and Real Estate | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | [10] | $ 855,000 | |||
Cost | [10] | $ 5,000,000 | |||
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[10] | 0.60% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.10% | [1],[2],[3],[4],[10] | 0.10% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Healthcare, Education, and Childcare | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.60% | [1],[2],[3],[4],[10] | 2.50% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 5,726,000 | [10] | $ 7,775,000 | [11] | |
Cost | $ 2,786,000 | [10] | $ 2,009,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Telecommunications | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.10% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Oil and Gas | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Investments owned, fair value | $ 119,000 | [10] | $ 50,000 | [11] | |
Cost | $ 499,000 | [10] | $ 499,000 | [11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[10] | 0% | [5],[6],[7],[8],[11] | |
Non-Control/Non-Affiliate investments | Common Equity/ Equivalents | Textiles and Leather | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [5],[6],[7],[8],[11] | 2.50% | |||
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 11.70% | [1],[2],[3],[4],[12] | 12.40% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 42,023,000 | $ 39,091,000 | |||
Cost | $ 50,327,000 | $ 49,412,000 | |||
Affiliate investments | Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 9.90% | [1],[2],[3],[4],[12] | 11% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 35,493,000 | [12] | $ 34,804,000 | [13] | |
Cost | $ 39,721,000 | [12] | $ 39,306,000 | [13] | |
Affiliate investments | Secured first lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.80% | [1],[2],[3],[4],[12] | 0.80% | [5],[6],[7],[8],[13] | |
Affiliate investments | Secured first lien debt | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 9.10% | [1],[2],[3],[4],[12] | 10.20% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 32,741,000 | [12] | $ 32,254,000 | [13] | |
Cost | $ 33,581,000 | [12] | $ 33,166,000 | [13] | |
Affiliate investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.40% | [1],[2],[3],[4],[12] | 1.20% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 5,124,000 | [12] | $ 3,640,000 | [13] | |
Cost | $ 9,806,000 | [12] | $ 9,806,000 | [13] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[12] | 0% | [5],[6],[7],[8],[13] | |
Affiliate investments | Preferred Equity | Diversified/Conglomerate Service | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.20% | [1],[2],[3],[4],[12] | 0.90% | [5],[6],[7],[8],[13] | |
Affiliate investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[12] | 0.30% | [5],[6],[7],[8],[13] | |
Affiliate investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.40% | [1],[2],[3],[4],[12] | 0.20% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 42,023,000 | [12] | $ 39,091,000 | [13] | |
Cost | $ 50,327,000 | [12] | $ 49,412,000 | [13] | |
Affiliate investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.40% | [1],[2],[3],[4],[12] | 0.20% | [5],[6],[7],[8],[13] | |
Investments owned, fair value | $ 1,406,000 | [12] | $ 647,000 | [13] | |
Cost | $ 800,000 | [12] | $ 300,000 | [13] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 8.50% | [1],[2],[3],[4],[14] | 11.30% | [5],[6],[7],[8],[15] | |
Investments owned, fair value | $ 30,454,000 | [14] | $ 35,713,000 | [15] | |
Cost | $ 34,071,000 | [14] | $ 34,905,000 | [15] | |
Control investments | Secured first lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 4.50% | [1],[2],[3],[4],[14] | 4.90% | [5],[6],[7],[8],[15] | |
Control investments | Secured first lien debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.10% | [1],[2],[3],[4],[14] | 1% | [5],[6],[7],[8],[15] | |
Control investments | Secured first lien debt | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[14] | 0.30% | [5],[6],[7],[8],[15] | |
Investments owned, fair value | $ 16,065,000 | [14] | $ 15,423,000 | [15] | |
Cost | $ 16,065,000 | [14] | $ 15,643,000 | [15] | |
Control investments | Secured first lien debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 3.20% | [1],[2],[3],[4],[14] | 3.60% | [5],[6],[7],[8],[15] | |
Investments owned, fair value | $ 11,318,000 | [14] | $ 11,393,000 | [15] | |
Cost | $ 11,318,000 | [14] | $ 11,393,000 | [15] | |
Control investments | Secured second lien debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.10% | [1],[2],[3],[4],[14] | 2.40% | [5],[6],[7],[8],[15] | |
Control investments | Secured second lien debt | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 2.10% | [1],[2],[3],[4],[14] | 2.40% | [5],[6],[7],[8],[15] | |
Control investments | Unsecured debt | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [5],[6],[7],[8],[15] | 0% | |||
Control investments | Unsecured debt | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | [5],[6],[7],[8],[15] | 0% | |||
Control investments | Preferred Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.30% | [1],[2],[3],[4],[14] | 1.80% | [5],[6],[7],[8],[15] | |
Control investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.30% | [1],[2],[3],[4],[14] | 1.80% | [5],[6],[7],[8],[15] | |
Control investments | Common Equity/ Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 1.60% | [1],[2],[3],[4],[14] | 2.20% | [5],[6],[7],[8],[15] | |
Investments owned, fair value | $ 5,823,000 | [14] | $ 6,938,000 | [15] | |
Cost | $ 7,831,000 | [14] | $ 8,752,000 | [15] | |
Control investments | Common Equity/ Equivalents | Diversified/Conglomerate Manufacturing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0% | [1],[2],[3],[4],[14] | 0% | [5],[6],[7],[8],[15] | |
Investments owned, fair value | [15] | $ 0 | |||
Cost | [15] | $ 7,671,000 | |||
Control investments | Common Equity/ Equivalents | Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.10% | [1],[2],[3],[4],[14] | 1.10% | [5],[6],[7],[8],[15] | |
Control investments | Common Equity/ Equivalents | Printing and Publishing | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.80% | [1],[2],[3],[4],[14] | 0.70% | [5],[6],[7],[8],[15] | |
Control investments | Common Equity/ Equivalents | Automobile | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, percent of net assets | 0.70% | [1],[2],[3],[4],[14] | 0.40% | [5],[6],[7],[8],[15] | |
Investment, Identifier [Axis]: Leeds Novamark Capital I, L.P. – Limited Partnership Interest ($843 uncalled capital commitment | |||||
Schedule of Investments [Line Items] | |||||
Line of credit facility, available | $ 843,000 | [1],[2],[3],[4],[16],[17],[18] | $ 843,000 | [5],[6],[7],[8],[19],[20],[21] | |
Investments owned, fair value | 193,000 | [16],[17],[18],[22] | 6,397,000 | [19],[20],[21] | |
Cost | 0 | [16],[17],[18],[22] | 1,223,000 | [19],[20],[21] | |
Investment, Identifier [Axis]: Antenna Research Associates, Inc. – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 15,814,000 | [17],[22] | 13,734,000 | [20],[23] | |
Cost | $ 4,283,000 | [17],[22] | $ 4,283,000 | [20],[23] | |
Shares | 4,283 | [17],[22],[24],[25] | 4,283 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 0 | [17],[22] | $ 1,773,000 | [20],[23] | |
Cost | $ 3,000,000 | [17],[22] | $ 3,000,000 | [20],[23] | |
Shares | 6,000 | [17],[22],[24],[25] | 6,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: NeoGraf Solutions LLC | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [17],[22] | $ 855,000 | |||
Cost | [17],[22] | $ 2,000,000 | |||
Shares | [17],[22],[24],[25] | 2,000,000 | |||
Investment, Identifier [Axis]: OCI, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [17],[22] | $ 0 | |||
Cost | [17],[22] | $ 0 | |||
Shares | [17],[22],[24],[25] | 306 | |||
Investment, Identifier [Axis]: Ohio Armor Holdings, LLC – Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 543,000 | [17],[22] | $ 1,017,000 | [20],[23] | |
Cost | $ 1,000,000 | [17],[22] | $ 1,000,000 | [20],[23] | |
Shares | 100 | [17],[22],[24],[25] | 100 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: WorkforceQA, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 391,000 | [17],[22] | $ 456,000 | [20],[23] | |
Cost | $ 532,000 | [17],[22] | $ 500,000 | [20],[23] | |
Shares | 532 | [17],[22],[24],[25] | 500 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: 8th Avenue Food & Provisions, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.90% | [1],[2],[3],[4],[28] | 7.80% | [5],[6],[7],[8],[29] | |
Investment, interest rate, paid in cash | 13% | [1],[2],[3],[4],[28] | 10.90% | [5],[6],[7],[8],[29] | |
Investments owned, fair value | $ 2,431,000 | [28] | $ 3,020,000 | [29] | |
Principal amount | 3,683,000 | [24],[25],[28] | 3,682,000 | [26],[27],[29] | |
Cost | $ 3,683,000 | [28] | $ 3,698,000 | [29] | |
Investment, Identifier [Axis]: ALS Education, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.10% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 3,000,000 | [1],[2],[3],[4],[30] | $ 3,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 0 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: ALS Education, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.10% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 18,982,000 | [30] | $ 19,468,000 | [9] | |
Principal amount | 19,030,000 | [24],[25],[30] | 19,690,000 | [9],[26],[27] | |
Cost | $ 19,030,000 | [30] | $ 19,690,000 | [9] | |
Investment, Identifier [Axis]: Antenna Research Associates, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[22] | 10% | [5],[6],[7],[8],[23] | |
Investment, interest rate, paid in cash | 15.10% | [1],[2],[3],[4],[22] | 13% | [5],[6],[7],[8],[23] | |
Investment, interest rate, paid in kind | 4% | [1],[2],[3],[4],[22] | 4% | [5],[6],[7],[8],[23] | |
Investments owned, fair value | [22] | $ 22,041,000 | $ 21,973,000 | ||
Principal amount | [22] | 22,041,000 | [24],[25] | 21,973,000 | [26],[27] |
Cost | [22] | 22,041,000 | 21,973,000 | ||
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 106,000 | [17],[22] | 0 | [20],[23] | |
Cost | $ 1,500,000 | [17],[22] | $ 1,500,000 | [20],[23] | |
Shares | 15,000 | [17],[22],[24],[25] | 15,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11.50% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 10.50% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 1,000,000 | [1],[2],[3],[4],[30] | $ 1,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 0 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: Arc Drilling Holdings LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11.50% | [1],[2],[3],[4],[30] | 9.50% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 10.50% | [1],[2],[3],[4],[30] | 12.60% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in kind | 6.10% | [1],[2],[3],[4],[30] | 3% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 5,522,000 | [30] | $ 5,350,000 | [9] | |
Principal amount | 5,835,000 | [24],[25],[30] | 5,625,000 | [9],[26],[27] | |
Cost | $ 5,835,000 | [30] | $ 5,625,000 | [9] | |
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 9.10% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 14.20% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 5,000,000 | |||
Investments owned, fair value | [30] | 2,948,000 | |||
Principal amount | [24],[25],[30] | 3,000,000 | |||
Cost | [30] | $ 3,000,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 9.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 12.60% | |||
Investments owned, fair value | [9],[31] | $ 8,741,000 | |||
Principal amount | [9],[26],[27],[31] | 9,000,000 | |||
Cost | [9],[31] | $ 9,000,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 9.10% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 14.20% | |||
Investments owned, fair value | [30] | $ 8,843,000 | |||
Principal amount | [24],[25],[30] | 9,000,000 | |||
Cost | [30] | 8,967,000 | |||
Investment, Identifier [Axis]: Axios Industrial Group, LLC– Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 9.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 12.60% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[31] | $ 5,000,000 | |||
Investments owned, fair value | [9],[31] | 2,914,000 | |||
Principal amount | [9],[26],[27],[31] | 3,000,000 | |||
Cost | [9],[31] | 3,000,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Common Stock Warrant | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22],[32] | 25,000 | [20],[23],[33] | |
Cost | $ 0 | [17],[22],[32] | $ 0 | [20],[23],[33] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[30],[32] | 11% | [5],[6],[7],[8],[9],[33] | |
Investment, interest rate, paid in cash | 16.10% | [1],[2],[3],[4],[30],[32] | 14.10% | [5],[6],[7],[8],[9],[33] | |
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[30],[32] | $ 0 | [5],[6],[7],[8],[9],[33] | |
Investments owned, fair value | 996,000 | [30],[32] | 1,146,000 | [9],[33] | |
Principal amount | 1,200,000 | [24],[25],[30],[32] | 1,200,000 | [9],[26],[27],[33] | |
Cost | 1,200,000 | [30],[32] | 1,200,000 | [9],[33] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22],[32] | 2,718,000 | [20],[23],[33] | |
Cost | $ 2,024,000 | [17],[22],[32] | $ 2,024,000 | [20],[23],[33] | |
Shares | 6,130 | [17],[22],[24],[25],[32] | 6,130 | [20],[23],[26],[27],[33] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(S) – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[30],[32] | 11% | [5],[6],[7],[8],[9],[33] | |
Investment, interest rate, paid in cash | 16.10% | [1],[2],[3],[4],[30],[32] | 14.10% | [5],[6],[7],[8],[9],[33] | |
Investments owned, fair value | $ 4,980,000 | [30],[32] | $ 5,730,000 | [9],[33] | |
Principal amount | 6,000,000 | [24],[25],[30],[32] | 6,000,000 | [9],[26],[27],[33] | |
Cost | $ 6,000,000 | [30],[32] | $ 6,000,000 | [9],[33] | |
Investment, Identifier [Axis]: CHA Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9% | [1],[2],[3],[4],[28],[34] | 8.80% | [5],[6],[7],[8],[29],[35] | |
Investment, interest rate, paid in cash | 14.30% | [1],[2],[3],[4],[28],[34] | 12.50% | [5],[6],[7],[8],[29],[35] | |
Investments owned, fair value | $ 2,760,000 | [28],[34] | $ 2,700,000 | [29],[35] | |
Principal amount | 3,000,000 | [24],[25],[28],[34] | 3,000,000 | [26],[27],[29],[35] | |
Cost | $ 2,973,000 | [28],[34] | $ 2,967,000 | [29],[35] | |
Investment, Identifier [Axis]: CPM Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.30% | [1],[2],[3],[4],[28] | 8.30% | [5],[6],[7],[8],[29] | |
Investment, interest rate, paid in cash | 13.50% | [1],[2],[3],[4],[28] | 11.40% | [5],[6],[7],[8],[29] | |
Investments owned, fair value | $ 792,000 | [28] | $ 758,000 | [29] | |
Principal amount | 798,000 | [24],[25],[28] | 798,000 | [26],[27],[29] | |
Cost | $ 798,000 | [28] | $ 798,000 | [29] | |
Investment, Identifier [Axis]: Café Zupas – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6.80% | [1],[2],[3],[4],[30] | 7.40% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 11.90% | [1],[2],[3],[4],[30] | 10.50% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 6,070,000 | [1],[2],[3],[4],[30] | $ 0 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 3,891,000 | [30] | 1,958,000 | [9] | |
Principal amount | 3,970,000 | [24],[25],[30] | 1,970,000 | [9],[26],[27] | |
Cost | $ 3,970,000 | [30] | $ 1,970,000 | [9] | |
Investment, Identifier [Axis]: Café Zupas – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 6.80% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11.90% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 1,500,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: Café Zupas – Line of Credit, | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 7.40% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 10.50% | |||
Investments owned, fair value | [9] | $ 0 | |||
Principal amount | [9],[26],[27] | 0 | |||
Cost | [9] | $ 0 | |||
Investment, Identifier [Axis]: Café Zupas – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6.80% | [1],[2],[3],[4],[30] | 7.40% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 11.90% | [1],[2],[3],[4],[30] | 10.50% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 22,991,000 | [30] | $ 23,313,000 | [9] | |
Principal amount | 23,460,000 | [24],[25],[30] | 23,460,000 | [9],[26],[27] | |
Cost | 23,460,000 | [30] | 23,460,000 | [9] | |
Investment, Identifier [Axis]: Canopy Safety Brands, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 1,406,000 | [17],[22] | 647,000 | [20],[23] | |
Cost | $ 800,000 | [17],[22] | $ 300,000 | [20],[23] | |
Shares | 1,170,370 | [17],[22],[24],[25] | 800,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Canopy Safety Brands, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 846,000 | [17],[22] | $ 798,000 | [20],[23] | |
Cost | $ 500,000 | [17],[22] | $ 500,000 | [20],[23] | |
Shares | 500,000 | [17],[22],[24],[25] | 500,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Chinese Yellow Pages Company – Line of Credit, | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[23],[36],[37] | 4% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[23],[36],[37] | 10.30% | |||
Line of credit facility, available | [5],[6],[7],[8],[23],[36],[37] | $ 0 | |||
Investments owned, fair value | [23],[36],[37] | 0 | |||
Principal amount | [23],[26],[27],[36],[37] | 107,000 | |||
Cost | [23],[36],[37] | 107,000 | |||
Investment, Identifier [Axis]: Circuitronics EMS Holdings LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [20],[23] | 0 | |||
Cost | [20],[23] | $ 921,000 | |||
Shares | [20],[23],[26],[27] | 921,000 | |||
Investment, Identifier [Axis]: DKI Ventures, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.10% | [1],[2],[3],[4],[30] | 11% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 3,549,000 | [30] | $ 4,554,000 | [9] | |
Principal amount | 5,915,000 | [24],[25],[30] | 5,915,000 | [9],[26],[27] | |
Cost | 5,915,000 | [30] | 5,915,000 | [9] | |
Investment, Identifier [Axis]: Defiance Integrated Technologies, Inc. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 2,639,000 | [17],[22] | 1,147,000 | [20],[23] | |
Cost | $ 580,000 | [17],[22] | $ 580,000 | [20],[23] | |
Shares | 33,321 | [17],[22],[24],[25] | 33,321 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Defiance Integrated Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9.60% | [1],[2],[3],[4],[22] | 9.50% | [5],[6],[7],[8],[23] | |
Investment, interest rate, paid in cash | 14.70% | [1],[2],[3],[4],[22] | 12.60% | [5],[6],[7],[8],[23] | |
Investments owned, fair value | $ 7,425,000 | [22] | $ 7,665,000 | [23] | |
Principal amount | 7,425,000 | [22],[24],[25] | 7,665,000 | [23],[26],[27] | |
Cost | $ 7,425,000 | [22] | $ 7,665,000 | [23] | |
Investment, Identifier [Axis]: ENET Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 7.30% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 10.40% | |||
Investments owned, fair value | [9] | $ 23,142,000 | |||
Principal amount | [9],[26],[27] | 24,360,000 | |||
Cost | [9] | $ 24,360,000 | |||
Investment, Identifier [Axis]: ENET Holdings, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7.30% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.40% | |||
Investments owned, fair value | [30] | $ 21,453,000 | |||
Principal amount | [24],[25],[30] | 22,289,000 | |||
Cost | [30] | $ 22,289,000 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. (S) – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 5.50% | [1],[2],[3],[4],[22],[32],[38] | 5.50% | [5],[6],[7],[8],[23],[33] | |
Investment, interest rate, paid in cash | 10.60% | [1],[2],[3],[4],[22],[32],[38] | 8.60% | [5],[6],[7],[8],[23],[33] | |
Investments owned, fair value | $ 2,752,000 | [30],[32],[38] | $ 2,550,000 | [23],[33] | |
Principal amount | 6,140,000 | [24],[25],[30],[32],[38] | 6,140,000 | [23],[26],[27],[33] | |
Cost | 6,140,000 | [30],[32],[38] | 6,140,000 | [23],[33] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.(S) – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22],[32] | 0 | [20],[23],[33] | |
Cost | $ 5,466,000 | [17],[22],[32] | $ 5,466,000 | [20],[23],[33] | |
Shares | 5,466 | [17],[22],[24],[25],[32] | 5,466 | [20],[23],[26],[27],[33] | |
Investment, Identifier [Axis]: Eegee’s LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.80% | [1],[2],[3],[4],[30] | 8.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.90% | [1],[2],[3],[4],[30] | 11.40% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 4,500,000 | [1],[2],[3],[4],[30] | $ 4,500,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 2,873,000 | [30] | 2,910,000 | [9] | |
Principal amount | 3,000,000 | [24],[25],[30] | 3,000,000 | [9],[26],[27] | |
Cost | $ 3,000,000 | [30] | $ 3,000,000 | [9] | |
Investment, Identifier [Axis]: Eegee’s LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.80% | [1],[2],[3],[4],[30] | 8.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.90% | [1],[2],[3],[4],[30] | 11.40% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 1,000,000 | [1],[2],[3],[4],[30] | $ 1,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 0 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: Eegee’s LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7.80% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.90% | |||
Investments owned, fair value | [30] | $ 16,278,000 | |||
Principal amount | [24],[25],[30] | 17,000,000 | |||
Cost | [30] | $ 17,000,000 | |||
Investment, Identifier [Axis]: Eegee’s LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 8.30% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 11.40% | |||
Investments owned, fair value | [9] | $ 16,490,000 | |||
Principal amount | [9],[26],[27] | 17,000,000 | |||
Cost | [9] | $ 17,000,000 | |||
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.10% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in kind | 1.50% | [1],[2],[3],[4],[30] | 1.50% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[30] | $ 0 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 4,954,000 | [30] | 4,885,000 | [9] | |
Principal amount | 5,081,000 | [24],[25],[30] | 5,023,000 | [9],[26],[27] | |
Cost | $ 5,081,000 | [30] | $ 5,023,000 | [9] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.30% | [1],[2],[3],[4],[30] | 8.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.40% | [1],[2],[3],[4],[30] | 11.40% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 3,000,000 | [1],[2],[3],[4],[30] | $ 3,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | 0 | [30] | 0 | [9] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 4,278,000 | [17],[22] | 2,842,000 | [20],[23],[33] | |
Cost | $ 3,840,000 | [17],[22] | $ 3,840,000 | [20],[23],[33] | |
Shares | 3,840,000 | [17],[22],[24],[25] | 3,840,000 | [20],[23],[26],[27],[33] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.10% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in kind | 1.50% | [1],[2],[3],[4],[30] | 1.50% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 23,284,000 | [30] | $ 22,962,000 | [9] | |
Principal amount | 23,881,000 | [24],[25],[30] | 23,611,000 | [9],[26],[27] | |
Cost | $ 23,881,000 | [30] | $ 23,611,000 | [9] | |
Investment, Identifier [Axis]: Encore Dredging Holdings, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.10% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in kind | 2.50% | [1],[2],[3],[4],[30] | 2.50% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 4,503,000 | [30] | $ 4,407,000 | [9] | |
Principal amount | 4,619,000 | [24],[25],[30] | 4,532,000 | [9],[26],[27] | |
Cost | $ 4,619,000 | [30] | $ 4,532,000 | [9] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.30% | [1],[2],[3],[4],[30] | 8.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.40% | [1],[2],[3],[4],[30] | 11.40% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 3,000,000 | [1],[2],[3],[4],[30] | $ 3,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 0 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 8.30% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 11.40% | |||
Investments owned, fair value | [9] | $ 22,134,000 | |||
Principal amount | [9],[26],[27] | 22,500,000 | |||
Cost | [9] | 22,500,000 | |||
Investment, Identifier [Axis]: Engineering Manufacturing Technologies, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 8.30% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 13.40% | |||
Investments owned, fair value | [30] | $ 20,317,000 | |||
Principal amount | [24],[25],[30] | 21,500,000 | |||
Cost | [30] | 21,500,000 | |||
Investment, Identifier [Axis]: FES Resources Holdings LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22] | 0 | [20],[23] | |
Cost | $ 0 | [17],[22] | $ 0 | [20],[23] | |
Shares | 6,233 | [17],[22],[24],[25] | 6,233 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: FES Resources Holdings LLC – Preferred Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 3,619,000 | [17],[22] | $ 0 | [20],[23] | |
Cost | $ 6,350,000 | [17],[22] | $ 6,350,000 | [20],[23] | |
Shares | 6,350 | [17],[22],[24],[25] | 6,350 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.10% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9],[35] | |
Investment, interest rate, paid in cash | 13.20% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9],[35] | |
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[30] | $ 10,000,000 | [5],[6],[7],[8],[9],[35] | |
Investments owned, fair value | 6,911,000 | [30] | 0 | [9],[35] | |
