Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 49,815,875 | |
Amendment Flag | false | |
Entity Central Index Key | 0001259429 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 814-00638 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-0188736 | |
Entity Address, Address Line One | 8 SOUND SHORE DRIVE | |
Entity Address, Address Line Two | SUITE 255 | |
Entity Address, City or Town | GREENWICH | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06830 | |
City Area Code | (203) | |
Local Phone Number | 983-5275 | |
Entity Interactive Data Current | Yes | |
Common stock, par value $0.01 per share | ||
Document Information Line Items | ||
Trading Symbol | OXSQ | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ | |
6.50% Notes due 2024 | ||
Document Information Line Items | ||
Trading Symbol | OXSQL | |
Title of 12(b) Security | 6.50% Notes due 2024 | |
Security Exchange Name | NASDAQ | |
6.25% Notes due 2026 | ||
Document Information Line Items | ||
Trading Symbol | OXSQZ | |
Title of 12(b) Security | 6.25% Notes due 2026 | |
Security Exchange Name | NASDAQ | |
5.50% Notes due 2028 [Member] | ||
Document Information Line Items | ||
Trading Symbol | OXSQG | |
Title of 12(b) Security | 5.50% Notes due 2028 | |
Security Exchange Name | NASDAQ |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Non-affiliated/non-control investments (cost: $491,139,187 and $495,212,632, respectively) | $ 338,055,554 | $ 420,038,717 |
Affiliated investments (cost: $16,836,822 and $16,836,822, respectively) | 2,190,923 | 772,491 |
Cash and cash equivalents | 14,367,882 | 9,015,700 |
Interest and distributions receivable | 2,561,703 | 3,064,477 |
Other assets | 854,623 | 615,109 |
Total assets | 358,030,685 | 433,506,494 |
LIABILITIES | ||
Due to custodian | 1,848,201 | |
Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,408,729 | 1,688,712 |
Accrued interest payable | 1,216,109 | 1,216,109 |
Accrued expenses | 922,832 | 625,163 |
Total liabilities | 191,482,870 | 188,911,369 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
NET ASSETS | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 49,800,274 and 49,690,059 shares issued and outstanding, respectively | 498,002 | 496,900 |
Capital in excess of par value | 434,860,405 | 434,462,322 |
Total distributable earnings/(accumulated losses) | (268,810,592) | (190,364,097) |
Total net assets | 166,547,815 | 244,595,125 |
Total liabilities and net assets | $ 358,030,685 | $ 433,506,494 |
Net asset value per common share (in Dollars per share) | $ 3.34 | $ 4.92 |
Notes Payable five five zero [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 63,882,724 | $ 63,639,864 |
Notes Payable six two five [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | 43,955,215 | 43,780,826 |
Notes Payable six five zero [Member] | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 78,249,060 | $ 77,960,695 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Non-affiliated investments cost | $ 491,139,187 | $ 495,212,632 |
Affiliated investments cost | $ 16,836,822 | $ 16,836,822 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 49,800,274 | 49,800,274 |
Common stock, shares outstanding (in Shares) | 49,690,059 | 49,690,059 |
Notes Payable 6.50% [Member] | ||
Deferred issuance costs | $ 487,501 | $ 730,361 |
Notes Payable 6.25% [Member] | ||
Deferred issuance costs | 835,535 | 1,009,924 |
Notes Payable 5.50% [Member] | ||
Deferred issuance costs | $ 2,250,940 | $ 2,539,305 |
Schedule of Investments (Unaudi