Principal amount | 6,911,000 | [24],[25],[30] | 0 | [9],[26],[27],[35] | |
Cost | $ 6,911,000 | [30] | $ 0 | [9],[35] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.10% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9],[35] | |
Investment, interest rate, paid in cash | 13.20% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9],[35] | |
Line of credit facility, available | $ 2,000,000 | [1],[2],[3],[4],[30] | $ 3,000,000 | [5],[6],[7],[8],[9],[35] | |
Investments owned, fair value | 1,000,000 | [30] | 0 | [9],[35] | |
Principal amount | 1,000,000 | [24],[25],[30] | 0 | [9],[26],[27],[35] | |
Cost | $ 1,000,000 | [30] | $ 0 | [9],[35] | |
Investment, Identifier [Axis]: Fix-It Group, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8.10% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9],[35] | |
Investment, interest rate, paid in cash | 13.20% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9],[35] | |
Investments owned, fair value | $ 12,200,000 | [30] | $ 9,950,000 | [9],[35] | |
Principal amount | 12,200,000 | [24],[25],[30] | 10,000,000 | [9],[26],[27],[35] | |
Cost | $ 12,200,000 | [30] | $ 10,000,000 | [9],[35] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Convertible Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 6% | [1],[2],[3],[4],[22],[39] | 6% | [5],[6],[7],[8],[23],[40] | |
Investments owned, fair value | $ 32,000 | [22],[39] | $ 55,000 | [23],[40] | |
Principal amount | 198,000 | [22],[24],[25],[39] | 198,000 | [23],[26],[27],[40] | |
Cost | 198,000 | [22],[39] | 198,000 | [23],[40] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22] | 0 | [20],[23] | |
Cost | $ 500,000 | [17],[22] | $ 500,000 | [20],[23] | |
Shares | 766 | [17],[22],[24],[25] | 766 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Frontier Financial Group Inc. – Preferred Stock Warrant | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 0 | [17],[22] | $ 0 | [20],[23] | |
Cost | $ 0 | [17],[22] | $ 0 | [20],[23] | |
Shares | 168 | [17],[22],[24],[25] | 168 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC(S) – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 31,000 | [17],[32],[41] | $ 58,000 | [20],[33],[42] | |
Cost | $ 22,000 | [17],[32],[41] | $ 22,000 | [20],[33],[42] | |
Shares | 4,239 | [17],[24],[25],[32],[41] | 4,239 | [20],[26],[27],[33],[42] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Common Stock Warrants | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 0 | [17],[22] | $ 0 | [20],[23] | |
Cost | $ 0 | [17],[22] | $ 0 | [20],[23] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.10% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 50,000 | [1],[2],[3],[4],[30] | $ 500,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 1,076,000 | [30] | 681,000 | [9] | |
Principal amount | 1,150,000 | [24],[25],[30] | 700,000 | [9],[26],[27] | |
Cost | 1,150,000 | [30] | 700,000 | [9] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 263,000 | [17],[22] | 551,000 | [20],[23] | |
Cost | $ 1,025,000 | [17],[22] | $ 1,025,000 | [20],[23] | |
Shares | 1,000 | [17],[22],[24],[25] | 1,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: GFRC 360, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.10% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 936,000 | [30] | $ 973,000 | [9] | |
Principal amount | 1,000,000 | [24],[25],[30] | 1,000,000 | [9],[26],[27] | |
Cost | 1,000,000 | [30] | 1,000,000 | [9] | |
Investment, Identifier [Axis]: GSM MidCo LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 1,118,000 | [17],[22] | 1,359,000 | [20],[23] | |
Cost | $ 767,000 | [17],[22] | $ 767,000 | [20],[23] | |
Shares | 767 | [17],[22],[24],[25] | 767 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Giving Home Health Care, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 12.50% | [1],[2],[3],[4],[30],[39] | 12.50% | [5],[6],[7],[8],[9],[40] | |
Investments owned, fair value | $ 28,728,000 | [30],[39] | $ 28,800,000 | [9],[40] | |
Principal amount | 28,800,000 | [24],[25],[30],[39] | 28,800,000 | [9],[26],[27],[40] | |
Cost | 28,800,000 | [30],[39] | 28,800,000 | [9],[40] | |
Investment, Identifier [Axis]: Giving Home Health Care, LLC – Warrant | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 2,415,000 | [17],[22] | 19,000 | [20],[23] | |
Cost | $ 19,000 | [17],[22] | $ 19,000 | [20],[23] | |
Shares | 10,667 | [17],[22],[24],[25] | 10,667 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Gray Matter Systems, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[40] | 11.30% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[40] | $ 4,000,000 | |||
Investments owned, fair value | [9],[40] | 2,481,000 | |||
Principal amount | [9],[26],[27],[40] | 2,500,000 | |||
Cost | [9],[40] | $ 2,476,000 | |||
Investment, Identifier [Axis]: Gray Matter Systems, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[39] | 11.30% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[40] | 11.30% | |||
Investments owned, fair value | $ 8,589,000 | [30],[39] | $ 2,084,000 | [9],[40] | |
Principal amount | 8,600,000 | [24],[25],[30],[39] | 2,100,000 | [9],[26],[27],[40] | |
Cost | $ 8,553,000 | [30],[39] | $ 2,069,000 | [9],[40] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35] | 6.80% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35] | 9.90% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[35] | $ 0 | |||
Investments owned, fair value | [9],[35] | 9,925,000 | |||
Principal amount | [9],[26],[27],[35] | 10,000,000 | |||
Cost | [9],[35] | $ 10,000,000 | |||
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[30],[34] | 6.80% | [5],[6],[7],[8],[9],[35] | |
Investment, interest rate, paid in cash | 13.30% | [1],[2],[3],[4],[30],[34] | 9.90% | [5],[6],[7],[8],[9],[35] | |
Line of credit facility, available | $ 1,212,000 | [1],[2],[3],[4],[30],[34] | $ 1,500,000 | [5],[6],[7],[8],[9],[35] | |
Investments owned, fair value | 624,000 | [30],[34] | 1,489,000 | [9],[35] | |
Principal amount | 624,000 | [24],[25],[30],[34] | 1,500,000 | [9],[26],[27],[35] | |
Cost | 624,000 | [30],[34] | 1,500,000 | [9],[35] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 4,213,000 | [17],[22] | 945,000 | [20],[23] | |
Cost | $ 2,251,000 | [17],[22] | $ 956,000 | [20],[23] | |
Shares | 1,329,054 | [17],[22],[24],[25] | 854,848 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[34] | 8% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[34] | 13.30% | |||
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35] | 6.80% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35] | 9.90% | |||
Investments owned, fair value | $ 16,013,000 | [30],[34] | $ 15,880,000 | [9],[35] | |
Principal amount | 16,013,000 | [24],[25],[30],[34] | 16,000,000 | [9],[26],[27],[35] | |
Cost | 16,013,000 | [30],[34] | $ 16,000,000 | [9],[35] | |
Investment, Identifier [Axis]: HH-Inspire Acquisition, Inc. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35] | 6.80% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35] | 9.90% | |||
Investments owned, fair value | 3,225,000 | [30],[34] | $ 7,940,000 | [9],[35] | |
Principal amount | 3,225,000 | [24],[25],[30],[34] | 8,000,000 | [9],[26],[27],[35] | |
Cost | 3,225,000 | [30],[34] | 8,000,000 | [9],[35] | |
Investment, Identifier [Axis]: Imperative Holdings Corporation – Preferred Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 1,656,000 | [17],[22] | 2,028,000 | [20],[23] | |
Cost | $ 488,000 | [17],[22] | $ 632,000 | [20],[23] | |
Shares | 972,569 | [17],[22],[24],[25] | 1,474,225 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Imperative Holdings Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9.80% | [1],[2],[3],[4],[30] | 10.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 14.90% | [1],[2],[3],[4],[30] | 13.40% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 21,493,000 | [30] | $ 23,295,000 | [9] | |
Principal amount | 21,765,000 | [24],[25],[30] | 24,016,000 | [9],[26],[27] | |
Cost | $ 21,611,000 | [30] | 23,968,000 | [9] | |
Investment, Identifier [Axis]: LWO Acquisitions Company LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [23],[43] | 0 | |||
Principal amount | [23],[26],[27],[43] | 95,000 | |||
Cost | [23],[43] | 95,000 | |||
Investment, Identifier [Axis]: Leadpoint Business Services, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 8.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 13.60% | |||
Investments owned, fair value | [30] | $ 13,365,000 | |||
Principal amount | [24],[25],[30] | 13,500,000 | |||
Cost | [30] | $ 13,500,000 | |||
Investment, Identifier [Axis]: Lonestar EMS, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [1],[2],[3],[4],[22],[39] | 8% | |||
Investments owned, fair value | [22],[39] | $ 3,847,000 | |||
Principal amount | [22],[24],[25],[39] | 3,847,000 | |||
Cost | [22],[39] | 3,847,000 | |||
Investment, Identifier [Axis]: Lonestar EMS, LLC – Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 0 | [17],[22] | 0 | [20],[23] | |
Cost | 6,750,000 | [17],[22] | $ 6,750,000 | [20],[23] | |
Investment, Identifier [Axis]: Lonestar EMS, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[23],[40] | 8% | |||
Investments owned, fair value | [23],[40] | $ 3,030,000 | |||
Principal amount | [23],[26],[27],[40] | 3,250,000 | |||
Cost | [23],[40] | $ 3,250,000 | |||
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 7.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 10.60% | |||
Line of credit facility, available | [5],[6],[7],[8],[9] | $ 3,000,000 | |||
Investments owned, fair value | [9] | 0 | |||
Principal amount | [9],[26],[27] | 0 | |||
Cost | [9] | 0 | |||
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 8,904,000 | [22] | 8,151,000 | [23] | |
Cost | $ 7,000,000 | [22] | $ 7,000,000 | [23] | |
Shares | 7,000,000 | [22],[24],[25] | 7,000,000 | [23],[26],[27] | |
Investment, Identifier [Axis]: MCG Energy Solutions, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.60% | [1],[2],[3],[4],[30] | 7.50% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.70% | [1],[2],[3],[4],[30] | 10.60% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in kind | 3.50% | [1],[2],[3],[4],[30] | 3.50% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 18,226,000 | [30] | $ 19,779,000 | [9] | |
Principal amount | 20,111,000 | [24],[25],[30] | 20,820,000 | [9],[26],[27] | |
Cost | $ 20,068,000 | [30] | 20,820,000 | [9] | |
Investment, Identifier [Axis]: NeoGarf Solutions LLC - Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11% | |||
Investment, interest rate, paid in kind | [1],[2],[3],[4],[30] | 1.10% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 4,500,000 | |||
Investment, Identifier [Axis]: NeoGraf Solutions LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: NeoGraf Solutions LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11% | |||
Investment, interest rate, paid in kind | [1],[2],[3],[4],[30] | 1.10% | |||
Investments owned, fair value | [30] | $ 26,258,000 | |||
Principal amount | [24],[25],[30] | 27,070,000 | |||
Cost | [30] | $ 27,070,000 | |||
Investment, Identifier [Axis]: NetFortris Corp. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [20],[23] | 469,000 | |||
Cost | [20],[23] | $ 789,000 | |||
Shares | [20],[23],[26],[27] | 7,890,860 | |||
Investment, Identifier [Axis]: OCI, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.60% | |||
Investments owned, fair value | [30] | $ 20,000,000 | |||
Principal amount | [24],[25],[30] | 20,000,000 | |||
Cost | [30] | $ 20,000,000 | |||
Investment, Identifier [Axis]: OCI, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[39] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[39] | 7% | |||
Investments owned, fair value | [30],[39] | $ 2,000,000 | |||
Principal amount | [24],[25],[30],[39] | 2,000,000 | |||
Cost | [30],[39] | $ 2,000,000 | |||
Investment, Identifier [Axis]: Ohio Armor Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 13.10% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 17,670,000 | [30] | $ 18,558,000 | [9] | |
Principal amount | 18,031,000 | [24],[25],[30] | 18,913,000 | [9],[26],[27] | |
Cost | 18,013,000 | [30] | 18,913,000 | [9] | |
Investment, Identifier [Axis]: PIC 360, LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 256,000 | [17],[22] | 3,454,000 | [20],[23] | |
Cost | $ 1,000 | [17],[22] | $ 1,000 | [20],[23] | |
Shares | 750 | [17],[22],[24],[25] | 750 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Pansophic Learning, Ltd. – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.50% | [1],[2],[3],[4],[30] | 7.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.80% | [1],[2],[3],[4],[30] | 10.40% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 28,000,000 | [30] | $ 27,825,000 | [9] | |
Principal amount | 28,000,000 | [24],[25],[30] | 28,000,000 | [9],[26],[27] | |
Cost | $ 27,966,000 | [30] | $ 27,961,000 | [9] | |
Investment, Identifier [Axis]: Pansophic Learning, Ltd. – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.50% | [1],[2],[3],[4],[30] | 7.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.80% | [1],[2],[3],[4],[30] | 10.40% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 5,000,000 | [30] | $ 4,969,000 | [9] | |
Principal amount | 5,000,000 | [24],[25],[30] | 5,000,000 | [9],[26],[27] | |
Cost | 4,994,000 | [30] | $ 4,993,000 | [9] | |
Investment, Identifier [Axis]: R2i Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [5],[6],[7],[8],[40],[44] | 8% | |||
Line of credit facility, available | [5],[6],[7],[8],[40],[44] | $ 1,171,000 | |||
Investments owned, fair value | [40],[44] | 829,000 | |||
Principal amount | [26],[27],[40],[44] | 829,000 | |||
Cost | [40],[44] | $ 829,000 | |||
Investment, Identifier [Axis]: R2i Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [5],[6],[7],[8],[40],[44] | 8% | |||
Investments owned, fair value | [40],[44] | $ 18,000,000 | |||
Principal amount | [26],[27],[40],[44] | 18,000,000 | |||
Cost | [40],[44] | $ 18,000,000 | |||
Investment, Identifier [Axis]: Salt & Straw, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [17],[22] | 0 | |||
Cost | [17],[22] | $ 0 | |||
Investment, Identifier [Axis]: Salt & Straw, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9.10% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 14.20% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 3,000,000 | [1],[2],[3],[4],[30] | $ 11,500,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 8,118,000 | [30] | 0 | [9] | |
Principal amount | 8,500,000 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 8,430,000 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: Salt & Straw, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9.10% | [1],[2],[3],[4],[30] | 8% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 14.20% | [1],[2],[3],[4],[30] | 11.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 60,000 | [1],[2],[3],[4],[30] | $ 1,200,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 1,853,000 | [30] | 800,000 | [9] | |
Principal amount | 1,940,000 | [24],[25],[30] | 800,000 | [9],[26],[27] | |
Cost | 1,940,000 | [30] | 800,000 | [9] | |
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 2,011,000 | [17],[22] | 2,584,000 | [20],[23] | |
Cost | $ 2,500,000 | [17],[22] | $ 2,500,000 | [20],[23] | |
Shares | 2,500 | [17],[22],[24],[25] | 2,500 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 9.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 12.50% | |||
Investments owned, fair value | [9],[31] | $ 11,619,000 | |||
Principal amount | [9],[26],[27],[31] | 11,887,000 | |||
Cost | [9],[31] | 11,887,000 | |||
Investment, Identifier [Axis]: Salvo Technologies, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 9.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 14.60% | |||
Investments owned, fair value | [30] | $ 10,971,000 | |||
Principal amount | [24],[25],[30] | 11,797,000 | |||
Cost | [30] | 11,797,000 | |||
Investment, Identifier [Axis]: Sea Link International IRB, Inc. – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 175,000 | [17],[22] | 153,000 | [20],[23] | |
Cost | $ 98,000 | [17],[22] | $ 98,000 | [20],[23] | |
Shares | 98,039 | [17],[22],[24],[25] | 98,039 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Sea Link International IRB, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[39] | 11.30% | |||
Investment, interest rate, paid in kind | 2% | [1],[2],[3],[4],[30],[39] | 14.50% | [5],[6],[7],[8],[9],[40] | |
Investments owned, fair value | $ 11,630,000 | [30],[39] | $ 11,074,000 | [9],[40] | |
Principal amount | 12,021,000 | [24],[25],[30],[39] | 11,719,000 | [9],[26],[27],[40] | |
Cost | 11,989,000 | [30],[39] | 11,679,000 | [9],[40] | |
Investment, Identifier [Axis]: Sea Link International IRB, Inc.– Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 322,000 | [17],[22] | 105,000 | [20],[23] | |
Cost | $ 823,000 | [17],[22] | $ 823,000 | [20],[23] | |
Shares | 823,333 | [17],[22],[24],[25] | 823,333 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 1,581,000 | [17],[22] | $ 1,500,000 | [20],[23] | |
Cost | $ 1,500,000 | [17],[22] | $ 1,500,000 | [20],[23] | |
Shares | 1,500,000 | [17],[22],[24],[25] | 1,500,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 7% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 10% | |||
Investments owned, fair value | [9],[31] | $ 13,500,000 | |||
Principal amount | [9],[26],[27],[31] | 13,500,000 | |||
Cost | [9],[31] | $ 13,500,000 | |||
Investment, Identifier [Axis]: Sokol & Company Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.10% | |||
Investments owned, fair value | [30] | $ 13,179,000 | |||
Principal amount | [24],[25],[30] | 13,500,000 | |||
Cost | [30] | $ 13,500,000 | |||
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.20% | [1],[2],[3],[4],[30],[34] | 7% | [5],[6],[7],[8],[9],[35] | |
Investment, interest rate, paid in cash | 12.40% | [1],[2],[3],[4],[30],[34] | 10.80% | [5],[6],[7],[8],[9],[35] | |
Line of credit facility, available | $ 100,000 | [1],[2],[3],[4],[30],[34] | $ 100,000 | [5],[6],[7],[8],[9],[35] | |
Investments owned, fair value | 1,869,000 | [30],[34] | 1,886,000 | [9],[35] | |
Principal amount | 1,900,000 | [24],[25],[30],[34] | 1,900,000 | [9],[26],[27],[35] | |
Cost | $ 1,900,000 | [30],[34] | $ 1,900,000 | [9],[35] | |
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Term Deb | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35] | 7% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35] | 10.80% | |||
Investments owned, fair value | [9],[35] | $ 31,481,000 | |||
Principal amount | [9],[26],[27],[35] | 31,719,000 | |||
Cost | [9],[35] | $ 31,326,000 | |||
Investment, Identifier [Axis]: SpaceCo Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[34] | 7.20% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[34] | 12.40% | |||
Investments owned, fair value | [30],[34] | $ 29,995,000 | |||
Principal amount | [24],[25],[30],[34] | 30,491,000 | |||
Cost | [30],[34] | $ 30,136,000 | |||
Investment, Identifier [Axis]: Springfield, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10.10% | [1],[2],[3],[4],[30] | 10% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 15.20% | [1],[2],[3],[4],[30] | 13.10% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 29,888,000 | [30] | $ 29,738,000 | [9] | |
Principal amount | 30,000,000 | [24],[25],[30] | 30,000,000 | [9],[26],[27] | |
Cost | 30,000,000 | [30] | 30,000,000 | [9] | |
Investment, Identifier [Axis]: TNCP Intermediate HoldCo, LLC – Common Equity Units | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 2,928,000 | [17],[22] | 2,337,000 | [20],[23] | |
Cost | $ 500,000 | [17],[22] | $ 500,000 | [20],[23] | |
Shares | 790,000 | [17],[22],[24],[25] | 790,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: TNCP Intermediate HoldCo, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in cash | 8% | [1],[2],[3],[4],[22],[39] | 8% | [5],[6],[7],[8],[23],[40] | |
Line of credit facility, available | $ 1,100,000 | [1],[2],[3],[4],[22],[39] | $ 1,000,000 | [5],[6],[7],[8],[23],[40] | |
Investments owned, fair value | 900,000 | [22],[39] | 1,000,000 | [23],[40] | |
Principal amount | 900,000 | [22],[24],[25],[39] | 1,000,000 | [23],[26],[27],[40] | |
Cost | $ 900,000 | [22],[39] | $ 1,000,000 | [23],[40] | |
Investment, Identifier [Axis]: Tailwind Smith Cooper Intermediate Corporation – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 9% | [1],[2],[3],[4],[28] | 9% | [5],[6],[7],[8],[29] | |
Investment, interest rate, paid in cash | 14.30% | [1],[2],[3],[4],[28] | 12.10% | [5],[6],[7],[8],[29] | |
Investments owned, fair value | $ 4,300,000 | [28] | $ 4,313,000 | [29] | |
Principal amount | 5,000,000 | [24],[25],[28] | 5,000,000 | [26],[27],[29] | |
Cost | 4,849,000 | [28] | 4,829,000 | [29] | |
Investment, Identifier [Axis]: Targus Cayman HoldCo, Ltd. – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [20],[44],[45] | 7,978,000 | |||
Cost | [20],[44],[45] | $ 2,062,000 | |||
Shares | [20],[26],[27],[44],[45] | 3,076,414 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [17],[22] | 2,000,000 | |||
Cost | [17],[22] | $ 2,000,000 | |||
Shares | [17],[22],[24],[25] | 2,000,000 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 8% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 13.10% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 2,500,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 8% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 13.10% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 3,000,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: Technical Resource Management, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 8% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 13.10% | |||
Investments owned, fair value | [30] | $ 23,000,000 | |||
Principal amount | [24],[25],[30] | 23,000,000 | |||
Cost | [30] | 23,000,000 | |||
Investment, Identifier [Axis]: Total Safety Holdings, LLC – Common Equity | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 119,000 | [17],[22] | $ 50,000 | [20],[23] | |
Cost | $ 499,000 | [17],[22] | $ 499,000 | [20],[23] | |
Shares | 435 | [17],[22],[24],[25] | 435 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Triple H Food Processors, LLC – Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 1,311,000 | [17],[22] | $ 672,000 | [20],[23] | |
Cost | $ 250,000 | [17],[22] | $ 250,000 | [20],[23] | |
Shares | 250,000 | [17],[22],[24],[25] | 250,000 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Triple H Food Processors, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | $ 135,000 | [17],[22] | $ 120,000 | [20],[23] | |
Cost | $ 75,000 | [17],[22] | $ 75,000 | [20],[23] | |
Shares | 75 | [17],[22],[24],[25] | 75 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.10% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 5,250,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.10% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 2,000,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | 0 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | [17],[22] | 750,000 | |||
Cost | [17],[22] | $ 750,000 | |||
Shares | [17],[22],[24],[25] | 242,105 | |||
Investment, Identifier [Axis]: Trowbridge Chicago, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.10% | |||
Investments owned, fair value | [30] | $ 5,750,000 | |||
Principal amount | [24],[25],[30] | 5,750,000 | |||
Cost | [30] | $ 5,750,000 | |||
Investment, Identifier [Axis]: Turn Key Health Clinics, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.30% | [1],[2],[3],[4],[30] | 7.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.40% | [1],[2],[3],[4],[30] | 10.40% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 1,500,000 | [1],[2],[3],[4],[30] | $ 1,500,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 500,000 | [30] | 495,000 | [9] | |
Principal amount | 500,000 | [24],[25],[30] | 500,000 | [9],[26],[27] | |
Cost | $ 500,000 | [30] | $ 500,000 | [9] | |
Investment, Identifier [Axis]: Turn Key Health Clinics, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.30% | [1],[2],[3],[4],[30] | 7.30% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.40% | [1],[2],[3],[4],[30] | 10.40% | [5],[6],[7],[8],[9] | |
Investments owned, fair value | $ 11,000,000 | [30] | $ 10,890,000 | [9] | |
Principal amount | 11,000,000 | [24],[25],[30] | 11,000,000 | [9],[26],[27] | |
Cost | $ 11,000,000 | [30] | $ 11,000,000 | [9] | |
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 6.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 9.50% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[31] | $ 2,778,000 | |||
Investments owned, fair value | [9],[31] | 0 | |||
Principal amount | [9],[26],[27],[31] | 0 | |||
Cost | [9],[31] | $ 0 | |||
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 6.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[31] | 9.50% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[31] | $ 2,222,000 | |||
Investments owned, fair value | [9],[31] | 0 | |||
Principal amount | [9],[26],[27],[31] | 0 | |||
Cost | [9],[31] | $ 0 | |||
Investment, Identifier [Axis]: Unirac Holdings, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[31] | 6.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 9.50% | |||
Investments owned, fair value | [9],[31] | $ 15,000,000 | |||