Schedule of Investments (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
COST | $ 16,836,822 | $ 16,836,822 | |||
FAIR VALUE | 338,055,554 | 420,038,717 | |||
Beginning Balance of Fair Value | 772,491 | ||||
Ending Balance of Fair Value | 2,190,923 | 772,491 | |||
Common Stock [Member] | |||||
COST | 684,960 | 684,960 | |||
FAIR VALUE | [1] | ||||
% OF NET ASSETS | 0% | 0% | |||
Preferred Stock [Member] | |||||
COST | $ 16,151,862 | $ 16,151,862 | |||
FAIR VALUE | [1] | $ 2,190,923 | $ 772,491 | ||
% OF NET ASSETS | 1.30% | 0.30% | |||
Senior Secured Notes [Member] | |||||
COST | $ 292,342,521 | $ 290,534,567 | |||
FAIR VALUE | [1] | $ 230,331,641 | $ 264,455,176 | ||
% OF NET ASSETS | 138.30% | 108.10% | |||
Collateralized Loan Obligation – Equity Investments [Member] | |||||
COST | $ 198,796,666 | $ 204,678,065 | |||
FAIR VALUE | [1] | $ 107,723,913 | $ 155,583,541 | ||
% OF NET ASSETS | 64.70% | 63.60% | |||
Business Services [Member] | Senior Secured Notes [Member] | |||||
COST | $ 97,026,181 | $ 111,710,257 | |||
FAIR VALUE | [1] | $ 63,980,810 | $ 88,705,377 | ||
% OF NET ASSETS | 38.40% | 36.30% | |||
Diversified Insurance [Member] | Senior Secured Notes [Member] | |||||
COST | $ 14,876,226 | $ 25,613,797 | |||
FAIR VALUE | [1] | $ 14,676,752 | $ 25,904,888 | ||
% OF NET ASSETS | 8.80% | 10.60% | |||
Health Care [Member] | Senior Secured Notes [Member] | |||||
COST | $ 45,298,446 | ||||
FAIR VALUE | [1] | $ 39,431,174 | |||
% OF NET ASSETS | 23.70% | ||||
Plastics Manufacturing [Member] | Senior Secured Notes [Member] | |||||
COST | $ 12,301,815 | ||||
FAIR VALUE | [1] | $ 12,659,024 | |||
% OF NET ASSETS | 5.20% | ||||
Software [Member] | Senior Secured Notes [Member] | |||||
COST | $ 98,308,248 | $ 50,816,691 | |||
FAIR VALUE | [1] | $ 78,751,448 | $ 50,864,777 | ||
% OF NET ASSETS | 47.30% | 20.80% | |||
Utilities [Member] | Senior Secured Notes [Member] | |||||
COST | $ 7,662,272 | $ 7,664,823 | |||
FAIR VALUE | [1] | $ 7,095,375 | $ 7,535,250 | ||
% OF NET ASSETS | 4.30% | 3.10% | |||
Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
COST | $ 198,796,666 | $ 204,678,065 | |||
FAIR VALUE | [1] | $ 107,723,913 | $ 155,583,541 | ||
% OF NET ASSETS | 64.70% | 63.60% | |||
IT Consulting [Member] | Common Stock [Member] | |||||
COST | $ 684,960 | $ 684,960 | |||
FAIR VALUE | [1] | ||||
% OF NET ASSETS | 0% | 0% | |||
IT Consulting [Member] | Preferred Stock [Member] | |||||
COST | $ 16,151,862 | $ 16,151,862 | |||
FAIR VALUE | [1] | $ 2,190,923 | $ 772,491 | ||
% OF NET ASSETS | 1.30% | 0.30% | |||
CLO Equity Side Letter Related Investments [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
COST | [2],[3],[4],[5],[6] | $ 500,785 | |||
FAIR VALUE | [1],[2],[3],[4],[5],[6] | $ 1,785,011 | |||
Access CIG, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8] | Feb. 14, 2018 | [9],[10] | Feb. 14, 2018 | [11],[12] |
PRINCIPAL AMOUNT | [7],[8] | $ 16,754,000 | [9],[10] | $ 16,754,000 | [11],[12] |
COST | [7],[8] | 16,806,198 | [9],[10] | 16,818,779 | [11],[12] |
FAIR VALUE | [1],[7],[8] | $ 15,790,645 | [9],[10] | $ 16,696,366 | [11],[12] |
ConvergeOne Holdings, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[12],[13] | Jun. 04, 2021 | [9] | Jun. 04, 2021 | [11] |
PRINCIPAL AMOUNT | [7],[8],[12],[13] | $ 5,308,396 | [9] | $ 5,349,653 | [11] |
COST | [7],[8],[12],[13] | 5,262,704 | [9] | 5,294,704 | [11] |
FAIR VALUE | [1],[7],[8],[12],[13] | $ 3,772,305 | [9] | $ 5,230,142 | [11] |
ConvergeOne Holdings, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[12] | Jun. 03, 2021 | [9] | Jun. 03, 2021 | [11] |
PRINCIPAL AMOUNT | [7],[8],[12] | $ 15,000,000 | [9] | $ 15,000,000 | [11] |
COST | [7],[8],[12] | 14,446,573 | [9] | 14,370,373 | [11] |
FAIR VALUE | [1],[7],[8],[12] | $ 9,000,000 | [9] | $ 14,400,000 | [11] |
Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes Two [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8],[12] | Mar. 18, 2021 | [7],[9] | Mar. 18, 2021 | [11] |
PRINCIPAL AMOUNT | [8],[12] | $ 11,000,000 | [7],[9] | $ 11,000,000 | [11] |
COST | [8],[12] | 10,955,478 | [7],[9] | 10,948,877 | [11] |
FAIR VALUE | [1],[8],[12] | $ 10,193,370 | [7],[9] | $ 11,027,500 | [11] |
OMNIA Partners, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes Three [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[13] | May 17, 2018 | [9],[14] | May 17, 2018 | [10],[11] |
PRINCIPAL AMOUNT | [7],[8],[13] | $ 13,812,665 | [9],[14] | $ 13,813,403 | [10],[11] |
COST | [7],[8],[13] | 13,776,850 | [9],[14] | 13,770,324 | [10],[11] |
FAIR VALUE | [1],[7],[8],[13] | $ 13,536,412 | [9],[14] | $ 13,744,336 | [10],[11] |
Premiere Global Services, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Oct. 01, 2019 | [9],[10],[15],[16] | Oct. 01, 2019 | [11],[17],[18],[19] |
PRINCIPAL AMOUNT | [8] | $ 13,560,169 | [9],[10],[15],[16] | $ 12,581,734 | [11],[17],[18],[19] |
COST | [8] | 9,817,795 | [9],[10],[15],[16] | 9,817,795 | [11],[17],[18],[19] |
FAIR VALUE | [1],[8] | [9],[10],[15],[16] | [11],[17],[18],[19] | ||
Premiere Global Services, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Oct. 01, 2019 | [9],[13],[16],[20] | Oct. 01, 2019 | [11],[18],[21] |
PRINCIPAL AMOUNT | [8] | $ 11,821,914 | [9],[13],[16],[20] | $ 11,821,914 | [11],[18],[21] |
COST | [8] | 11,469,896 | [9],[13],[16],[20] | 11,469,896 | [11],[18],[21] |
FAIR VALUE | [1],[8] | [9],[13],[16],[20] | [11],[18],[21] | ||
Premiere Global Services, Inc. [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Oct. 01, 2019 | [9],[16],[20],[22] | Oct. 01, 2019 | [11],[18] |
PRINCIPAL AMOUNT | [8] | $ 2,452,012 | [9],[16],[20],[22] | $ 2,452,012 | [11],[18] |
COST | [8] | 2,378,999 | [9],[16],[20],[22] | 2,378,999 | [11],[18] |
FAIR VALUE | [1],[8] | $ 465,882 | [9],[16],[20],[22] | $ 1,324,086 | [11],[18] |
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[10],[13] | Aug. 09, 2018 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[10],[13] | $ 12,600,290 | |||
COST | [7],[8],[9],[10],[13] | 12,111,688 | |||
FAIR VALUE | [1],[7],[8],[9],[10],[13] | $ 11,222,196 | |||
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[10],[11],[13] | Jun. 17, 2020 | |||
PRINCIPAL AMOUNT | [7],[8],[10],[11],[13] | $ 12,698,474 | |||
COST | [7],[8],[10],[11],[13] | 12,092,596 | |||
FAIR VALUE | [1],[7],[8],[10],[11],[13] | $ 12,507,997 | |||
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[10],[13] | Jan. 07, 2021 | [9] | Jan. 07, 2021 | [11] |
PRINCIPAL AMOUNT | [7],[8],[10],[13] | $ 15,209,069 | [9] | $ 15,209,069 | [11] |
COST | [7],[8],[10],[13] | 14,876,226 | [9] | 14,799,137 | [11] |
FAIR VALUE | [1],[7],[8],[10],[13] | $ 14,676,752 | [9] | $ 14,904,888 | [11] |
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Jan. 22, 2021 | [7],[9],[12] | Jan. 22, 2021 | [10],[11] |
PRINCIPAL AMOUNT | [8] | $ 12,000,000 | [7],[9],[12] | $ 12,000,000 | [10],[11] |
COST | [8] | 11,944,263 | [7],[9],[12] | 11,937,974 | [10],[11] |