Principal amount | [9],[26],[27],[31] | 15,000,000 | |||
Cost | [9],[31] | $ 14,628,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 6.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11.60% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 1,669,000 | |||
Investments owned, fair value | [30] | 1,110,000 | |||
Principal amount | [24],[25],[30] | 1,108,000 | |||
Cost | [30] | $ 1,108,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 6.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11.60% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 1,022,000 | |||
Investments owned, fair value | [30] | 1,201,000 | |||
Principal amount | [24],[25],[30] | 1,200,000 | |||
Cost | [30] | $ 1,200,000 | |||
Investment, Identifier [Axis]: Unirac, Inc. – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 6.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11.60% | |||
Investments owned, fair value | [30] | $ 14,906,000 | |||
Principal amount | [24],[25],[30] | 14,888,000 | |||
Cost | [30] | $ 14,561,000 | |||
Investment, Identifier [Axis]: Viva Railings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 7.10% | [1],[2],[3],[4],[30] | 7% | [5],[6],[7],[8],[9] | |
Investment, interest rate, paid in cash | 12.20% | [1],[2],[3],[4],[30] | 10.10% | [5],[6],[7],[8],[9] | |
Line of credit facility, available | $ 4,000,000 | [1],[2],[3],[4],[30] | $ 4,000,000 | [5],[6],[7],[8],[9] | |
Investments owned, fair value | 0 | [30] | 0 | [9] | |
Principal amount | 0 | [24],[25],[30] | 0 | [9],[26],[27] | |
Cost | $ 0 | [30] | $ 0 | [9] | |
Investment, Identifier [Axis]: Viva Railings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 7.10% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 12.20% | |||
Investments owned, fair value | [30] | $ 20,488,000 | |||
Principal amount | [24],[25],[30] | 20,747,000 | |||
Cost | [30] | 20,747,000 | |||
Investment, Identifier [Axis]: Viva Railings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9] | 7% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9] | 10.10% | |||
Investments owned, fair value | [9] | $ 21,364,000 | |||
Principal amount | [9],[26],[27] | 21,800,000 | |||
Cost | [9] | 21,800,000 | |||
Investment, Identifier [Axis]: WB Xcel Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investments owned, fair value | 1,141,000 | [17],[22] | 5,687,000 | [20],[23] | |
Cost | $ 2,750,000 | [17],[22] | $ 2,750,000 | [20],[23] | |
Shares | 333 | [17],[22],[24],[25] | 333 | [20],[23],[26],[27] | |
Investment, Identifier [Axis]: WB Xcel Holdings, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10.50% | [1],[2],[3],[4],[22] | 10.50% | [5],[6],[7],[8],[23] | |
Investment, interest rate, paid in cash | 15.60% | [1],[2],[3],[4],[22] | 13.60% | [5],[6],[7],[8],[23] | |
Line of credit facility, available | $ 32,000 | [1],[2],[3],[4],[22] | $ 32,000 | [5],[6],[7],[8],[23] | |
Investments owned, fair value | 1,468,000 | [22] | 1,468,000 | [23] | |
Principal amount | 1,468,000 | [22],[24],[25] | 1,468,000 | [23],[26],[27] | |
Cost | $ 1,468,000 | [22] | $ 1,468,000 | [23] | |
Investment, Identifier [Axis]: WB Xcel Holdings, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | 10.50% | [1],[2],[3],[4],[22] | 10.50% | [5],[6],[7],[8],[23] | |
Investment, interest rate, paid in cash | 15.60% | [1],[2],[3],[4],[22] | 13.60% | [5],[6],[7],[8],[23] | |
Investments owned, fair value | $ 9,850,000 | [22] | $ 9,925,000 | [23] | |
Principal amount | 9,850,000 | [22],[24],[25] | 9,925,000 | [23],[26],[27] | |
Cost | $ 9,850,000 | [22] | $ 9,925,000 | [23] | |
Investment, Identifier [Axis]: WorkforceQA, LLC – Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30] | 6.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30] | 11.60% | |||
Line of credit facility, available | [1],[2],[3],[4],[30] | $ 2,000,000 | |||
Investments owned, fair value | [30] | 0 | |||
Principal amount | [24],[25],[30] | 0 | |||
Cost | [30] | $ 0 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35],[46] | 8.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35],[46] | 11.60% | |||
Investments owned, fair value | [9],[35],[46] | $ 9,975,000 | |||
Principal amount | [9],[26],[27],[35],[46] | 10,000,000 | |||
Cost | [9],[35],[46] | $ 10,000,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[47] | 8.40% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[47] | 13.50% | |||
Investments owned, fair value | [30],[47] | $ 9,975,000 | |||
Principal amount | [24],[25],[30],[47] | 10,000,000 | |||
Cost | [30],[47] | $ 9,969,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC – Term Debt 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [1],[2],[3],[4],[30],[47] | 9.50% | |||
Investment, interest rate, paid in cash | [1],[2],[3],[4],[30],[47] | 14.60% | |||
Investments owned, fair value | [30],[47] | $ 1,596,000 | |||
Principal amount | [24],[25],[30],[47] | 1,600,000 | |||
Cost | [30],[47] | $ 1,595,000 | |||
Investment, Identifier [Axis]: WorkforceQA, LLC– Line of Credit | |||||
Schedule of Investments [Line Items] | |||||
Investment, reference rate and spread | [5],[6],[7],[8],[9],[35] | 6.50% | |||
Investment, interest rate, paid in cash | [5],[6],[7],[8],[9],[35] | 9.60% | |||
Line of credit facility, available | [5],[6],[7],[8],[9],[35] | $ 2,000,000 | |||
Investments owned, fair value | [9],[35] | 0 | |||
Principal amount | [9],[26],[27],[35] | 0 | |||
Cost | [9],[35] | $ 0 | |||
[1] Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $649.2 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2023, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent less than 0.1% of total investments, at fair value, as of June 30, 2023. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $577.6 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 1.0% of total investments, at fair value, as of September 30, 2022. Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase. (V) The cash interest rate on this investment was indexed to 30-day LIBOR, which was 5.22% as of June 30, 2023 and transitioned to one month SOFR on July 3, 2023. Our investment in Funko was valued using Level 2 inputs within ASC 820 of the fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures" (“ASC 820”) fair value hierarchy. Our common units in Funko are convertible to class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Gladstone Capital Corporation was incorporated under the Maryland General Corporation Law on May 30, 2001 and completed an initial public offering on August 24, 2001. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Capital Corporation and its consolidated subsidiaries. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $15 million) in the U.S. that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses that we believe can grow over time to permit us to sell our equity investments for capital gains. Gladstone Business Loan, LLC (“Business Loan”), a wholly-owned subsidiary of ours, was established on February 3, 2003, for the sole purpose of holding certain investments pledged as collateral to our line of credit. The financial statements of Business Loan are consolidated with those of Gladstone Capital Corporation. We may also have significant subsidiaries (as defined under Rule 1-02(w)(2) of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation S-X) whose financial statements are not consolidated with ours. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w)(2) of the SEC’s Regulation S-X as of or during the nine month periods ended June 30, 2023 and June 30, 2022. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and an SEC registered investment adviser, pursuant to an investment advisory and management agreement (as amended and/or restated from time to time, the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4— Related Party Transactions for additional information regarding these arrangements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended June 30, 2023 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending September 30, 2023 or any future interim periods. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022, as filed with the SEC on November 14, 2022. Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company’s chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee’s determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee’s determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third Party Valuation Firms The Valuation Team engages third party valuation firms to provide independent assessments of fair value of certain of our investments. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our proprietary debt investments. The Valuation Team generally assigns ICE’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates ICE’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from ICE’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then makes a recommendation to our Valuation Committee as to the fair value. Our Valuation Committee reviews the recommended fair value, and whether it is reasonable in light of the Policy, and other relevant facts and circumstances, as necessary. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. Generally, the Valuation Team uses a DCF analysis to calculate TEV to corroborate estimates of value for our equity investments where we do not have the ability to effectuate a sale of a portfolio company or for debt of credit impaired portfolio companies. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3— Investments for additional information regarding fair value measurements and our application of ASC 820. Revenue Recognition Interest Income Recognition Interest income, including the amortization of premiums, acquisition costs and amendment fees, the accretion of original issue discounts (“OID”), and paid-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current, or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2023, our loan to Edge Adhesives Holdings, Inc. was on non-accrual status with a debt cost basis of $6.1 million, or 0.9% of the cost basis of all debt investments in our portfolio, and a fair value of $2.8 million, or 0.4% of the fair value of all debt investments in our portfolio. There were no loans on non-accrual status as of September 30, 2022. We currently hold, and we expect to hold in the future, some loans in our portfolio that contain OID or PIK provisions. We recognize OID for loans originally issued at discounts and recognize the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain our ability to be taxed as a RIC, we may need to pay out both OID and PIK non-cash income amounts in the form of distributions, even though we have not yet collected the cash on either. As of each of June 30, 2023 and September 30, 2022, we held four OID loans. We recorded OID income of $49 thousand and $0.2 million during the three and nine months ended June 30, 2023, respectively, and $46 thousand and $0.2 million during the three and nine months ended June 30, 2022, respectively. The unamortized balance of OID investments as of June 30, 2023 and September 30, 2022 totaled $0.8 million and $0.9 million, respectively. As of June 30, 2023 and September 30, 2022, we had eight and six investments which had a PIK interest component, respectively. We recorded PIK interest income of $0.8 million and $2.6 million during the three and nine months ended June 30, 2023, respectively, and $0.6 million and $2.7 million during the three and nine months ended June 30, 2022, respectively. We collected $0 and $0.4 million in PIK interest in cash during the three and nine months ended June 30, 2023, respectively, and $0 and $2.4 million during the three and nine months ended June 30, 2022, respectively. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Related Party Fees We are party to the Advisory Agreement with the Adviser, which is owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving credit facility with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter. We are also party to the Administration Agreement with the Administrator, which is owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, the fair value of each investment is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are in those markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Investments in funds measured using NAV as a practical expedient are not categorized within the fair value hierarchy. As of June 30, 2023, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs, and our investment in Leeds Novamark Capital I, L.P. (“Leeds”), which was valued using NAV as a practical expedient. As of September 30, 2022, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko, which was valued using Level 2 inputs, and our investment in Leeds, which was valued using NAV as a practical expedient. We transfer investments in and out of Level 1, 2, and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. During the nine months ended June 30, 2023 and 2022, there were no investments transferred into or out of Levels 1, 2 or 3 of the valuation hierarchy. As of June 30, 2023 and September 30, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2023: Secured first lien debt $ 533,237 $ — $ — $ 533,237 Secured second lien debt 120,036 — — 120,036 Unsecured debt 32 — — 32 Preferred equity 27,991 — — 27,991 Common equity/equivalents 33,835 (A) — 31 (B) 33,804 Total Investments as of June 30, 2023 $ 715,131 $ — $ 31 $ 715,100 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2022: Secured first lien debt $ 463,858 $ — $ — $ 463,858 Secured second lien debt 115,928 — — 115,928 Unsecured debt 55 — — 55 Preferred equity 27,046 — — 27,046 Common equity/equivalents 36,331 (A) — 58 (B) 36,273 Total Investments as of September 30, 2022 $ 643,218 $ — $ 58 $ 643,160 (A) Excludes our investment in Leeds with fair values of $0.2 million and $6.4 million as of June 30, 2023 and September 30, 2022, respectively. Leeds was valued using NAV as a practical expedient. (B) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions. The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of June 30, 2023 and September 30, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) June 30, 2023 September 30, 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 481,679 $ 413,631 Secured second lien debt 112,611 108,263 Unsecured debt 32 55 Preferred equity 21,726 17,719 Common equity/equivalents 26,575 (A) 28,688 (B) Total Non-Control/Non-Affiliate Investments $ 642,623 $ 568,356 Affiliate Investments Secured first lien debt $ 35,493 $ 34,804 Preferred equity 5,124 3,640 Common equity/equivalents 1,406 647 Total Affiliate Investments $ 42,023 $ 39,091 Control Investments Secured first lien debt $ 16,065 $ 15,423 Secured second lien debt 7,425 7,665 Preferred equity 1,141 5,687 Common equity/equivalents 5,823 6,938 Total Control Investments $ 30,454 $ 35,713 Total Investments at Fair Value Using Level 3 Inputs $ 715,100 $ 643,160 (A) Excludes our investments in Leeds and Funko with fair values of $0.2 million and $31 thousand, respectively, as of June 30, 2023. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs. (B) Excludes our investments in Leeds and Funko with fair values of $6.4 million and $58 thousand, respectively, as of September 30, 2022. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our Level 3 fair value measurements of our investments as of June 30, 2023 and September 30, 2022. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Range / Weighted Average as of June 30, September 30, Valuation Techniques/ Methodologies Unobservable Input June 30, September 30, Secured first lien debt $ 492,379 $ 423,912 Yield Analysis Discount Rate 11.7% - 37.0% / 14.3% 8.0% - 29.5% / 11.8% 40,858 39,946 TEV EBITDA multiple 4.7x – 5.9x / 5.8x 4.8x – 6.7x / 6.2x EBITDA $960 - $14,121 / $13,605 $800 - $10,257 / $7,605 Revenue multiple 0.3x – 0.8x / 0.6x 0.3x – 0.6x / 0.5x Revenue $15,375 - $16,322 / $15,922 $11,514 - $16,320 / $14,656 Secured second lien debt 102,328 97,472 Yield Analysis Discount Rate 11.7% - 15.5% / 14.2% 11.5% - 15.4% / 13.8% 10,283 10,791 Market Quote IBP 66.0% - 99.3% / 82.4% 82.0% - 95.0% / 86.5% 7,425 7,665 TEV EBITDA multiple 5.5x – 5.5x / 5.5x 5.6x – 5.6x / 5.6x EBITDA $3,441 - $3,441 / $3,441 $3,299 - $3,299 / $3,299 Unsecured debt 32 55 TEV Revenue multiple 1.3x – 1.3x / 1.3x 0.3x – 1.3x / 1.0x Revenue $5,270 - $5,270 / $5,270 $764 - $11,514 / $4,249 Preferred and common equity / equivalents (A) 61,795 63,319 TEV EBITDA multiple 4.3x – 12.9x / 6.7x 4.1x – 11.0x / 6.5x EBITDA $960 -$108,146 / $10,410 $800 -$74,512 / $11,742 Revenue multiple 0.3x – 3.0x / 1.2x 0.3x– 4.4x / 1.4x Revenue $3,447 -$16,322 / $14,798 $764 -$42,926 / $19,963 Total Level 3 Investments, at Fair Value $ 715,100 $ 643,160 (A) Fair value as of June 30, 2023 excludes our investments in Leeds and Funko with fair values of $0.2 million and $31 thousand, respectively. Fair value as of September 30, 2022 excludes our investments in Leeds and Funko with fair values of $6.4 million and $58 thousand, respectively. Leeds was valued using NAV as a practical expedient and Funko was valued using Level 2 inputs as of both June 30, 2023 and September 30, 2022. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields or, discount rates, or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase, respectively, in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide the changes in fair value, broken out by security type, during the three and nine months ended June 30, 2023 and 2022 for all investments for which we determine fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2023 Secured Secured Unsecured Preferred Common Total Fair Value as of March 31, 2023 $ 498,947 $ 117,438 $ 36 $ 28,298 $ 31,444 $ 676,163 Total gains (losses): Net realized gain (loss) (A) — — — (789) 3,700 2,911 Net unrealized appreciation (depreciation) (B) (2,195) 601 (4) (1,718) 4,622 1,306 Reversal of prior period net depreciation (appreciation) on realization (B) (200) — — 526 (4,262) (3,936) New investments, repayments and settlements: (C) Issuances/originations 65,707 2,061 — 1,674 2,000 71,442 Settlements/repayments (29,022) (64) — — — (29,086) Net proceeds from sales — — — — (3,700) (3,700) Transfers — — — — — — Fair Value as of June 30, 2023 $ 533,237 $ 120,036 $ 32 $ 27,991 $ 33,804 $ 715,100 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine months ended June 30, 2023 Secured Secured Unsecured Preferred Common Total Fair Value as of September 30, 2022 $ 463,858 $ 115,928 $ 55 $ 27,046 $ 36,273 $ 643,160 Total gains (losses): Net realized gain (loss) (A) (107) — (95) (279) 8,695 8,214 Net unrealized appreciation (depreciation) (B) (4,685) 376 (23) (693) 5,239 214 Reversal of prior period net depreciation (appreciation) on realization (B) 10 — 95 526 (9,257) (8,626) New investments, repayments and settlements: (C) Issuances/originations 135,567 6,303 — 2,045 4,532 148,447 Settlements/repayments (61,406) (2,571) — — — (63,977) Net proceeds from sales — — — (654) (11,678) (12,332) Transfers — — — — — — Fair Value as of June 30, 2023 $ 533,237 $ 120,036 $ 32 $ 27,991 $ 33,804 $ 715,100 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2022 Secured Secured Unsecured Preferred Common Total Fair Value as of March 31, 2022 $ 377,902 $ 85,498 $ 64 $ 27,935 $ 41,264 $ 532,663 Total gains (losses): Net realized gain (loss) (A) (8,471) — (25) — — (8,496) Net unrealized appreciation (depreciation) (B) (3,182) (1,006) (5) (5,482) (9,440) (19,115) Reversal of prior period net depreciation (appreciation) on realization (B) 14,199 — 25 (28) — 14,196 New investments, repayments and settlements: (C) Issuances/originations 64,578 167 — 3,140 — 67,885 Settlements/repayments (6,509) (813) — (250) — (7,572) Net proceeds from sales 1,339 — — — — 1,339 Transfers (6,750) — — — 6,750 — Fair Value as of June 30, 2022 $ 433,106 $ 83,846 $ 59 $ 25,315 $ 38,574 $ 580,900 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine months ended June 30, 2022 Secured Secured Unsecured Preferred Common Total Fair Value as of September 30, 2021 $ 337,394 $ 135,956 $ 10 $ 29,246 $ 48,441 $ 551,047 Total gains (losses): Net realized gain (loss) (A) (8,471) — (25) — 13,876 5,380 Net unrealized appreciation (depreciation) (B) 1,230 (627) 24 (4,691) (9,148) (13,212) Reversal of prior period net depreciation (appreciation) on realization (B) 13,819 (1,601) 25 (4,309) (9,113) (1,179) New investments, repayments and settlements: (C) Issuances/originations 151,401 30,503 25 6,640 3,500 192,069 Settlements/repayments (56,856) (80,385) — (250) — (137,491) Net proceeds from sales 1,339 — — (1,321) (15,732) (15,714) Transfers (6,750) — — — 6,750 — Fair Value as of June 30, 2022 $ 433,106 $ 83,846 $ 59 $ 25,315 $ 38,574 $ 580,900 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (B) Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operation s for the corresponding period. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments. Investment Activity Proprietary Investments As of June 30, 2023 and September 30, 2022, we held 47 and 46 proprietary investments, respectively, with an aggregate fair value of $704.9 million and $630.8 million, or 98.5% and 97.1% of the total investment portfolio at fair value, respectively. The following significant proprietary investment transactions occurred during the nine months ended June 30, 2023: • In October and November 2022, we received distributions totaling $6.0 million from our investment in Leeds related primarily to the sale of underlying assets in the fund, which resulted in a realized gain of approximately $4.4 million. We retain an equity investment in Leeds with no remaining cost basis and fair value of $0.2 million as of June 30, 2023. • In December 2022, our investment in R2i Holdings, LLC paid off at par for net cash proceeds of $19.2 million. • In January 2023, we invested $29.0 million in NeoGraf Solutions LLC (“NeoGraf”) through secured first lien debt and common equity. We also extended NeoGraf a $4.5 million line of credit commitment, which was unfunded at close. • In January and March 2023, we invested a total of $6.3 million in Salt & Straw, LLC, an existing portfolio company, through funding on our existing delayed draw term loan commitment. • In March 2023, we invested $13.5 million in Leadpoint Business Services, LLC through secured first lien debt. We also extended Leadpoint Business Services, LLC a $5.5 million line of credit commitment which was fully funded as of March 31, 2023. In May 2023, the line of credit was paid off at par for net cash proceeds of $5.5 million and terminated. • In April 2023, we invested $25.0 million in Technical Resource Management, LLC (“Technical”) through secured first lien debt and equity. We also extended Technical a $3.0 million line of credit commitment and a $2.5 million delayed draw term loan commitment, each of which were unfunded at close. • In April 2023, our debt investment in HH-Inspire Acquisition, Inc. (“Inspire”) was refinanced. Our original debt investment totaling $35.5 million was redeemed at par plus a $0.2 million prepayment fee, and we invested a total of $16.8 million in Inspire through new secured first lien debt and equity, which was net funded through the redemption of our original debt investment. We also extended Inspire a $1.8 million line of credit commitment, which was unfunded at close. In June 2023, we invested an additional $3.4 million in Inspire through secured first lien debt and equity. • In May 2023, we invested $22.0 million in OCI, LLC through secured first lien debt, secured second lien debt, and common equity. • In June 2023, the majority of our investment in PIC 360, LLC was sold resulting in a net realized gain of $3.7 million. We continue to retain a small investment in PIC 360 with a fair value of approximately $0.3 million. • In June 2023, we invested $6.5 million in Trowbridge Chicago, LLC (“Trowbridge”) through secured first lien debt and preferred equity. We also extended Trowbridge a $2.0 million line of credit commitment and a $5.3 million delayed draw term loan commitment, each of which were unfunded at close. Syndicated Investments As of June 30, 2023 and September 30, 2022, we held five and six syndicated investments with an aggregate fair value of $10.4 million and $18.8 million, or 1.5% and 2.9% of the total investment portfolio at fair value, respectively. The following significant syndicated investment transaction occurred during the nine months ended June 30, 2023: • In October 2022, our investment in Targus Cayman HoldCo Ltd. was sold for net proceeds of approximately $8.0 million, which resulted in a realized gain of approximately $5.9 million. As part of the proceeds, we received an interest in B. Riley Financial, Inc. 6.75% senior notes in the amount of $2.4 million which are traded on the Nasdaq Global Select Market under the trading symbol RILYO. In June 2023, we redeemed our investment in B. Riley Financial, Inc. 6.75% senior notes at par for proceeds of $2.4 million. Investment Concentrations As of June 30, 2023, our investment portfolio consisted of investments in 52 portfolio companies located in 24 states in 12 different industries, with an aggregate fair value of $715.3 million. The five largest investments at fair value as of June 30, 2023 totaled $172.0 million, or 24.0% of our total investment portfolio, as compared to the five largest investments at fair value as of September 30, 2022 totaling $174.5 million, or 26.9% of our total investment portfolio. As of June 30, 2023 and September 30, 2022, our average investment by obligor was $14.1 million and $12.6 million at cost, respectively. The following table outlines our investments by security type as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 549,860 74.8 % $ 533,237 74.5 % $ 475,806 72.5 % $ 463,858 71.4 % Secured second lien debt 122,681 16.7 120,036 16.8 118,949 18.2 115,928 17.8 Unsecured debt 198 0.0 32 0.0 293 0.0 55 0.0 Total debt investments 672,739 91.5 653,305 91.3 595,048 90.7 579,841 89.2 Preferred equity 35,617 4.8 27,991 3.9 34,505 5.3 27,046 4.2 Common equity/equivalents 26,826 3.7 34,028 4.8 26,500 4.0 42,728 6.6 Total equity investments 62,443 8.5 62,019 8.7 61,005 9.3 69,774 10.8 Total Investments $ 735,182 100.0 % $ 715,324 100.0 % $ 656,053 100.0 % $ 649,615 100.0 % Our investments at fair value consisted of the following industry classifications as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Industry Classification Fair Value Percentage of Fair Value Percentage of Diversified/Conglomerate Service $ 164,261 23.0 % $ 148,907 22.9 % Diversified/Conglomerate Manufacturing 160,904 22.5 114,105 17.6 Healthcare, Education, and Childcare 145,011 20.3 136,401 21.0 Aerospace and Defense 87,932 12.3 88,649 13.6 Beverage, Food, and Tobacco 74,641 10.4 64,283 9.9 Oil and Gas 26,887 3.8 25,373 3.9 Automobile 22,191 3.1 20,144 3.1 Personal and Non-Durable Consumer Products 14,742 2.1 18,583 2.9 Machinery 6,676 0.9 9,562 1.5 Telecommunications 5,976 0.8 10,088 1.6 Textiles and Leather — — 7,978 1.2 Other, < 2.0% 6,103 0.8 5,542 0.8 Total Investments $ 715,324 100.0 % $ 649,615 100.0 % Our investments at fair value were included in the following U.S. geographic regions as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments South $ 290,432 40.6 % $ 326,524 50.3 % West 220,602 30.8 169,415 26.1 Midwest 146,324 20.5 118,191 18.2 Northeast 57,966 8.1 35,485 5.4 Total Investments $ 715,324 100.0 % $ 649,615 100.0 % The geographic composition indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2023: Amount For the remaining three months ending September 30: 2023 (A) $ 4,806 For the fiscal years ending September 30: 2024 28,818 2025 86,790 2026 160,943 2027 241,385 Thereafter 151,330 Total contractual repayments $ 674,072 Adjustments to cost basis of debt investments (1,333) Investments in equity securities 62,443 Investments held as of June 30, 2023 at cost: $ 735,182 (A) Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of June 30, 2023. Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs incurred on behalf of such portfolio companies and are included in other assets on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of June 30, 2023 and September 30, 2022, we had gross receivables from portfolio companies of $0.9 million and $0.5 million, respectively. The allowance for uncollectible receivables was $0 as of each of June 30, 2023 and September 30, 2022. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions with the Adviser We have been externally managed by the Adviser pursuant to the Advisory Agreement since October 1, 2004 pursuant to which we pay the Adviser a base management fee and an incentive fee for its services. On July 11, 2023, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of us or the Adviser, unanimously approved the renewal of the Advisory Agreement through August 31, 2024. We also pay the Adviser a loan servicing fee for its role of servicer pursuant to our Credit Facility. The entire loan servicing fee paid to the Adviser by Business Loan is non-contractually, unconditionally and irrevocably credited against the base management fee otherwise payable to the Adviser, since Business Loan is a consolidated subsidiary of ours, and overall, the base management fee (including any loan servicing fee) cannot exceed 1.75% of total assets (including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings) during any given fiscal year pursuant to the Advisory Agreement. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer), serve as directors and executive officers of the Adviser, which is 100% indirectly owned and controlled by Mr. Gladstone. Robert Marcotte (our president) also serves as executive vice president of private equity (debt) of the Adviser. Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration of our Adviser. The following table summarizes the base management fee, incentive fee, and loan servicing fee and associated non-contractual, unconditional and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Three Months Ended Nine Months Ended 2023 2022 2023 2022 Average total assets subject to base management fee (A) $ 709,943 $ 571,657 $ 672,990 $ 571,429 Multiplied by prorated annual base management fee of 1.75% 0.4375 % 0.4375 % 1.3125 % 1.3125 % Base management fee (B) $ 3,106 $ 2,501 $ 8,833 $ 7,500 Portfolio company fee credit (1,894) (1,099) (2,987) (3,027) Syndicated loan fee credit (32) (35) (95) (136) Net Base Management Fee $ 1,180 $ 1,367 $ 5,751 $ 4,337 Loan servicing fee (B) 2,069 1,614 5,866 4,596 Credit to base management fee - loan servicing fee (B) (2,069) (1,614) (5,866) (4,596) Net Loan Servicing Fee $ — $ — $ — $ — Incentive fee (B) 2,919 1,579 7,508 5,641 Incentive fee credit — (437) — (437) Net Incentive Fee $ 2,919 $ 1,142 $ 7,508 $ 5,204 Portfolio company fee credit (1,894) (1,099) (2,987) (3,027) Syndicated loan fee credit (32) (35) (95) (136) Incentive fee credit — (437) — (437) Credits to Fees From Adviser - other (B) $ (1,926) $ (1,571) $ (3,082) $ (3,600) (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 1.75%, computed on the basis of the value of our average total assets at the end of the two most recently-completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long-term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees for such services against the base management fee that we would otherwise be required to pay to the Adviser. Our Board of Directors accepted a non-contractual, unconditional, and irrevocable credit from the Adviser to reduce the annual base management fee on syndicated loan participations to 0.5%, to the extent that proceeds resulting from borrowings were used to purchase such syndicated loan participations, for each of the three and nine months ended June 30, 2023 and 2022. Loan Servicing Fee The Adviser also services the loans held by Business Loan (the borrower under the Credit Facility), in return for which the Adviser receives a 1.5% annual fee payable monthly based on the aggregate outstanding balance of loans pledged under our Credit Facility. As discussed in the notes to the table above, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% (2.0% during the period from April 1, 2020 through March 31, 2023) of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “hurdle rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is generally payable quarterly to the Adviser and is computed as follows: • no incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate; • 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% (2.4375% during the period from April 1, 2020 through March 31, 2022 and 2.50% from April 1, 2022 through March 31, 2023) of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% (2.4375% during the period from April 1, 2020 through March 31, 2022 and 2.50% from April 1, 2022 through March 31, 2023) of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. On April 12, 2022, our Board of Directors approved an amendment of the Advisory Agreement which extended the temporary revision to the hurdle rate through March 31, 2023 and increased the excess incentive fee hurdle rate from 2.1875% per quarter (8.75% annualized) to 2.50% per quarter (10.0% annualized), up from the 2.4375% per quarter (9.75% annualized) in effect since April 1, 2020. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) and equals 20.0% of our “net realized capital gains” (as defined herein) as of the end of the fiscal year. In determining the capital gains-based incentive fee payable to the Adviser, we calculate “net realized capital gains” at the end of each applicable year by subtracting the sum of our cumulative aggregate realized capital losses and our entire portfolio’s aggregate unrealized capital depreciation from our cumulative aggregate realized capital gains. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the difference between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable fiscal year, the amount of capital gains that serves as the basis for our calculation of the capital gains-based incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less the entire portfolio’s aggregate unrealized capital depreciation, if any. If this number is positive at the end of such fiscal year, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. No capital gains-based incentive fee has been recorded or paid since our inception through June 30, 2023, as cumulative unrealized capital depreciation has exceeded cumulative realized capital gains net of cumulative realized capital losses. In accordance with GAAP, a capital gains-based incentive fee accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires us to record a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of actual capital gains-based incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such period. GAAP requires that the capital gains-based incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. No GAAP accrual for a capital gains-based incentive fee has been recorded from our inception through June 30, 2023. Transactions with the Administrator We have entered into the Administration Agreement with the Administrator to provide administrative services. We reimburse the Administrator pursuant to the Administration Agreement for the portion of expenses the Administrator incurs while performing services for us. The Administrator’s expenses are primarily rent and the salaries, benefits and expenses of the Administrator’s employees, including: our chief financial officer and treasurer, chief compliance officer, chief valuation officer, and general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary) and their respective staffs. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which, as of June 30, 2023, is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Michael LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration for the Adviser. Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 11, 2023, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the renewal of the Administration Agreement through August 31, 2024. Other Transactions Gladstone Securities, LLC (“Gladstone Securities”), a privately-held broker-dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation, which is 100% indirectly owned and controlled by Mr. Gladstone, our chairman and chief executive officer, has provided other services, such as investment banking and due diligence services, to certain of our portfolio companies, for which Gladstone Securities receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional and irrevocable credits against the base management fee or incentive fee. Gladstone Securities received fees from portfolio companies totaling $0.5 million and $0.8 million during the three and nine months ended June 30, 2023, respectively, and $0.2 million and $0.8 million during the three and nine months ended June 30, 2022, respectively. Gladstone Securities also serves as the Company’s exclusive dealer manager in connection with the Company’s offering of up to 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock. Refer to Note 6 — Cumulative Redeemable Preferred Stock Offering for further information. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: June 30, 2023 September 30, 2022 Base management fee due to Adviser $ (890) $ (189) Loan servicing fee due to Adviser 484 423 Incentive fee due to Adviser 2,919 1,870 Total fees due to Adviser 2,513 2,104 Fee due to Administrator 696 423 Total Related Party Fees Due $ 3,209 $ 2,527 In addition to the above fees, other operating expenses due to the Adviser as of June 30, 2023 and September 30, 2022, totaled $63 thousand and $44 thousand, respectively. In addition, net expenses payable to Gladstone Investment Corporation (for reimbursement purposes), which includes certain co-investment expenses, totaled $0 and $13 thousand as of June 30, 2023 and September 30, 2022, respectively. These amounts are generally settled in the quarter subsequent to being incurred and are included in other liabilities on the accompanying Consolidated Statements of Assets and Liabilities |
BORROWINGS
BORROWINGS | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Revolving Credit Facility On May 13, 2021, we, through Business Loan, amended and restated the Credit Facility to, among other things, (i) decrease the commitment amount from $205.0 million to $175.0 million, (ii) extend the revolving period end date to October 31, 2023, (iii) extend the maturity date to October 31, 2025 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date), (iv) reduce the interest rate margin to 2.70% during the revolving period and 3.25% thereafter, with a LIBOR floor of 0.35%, (v) revise the unused fee to include an additional fee tier of 0.35% per annum on the daily undrawn amounts if the average unused amount is equal to or less than 35% during the applicable period, (vi) provide for certain excess concentration limits, including a reduced second lien limit and a new broadly syndicated loan limit and (vii) add customary LIBOR replacement language. We incurred fees of approximately $1.1 million in connection with this amendment and restatement, which are being amortized through our Credit Facility’s revolving period end date of October 31, 2023. On September 12, 2022, we, through Business Loan, entered into Amendment No. 1 to the Credit Facility to update the reference rate from LIBOR to SOFR plus an 11 basis point credit spread adjustment. On September 20, 2022, we, through Business Loan, entered into Amendment No. 2 to the Credit Facility to increase the size of the Credit Facility by $50.0 million from $175.0 million to $225.0 million, as permitted under the terms of the Credit Facility. On October 31, 2022, we, through Business Loan, entered into Amendment No. 3 to the Credit Facility to increase the size of the Credit Facility by $20.0 million from $225.0 million to $245.0 million, as permitted under the terms of the Credit Facility. On June 16, 2023, we, through Business Loan, entered into Amendment No. 4 to the Credit Facility to, among other things, (i) decrease the commitment amount from $245.0 million to $223.7 million, (ii) extend the revolving period end date to October 31, 2025, (iii) extend the maturity date to October 31, 2027 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date), (iv) increase the interest rate margin to 3.00% during the revolving period and 3.50% thereafter, (v) update the SOFR credit spread adjustment to 10 basis points, and (vi) provide for certain excess concentration limits. We incurred fees of approximately $1.2 million in connection with this amendment, which are being amortized through our Credit Facility’s revolving period end date of October 31, 2025. The following tables summarize noteworthy information related to our Credit Facility: June 30, 2023 September 30, 2022 Commitment amount $ 223,659 $ 225,000 Line of credit outstanding, at cost 163,800 141,800 Availability (A) 53,535 60,068 For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Weighted average borrowings outstanding, at cost $ 154,265 $ 49,053 $ 136,373 $ 41,469 Weighted average interest rate (B) 8.2 % 6.2 % 7.7 % 6.4 % Commitment (unused) fees incurred $ 105 $ 299 $ 446 $ 978 (A) Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required. (B) Includes unused commitment fees and excludes the impact of deferred financing costs. Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once each month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statement of Assets and Liabilities as of June 30, 2023 and September 30, 2022. Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life and lien property. Our Credit Facility further requires Business Loan to comply with other financial and operational covenants, which obligate Business Loan to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of 25 obligors required in the borrowing base. Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding mandatorily redeemable preferred stock) of $325.0 million plus 50.0% of all equity and subordinated debt raised after May 13, 2021 less 50% of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $355.8 million as of June 30, 2023, (ii) asset coverage with respect to “senior securities representing indebtedness” of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act), and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of June 30, 2023, and as defined in our Credit Facility, we had a net worth of $554.3 million, asset coverage on our “senior securities representing indebtedness” of 195.8%, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. In addition, we had 37 obligors in our Credit Facility’s borrowing base as of June 30, 2023. As of June 30, 2023, we were in compliance with all of our Credit Facility covenants. Fair Value We elected to apply the fair value option of ASC 825, “ Financial Instruments ,” specifically for the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of our Credit Facility is determined using a yield analysis which includes a DCF calculation and the assumptions that the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of June 30, 2023, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 3.10% per annum, plus a 0.35% unused commitment fee. As of September 30, 2022, the discount rate used to determine the fair value of our Credit Facility was one-month Term SOFR, plus 2.81% per annum, plus a 0.50% unused commitment fee. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of our Credit Facility. As of June 30, 2023 and September 30, 2022, our Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in net unrealized depreciation (appreciation) of other on our accompanying Consolidated Statements of Operations . The following tables present our Credit Facility carried at fair value as of June 30, 2023 and September 30, 2022, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the three and nine months ended June 30, 2023 and 2022: Total Recurring Fair Value Measurement Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) June 30, 2023 September 30, 2022 Credit Facility $ 163,800 $ 141,800 Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) Three Months Ended 2023 2022 Fair value as of March 31, 2023 and 2022, respectively $ 152,439 $ 17,400 Borrowings 22,600 74,000 Repayments (11,400) (11,400) Net unrealized appreciation (A) 161 — Fair Value as of June 30, 2023 and 2022, respectively $ 163,800 $ 80,000 (A) Included in net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations for the three months ended June 30, 2023. Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) Nine Months Ended 2023 2022 Fair value as of September 30, 2022 and 2021, respectively $ 141,800 $ 50,500 Borrowings 123,000 235,500 Repayments (101,000) (206,000) Net unrealized depreciation — — Fair Value as of June 30, 2023 and 2022, respectively $ 163,800 $ 80,000 The fair value of the collateral under our Credit Facility totaled approximately $649.2 million and $577.6 million as of June 30, 2023 and September 30, 2022, respectively. Notes Payable In November 2021, we completed a private placement of $50.0 million aggregate principal amount of 3.75% Notes due 2027 (the “2027 Notes”) for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2027 Notes bear interest at a rate of 3.75% per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $1.9 million per year). In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75% Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical to those of the outstanding Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default. In December 2020, we completed an offering of $100.0 million aggregate principal amount of 5.125% Notes due 2026 (the “2026 Notes”) for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. The 2026 Notes will mature on January 31, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2026 Notes bear interest at a rate of 5.125% per year. Interest is payable semiannually on January 31 and July 31 of each year (which equates to approximately $7.7 million per year). In October 2019, we completed an offering of $38.8 million aggregate principal amount of 5.375% Notes due 2024 (the “2024 Notes”), inclusive of the overallotment option exercised by the underwriters, for net proceeds of approximately $37.5 million after deducting underwriting discounts, commissions and offering expenses borne by us. On November 1, 2021, we voluntarily redeemed the 2024 Notes with an aggregate principal amount outstanding of $38.8 million. The 2024 Notes would have otherwise matured on November 1, 2024. The indenture relating to the 2027 Notes and the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2027 Notes and the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 2027 Notes and 2026 Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. The fair value, based on a DCF analysis, of the 2027 Notes as of June 30, 2023 was $44.9 million. The fair value, based on a DCF analysis, of the 2026 Notes as of June 30, 2023 was $144.0 million. We consider the 2027 Notes and 2026 Notes to be Level 3 within the ASC 820 fair value hierarchy. |
CUMULATIVE REDEEMABLE PREFERRED
CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING | CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $25.00 per share (the “Series A Offering”). As of June 30, 2023, no shares of Series A Preferred Stock have been sold. Under the Dealer Manager Agreement, Gladstone Securities will provide certain sales, promotional and marketing services to us in connection with the Series A Offering, and we will pay Gladstone Securities (i) selling commissions of up to 7.0% of the gross proceeds from sales of Series A Preferred Stock in the Series A Offering, and (ii) a dealer manager fee of up to 3.0% of the gross proceeds from sales of Series A Preferred Stock in the Series A Offering. Gladstone Securities may, in its sole discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Series A Offering. Pursuant to the Dealer Manager Agreement, the offering of the Series A Preferred Stock will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors quarterly and is based on management’s estimate of Investment Company Taxable Income. Based on that estimate, our Board of Directors declares three monthly distributions to common stockholders each quarter. The federal income tax characteristics of all distributions will be reported to stockholders on the IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. For the calendar year ended December 31, 2022, 93.2% of distributions to common stockholders were deemed to be paid from ordinary income and 6.8% of distributions were deemed to be return of capital for 1099 stockholder reporting purposes. For the calendar year ended December 31, 2021, 100.0% of distributions to common stockholders were deemed to be paid from ordinary income for 1099 stockholder reporting purposes. We paid the following monthly distributions to common stockholders for the nine months ended June 30, 2023 and 2022 : Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2023 October 11, 2022 October 21, 2022 October 31, 2022 $ 0.07 October 11, 2022 November 18, 2022 November 30, 2022 0.07 October 11, 2022 December 20, 2022 December 30, 2022 0.07 January 10, 2023 January 20, 2023 January 31, 2023 0.075 January 10, 2023 February 17, 2023 February 28, 2023 0.075 January 10, 2023 March 17, 2023 March 31, 2023 0.075 April 11, 2023 April 21, 2023 April 28, 2023 0.08 April 11, 2023 May 23, 2023 May 31, 2023 0.08 April 11, 2023 June 21, 2023 June 30, 2023 0.08 Nine Months Ended June 30, 2023: $ 0.675 Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2022 October 12, 2021 October 22, 2021 October 29, 2021 $ 0.065 October 12, 2021 November 19, 2021 November 30, 2021 0.065 October 12, 2021 December 23, 2021 December 31, 2021 0.065 January 11, 2022 January 21, 2022 January 31, 2022 0.065 January 11, 2022 February 18, 2022 February 28, 2022 0.065 January 11, 2022 March 23, 2022 March 31, 2022 0.065 April 12, 2022 April 22, 2022 April 29, 2022 0.0675 April 12, 2022 May 20, 2022 May 31, 2022 0.0675 April 12, 2022 June 22, 2022 June 30, 2022 0.0675 Nine Months Ended June 30, 2022: $ 0.5925 Aggregate distributions declared and paid to our common stockholders were approximately $24.7 million and $20.3 million for the nine months ended June 30, 2023 and 2022 , respectively, and were declared based on estimates of Investment Company Taxable Income for the respective fiscal years. For the fiscal year ended September 30, 2022, distributions declared and paid exceeded taxable income available for common distributions resulting in a partial return of capital of approximately $1.4 million. For the nine months ended June 30, 2023 and the fiscal year ended September 30, 2022, we recorded the following adjustments for book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Nine Months Ended Year Ended September 30, 2022 Undistributed net investment income $ 71 $ (5,606) Accumulated net realized losses (71) 7,013 Capital in excess of par value — (1,407) |