FAIR VALUE | [1],[8] | $ 10,740,000 | [7],[9],[12] | $ 11,880,000 | [10],[11] |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Health Care [Member] | First Lien Senior Secured Notes Four [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[12],[13] | Oct. 31, 2018 | [9] | Oct. 31, 2018 | [11] |
PRINCIPAL AMOUNT | [7],[8],[12],[13] | $ 19,069,532 | [9] | $ 19,223,362 | [11] |
COST | [7],[8],[12],[13] | 18,783,369 | [9] | 18,857,030 | [11] |
FAIR VALUE | [1],[7],[8],[12],[13] | $ 15,255,626 | [9] | $ 17,493,259 | [11] |
Viant Medical Holdings, Inc. [Member] | Health Care [Member] | First Lien Senior Secured Notes Five [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[12],[13] | Jun. 26, 2018 | [9] | Jun. 26, 2018 | [11] |
PRINCIPAL AMOUNT | [7],[8],[12],[13] | $ 9,600,000 | [9] | $ 9,675,000 | [11] |
COST | [7],[8],[12],[13] | 9,598,137 | [9] | 9,673,178 | [11] |
FAIR VALUE | [1],[7],[8],[12],[13] | $ 8,898,048 | [9] | 9,142,875 | [11] |
Viant Medical Holdings, Inc. [Member] | Health Care [Member] | Second Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[12] | Jun. 26, 2018 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[12] | $ 5,000,000 | |||
COST | 4,972,677 | [7],[8],[9],[12] | 65,640,657 | ||
FAIR VALUE | [1] | $ 4,537,500 | [7],[8],[9],[12] | $ 62,975,860 | |
% OF NET ASSETS | 25.70% | ||||
Viant Medical Holdings, Inc. [Member] | Health Care [Member] | Second Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[11],[12] | Jun. 26, 2018 | |||
PRINCIPAL AMOUNT | [7],[8],[11],[12] | $ 5,000,000 | |||
COST | [7],[8],[11],[12] | 4,966,563 | |||
FAIR VALUE | [1],[7],[8],[11],[12] | $ 4,747,500 | |||
Spectrum Holdings III Corp. (f/k/a KPEX Holdings, Inc.) [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[13] | Jun. 24, 2020 | [9],[12] | Jun. 24, 2020 | [11],[19] |
PRINCIPAL AMOUNT | [7],[8],[13] | $ 12,870,035 | [9],[12] | $ 12,971,109 | [11],[19] |
COST | [7],[8],[13] | 12,357,714 | [9],[12] | 12,301,815 | [11],[19] |
FAIR VALUE | [1],[7],[8],[13] | $ 11,776,082 | [9],[12] | $ 12,659,024 | [11],[19] |
% OF NET ASSETS | 7.10% | ||||
Aspect Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes Seven [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[13] | May 18, 2021 | [9],[19] | May 18, 2021 | [10],[11] |
PRINCIPAL AMOUNT | [7],[8],[13] | $ 7,900,000 | [9],[19] | $ 7,960,000 | [10],[11] |
COST | [7],[8],[13] | 7,791,998 | [9],[19] | 7,837,526 | [10],[11] |
FAIR VALUE | [1],[7],[8],[13] | $ 6,162,000 | [9],[19] | $ 7,800,800 | [10],[11] |
Aspect Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8] | May 03, 2021 | [9],[19] | May 03, 2021 | [10],[11] |
PRINCIPAL AMOUNT | [7],[8] | $ 7,000,000 | [9],[19] | $ 7,000,000 | [10],[11] |
COST | [7],[8] | 6,812,135 | [9],[19] | 6,798,492 | [10],[11] |
FAIR VALUE | [1],[7],[8] | $ 5,355,000 | [9],[19] | $ 6,877,500 | [10],[11] |
Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[13],[23] | Feb. 10, 2022 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[13],[23] | $ 4,987,500 | |||
COST | [7],[8],[9],[13],[23] | 4,915,892 | |||
FAIR VALUE | [1],[7],[8],[9],[13],[23] | $ 4,364,063 | |||
Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[23] | Feb. 10, 2022 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[23] | $ 15,000,000 | |||
COST | [7],[8],[9],[23] | 14,788,680 | |||
FAIR VALUE | [7],[8],[9],[23] | $ 12,000,000 | |||
Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Oct. 14, 2021 | [9],[24] | Oct. 14, 2021 | [10],[11] |
PRINCIPAL AMOUNT | [8] | $ 8,000,000 | [9],[24] | $ 8,000,000 | [10],[11] |
COST | [8] | 8,010,252 | [9],[24] | 8,011,787 | [10],[11] |