REGISTRATION STATEMENT AND COMM
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | 9 Months Ended |
Jun. 30, 2023 | |
Government Assistance [Abstract] | |
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Our shelf registration statement permits us to issue, through one or more transactions, up to an aggregate of $300.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities and warrants to purchase common stock or preferred stock. As of June 30, 2023, we had the ability to issue up to an additional $257.2 million in securities under the registration statement. Common Stock At-the-Market Offerings In May 2021, we entered into an equity distribution agreement with Jefferies LLC, as amended in August 2022 (the “Jefferies Sales Agreement”), under which we have the ability to issue and sell, from time to time, shares of our common stock with an aggregate offering price of up to $60.0 million. During the nine months ended June 30, 2023, we sold 3,865,890 shares of our common stock under the Jefferies Sales Agreement, at a weighted-average price of $9.90 per share and raised approximately $38.3 million of gross proceeds. Net proceeds, after deducting commissions and offering costs borne by us, were approximately $37.6 million. All sales were above our then current estimated NAV per share. As of June 30, 2023, we had a remaining capacity to sell up to an additional $9.5 million of our common stock under the Jefferies Sales Agreement. |
NET INCREASE IN NET ASSETS RESU
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE The following table sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per weighted average common share for the three and nine months ended June 30, 2023 and 2022 : Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share $ 11,884 $ (5,599) $ 29,568 $ 14,807 Denominator: basic and diluted weighted average common share 37,680,465 34,304,371 36,492,168 34,304,371 Basic and diluted net increase (decrease) in net assets resulting from operations per common share $ 0.32 $ (0.16) $ 0.81 $ 0.43 |
DISTRIBUTIONS TO COMMON STOCKHO
DISTRIBUTIONS TO COMMON STOCKHOLDERS | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
DISTRIBUTIONS TO COMMON STOCKHOLDERS | CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING In May 2023, we entered into a Dealer Manager Agreement pursuant to which we may sell a maximum of 6,000,000 shares of 6.25% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), par value $0.001 per share, on a “reasonable best efforts” basis through our affiliated dealer manager, Gladstone Securities, at a public offering price of $25.00 per share (the “Series A Offering”). As of June 30, 2023, no shares of Series A Preferred Stock have been sold. Under the Dealer Manager Agreement, Gladstone Securities will provide certain sales, promotional and marketing services to us in connection with the Series A Offering, and we will pay Gladstone Securities (i) selling commissions of up to 7.0% of the gross proceeds from sales of Series A Preferred Stock in the Series A Offering, and (ii) a dealer manager fee of up to 3.0% of the gross proceeds from sales of Series A Preferred Stock in the Series A Offering. Gladstone Securities may, in its sole discretion, reallow a portion of the dealer manager fee to participating broker-dealers in support of the Series A Offering. Pursuant to the Dealer Manager Agreement, the offering of the Series A Preferred Stock will terminate on the date that is the earlier of (1) December 31, 2026 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 6,000,000 shares of Series A Preferred Stock offered are sold. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors quarterly and is based on management’s estimate of Investment Company Taxable Income. Based on that estimate, our Board of Directors declares three monthly distributions to common stockholders each quarter. The federal income tax characteristics of all distributions will be reported to stockholders on the IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. For the calendar year ended December 31, 2022, 93.2% of distributions to common stockholders were deemed to be paid from ordinary income and 6.8% of distributions were deemed to be return of capital for 1099 stockholder reporting purposes. For the calendar year ended December 31, 2021, 100.0% of distributions to common stockholders were deemed to be paid from ordinary income for 1099 stockholder reporting purposes. We paid the following monthly distributions to common stockholders for the nine months ended June 30, 2023 and 2022 : Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2023 October 11, 2022 October 21, 2022 October 31, 2022 $ 0.07 October 11, 2022 November 18, 2022 November 30, 2022 0.07 October 11, 2022 December 20, 2022 December 30, 2022 0.07 January 10, 2023 January 20, 2023 January 31, 2023 0.075 January 10, 2023 February 17, 2023 February 28, 2023 0.075 January 10, 2023 March 17, 2023 March 31, 2023 0.075 April 11, 2023 April 21, 2023 April 28, 2023 0.08 April 11, 2023 May 23, 2023 May 31, 2023 0.08 April 11, 2023 June 21, 2023 June 30, 2023 0.08 Nine Months Ended June 30, 2023: $ 0.675 Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2022 October 12, 2021 October 22, 2021 October 29, 2021 $ 0.065 October 12, 2021 November 19, 2021 November 30, 2021 0.065 October 12, 2021 December 23, 2021 December 31, 2021 0.065 January 11, 2022 January 21, 2022 January 31, 2022 0.065 January 11, 2022 February 18, 2022 February 28, 2022 0.065 January 11, 2022 March 23, 2022 March 31, 2022 0.065 April 12, 2022 April 22, 2022 April 29, 2022 0.0675 April 12, 2022 May 20, 2022 May 31, 2022 0.0675 April 12, 2022 June 22, 2022 June 30, 2022 0.0675 Nine Months Ended June 30, 2022: $ 0.5925 Aggregate distributions declared and paid to our common stockholders were approximately $24.7 million and $20.3 million for the nine months ended June 30, 2023 and 2022 , respectively, and were declared based on estimates of Investment Company Taxable Income for the respective fiscal years. For the fiscal year ended September 30, 2022, distributions declared and paid exceeded taxable income available for common distributions resulting in a partial return of capital of approximately $1.4 million. For the nine months ended June 30, 2023 and the fiscal year ended September 30, 2022, we recorded the following adjustments for book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Nine Months Ended Year Ended September 30, 2022 Undistributed net investment income $ 71 $ (5,606) Accumulated net realized losses (71) 7,013 Capital in excess of par value — (1,407) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operations or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of June 30, 2023 and September 30, 2022, we had no established reserves for such loss contingencies. Escrow Holdbacks From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities . We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $0.6 million and $0.2 million as of June 30, 2023 and September 30, 2022, respectively. Financial Commitments and Obligations We have lines of credit, delayed draw term loans, and an uncalled capital commitment with certain of our portfolio companies that have not been fully drawn. Since these commitments have expiration dates and we expect many will never be fully drawn, the total commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused lines of credit, the unused delayed draw term loans and the uncalled capital commitment as of June 30, 2023 and September 30, 2022 to be immaterial. The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of June 30, 2023 and September 30, 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : June 30, September 30, Unused line of credit commitments (A) $ 35,076 $ 36,225 Delayed draw term loans (A) 27,989 37,778 Uncalled capital commitment 843 843 Total $ 63,908 $ 74,846 (A) There may be specific covenant requirements that temporarily limit a portfolio company’s availability to draw on an unused line of credit commitment or a delayed draw term loan. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 9 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Per Common Share Data: Net asset value at beginning of period (A) $ 9.19 $ 9.49 $ 9.08 $ 9.28 Income from operations (B) Net investment income 0.31 0.20 0.82 0.72 Net realized and unrealized gain (loss) on investments 0.01 (0.37) (0.03) (0.29) Net realized and unrealized gain (loss) on other — 0.01 0.02 — Total from operations 0.32 (0.16) 0.81 0.43 Distributions to common stockholders from (B)(C) Net investment income (0.24) (0.15) (0.68) (0.55) Return of capital — (0.05) — (0.05) Total distributions (0.24) (0.20) (0.68) (0.60) Capital share transactions (B) Anti-dilutive effect of common stock issuance (D) 0.01 — 0.08 — Total capital share transactions 0.01 — 0.08 — Other, net (0.01) (0.01) (0.02) 0.01 Net asset value at end of period (A) $ 9.27 $ 9.12 $ 9.27 $ 9.12 Per common share market value at beginning of period $ 9.40 $ 11.79 $ 8.49 $ 11.30 Per common share market value at end of period 9.76 10.09 9.76 10.09 Total return (E) 6.45 % (12.84) % 23.16 % (5.91) % Common stock outstanding at end of period (A) 38,600,686 34,304,371 38,600,686 34,304,371 Statement of Assets and Liabilities Data: Net assets at end of period $ 357,946 $ 312,921 $ 357,946 $ 312,921 Average net assets (F) 351,454 322,048 338,703 322,610 Senior Securities Data: Borrowings under line of credit, at cost 163,800 80,000 163,800 80,000 Notes payable 200,000 200,000 200,000 200,000 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (G)(H) 12.69 % 8.49 % 12.85 % 9.26 % Ratio of net investment income to average net assets – annualized (I) 13.29 % 8.63 % 11.82 % 10.25 % (A) Based on actual shares outstanding at the end of the corresponding period. (B) Based on weighted average basic per share data. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. (D) During the three and nine months ended June 30, 2023, the anti-dilution was a result of issuing common shares during the period at a price above the then current NAV per share. (E) Total return equals the change in the ending market value of our common stock from the beginning of the fiscal year, taking into account distributions reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, refer to Note 9— Distributions to Common Stockholders . (F) Computed using the average of the balance of net assets at the end of each month of the reporting period. (G) Ratio of net expenses to average net assets is computed using total expenses, net of credits from the Adviser, to the base management, loan servicing and incentive fees. (H) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net expenses to average net assets would have been 17.30% and 16.42% for the three and nine months ended June 30, 2023, respectively, and 12.49% and 12.68% for the three and nine months ended June 30, 2022, respectively. (I) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets would have been 8.77% and 8.32% for the three and nine months ended June 30, 2023, respectively, and 4.69% and 6.88% for the three and nine months ended June 30, 2022, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Portfolio Activity In July 2023, we invested an additional $5.0 million in Gray Matter Systems, LLC, an existing portfolio company, through secured second lien debt. Distributions and Dividends On July 11, 2023, our Board of Directors declared the following distributions to common and preferred stockholders: Record Date Payment Date Distribution per Common Share July 21, 2023 July 31, 2023 $ 0.0825 August 23, 2023 August 31, 2023 0.0825 September 7, 2023 September 15, 2023 (A) 0.0200 September 21, 2023 September 29, 2023 0.0825 Total for the Quarter: $ 0.2675 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share | $ 11,884 | $ (5,599) | $ 29,568 | $ 14,807 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - $ / shares | 9 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | ||||||
Entity Central Index Key | 0001143513 | |||||
Amendment Flag | false | |||||
Securities Act File Number | 814-00237 | |||||
Document Type | 10-Q | |||||
Entity Registrant Name | GLADSTONE CAPITAL CORP | |||||
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | |||||
Entity Address, Address Line Two | SUITE 100 | |||||
Entity Address, City or Town | McLean | |||||
Entity Address, State or Province | VA | |||||
Entity Address, Postal Zip Code | 22102 | |||||
City Area Code | 703 | |||||
Local Phone Number | 287-5800 | |||||
Entity Emerging Growth Company | false | |||||
Financial Highlights [Abstract] | ||||||
Senior Securities, Note [Text Block] | As of June 30, 2023, our asset coverage on our “senior securities representing indebtedness” was 195.8%. | |||||
General Description of Registrant [Abstract] | ||||||
Investment Objectives and Practices [Text Block] | We were established for the purpose of investing in debt and equity securities of established private businesses operating in the U.S. Our investment objectives are to: (1) achieve and grow current income by investing in debt securities of established lower middle market businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time; and (2) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our investment objectives, our investment strategy is to invest in several categories of debt and equity securities, with each investment generally ranging from $8 million to $30 million, although investment size may vary, depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 90.0% debt investments and 10.0% equity investments, at cost.We focus on investing in lower middle market companies (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization of $3 million to $15 million) in the U.S. that meet certain criteria, including the following: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the borrower, reasonable capitalization of the borrower, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples and, to a lesser extent, the potential to realize appreciation and gain liquidity in our equity position, if any. We lend to borrowers that need funds for growth capital or to finance acquisitions or recapitalize or refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. Our targeted portfolio companies are generally considered too small for the larger capital marketplace. | |||||
Share Price | $ 9.76 | |||||
NAV Per Share | $ 9.27 | $ 9.19 | $ 9.08 | $ 9.12 | $ 9.49 | $ 9.28 |
Latest Premium (Discount) to NAV [Percent] | 5.30% | |||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||
Long Term Debt [Table Text Block] | Revolving Credit Facility On May 13, 2021, we, through Business Loan, amended and restated the Credit Facility to, among other things, (i) decrease the commitment amount from $205.0 million to $175.0 million, (ii) extend the revolving period end date to October 31, 2023, (iii) extend the maturity date to October 31, 2025 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date), (iv) reduce the interest rate margin to 2.70% during the revolving period and 3.25% thereafter, with a LIBOR floor of 0.35%, (v) revise the unused fee to include an additional fee tier of 0.35% per annum on the daily undrawn amounts if the average unused amount is equal to or less than 35% during the applicable period, (vi) provide for certain excess concentration limits, including a reduced second lien limit and a new broadly syndicated loan limit and (vii) add customary LIBOR replacement language. We incurred fees of approximately $1.1 million in connection with this amendment and restatement, which are being amortized through our Credit Facility’s revolving period end date of October 31, 2023. On September 12, 2022, we, through Business Loan, entered into Amendment No. 1 to the Credit Facility to update the reference rate from LIBOR to SOFR plus an 11 basis point credit spread adjustment. On September 20, 2022, we, through Business Loan, entered into Amendment No. 2 to the Credit Facility to increase the size of the Credit Facility by $50.0 million from $175.0 million to $225.0 million, as permitted under the terms of the Credit Facility. On October 31, 2022, we, through Business Loan, entered into Amendment No. 3 to the Credit Facility to increase the size of the Credit Facility by $20.0 million from $225.0 million to $245.0 million, as permitted under the terms of the Credit Facility. On June 16, 2023, we, through Business Loan, entered into Amendment No. 4 to the Credit Facility to, among other things, (i) decrease the commitment amount from $245.0 million to $223.7 million, (ii) extend the revolving period end date to October 31, 2025, (iii) extend the maturity date to October 31, 2027 (at which time all principal and interest will be due and payable if the Credit Facility is not extended by the revolving period end date), (iv) increase the interest rate margin to 3.00% during the revolving period and 3.50% thereafter, with a 10 basis point credit spread adjustment, and (v) provide for certain excess concentration limits. We incurred fees of approximately $1.2 million in connection with this amendment, which are being amortized through our Credit Facility’s revolving period end date of October 31, 2025. Interest is payable monthly during the term of our Credit Facility. Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required. Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank and with The Bank of New York Mellon Trust Company, N.A. as custodian. KeyBank, which also serves as the trustee of the account, generally remits the collected funds to us once a month. Our Credit Facility also requires that any interest or principal payments on pledged loans be remitted directly by the borrower into a lockbox account with KeyBank. KeyBank is also the trustee of the account and generally remits the collected funds to us once each month. Amounts collected in the lockbox account with KeyBank are presented as Due from administrative agent on the accompanying Consolidated Statement of Assets and Liabilities as of June 30, 2023 and September 30, 2022. Our Credit Facility contains covenants that require Business Loan to maintain its status as a separate legal entity, prohibit certain significant corporate transactions (such as mergers, consolidations, liquidations or dissolutions), and restrict material changes to our credit and collection policies without the lenders’ consent. Our Credit Facility also generally limits distributions to our stockholders on a fiscal year basis to the sum of our net investment income, net capital gains and amounts elected to have been paid during the prior year in accordance with Section 855(a) of the Code. Business Loan is also subject to certain limitations on the type of loan investments it can apply as collateral towards the borrowing base to receive additional borrowing availability under our Credit Facility, including restrictions on geographic concentrations, sector concentrations, loan size, payment frequency and status, average life and lien property. Our Credit Facility further requires Business Loan to comply with other financial and operational covenants, which obligate Business Loan to, among other things, maintain certain financial ratios, including asset and interest coverage and a minimum number of 25 obligors required in the borrowing base. Additionally, we are required to maintain (i) a minimum net worth (defined in our Credit Facility to include any outstanding mandatorily redeemable preferred stock) of $325.0 million plus 50.0% of all equity and subordinated debt raised after May 13, 2021 less 50% of any equity and subordinated debt retired or redeemed after May 13, 2021, which equates to $355.8 million as of June 30, 2023, (ii) asset coverage with respect to “senior securities representing indebtedness” of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act), and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of June 30, 2023, and as defined in our Credit Facility, we had a net worth of $554.3 million, asset coverage on our “senior securities representing indebtedness” of 195.8%, calculated in accordance with the requirements of Section 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. In addition, we had 37 obligors in our Credit Facility’s borrowing base as of June 30, 2023. As of June 30, 2023, we were in compliance with all of our Credit Facility covenants. Refer to Note 5— Borrowings of the notes to our Consolidated Financial Statements included elsewhere in this Quarterly Report for additional information regarding our Credit Facility. Notes Payable In November 2021, we completed a private placement of $50.0 million aggregate principal amount of the 2027 Notes for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2027 Notes bear interest at a rate of 3.75% per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $1.9 million per year). In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75% Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical to those of the outstanding Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default. In December 2020, we completed an offering of $100.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. The 2026 Notes will mature on January 31, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2026 Notes bear interest at a rate of 5.125% per year. Interest is payable semiannually on January 31 and July 31 of each year (which equates to approximately $7.7 million per year). In October 2019, we completed an offering of $38.8 million aggregate principal amount of the 2024 Notes, inclusive of the overallotment option exercised by the underwriters, for net proceeds of approximately $37.5 million after deducting underwriting discounts, commissions and offering expenses borne by us. On November 1, 2021, we voluntarily redeemed the 2024 Notes with an aggregate principal amount outstanding of $38.8 million. The 2024 Notes would have otherwise matured on November 1, 2024. The indenture relating to the 2027 Notes and the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2027 Notes and the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 2027 Notes and 2026 Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. | |||||
3.75% Notes due 2027 [Member] | ||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||
Long Term Debt, Structuring [Text Block] | In November 2021, we completed a private placement of $50.0 million aggregate principal amount of the 2027 Notes for net proceeds of approximately $48.5 million after deducting initial purchasers’ costs, commissions and offering expenses borne by us. The 2027 Notes will mature on May 1, 2027 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2027 Notes bear interest at a rate of 3.75% per year. Interest is payable semi-annually on May 1 and November 1 of each year (which equates to approximately $1.9 million per year). In April 2022, pursuant to the registration rights agreement we entered into in connection with the 2027 Notes, we conducted an exchange offer through which we offered to exchange all of our then outstanding 2027 Notes (the “Restricted Notes”) that were issued on November 4, 2021, for an equal aggregate principal amount of our new 3.75% Notes due 2027 (the “Exchange Notes”) that had been registered with the SEC under the Securities Act of 1933, as amended. The terms of the Exchange Notes are identical to those of the outstanding Restricted Notes, except that the transfer restrictions and registration rights relating to the Restricted Notes do not apply to the Exchange Notes, and the Exchange Notes do not provide for the payment of additional interest in the event of a registration default. | |||||
5.125% Notes due 2026 [Member] | ||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||
Long Term Debt, Structuring [Text Block] | In December 2020, we completed an offering of $100.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $97.7 million after deducting underwriting discounts, commissions and offering expenses borne by us. In March 2021, we completed an offering of an additional $50.0 million aggregate principal amount of the 2026 Notes for net proceeds of approximately $50.6 million after adding premiums and deducting underwriting costs, commissions and offering expenses borne by us. The 2026 Notes will mature on January 31, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to maturity at par plus a “make-whole” premium, if applicable. The 2026 Notes bear interest at a rate of 5.125% per year. Interest is payable semiannually on January 31 and July 31 of each year (which equates to approximately $7.7 million per year). | |||||