FAIR VALUE | [1],[8] | $ 7,660,000 | [9],[24] | $ 7,973,360 | [10],[11] |
Magenta Buyer LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[12],[13] | May 17, 2022 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[12],[13] | $ 1,994,975 | |||
COST | [7],[8],[9],[12],[13] | 1,889,184 | |||
FAIR VALUE | [1],[7],[8],[9],[12],[13] | $ 1,795,478 | |||
Magenta Buyer LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8] | Oct. 20, 2021 | [7],[9],[12] | Oct. 20, 2021 | [10],[11] |
PRINCIPAL AMOUNT | [8] | $ 14,968,714 | [7],[9],[12] | $ 10,000,000 | [10],[11] |
COST | [8] | 14,924,742 | [7],[9],[12] | 9,937,500 | [10],[11] |
FAIR VALUE | [1],[8] | $ 13,708,797 | [7],[9],[12] | $ 9,909,400 | [10],[11] |
Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8] | Jan. 20, 2022 | [9],[14] | Aug. 17, 2021 | [10],[11],[13] |
PRINCIPAL AMOUNT | [7],[8] | $ 3,000,000 | [9],[14] | $ 4,987,147 | [10],[11],[13] |
COST | [7],[8] | 2,972,725 | [9],[14] | 4,987,147 | [10],[11],[13] |
FAIR VALUE | [7],[8] | $ 2,205,000 | [9],[14] | $ 4,977,821 | [1],[10],[11],[13] |
Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8] | Jan. 20, 2022 | [9],[14] | May 17, 2018 | [10],[11] |
PRINCIPAL AMOUNT | [7],[8] | $ 20,000,000 | [9],[14] | $ 13,353,672 | [10],[11] |
COST | [7],[8] | 19,723,193 | [9],[14] | 13,244,239 | [10],[11] |
FAIR VALUE | [1],[7],[8] | $ 12,062,500 | [9],[14] | $ 13,325,896 | [10],[11] |
RSA Security, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[10],[11] | Apr. 16, 2021 | |||
PRINCIPAL AMOUNT | [7],[8],[10],[11] | $ 15,000,000 | |||
COST | [7],[8],[10],[11] | 14,747,914 | |||
FAIR VALUE | [1],[7],[8],[10],[11] | $ 13,774,950 | |||
RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Sixteen [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[9],[10] | Apr. 16, 2021 | |||
PRINCIPAL AMOUNT | [7],[8],[9],[10] | $ 15,000,000 | |||
COST | [7],[8],[9],[10] | 14,768,340 | |||
FAIR VALUE | [7],[8],[9],[10] | $ 11,859,450 | |||
Veritas USA, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8],[9],[10] | Jun. 24, 2022 | |||
PRINCIPAL AMOUNT | [8],[9],[10] | $ 2,000,000 | |||
COST | [8],[9],[10] | 1,711,107 | |||
FAIR VALUE | [1],[8],[9],[10] | $ 1,579,160 | |||
Global Tel Link Corp. [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Fourteen [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8] | Nov. 20, 2018 | [9],[14] | Nov. 20, 2018 | [11],[12] |
PRINCIPAL AMOUNT | [7],[8] | $ 17,000,000 | [9],[14] | $ 17,000,000 | [11],[12] |
COST | [7],[8] | 16,813,434 | [9],[14] | 16,786,527 | [11],[12] |
FAIR VALUE | [1],[7],[8] | $ 14,620,000 | [9],[14] | $ 15,810,000 | [11],[12] |
% OF NET ASSETS | 8.80% | 6.50% | |||
CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes Fifteen [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8],[9],[12] | Aug. 03, 2018 | |||
PRINCIPAL AMOUNT | [8],[9],[12] | $ 7,650,000 | |||
COST | [8],[9],[12] | 7,662,272 | |||
FAIR VALUE | [1],[8],[9],[12] | $ 7,095,375 | |||
CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes Fifteen [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8],[11],[12] | Aug. 03, 2018 | |||
PRINCIPAL AMOUNT | [8],[11],[12] | $ 7,650,000 | |||
COST | [8],[11],[12] | 7,664,823 | |||
FAIR VALUE | [1],[8],[11],[12] | $ 7,535,250 | |||
Atlas Senior Loan Fund XI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Apr. 05, 2019 | [26] | Apr. 05, 2019 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 5,725,000 | [26] | $ 5,725,000 | [4] |