5.375% Notes due 2024 [Member] | ||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||
Long Term Debt, Structuring [Text Block] | In October 2019, we completed an offering of $38.8 million aggregate principal amount of the 2024 Notes, inclusive of the overallotment option exercised by the underwriters, for net proceeds of approximately $37.5 million after deducting underwriting discounts, commissions and offering expenses borne by us. On November 1, 2021, we voluntarily redeemed the 2024 Notes with an aggregate principal amount outstanding of $38.8 million. The 2024 Notes would have otherwise matured on November 1, 2024. | |||||
3.75% Notes due 2027 And 5.125% Notes due 2026 [Member] | ||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 2027 Notes and the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2027 Notes and the 2026 Notes, as applicable, and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 2027 Notes and 2026 Notes are recorded at the principal amount, plus applicable premiums, less discounts and offering costs, on our Consolidated Statements of Assets and Liabilities. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements and Basis of Presentation | Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended June 30, 2023 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending |
Use of Estimates | Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. |
Investment Valuation Policy | Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ valuation designee (“Valuation Designee”) under the 1940 Act. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company’s chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee’s determinations to the entire Board of Directors so that the full Board of Directors may review the Valuation Designee’s determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third Party Valuation Firms The Valuation Team engages third party valuation firms to provide independent assessments of fair value of certain of our investments. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our proprietary debt investments. The Valuation Team generally assigns ICE’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates ICE’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from ICE’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and the Valuation Committee reviews whether the Valuation Designee’s determined fair value is reasonable in light of the Policy and other relevant facts and circumstances. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then makes a recommendation to our Valuation Committee as to the fair value. Our Valuation Committee reviews the recommended fair value, and whether it is reasonable in light of the Policy, and other relevant facts and circumstances, as necessary. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or EBITDA); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. Generally, the Valuation Team uses a DCF analysis to calculate TEV to corroborate estimates of value for our equity investments where we do not have the ability to effectuate a sale of a portfolio company or for debt of credit impaired portfolio companies. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including, estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including increased probability of default, increased loss upon default and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price (“IBP”) in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. |
Revenue Recognition | Revenue Recognition Interest Income Recognition Interest income, including the amortization of premiums, acquisition costs and amendment fees, the accretion of original issue discounts (“OID”), and paid-in-kind (“PIK”) interest, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current, or due to a restructuring such that the interest income is deemed to be collectible. As of June 30, 2023, our loan to Edge Adhesives Holdings, Inc. was on non-accrual status with a debt cost basis of $6.1 million, or 0.9% of the cost basis of all debt investments in our portfolio, and a fair value of $2.8 million, or 0.4% of the fair value of all debt investments in our portfolio. There were no loans on non-accrual status as of September 30, 2022. We currently hold, and we expect to hold in the future, some loans in our portfolio that contain OID or PIK provisions. We recognize OID for loans originally issued at discounts and recognize the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Thus, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain our ability to be taxed as a RIC, we may need to pay out both OID and PIK non-cash income amounts in the form of distributions, even though we have not yet collected the cash on either. As of each of June 30, 2023 and September 30, 2022, we held four OID loans. We recorded OID income of $49 thousand and $0.2 million during the three and nine months ended June 30, 2023, respectively, and $46 thousand and $0.2 million during the three and nine months ended June 30, 2022, respectively. The unamortized balance of OID investments as of June 30, 2023 and September 30, 2022 totaled $0.8 million and $0.9 million, respectively. As of June 30, 2023 and September 30, 2022, we had eight and six investments which had a PIK interest component, respectively. We recorded PIK interest income of $0.8 million and $2.6 million during the three and nine months ended June 30, 2023, respectively, and $0.6 million and $2.7 million during the three and nine months ended June 30, 2022, respectively. We collected $0 and $0.4 million in PIK interest in cash during the three and nine months ended June 30, 2023, respectively, and $0 and $2.4 million during the three and nine months ended June 30, 2022, respectively. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition |
Related Party Fees | Related Party Fees We are party to the Advisory Agreement with the Adviser, which is owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of our revolving credit facility with KeyBank National Association (“KeyBank”), as administrative agent, lead arranger and lender (as amended and/or restated from time to time, our “Credit Facility”). These fees are accrued at the end of the quarter when the services are performed and generally paid the following quarter. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | As of June 30, 2023 and September 30, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of June 30, 2023: Secured first lien debt $ 533,237 $ — $ — $ 533,237 Secured second lien debt 120,036 — — 120,036 Unsecured debt 32 — — 32 Preferred equity 27,991 — — 27,991 Common equity/equivalents 33,835 (A) — 31 (B) 33,804 Total Investments as of June 30, 2023 $ 715,131 $ — $ 31 $ 715,100 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2022: Secured first lien debt $ 463,858 $ — $ — $ 463,858 Secured second lien debt 115,928 — — 115,928 Unsecured debt 55 — — 55 Preferred equity 27,046 — — 27,046 Common equity/equivalents 36,331 (A) — 58 (B) 36,273 Total Investments as of September 30, 2022 $ 643,218 $ — $ 58 $ 643,160 (A) Excludes our investment in Leeds with fair values of $0.2 million and $6.4 million as of June 30, 2023 and September 30, 2022, respectively. Leeds was valued using NAV as a practical expedient. (B) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability as our investment was subject to certain restrictions. The following table presents our portfolio investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy and carried at fair value as of June 30, 2023 and September 30, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) June 30, 2023 September 30, 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 481,679 $ 413,631 Secured second lien debt 112,611 108,263 Unsecured debt 32 55 Preferred equity 21,726 17,719 Common equity/equivalents 26,575 (A) 28,688 (B) Total Non-Control/Non-Affiliate Investments $ 642,623 $ 568,356 Affiliate Investments Secured first lien debt $ 35,493 $ 34,804 Preferred equity 5,124 3,640 Common equity/equivalents 1,406 647 Total Affiliate Investments $ 42,023 $ 39,091 Control Investments Secured first lien debt $ 16,065 $ 15,423 Secured second lien debt 7,425 7,665 Preferred equity 1,141 5,687 Common equity/equivalents 5,823 6,938 Total Control Investments $ 30,454 $ 35,713 Total Investments at Fair Value Using Level 3 Inputs $ 715,100 $ 643,160 (A) Excludes our investments in Leeds and Funko with fair values of $0.2 million and $31 thousand, respectively, as of June 30, 2023. Leeds was valued using NAV as a practical expedient, and Funko was valued using Level 2 inputs. |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted average calculations in the table below are based on the principal balances for all debt related calculations and on the cost basis for all equity related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Range / Weighted Average as of June 30, September 30, Valuation Techniques/ Methodologies Unobservable Input June 30, September 30, Secured first lien debt $ 492,379 $ 423,912 Yield Analysis Discount Rate 11.7% - 37.0% / 14.3% 8.0% - 29.5% / 11.8% 40,858 39,946 TEV EBITDA multiple 4.7x – 5.9x / 5.8x 4.8x – 6.7x / 6.2x EBITDA $960 - $14,121 / $13,605 $800 - $10,257 / $7,605 Revenue multiple 0.3x – 0.8x / 0.6x 0.3x – 0.6x / 0.5x Revenue $15,375 - $16,322 / $15,922 $11,514 - $16,320 / $14,656 Secured second lien debt 102,328 97,472 Yield Analysis Discount Rate 11.7% - 15.5% / 14.2% 11.5% - 15.4% / 13.8% 10,283 10,791 Market Quote IBP 66.0% - 99.3% / 82.4% 82.0% - 95.0% / 86.5% 7,425 7,665 TEV EBITDA multiple 5.5x – 5.5x / 5.5x 5.6x – 5.6x / 5.6x EBITDA $3,441 - $3,441 / $3,441 $3,299 - $3,299 / $3,299 Unsecured debt 32 55 TEV Revenue multiple 1.3x – 1.3x / 1.3x 0.3x – 1.3x / 1.0x Revenue $5,270 - $5,270 / $5,270 $764 - $11,514 / $4,249 Preferred and common equity / equivalents (A) 61,795 63,319 TEV EBITDA multiple 4.3x – 12.9x / 6.7x 4.1x – 11.0x / 6.5x EBITDA $960 -$108,146 / $10,410 $800 -$74,512 / $11,742 Revenue multiple 0.3x – 3.0x / 1.2x 0.3x– 4.4x / 1.4x Revenue $3,447 -$16,322 / $14,798 $764 -$42,926 / $19,963 Total Level 3 Investments, at Fair Value $ 715,100 $ 643,160 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide the changes in fair value, broken out by security type, during the three and nine months ended June 30, 2023 and 2022 for all investments for which we determine fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2023 Secured Secured Unsecured Preferred Common Total Fair Value as of March 31, 2023 $ 498,947 $ 117,438 $ 36 $ 28,298 $ 31,444 $ 676,163 Total gains (losses): Net realized gain (loss) (A) — — — (789) 3,700 2,911 Net unrealized appreciation (depreciation) (B) (2,195) 601 (4) (1,718) 4,622 1,306 Reversal of prior period net depreciation (appreciation) on realization (B) (200) — — 526 (4,262) (3,936) New investments, repayments and settlements: (C) Issuances/originations 65,707 2,061 — 1,674 2,000 71,442 Settlements/repayments (29,022) (64) — — — (29,086) Net proceeds from sales — — — — (3,700) (3,700) Transfers — — — — — — Fair Value as of June 30, 2023 $ 533,237 $ 120,036 $ 32 $ 27,991 $ 33,804 $ 715,100 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine months ended June 30, 2023 Secured Secured Unsecured Preferred Common Total Fair Value as of September 30, 2022 $ 463,858 $ 115,928 $ 55 $ 27,046 $ 36,273 $ 643,160 Total gains (losses): Net realized gain (loss) (A) (107) — (95) (279) 8,695 8,214 Net unrealized appreciation (depreciation) (B) (4,685) 376 (23) (693) 5,239 214 Reversal of prior period net depreciation (appreciation) on realization (B) 10 — 95 526 (9,257) (8,626) New investments, repayments and settlements: (C) Issuances/originations 135,567 6,303 — 2,045 4,532 148,447 Settlements/repayments (61,406) (2,571) — — — (63,977) Net proceeds from sales — — — (654) (11,678) (12,332) Transfers — — — — — — Fair Value as of June 30, 2023 $ 533,237 $ 120,036 $ 32 $ 27,991 $ 33,804 $ 715,100 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Three months ended June 30, 2022 Secured Secured Unsecured Preferred Common Total Fair Value as of March 31, 2022 $ 377,902 $ 85,498 $ 64 $ 27,935 $ 41,264 $ 532,663 Total gains (losses): Net realized gain (loss) (A) (8,471) — (25) — — (8,496) Net unrealized appreciation (depreciation) (B) (3,182) (1,006) (5) (5,482) (9,440) (19,115) Reversal of prior period net depreciation (appreciation) on realization (B) 14,199 — 25 (28) — 14,196 New investments, repayments and settlements: (C) Issuances/originations 64,578 167 — 3,140 — 67,885 Settlements/repayments (6,509) (813) — (250) — (7,572) Net proceeds from sales 1,339 — — — — 1,339 Transfers (6,750) — — — 6,750 — Fair Value as of June 30, 2022 $ 433,106 $ 83,846 $ 59 $ 25,315 $ 38,574 $ 580,900 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Nine months ended June 30, 2022 Secured Secured Unsecured Preferred Common Total Fair Value as of September 30, 2021 $ 337,394 $ 135,956 $ 10 $ 29,246 $ 48,441 $ 551,047 Total gains (losses): Net realized gain (loss) (A) (8,471) — (25) — 13,876 5,380 Net unrealized appreciation (depreciation) (B) 1,230 (627) 24 (4,691) (9,148) (13,212) Reversal of prior period net depreciation (appreciation) on realization (B) 13,819 (1,601) 25 (4,309) (9,113) (1,179) New investments, repayments and settlements: (C) Issuances/originations 151,401 30,503 25 6,640 3,500 192,069 Settlements/repayments (56,856) (80,385) — (250) — (137,491) Net proceeds from sales 1,339 — — (1,321) (15,732) (15,714) Transfers (6,750) — — — 6,750 — Fair Value as of June 30, 2022 $ 433,106 $ 83,846 $ 59 $ 25,315 $ 38,574 $ 580,900 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the corresponding period. (B) Included in net unrealized appreciation (depreciation) on investments on our accompanying Consolidated Statements of Operation s for the corresponding period. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, accretion of discounts, PIK, and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments. |
Schedule of Investment Holdings | The following table outlines our investments by security type as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 549,860 74.8 % $ 533,237 74.5 % $ 475,806 72.5 % $ 463,858 71.4 % Secured second lien debt 122,681 16.7 120,036 16.8 118,949 18.2 115,928 17.8 Unsecured debt 198 0.0 32 0.0 293 0.0 55 0.0 Total debt investments 672,739 91.5 653,305 91.3 595,048 90.7 579,841 89.2 Preferred equity 35,617 4.8 27,991 3.9 34,505 5.3 27,046 4.2 Common equity/equivalents 26,826 3.7 34,028 4.8 26,500 4.0 42,728 6.6 Total equity investments 62,443 8.5 62,019 8.7 61,005 9.3 69,774 10.8 Total Investments $ 735,182 100.0 % $ 715,324 100.0 % $ 656,053 100.0 % $ 649,615 100.0 % Our investments at fair value consisted of the following industry classifications as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Industry Classification Fair Value Percentage of Fair Value Percentage of Diversified/Conglomerate Service $ 164,261 23.0 % $ 148,907 22.9 % Diversified/Conglomerate Manufacturing 160,904 22.5 114,105 17.6 Healthcare, Education, and Childcare 145,011 20.3 136,401 21.0 Aerospace and Defense 87,932 12.3 88,649 13.6 Beverage, Food, and Tobacco 74,641 10.4 64,283 9.9 Oil and Gas 26,887 3.8 25,373 3.9 Automobile 22,191 3.1 20,144 3.1 Personal and Non-Durable Consumer Products 14,742 2.1 18,583 2.9 Machinery 6,676 0.9 9,562 1.5 Telecommunications 5,976 0.8 10,088 1.6 Textiles and Leather — — 7,978 1.2 Other, < 2.0% 6,103 0.8 5,542 0.8 Total Investments $ 715,324 100.0 % $ 649,615 100.0 % Our investments at fair value were included in the following U.S. geographic regions as of June 30, 2023 and September 30, 2022: June 30, 2023 September 30, 2022 Location Fair Value Percentage of Total Investments Fair Value Percentage of Total Investments South $ 290,432 40.6 % $ 326,524 50.3 % West 220,602 30.8 169,415 26.1 Midwest 146,324 20.5 118,191 18.2 Northeast 57,966 8.1 35,485 5.4 Total Investments $ 715,324 100.0 % $ 649,615 100.0 % |
Schedule of Investments Classified by Contractual Maturity Date | The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2023: Amount For the remaining three months ending September 30: 2023 (A) $ 4,806 For the fiscal years ending September 30: 2024 28,818 2025 86,790 2026 160,943 2027 241,385 Thereafter 151,330 Total contractual repayments $ 674,072 Adjustments to cost basis of debt investments (1,333) Investments in equity securities 62,443 Investments held as of June 30, 2023 at cost: $ 735,182 (A) Includes debt investments with contractual principal amounts totaling $0.2 million for which the maturity date has passed as of June 30, 2023. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the base management fee, incentive fee, and loan servicing fee and associated non-contractual, unconditional and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Three Months Ended Nine Months Ended 2023 2022 2023 2022 Average total assets subject to base management fee (A) $ 709,943 $ 571,657 $ 672,990 $ 571,429 Multiplied by prorated annual base management fee of 1.75% 0.4375 % 0.4375 % 1.3125 % 1.3125 % Base management fee (B) $ 3,106 $ 2,501 $ 8,833 $ 7,500 Portfolio company fee credit (1,894) (1,099) (2,987) (3,027) Syndicated loan fee credit (32) (35) (95) (136) Net Base Management Fee $ 1,180 $ 1,367 $ 5,751 $ 4,337 Loan servicing fee (B) 2,069 1,614 5,866 4,596 Credit to base management fee - loan servicing fee (B) (2,069) (1,614) (5,866) (4,596) Net Loan Servicing Fee $ — $ — $ — $ — Incentive fee (B) 2,919 1,579 7,508 5,641 Incentive fee credit — (437) — (437) Net Incentive Fee $ 2,919 $ 1,142 $ 7,508 $ 5,204 Portfolio company fee credit (1,894) (1,099) (2,987) (3,027) Syndicated loan fee credit (32) (35) (95) (136) Incentive fee credit — (437) — (437) Credits to Fees From Adviser - other (B) $ (1,926) $ (1,571) $ (3,082) $ (3,600) (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the two most recently completed quarters within the respective years and adjusted appropriately for any share issuances or repurchases during the period. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: June 30, 2023 September 30, 2022 Base management fee due to Adviser $ (890) $ (189) Loan servicing fee due to Adviser 484 423 Incentive fee due to Adviser 2,919 1,870 Total fees due to Adviser 2,513 2,104 Fee due to Administrator 696 423 Total Related Party Fees Due $ 3,209 $ 2,527 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to our Credit Facility: June 30, 2023 September 30, 2022 Commitment amount $ 223,659 $ 225,000 Line of credit outstanding, at cost 163,800 141,800 Availability (A) 53,535 60,068 For the Three Months Ended For the Nine Months Ended 2023 2022 2023 2022 Weighted average borrowings outstanding, at cost $ 154,265 $ 49,053 $ 136,373 $ 41,469 Weighted average interest rate (B) 8.2 % 6.2 % 7.7 % 6.4 % Commitment (unused) fees incurred $ 105 $ 299 $ 446 $ 978 (A) Available borrowings are subject to various constraints imposed under our Credit Facility, based on the aggregate loan balance pledged by Business Loan, which varies as loans are added and repaid, regardless of whether such repayments are prepayments or made as contractually required. (B) Includes unused commitment fees and excludes the impact of deferred financing costs. |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present our Credit Facility carried at fair value as of June 30, 2023 and September 30, 2022, on our accompanying Consolidated Statements of Assets and Liabilities for Level 3 of the hierarchy established by ASC 820 and the changes in fair value of our Credit Facility during the three and nine months ended June 30, 2023 and 2022: Total Recurring Fair Value Measurement Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) June 30, 2023 September 30, 2022 Credit Facility $ 163,800 $ 141,800 Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) Three Months Ended 2023 2022 Fair value as of March 31, 2023 and 2022, respectively $ 152,439 $ 17,400 Borrowings 22,600 74,000 Repayments (11,400) (11,400) Net unrealized appreciation (A) 161 — Fair Value as of June 30, 2023 and 2022, respectively $ 163,800 $ 80,000 (A) Included in net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations for the three months ended June 30, 2023. Fair Value Measurements Using Significant Unobservable Data Inputs (Level 3) Nine Months Ended 2023 2022 Fair value as of September 30, 2022 and 2021, respectively $ 141,800 $ 50,500 Borrowings 123,000 235,500 Repayments (101,000) (206,000) Net unrealized depreciation — — Fair Value as of June 30, 2023 and 2022, respectively $ 163,800 $ 80,000 |
NET INCREASE IN NET ASSETS RE_2
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net increase (decrease) in net assets resulting from operations per weighted average common share for the three and nine months ended June 30, 2023 and 2022 : Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share $ 11,884 $ (5,599) $ 29,568 $ 14,807 Denominator: basic and diluted weighted average common share 37,680,465 34,304,371 36,492,168 34,304,371 Basic and diluted net increase (decrease) in net assets resulting from operations per common share $ 0.32 $ (0.16) $ 0.81 $ 0.43 |
DISTRIBUTIONS TO COMMON STOCK_2
DISTRIBUTIONS TO COMMON STOCKHOLDERS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Dividends Declared | We paid the following monthly distributions to common stockholders for the nine months ended June 30, 2023 and 2022 : Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2023 October 11, 2022 October 21, 2022 October 31, 2022 $ 0.07 October 11, 2022 November 18, 2022 November 30, 2022 0.07 October 11, 2022 December 20, 2022 December 30, 2022 0.07 January 10, 2023 January 20, 2023 January 31, 2023 0.075 January 10, 2023 February 17, 2023 February 28, 2023 0.075 January 10, 2023 March 17, 2023 March 31, 2023 0.075 April 11, 2023 April 21, 2023 April 28, 2023 0.08 April 11, 2023 May 23, 2023 May 31, 2023 0.08 April 11, 2023 June 21, 2023 June 30, 2023 0.08 Nine Months Ended June 30, 2023: $ 0.675 Fiscal Year Declaration Date Record Date Payment Date Distribution per Common Share 2022 October 12, 2021 October 22, 2021 October 29, 2021 $ 0.065 October 12, 2021 November 19, 2021 November 30, 2021 0.065 October 12, 2021 December 23, 2021 December 31, 2021 0.065 January 11, 2022 January 21, 2022 January 31, 2022 0.065 January 11, 2022 February 18, 2022 February 28, 2022 0.065 January 11, 2022 March 23, 2022 March 31, 2022 0.065 April 12, 2022 April 22, 2022 April 29, 2022 0.0675 April 12, 2022 May 20, 2022 May 31, 2022 0.0675 April 12, 2022 June 22, 2022 June 30, 2022 0.0675 Nine Months Ended June 30, 2022: $ 0.5925 |
Investment Company, Change in Net Assets | For the nine months ended June 30, 2023 and the fiscal year ended September 30, 2022, we recorded the following adjustments for book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments. Nine Months Ended Year Ended September 30, 2022 Undistributed net investment income $ 71 $ (5,606) Accumulated net realized losses (71) 7,013 Capital in excess of par value — (1,407) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties | The following table summarizes the amounts of our unused lines of credit, delayed draw term loans and uncalled capital commitment, at cost, as of June 30, 2023 and September 30, 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities : June 30, September 30, Unused line of credit commitments (A) $ 35,076 $ 36,225 Delayed draw term loans (A) 27,989 37,778 Uncalled capital commitment 843 843 Total $ 63,908 $ 74,846 (A) There may be specific covenant requirements that temporarily limit a portfolio company’s availability to draw on an unused line of credit commitment or a delayed draw term loan. |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of Investment Company, Financial Highlights | Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Per Common Share Data: Net asset value at beginning of period (A) $ 9.19 $ 9.49 $ 9.08 $ 9.28 Income from operations (B) Net investment income 0.31 0.20 0.82 0.72 Net realized and unrealized gain (loss) on investments 0.01 (0.37) (0.03) (0.29) Net realized and unrealized gain (loss) on other — 0.01 0.02 — Total from operations 0.32 (0.16) 0.81 0.43 Distributions to common stockholders from (B)(C) Net investment income (0.24) (0.15) (0.68) (0.55) Return of capital — (0.05) — (0.05) Total distributions (0.24) (0.20) (0.68) (0.60) Capital share transactions (B) Anti-dilutive effect of common stock issuance (D) 0.01 — 0.08 — Total capital share transactions 0.01 — 0.08 — Other, net (0.01) (0.01) (0.02) 0.01 Net asset value at end of period (A) $ 9.27 $ 9.12 $ 9.27 $ 9.12 Per common share market value at beginning of period $ 9.40 $ 11.79 $ 8.49 $ 11.30 Per common share market value at end of period 9.76 10.09 9.76 10.09 Total return (E) 6.45 % (12.84) % 23.16 % (5.91) % Common stock outstanding at end of period (A) 38,600,686 34,304,371 38,600,686 34,304,371 Statement of Assets and Liabilities Data: Net assets at end of period $ 357,946 $ 312,921 $ 357,946 $ 312,921 Average net assets (F) 351,454 322,048 338,703 322,610 Senior Securities Data: Borrowings under line of credit, at cost 163,800 80,000 163,800 80,000 Notes payable 200,000 200,000 200,000 200,000 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (G)(H) 12.69 % 8.49 % 12.85 % 9.26 % Ratio of net investment income to average net assets – annualized (I) 13.29 % 8.63 % 11.82 % 10.25 % (A) Based on actual shares outstanding at the end of the corresponding period. (B) Based on weighted average basic per share data. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. (D) During the three and nine months ended June 30, 2023, the anti-dilution was a result of issuing common shares during the period at a price above the then current NAV per share. (E) Total return equals the change in the ending market value of our common stock from the beginning of the fiscal year, taking into account distributions reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, refer to Note 9— Distributions to Common Stockholders . (F) Computed using the average of the balance of net assets at the end of each month of the reporting period. (G) Ratio of net expenses to average net assets is computed using total expenses, net of credits from the Adviser, to the base management, loan servicing and incentive fees. (H) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net expenses to average net assets would have been 17.30% and 16.42% for the three and nine months ended June 30, 2023, respectively, and 12.49% and 12.68% for the three and nine months ended June 30, 2022, respectively. (I) Had we not received any non-contractual, unconditional and irrevocable credits of fees from the Adviser, the ratio of net investment income to average net assets would have been 8.77% and 8.32% for the three and nine months ended June 30, 2023, respectively, and 4.69% and 6.88% for the three and nine months ended June 30, 2022, respectively. |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | On July 11, 2023, our Board of Directors declared the following distributions to common and preferred stockholders: Record Date Payment Date Distribution per Common Share July 21, 2023 July 31, 2023 $ 0.0825 August 23, 2023 August 31, 2023 0.0825 September 7, 2023 September 15, 2023 (A) 0.0200 September 21, 2023 September 29, 2023 0.0825 Total for the Quarter: $ 0.2675 Record Date Payment Date Distribution per Series A Preferred Stock (B) July 27, 2023 August 4, 2023 $ 0.130208 August 28, 2023 September 6, 2023 0.130208 September 27, 2023 October 5, 2023 0.130208 Total for the Quarter: $ 0.390624 (A) Represents a supplemental distribution to common stockholders. |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Millions | 9 Months Ended |
Jun. 30, 2023 USD ($) | |
Minimum | |
Summary of Investment Holdings [Line Items] | |
Earnings before interest, taxes, depreciation and amortization | $ 3 |
Maximum | |
Summary of Investment Holdings [Line Items] | |
Earnings before interest, taxes, depreciation and amortization | $ 15 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 USD ($) loan investment | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan investment | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) investment loan | |
Summary of Investment Holdings [Line Items] | |||||
Cost | $ 735,182,000 | $ 735,182,000 | $ 656,053,000 | ||
Fair Value | 715,324,000 | 715,324,000 | 649,615,000 | ||
Total interest income (excluding PIK interest income) | 20,971,000 | $ 11,948,000 | 57,143,000 | $ 35,725,000 | |
PIK interest income | 845,000 | 645,000 | 2,618,000 | 2,696,000 | |
OID | |||||
Summary of Investment Holdings [Line Items] | |||||
Fair Value | $ 800,000 | $ 800,000 | $ 900,000 | ||
Number of loans | loan | 4 | 4 | 4 | ||
Total interest income (excluding PIK interest income) | $ 49,000 | 46,000 | $ 200,000 | 200,000 | |
PIK | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of investments | investment | 8 | 8 | 6 | ||
Proceeds from interest received | $ 0 | $ 0 | $ 400,000 | $ 2,400,000 | |
Edge Adhesives Holdings, Inc. | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | $ 6,100,000 | $ 6,100,000 | $ 0 | ||
Cost percentage | 0.90% | 0.90% | |||
Fair Value | $ 2,800,000 | $ 2,800,000 | $ 0 | ||
Fair value percentage | 0.40% | 0.40% |
INVESTMENTS - Fair Value, Asset
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 715,131 | $ 643,218 |
Leeds Acquisition Holdings, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 200 | 6,400 |
Funko Acquisition Holdings, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31,000 | 58 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31 | 58 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 715,100 | 643,160 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 715,100 | 643,160 |
Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 642,623 | 568,356 |
Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 42,023 | 39,091 |
Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 30,454 | 35,713 |
Secured first lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 533,237 | 463,858 |
Secured first lien debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured first lien debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 533,237 | 463,858 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 481,679 | 413,631 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 35,493 | 34,804 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 16,065 | 15,423 |
Secured second lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 120,036 | 115,928 |
Secured second lien debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 120,036 | 115,928 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 112,611 | 108,263 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 7,425 | 7,665 |
Unsecured debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 32 | 55 |
Unsecured debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Unsecured debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Unsecured debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 32 | 55 |
Unsecured debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 32 | 55 |
Preferred equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 27,991 | 27,046 |
Preferred equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 27,991 | 27,046 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 21,726 | 17,719 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 5,124 | 3,640 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 1,141 | 5,687 |
Common equity/equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 33,835 | 36,331 |
Common equity/equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Common equity/equivalents | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31 | 58 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 33,804 | 36,273 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 26,575 | 28,688 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 1,406 | 647 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 5,823 | $ 6,938 |
INVESTMENTS - Fair Value Measur
INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 715,324 | $ 649,615 |
Leeds Acquisition Holdings, LLC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 200 | 6,400 |
Funko Acquisition Holdings, LLC | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 31,000 | 58 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 715,100 | 643,160 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured first lien debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 492,379 | 423,912 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured second lien debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 102,328 | $ 97,472 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured first lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.117 | 0.080 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured first lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.370 | 0.295 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured first lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.143 | 0.118 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured second lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.117 | 0.115 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured second lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.155 | 0.154 |
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured second lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.142 | 0.138 |
Significant Unobservable Inputs (Level 3) | TEV | Secured first lien debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 40,858 | $ 39,946 |
Significant Unobservable Inputs (Level 3) | TEV | Secured second lien debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 7,425 | 7,665 |
Significant Unobservable Inputs (Level 3) | TEV | Unsecured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 32 | 55 |
Significant Unobservable Inputs (Level 3) | TEV | Preferred and common equity / equivalents | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 61,795 | $ 63,319 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured first lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 4.7 | 4.8 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured first lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 5.9 | 6.7 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured first lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 5.8 | 6.2 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured second lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 5.5 | 5.6 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured second lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 5.5 | 5.6 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Secured second lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 5.5 | 5.6 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Preferred and common equity / equivalents | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 4.3 | 4.1 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Preferred and common equity / equivalents | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 12.9 | 11 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA multiple | Preferred and common equity / equivalents | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 6.7 | 6.5 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured first lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 960 | $ 800 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured first lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 14,121 | 10,257 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured first lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 13,605 | 7,605 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured second lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 3,441 | 3,299 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured second lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 3,441 | 3,299 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Secured second lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 3,441 | 3,299 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Preferred and common equity / equivalents | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 960 | 800 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Preferred and common equity / equivalents | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 108,146 | 74,512 |
Significant Unobservable Inputs (Level 3) | TEV | EBITDA | Preferred and common equity / equivalents | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 10,410 | $ 11,742 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Secured first lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.3 | 0.3 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Secured first lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.8 | 0.6 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Secured first lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.6 | 0.5 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Unsecured debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 1.3 | 0.3 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Unsecured debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 1.3 | 1.3 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Unsecured debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 1.3 | 1 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Preferred and common equity / equivalents | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.3 | 0.3 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Preferred and common equity / equivalents | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 3 | 4.4 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue multiple | Preferred and common equity / equivalents | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 1.2 | 1.4 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Secured first lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 15,375 | $ 11,514 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Secured first lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 16,322 | 16,320 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Secured first lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 15,922 | 14,656 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Unsecured debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 5,270 | 764 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Unsecured debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 5,270 | 11,514 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Unsecured debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 5,270 | 4,249 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Preferred and common equity / equivalents | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 3,447 | 764 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Preferred and common equity / equivalents | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 16,322 | 42,926 |
Significant Unobservable Inputs (Level 3) | TEV | Revenue | Preferred and common equity / equivalents | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | 14,798 | 19,963 |
Significant Unobservable Inputs (Level 3) | Market Quote | Secured second lien debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments owned, fair value | $ 10,283 | $ 10,791 |
Significant Unobservable Inputs (Level 3) | Market Quote | IBP | Secured second lien debt | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.660 | 0.820 |
Significant Unobservable Inputs (Level 3) | Market Quote | IBP | Secured second lien debt | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.993 | 0.950 |
Significant Unobservable Inputs (Level 3) | Market Quote | IBP | Secured second lien debt | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value, measurement input | 0.824 | 0.865 |
INVESTMENTS - Fair Value, Ass_2
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 676,163 | $ 532,663 | $ 643,160 | $ 551,047 |
New investments, repayments and settlements: | ||||
Issuances/originations | 71,442 | 67,885 | 148,447 | 192,069 |
Settlements/repayments | (29,086) | (7,572) | (63,977) | (137,491) |
Net proceeds from sales | (3,700) | 1,339 | (12,332) | (15,714) |
Transfers | 0 | 0 | 0 | 0 |
Ending balance | 715,100 | 580,900 | 715,100 | 580,900 |
Total | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 2,911 | (8,496) | 8,214 | 5,380 |
Total | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 1,306 | (19,115) | 214 | (13,212) |
Reversal of prior period net depreciation (appreciation) on realization | (3,936) | 14,196 | (8,626) | (1,179) |
Secured first lien debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 498,947 | 377,902 | 463,858 | 337,394 |
New investments, repayments and settlements: | ||||
Issuances/originations | 65,707 | 64,578 | 135,567 | 151,401 |
Settlements/repayments | (29,022) | (6,509) | (61,406) | (56,856) |
Net proceeds from sales | 0 | 1,339 | 0 | 1,339 |
Transfers | 0 | (6,750) | 0 | (6,750) |
Ending balance | 533,237 | 433,106 | 533,237 | 433,106 |
Secured first lien debt | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 0 | (8,471) | (107) | (8,471) |
Secured first lien debt | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | (2,195) | (3,182) | (4,685) | 1,230 |
Reversal of prior period net depreciation (appreciation) on realization | (200) | 14,199 | 10 | 13,819 |
Secured second lien debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 117,438 | 85,498 | 115,928 | 135,956 |
New investments, repayments and settlements: | ||||
Issuances/originations | 2,061 | 167 | 6,303 | 30,503 |
Settlements/repayments | (64) | (813) | (2,571) | (80,385) |
Net proceeds from sales | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 |
Ending balance | 120,036 | 83,846 | 120,036 | 83,846 |
Secured second lien debt | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 0 | 0 | 0 | 0 |
Secured second lien debt | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 601 | (1,006) | 376 | (627) |
Reversal of prior period net depreciation (appreciation) on realization | 0 | 0 | 0 | (1,601) |
Unsecured debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 36 | 64 | 55 | 10 |
New investments, repayments and settlements: | ||||
Issuances/originations | 0 | 0 | 0 | 25 |
Settlements/repayments | 0 | 0 | 0 | 0 |
Net proceeds from sales | 0 | 0 | 0 | 0 |
Transfers | 0 | 0 | 0 | 0 |
Ending balance | 32 | 59 | 32 | 59 |
Unsecured debt | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 0 | (25) | (95) | (25) |
Unsecured debt | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | (4) | (5) | (23) | 24 |
Reversal of prior period net depreciation (appreciation) on realization | 0 | 25 | 95 | 25 |
Preferred Equity | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 28,298 | 27,935 | 27,046 | 29,246 |
New investments, repayments and settlements: | ||||
Issuances/originations | 1,674 | 3,140 | 2,045 | 6,640 |
Settlements/repayments | 0 | (250) | 0 | (250) |
Net proceeds from sales | 0 | 0 | (654) | (1,321) |
Transfers | 0 | 0 | 0 | 0 |
Ending balance | 27,991 | 25,315 | 27,991 | 25,315 |
Preferred Equity | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | (789) | 0 | (279) | 0 |
Preferred Equity | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | (1,718) | (5,482) | (693) | (4,691) |
Reversal of prior period net depreciation (appreciation) on realization | 526 | (28) | 526 | (4,309) |
Common Equity/ Equivalents | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 31,444 | 41,264 | 36,273 | 48,441 |
New investments, repayments and settlements: | ||||
Issuances/originations | 2,000 | 0 | 4,532 | 3,500 |
Settlements/repayments | 0 | 0 | 0 | 0 |
Net proceeds from sales | (3,700) | 0 | (11,678) | (15,732) |
Transfers | 0 | 6,750 | 0 | 6,750 |
Ending balance | 33,804 | 38,574 | 33,804 | 38,574 |
Common Equity/ Equivalents | Debt and Equity Securities, Realized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 3,700 | 0 | 8,695 | 13,876 |
Common Equity/ Equivalents | Debt and Equity Securities, Unrealized Gain (Loss) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gain (loss) | 4,622 | (9,440) | 5,239 | (9,148) |
Reversal of prior period net depreciation (appreciation) on realization | $ (4,262) | $ 0 | $ (9,257) | $ (9,113) |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 USD ($) state industry investment portfolioCompany | May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) state industry investment portfolioCompany | Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) investment | |
Summary of Investment Holdings [Line Items] | ||||||||||||
Number of proprietary investments | investment | 47 | 47 | 46 | |||||||||
Investments owned, fair value | $ 715,324,000 | $ 715,324,000 | $ 649,615,000 | |||||||||
Purchase of investments | 148,084,000 | $ 188,851,000 | ||||||||||
Line of credit commitment | 63,908,000 | 74,846,000 | ||||||||||
Cost | $ 735,182,000 | $ 735,182,000 | 656,053,000 | |||||||||
Number of investment portfolio company | portfolioCompany | 52 | 52 | ||||||||||
Number of states which have invested in the company location | state | 24 | 24 | ||||||||||
Number of industries that have made investments | industry | 12 | 12 | ||||||||||
Weighted average investment owned, at cost, amount | $ 14,100,000 | $ 14,100,000 | 12,600,000 | |||||||||
Uncollectible receivables allowance, minimum required day for uncollectible adjustment | 90 days | |||||||||||
Gross receivables from portfolio companies | 900,000 | $ 900,000 | 500,000 | |||||||||
Allowance for uncollectible receivables | 0 | 0 | 0 | |||||||||
Leeds Novamark Capital I, L.P | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Investments owned, fair value | 200,000 | 200,000 | ||||||||||
Proceeds from equity | $ 6,000,000 | |||||||||||
Realized investment gains | $ 4,400,000 | |||||||||||
R2i Holdings, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Net proceeds from the sale of investments | $ 19,200,000 | |||||||||||
NeoGraf Solutions, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 29,000,000 | |||||||||||
Line of credit commitment | $ 4,500,000 | |||||||||||
Salt & Straw, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 6,300,000 | |||||||||||
Leadpoint Business Services, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 13,500,000 | |||||||||||
Line of credit commitment | $ 5,500,000 | |||||||||||
Funded line of credit | $ 5,500,000 | |||||||||||
Technical Resource Management, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 25,000,000 | |||||||||||
Line of credit commitment | 3,000,000 | |||||||||||
Investment company, delayed draw term loan commitment | 2,500,000 | |||||||||||
HH-Inspire Acquisition, Inc. | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 3,400,000 | 16,800,000 | ||||||||||
Cost | 35,500,000 | |||||||||||
Investment company, prepayment fee | 200,000 | |||||||||||
OCI, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | $ 22,000,000 | |||||||||||
PIC 360, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Investments owned, fair value | 300,000 | $ 300,000 | ||||||||||
Realized investment gains | 3,700,000 | |||||||||||
Trowbridge Chicago, LLC | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Purchase of investments | 6,500,000 | |||||||||||
Line of credit commitment | 2,000,000 | |||||||||||
Investment company, delayed draw term loan commitment | 5,300,000 | |||||||||||
Targus Cayman HoldCo Ltd. | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Realized investment gains | $ 5,900,000 | |||||||||||
Net proceeds from the sale of investments | 8,000,000 | |||||||||||
B. Riley Financial, Inc. – Term Debt | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Net proceeds from the sale of investments | $ 2,400,000 | |||||||||||
Cost | $ 2,400,000 | |||||||||||
Investment, interest rate, paid in cash | 6.75% | 6.75% | 6.75% | |||||||||
Principal or Proprietary Transactions | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Investments owned, fair value | $ 704,900,000 | $ 704,900,000 | 630,800,000 | |||||||||
Uncalled capital commitment | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Line of credit commitment | $ 843,000 | $ 843,000 | ||||||||||
Uncalled capital commitment | HH-Inspire Acquisition, Inc. | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Line of credit commitment | $ 1,800,000 | |||||||||||
Syndicated Investments | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Number of proprietary investments | investment | 5 | 5 | 6 | |||||||||
Investments owned, fair value | $ 10,400,000 | $ 10,400,000 | $ 18,800,000 | |||||||||
Investment Portfolio Benchmark | Investment Type Concentration Risk | Principal or Proprietary Transactions | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Concentration risk, percentage | 98.50% | 97.10% | ||||||||||
Investment Portfolio Benchmark | Investment Type Concentration Risk | Syndicated Investments | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Concentration risk, percentage | 1.50% | 2.90% | ||||||||||
Investment Portfolio Benchmark | Customer Concentration Risk | Five Largest Portfolio Investments | ||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||
Investments owned, fair value | $ 172,000,000 | $ 172,000,000 | $ 174,500,000 | |||||||||
Concentration risk, percentage | 24% | 26.90% |
INVESTMENTS - Summary Investmen
INVESTMENTS - Summary Investment Holdings (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Sep. 30, 2022 | |
Summary of Investment Holdings [Line Items] | ||
Cost | $ 735,182 | $ 656,053 |
Fair Value | $ 715,324 | $ 649,615 |
Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
Investment Owned, At Fair Value | Geographic Regions Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 100% | 100% |
South | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 290,432 | $ 326,524 |
South | Investment Owned, At Fair Value | Geographic Regions Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 40.60% | 50.30% |
West | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 220,602 | $ 169,415 |
West | Investment Owned, At Fair Value | Geographic Regions Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 30.80% | 26.10% |
Midwest | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 146,324 | $ 118,191 |