COST | [5],[25],[27],[28] | 3,010,435 | [26] | 3,520,119 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 1,431,250 | [26] | $ 2,519,000 | [4] |
Babson CLO Ltd. 2015-I [Member] | CLO Subordinated Notes Estimated Yield One [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Jul. 26, 2018 | [26] | Jul. 26, 2018 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 8,512,727 | [26] | $ 8,512,727 | [4] |
COST | [5],[25],[27] | 2,452,118 | [26] | 3,105,278 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 1,362,036 | [26] | $ 2,894,327 | [4] |
BlueMountain CLO 2014-2 Ltd. [member] | CLO Subordinated Notes Estimated Yield Two [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Apr. 03, 2019 | [26] | Apr. 03, 2019 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 6,374,000 | [26] | $ 6,374,000 | [4] |
COST | [5],[25],[27] | 2,007,606 | [26] | 2,456,332 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 956,100 | [26] | $ 1,912,200 | [4] |
Carlyle Global Market Strategies CLO 2013 -2, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Mar. 19, 2013 | [26] | Mar. 19, 2013 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 6,250,000 | [26] | $ 6,250,000 | [4] |
COST | [5],[25],[27],[28] | 595,678 | [26] | 893,030 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 56,250 | [26] | $ 362,500 | [4] |
Carlyle Global Market Strategies CLO 2021 -6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[7],[25],[27] | Jun. 30, 2021 | [26] | Jun. 30, 2021 | [4] |
PRINCIPAL AMOUNT | [5],[7],[25],[27] | $ 29,600,000 | [26] | $ 44,600,000 | [4] |
COST | [5],[7],[25],[27] | 22,048,660 | [26] | 36,247,915 | [4] |
FAIR VALUE | [1],[5],[7],[25],[27] | $ 17,168,000 | [26] | $ 33,896,000 | [4] |
Cedar Funding II CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Five [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Oct. 23, 2013 | [2],[7],[26],[29] | Oct. 23, 2013 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 18,000,000 | [2],[7],[26],[29] | $ 18,000,000 | [4] |
COST | [5],[25],[27] | 11,644,211 | [2],[7],[26],[29] | 11,676,216 | [4] |
FAIR VALUE | [5],[25],[27] | $ 8,569,104 | [2],[7],[26],[29] | $ 10,260,000 | [1],[4] |
Cedar Funding VI CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Six [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | May 15, 2017 | [26] | May 15, 2017 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 7,700,000 | [26] | $ 7,700,000 | [4] |
COST | [5],[25],[27] | 6,711,584 | [26] | 7,009,789 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 5,005,000 | [26] | $ 6,391,000 | [4] |
CIFC Funding 2014-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Seven [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Jan. 24, 2017 | [26] | Jan. 24, 2017 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 10,000,000 | [26] | $ 10,000,000 | [4] |
COST | [5],[25],[27],[28] | 4,117,550 | [26] | 4,850,026 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 1,900,000 | [26] | $ 3,700,000 | [4] |
Dryden 43 Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield Eight [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Jun. 01, 2021 | [7],[26] | Jun. 01, 2021 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 47,263,000 | [7],[26] | $ 10,000,000 | [4] |
COST | [5],[25],[27] | 28,516,973 | [7],[26] | 6,859,319 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 26,467,280 | [7],[26] | $ 6,700,000 | [4] |
Madison Park Funding XVIII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Nine [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | May 22, 2020 | [26] | May 22, 2020 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 12,500,000 | [26] | $ 12,500,000 | [4] |