Midwest | Investment Owned, At Fair Value | Geographic Regions Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 20.50% | 18.20% |
Northeast | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 57,966 | $ 35,485 |
Northeast | Investment Owned, At Fair Value | Geographic Regions Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 8.10% | 5.40% |
Diversified/Conglomerate Service | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 164,261 | $ 148,907 |
Diversified/Conglomerate Service | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 23% | 22.90% |
Diversified/Conglomerate Manufacturing | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 160,904 | $ 114,105 |
Diversified/Conglomerate Manufacturing | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 22.50% | 17.60% |
Healthcare, Education, and Childcare | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 145,011 | $ 136,401 |
Healthcare, Education, and Childcare | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 20.30% | 21% |
Aerospace and Defense | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 87,932 | $ 88,649 |
Aerospace and Defense | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 12.30% | 13.60% |
Beverage, Food, and Tobacco | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 74,641 | $ 64,283 |
Beverage, Food, and Tobacco | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 10.40% | 9.90% |
Oil and Gas | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 26,887 | $ 25,373 |
Oil and Gas | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 3.80% | 3.90% |
Automobile | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 22,191 | $ 20,144 |
Automobile | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 3.10% | 3.10% |
Personal and Non-Durable Consumer Products | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 14,742 | $ 18,583 |
Personal and Non-Durable Consumer Products | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 2.10% | 2.90% |
Machinery | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 6,676 | $ 9,562 |
Machinery | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0.90% | 1.50% |
Telecommunications | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 5,976 | $ 10,088 |
Telecommunications | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0.80% | 1.60% |
Textiles and Leather | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 0 | $ 7,978 |
Textiles and Leather | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0% | 1.20% |
Other | ||
Summary of Investment Holdings [Line Items] | ||
Fair Value | $ 6,103 | $ 5,542 |
Other | Investment Owned, At Fair Value | Industry Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0.80% | 0.80% |
Debt Securities | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 672,739 | $ 595,048 |
Fair Value | $ 653,305 | $ 579,841 |
Debt Securities | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 91.50% | 90.70% |
Debt Securities | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 91.30% | 89.20% |
Secured first lien debt | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 549,860 | $ 475,806 |
Fair Value | $ 533,237 | $ 463,858 |
Secured first lien debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 74.80% | 72.50% |
Secured first lien debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 74.50% | 71.40% |
Secured second lien debt | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 122,681 | $ 118,949 |
Fair Value | $ 120,036 | $ 115,928 |
Secured second lien debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 16.70% | 18.20% |
Secured second lien debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 16.80% | 17.80% |
Unsecured debt | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 198 | $ 293 |
Fair Value | $ 32 | $ 55 |
Unsecured debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0% | 0% |
Unsecured debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 0% | 0% |
Equity Securities | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 62,443 | $ 61,005 |
Fair Value | $ 62,019 | $ 69,774 |
Equity Securities | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 8.50% | 9.30% |
Equity Securities | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 8.70% | 10.80% |
Preferred Equity | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 35,617 | $ 34,505 |
Fair Value | $ 27,991 | $ 27,046 |
Preferred Equity | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 4.80% | 5.30% |
Preferred Equity | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 3.90% | 4.20% |
Common Equity/ Equivalents | ||
Summary of Investment Holdings [Line Items] | ||
Cost | $ 26,826 | $ 26,500 |
Fair Value | $ 34,028 | $ 42,728 |
Common Equity/ Equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 3.70% | 4% |
Common Equity/ Equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Summary of Investment Holdings [Line Items] | ||
Concentration risk, percentage | 4.80% | 6.60% |
INVESTMENTS - Investments Class
INVESTMENTS - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Sep. 30, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
2023 | $ 4,806 | |
2024 | 28,818 | |
2025 | 86,790 | |
2026 | 160,943 | |
2027 | 241,385 | |
Thereafter | 151,330 | |
Total contractual repayments | 674,072 | |
Adjustments to cost basis of debt investments | (1,333) | |
Investments in equity securities | 62,443 | |
Investment owned, at cost | 735,182 | $ 656,053 |
Debt investments with maturity dates prior to period end | $ 200 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||||||
Apr. 11, 2022 | May 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2023 | Apr. 11, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||||||||||||
Base management fee | 1.75% | 1.75% | 1.75% | 1.75% | ||||||||
Base management fee, percent fee | 100% | |||||||||||
Management and service fee, net of credit | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||
Management and service fees, loans | 1.50% | |||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 2.1875% | 8.77% | 4.69% | 8.32% | 6.88% | 2.50% | 2.4375% | |||||
Incentive fee base on minimum rate of return required on investment | $ 0 | |||||||||||
Percentage of pre-incentive fee net investment income is less than the hurdle rate | 100% | |||||||||||
Investment company, pre-incentive fee net investment income, percent threshold of net assets | 2.1875% | 2.50% | 2.4375% | |||||||||
Pre-incentive fee net investment income exceeds the hurdle rate | 20% | |||||||||||
Investment company, investment income (loss) ratio, before incentive allocation, annualized | 8.75% | 10% | 9.75% | |||||||||
Investment company, capital gains-based incentive fees | 20% | 20% | ||||||||||
Success fee income | $ 335,000 | $ 0 | $ 935,000 | $ 4,794,000 | ||||||||
Investment company, other operating expenses, due to advisor | 63,000 | 63,000 | $ 44,000 | |||||||||
Series A Preferred Stock | Dealer Manager Agreement | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Preferred stock, shares authorized (in shares) | 6,000,000 | |||||||||||
Preferred stock, dividend rate, percentage | 6.25% | |||||||||||
Related Party | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Success fee income | 500,000 | $ 200,000 | 800,000 | $ 800,000 | ||||||||
Fees due to related party | 3,209,000 | 3,209,000 | 2,527,000 | |||||||||
Related Party | Gladstone Investment Corporation | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Fees due to related party | $ 0 | $ 0 | $ 13,000 | |||||||||
Adviser | Related Party | Chief Executive Officer | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||||||||
Administrator | Related Party | Chief Executive Officer | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||||||||
Gladstone Securities, LLC | Related Party | Chief Executive Officer | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||||||||
Maximum | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Base management fee | 1.75% | |||||||||||
Minimum | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.75% | 2% |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Related Party Transactions [Abstract] | |||||
Base management fee | 1.75% | 1.75% | 1.75% | 1.75% | |
Average total assets subject to base management fee | $ 709,943 | $ 571,657 | $ 672,990 | $ 571,429 | |
Multiplied by prorated annual base management fee of 1.75% | 0.4375% | 0.4375% | 1.3125% | 1.3125% | |
Base management fee | [1] | $ 3,106 | $ 2,501 | $ 8,833 | $ 7,500 |
Portfolio company fee credit | (1,894) | (1,099) | (2,987) | (3,027) | |
Syndicated loan fee credit | (32) | (35) | (95) | (136) | |
Net Base Management Fee | 1,180 | 1,367 | 5,751 | 4,337 | |
Loan servicing fee | [1] | 2,069 | 1,614 | 5,866 | 4,596 |
Credits to base management fee – loan servicing fee | (2,069) | (1,614) | (5,866) | (4,596) | |
Net Loan Servicing Fee | 0 | 0 | 0 | 0 | |
Incentive fee | [1] | 2,919 | 1,579 | 7,508 | 5,641 |
Incentive fee credit | 0 | (437) | 0 | (437) | |
Net Incentive Fee | 2,919 | 1,142 | 7,508 | 5,204 | |
Credit to Fees From Adviser - other | $ (1,926) | $ (1,571) | $ (3,082) | $ (3,600) | |
[1] Refer to Note 4— Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Fees Due (Details) - Related Party - USD ($) $ in Thousands | Jun. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Fees due to related party | $ 3,209 | $ 2,527 | |
Adviser | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | [1] | 2,513 | 2,104 |
Administrator | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | [1] | 696 | 423 |
Base management fee due to Adviser | |||
Related Party Transaction [Line Items] | |||
Base management fee due to Adviser | (890) | (189) | |
Loan servicing fee due to Adviser | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | 484 | 423 | |
Incentive fee due to Adviser | |||
Related Party Transaction [Line Items] | |||
Fees due to related party | $ 2,919 | $ 1,870 | |
[1] Refer to Note 4— Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
BORROWINGS - Revolving Credit F
BORROWINGS - Revolving Credit Facility Narrative (Details) - Credit Facility - Line of Credit | 9 Months Ended | 12 Months Ended | |||||||||
Jun. 16, 2023 USD ($) | Sep. 12, 2022 | May 13, 2022 USD ($) | Jun. 30, 2023 USD ($) obligor | Sep. 30, 2022 USD ($) | Jun. 15, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 30, 2022 USD ($) | Sep. 20, 2022 USD ($) | Sep. 19, 2022 USD ($) | May 12, 2022 USD ($) | |
Revolving Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 175,000,000 | $ 223,659,000 | $ 225,000,000 | $ 205,000,000 | |||||||
Unused fee percentage | 0.35% | 0.35% | 0.50% | ||||||||
Average unused fee percentage | 35% | ||||||||||
Debt instrument, fee | $ 1,100,000 | ||||||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock | $ 325,000,000 | ||||||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised | 50% | ||||||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, minus percent of any equity or subordinated debt redeemed or retired | 50% | ||||||||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised, minus percent of any equity or subordinated debt redeemed or retired | $ 355,800,000 | ||||||||||
Senior security, indebtedness, asset coverage amount | $ 554,300,000 | ||||||||||
Indebtedness asset coverage on our senior securities | 195.80% | ||||||||||
Investment company, number of obligor | obligor | 37 | ||||||||||
Revolving Line of Credit | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, variable rate floor | 0.35% | ||||||||||
Revolving Line of Credit | LIBOR, Tranche One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.70% | ||||||||||
Revolving Line of Credit | LIBOR, Thereafter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.25% | ||||||||||
Revolving Line of Credit | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.10% | 2.81% | |||||||||
Revolving Line of Credit - Amendment No. 1 | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.11% | ||||||||||
Revolving Line of Credit - Amendment No. 2 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | $ 175,000,000 | |||||||||
Line of credit facility, increase in borrowing capacity | $ 50,000,000 | ||||||||||
Revolving Line of Credit - Amendment No. 3 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 245,000,000 | $ 225,000,000 | |||||||||
Line of credit facility, increase in borrowing capacity | $ 20,000,000 | ||||||||||
Revolving Line of Credit - Amendment No. 4 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 223,700,000 | $ 245,000,000 | |||||||||
Debt instrument, fee | $ 1,200,000 | ||||||||||
Revolving Line of Credit - Amendment No. 4 | SOFR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||||||
Revolving Line of Credit - Amendment No. 4 | SOFR, Tranche One | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3% | ||||||||||
Revolving Line of Credit - Amendment No. 4 | SOFR, Thereafter | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.50% |
BORROWINGS - Schedule of Line o
BORROWINGS - Schedule of Line of Credit Facilities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | May 13, 2022 | May 12, 2022 | ||
Debt Instrument [Line Items] | ||||||||
Line of credit outstanding, at cost | $ 163,800,000 | $ 163,800,000 | $ 141,800,000 | |||||
Availability | [1],[2],[3],[4],[5] | 4,000,000 | ||||||
Credit Facility | Revolving Line of Credit | Line of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment amount | 223,659,000 | 223,659,000 | 225,000,000 | $ 175,000,000 | $ 205,000,000 | |||
Line of credit outstanding, at cost | 163,800,000 | 163,800,000 | 141,800,000 | |||||
Availability | 53,535,000 | 53,535,000 | $ 60,068,000 | |||||
Weighted average borrowings outstanding, at cost | $ 154,265,000 | $ 49,053,000 | $ 136,373,000 | $ 41,469,000 | ||||
Weighted average interest rate | 8.20% | 6.20% | 7.70% | 6.40% | ||||
Commitment (unused) fees incurred | $ 105,000 | $ 299,000 | $ 446,000 | $ 978,000 | ||||
[1] Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed in this schedule are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $577.6 million at fair value, are pledged as collateral under our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, our investments in Leeds Novamark Capital I, L.P. (“Leeds”) and Funko Acquisition Holdings, LLC (“Funko”) are considered non-qualifying assets under Section 55 of the 1940 Act. Such non-qualifying assets represent 1.0% of total investments, at fair value, as of September 30, 2022. |
BORROWINGS - Fair Value Narrati
BORROWINGS - Fair Value Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
May 13, 2022 | Jun. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | |||
Fair Value | $ 715,324 | $ 649,615 | |
Collateral Pledged | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 649,200 | $ 577,600 | |
Credit Facility | Line of Credit | Revolving Line of Credit | |||
Debt Instrument [Line Items] | |||
Unused fee percentage | 0.35% | 0.35% | 0.50% |
Credit Facility | Line of Credit | Revolving Line of Credit | SOFR | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.10% | 2.81% |
BORROWINGS - Fair Value, Liabil
BORROWINGS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | |||||
Credit Facility | $ 163,800 | $ 163,800 | $ 141,800 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | |||||
Debt Instrument [Line Items] | |||||
Credit Facility | 163,800 | 163,800 | $ 141,800 | ||
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | Long-Term Debt | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||
Beginning balance | 152,439 | $ 17,400 | 141,800 | $ 50,500 | |
Borrowings | 22,600 | 74,000 | 123,000 | 235,500 | |
Repayments | (11,400) | (11,400) | (101,000) | (206,000) | |
Net unrealized depreciation | 161 | 0 | 0 | 0 | |
Ending balance | $ 163,800 | $ 80,000 | $ 163,800 | $ 80,000 |
BORROWINGS - Notes Payable Narr
BORROWINGS - Notes Payable Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||||
Nov. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | Nov. 04, 2021 | Nov. 01, 2021 | |
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 200,000,000 | $ 200,000,000 | |||||||
Proceeds from issuance of notes payable | 0 | $ 50,000,000 | |||||||
Interest payable | 4,307,000 | $ 2,517,000 | |||||||
Notes Payable | 3.75% Notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 50,000,000 | ||||||||
Interest rate | 3.75% | 3.75% | |||||||
Proceeds from issuance of notes payable | $ 48,500,000 | ||||||||
Interest payable | $ 1,900,000 | ||||||||
Notes payable, fair value disclosure | 44,900,000 | ||||||||
Notes Payable | 5.125% Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 50,000,000 | $ 100,000,000 | |||||||
Interest rate | 5.125% | ||||||||
Proceeds from issuance of notes payable | $ 50,600,000 | $ 97,700,000 | |||||||
Interest payable | $ 7,700,000 | ||||||||
Notes payable, fair value disclosure | $ 144,000,000 | ||||||||
Notes Payable | 5.375% Notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 38,800,000 | $ 38,800,000 | |||||||
Interest rate | 5.375% | ||||||||
Proceeds from issuance of notes payable | $ 37,500,000 |
CUMULATIVE REDEEMABLE PREFERR_2
CUMULATIVE REDEEMABLE PREFERRED STOCK OFFERING (Details) - Dealer Manager Agreement - Series A Preferred Stock - $ / shares | 1 Months Ended | 9 Months Ended |
May 31, 2023 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||
Preferred stock, shares authorized (in shares) | 6,000,000 | |
Preferred stock, dividend rate, percentage | 6.25% | |
Preferred stock, par or stated value per share (in USD per share) | $ 0.001 | |
Sale of stock, price (in USD per share) | $ 25 | |
Sale of stock, number of shares issued in transaction (in shares) | 0 | |
Sale commission percentage | 7% | |
Dealer manager fees percentage | 3% |
REGISTRATION STATEMENT AND CO_2
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2023 | Aug. 31, 2022 | |
Government Assistance [Line Items] | ||
Sale of stock, aggregate value of securities authorized | $ 300,000,000 | |
Sale of stock, remaining capacity of aggregate value of securities authorized | $ 257,200,000 | |
Common Stock At-the-Market Offerings | ||
Government Assistance [Line Items] | ||
Sale of stock, aggregate offering price authorized | $ 60,000,000 | |
Sale of stock, number of shares issued in transaction (in shares) | 3,865,890 | |
Sale of stock, price (in USD per share) | $ 9.90 | |
Sale of stock, gross proceeds from transaction | $ 38,300,000 | |
Sale of stock, consideration received on transaction | 37,600,000 | |
Sale of stock, remaining capacity of authorized offering price | $ 9,500,000 |
NET INCREASE IN NET ASSETS RE_3
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED AVERAGE COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Numerator: basic and diluted net increase (decrease) in net assets resulting from operations per common share | $ 11,884 | $ (5,599) | $ 29,568 | $ 14,807 |
Denominator: basic weighted average common share (in shares) | 37,680,465 | 34,304,371 | 36,492,168 | 34,304,371 |
Denominator: diluted weighted average common share (in shares) | 37,680,465 | 34,304,371 | 36,492,168 | 34,304,371 |
Basic net increase (decrease) in net assets resulting from operations (in USD per share) | $ 0.32 | $ (0.16) | $ 0.81 | $ 0.43 |
Diluted net increase (decrease) in net assets resulting from operations (in USD per share) | $ 0.32 | $ (0.16) | $ 0.81 | $ 0.43 |
DISTRIBUTIONS TO COMMON STOCK_3
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 | [1] | Jun. 30, 2022 | [1] | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||||
Investment company, cash distributions paid to common stockholders from ordinary income | 93.20% | 100% | |||||||
Investment company, cash distributions paid to common stockholders from capital gains | 6.80% | ||||||||
Cash distributions to common stockholders | $ 24,700 | $ 20,300 | |||||||
Tax return of capital distribution | $ 0 | $ 1,774 | $ 1,400 | ||||||
[1] Refer to Note 9 – Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
DISTRIBUTIONS TO COMMON STOCK_4
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Dividends Declared (Details) - $ / shares | 9 Months Ended | |||||||||||||||||||
Jun. 30, 2023 | May 31, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.0675 | $ 0.0675 | $ 0.0675 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.675 | $ 0.5925 |
DISTRIBUTIONS TO COMMON STOCK_5
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Adjustments for Book-tax Differences to Reflect Tax Character (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Sep. 30, 2022 | |
Undistributed net investment income | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Tax reclassification, increase (decrease) | $ 71 | $ (5,606) |
Accumulated net realized losses | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Tax reclassification, increase (decrease) | (71) | 7,013 |
Capital in excess of par value | ||
Investment Company, Changes in Net Assets [Line Items] | ||
Tax reclassification, increase (decrease) | $ 0 | $ (1,407) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Escrow holdbacks | $ 0.6 | $ 0.2 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Sep. 30, 2022 | |
Other Commitments [Line Items] | ||
Total | $ 63,908 | $ 74,846 |
Unused line of credit commitments | ||
Other Commitments [Line Items] | ||
Total | 35,076 | 36,225 |
Delayed draw term loans | ||
Other Commitments [Line Items] | ||
Total | 27,989 | 37,778 |
Uncalled capital commitment | ||
Other Commitments [Line Items] | ||
Total | $ 843 | $ 843 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||||||
Apr. 11, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Apr. 11, 2022 | Sep. 30, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | ||||||||||||
Net asset value at beginning of period (in USD per share) | $ 9.19 | $ 9.08 | $ 9.49 | $ 9.28 | $ 9.08 | $ 9.28 | ||||||
Income from operations | ||||||||||||
Net investment income (in USD per share) | 0.31 | 0.20 | 0.82 | 0.72 | ||||||||
Net realized and unrealized gain (loss) on investments (in USD per share) | 0.01 | (0.37) | (0.03) | (0.29) | ||||||||
Net realized and unrealized gain (loss) on other (in USD per share) | 0 | 0.01 | 0.02 | 0 | ||||||||
Total from operations (in USD per share) | 0.32 | (0.16) | 0.81 | 0.43 | ||||||||
Distributions to common stockholders from | ||||||||||||
Net investment income (in USD per share) | (0.24) | $ (0.23) | (0.21) | (0.15) | $ (0.20) | (0.20) | (0.68) | (0.55) | ||||
Return of capital (in USD per share) | 0 | (0.05) | 0 | (0.05) | ||||||||
Total distributions (in dollar per share) | (0.24) | (0.20) | (0.68) | (0.60) | ||||||||
Anti-dilutive effect of common stock issuance (in USD per share) | 0.01 | 0 | 0.08 | 0 | ||||||||
Total capital share transactions (in USD per share) | 0.01 | 0 | 0.08 | 0 | ||||||||
Other, net (in USD per share) | (0.01) | (0.01) | (0.02) | 0.01 | ||||||||
Net asset value at end of period (in USD per share) | 9.27 | 9.19 | 9.12 | 9.49 | 9.27 | 9.12 | $ 9.19 | |||||
Per common share market value at beginning of period (in USD per share) | 9.40 | $ 8.49 | 11.79 | $ 11.30 | 8.49 | 11.30 | ||||||
Per common share market value at end of period (in USD per share) | $ 9.76 | $ 9.40 | $ 10.09 | $ 11.79 | $ 9.76 | $ 10.09 | $ 9.40 | |||||
Total return | 6.45% | (12.84%) | 23.16% | (5.91%) | ||||||||
Common stock outstanding at end of period (in shares) | 38,600,686 | 34,304,371 | 38,600,686 | 34,304,371 | 34,734,796 | |||||||
Statement of Assets and Liabilities Data: | ||||||||||||
Net assets at end of period | $ 357,946 | $ 312,921 | $ 357,946 | $ 312,921 | ||||||||
Average net assets | 351,454 | 322,048 | 338,703 | 322,610 | ||||||||
Senior Securities Data: | ||||||||||||
Borrowings under line of credit, at cost | 163,800 | 80,000 | 163,800 | 80,000 | ||||||||
Notes payable | $ 200,000 | $ 200,000 | $ 200,000 | $ 200,000 | ||||||||
Ratios/Supplemental Data: | ||||||||||||
Ratio of net expenses to average net assets – annualized | 12.69% | 8.49% | 12.85% | 9.26% | ||||||||
Ratio of net investment income to average net assets – annualized | 13.29% | 8.63% | 11.82% | 10.25% | ||||||||
Ratio of expenses to average net assets - annualized | 17.30% | 12.49% | 16.42% | 12.68% | ||||||||
Ratio of net investment income (loss) to average net assets – annualized | 2.1875% | 8.77% | 4.69% | 8.32% | 6.88% | 2.50% | 2.4375% |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Jul. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | |||
Purchase of investments | $ 148,084 | $ 188,851 | |
Subsequent Event | Gray Matter Systems, LLC | |||
Subsequent Event [Line Items] | |||
Purchase of investments | $ 5,000 |
SUBSEQUENT EVENTS - Schedule of
SUBSEQUENT EVENTS - Schedule of Subsequent Events (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||
Oct. 05, 2023 | Sep. 29, 2023 | Sep. 15, 2023 | Sep. 06, 2023 | Aug. 31, 2023 | Aug. 04, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.0675 | $ 0.0675 | $ 0.0675 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.065 | $ 0.675 | $ 0.5925 | ||||||||
Subsequent Event | Forecast | ||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.0825 | $ 0.0200 | $ 0.0825 | $ 0.0825 | $ 0.2675 | |||||||||||||||||||||||
Preferred stock dividends paid (in USD per share) | $ 0.130208 | $ 0.130208 | $ 0.130208 | $ 0.390624 |