COST | [5],[25],[27],[28] | 4,917,205 | [26] | 5,250,699 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 5,000,000 | [26] | $ 7,250,000 | [4] |
Madison Park Funding XIX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Ten [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | May 11, 2016 | [26] | May 11, 2016 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 5,422,500 | [26] | $ 5,422,500 | [4] |
COST | [5],[25],[27],[28] | 3,198,249 | [26] | 3,613,896 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 2,114,775 | [26] | $ 3,416,175 | [4] |
Nassau 2019-I Ltd. [Member] | CLO Subordinated Notes Estimated Yield Eleven [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Apr. 11, 2019 | [26] | Apr. 11, 2019 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 23,500,000 | [26] | $ 23,500,000 | [4] |
COST | [5],[25],[27] | 12,737,100 | [26] | 15,446,642 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 4,230,000 | [26] | $ 11,515,000 | [4] |
Octagon Investment Partners 49, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twelve [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[7],[25],[27] | Dec. 11, 2020 | [2],[26],[29] | Dec. 11, 2020 | [4] |
PRINCIPAL AMOUNT | [5],[7],[25],[27] | $ 28,875,000 | [2],[26],[29] | $ 28,875,000 | [4] |
COST | [5],[7],[25],[27] | 21,071,889 | [2],[26],[29] | 21,171,591 | [4] |
FAIR VALUE | [1],[5],[7],[25],[27] | $ 15,015,487 | [2],[26],[29] | $ 21,152,987 | [4] |
Sound Point CLO XVI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Thirteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Aug. 01, 2018 | [26] | Aug. 01, 2018 | [4],[7] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 45,500,000 | [26] | $ 45,500,000 | [4],[7] |
COST | [5],[25],[27] | 24,395,588 | [26] | 29,498,848 | [4],[7] |
FAIR VALUE | [1],[5],[25],[27] | $ 6,825,000 | [26] | $ 19,110,000 | [4],[7] |
PPM CLO 4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[26],[27] | Sep. 28, 2022 | |||
PRINCIPAL AMOUNT | [5],[25],[26],[27] | $ 7,000,000 | |||
COST | [5],[25],[26],[27] | 3,945,785 | |||
FAIR VALUE | [5],[25],[26],[27] | $ 3,937,500 | |||
Telos CLO 2013-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Jan. 25, 2013 | [26] | Jan. 25, 2013 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 14,447,790 | [26] | $ 14,447,790 | [4] |
COST | [5],[25],[27],[28] | 6,207,075 | [26] | 6,237,524 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 144,478 | [26] | $ 1,256,958 | [4] |
Telos CLO 2013-4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fifteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | May 20, 2015 | [26] | May 20, 2015 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 11,350,000 | [26] | $ 11,350,000 | [4] |
COST | [5],[25],[27],[28] | 5,344,812 | [26] | 5,860,520 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 454,000 | [26] | $ 1,974,793 | [4] |
Telos CLO 2014-5, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Sixteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Apr. 11, 2014 | [26] | Apr. 11, 2014 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 28,500,000 | [26] | $ 28,500,000 | [4] |
COST | [5],[25],[27] | 18,179,226 | [26] | 18,179,226 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 855,000 | [26] | $ 3,990,000 | [4] |
THL Credit Wind River 2012-1 CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Seventeen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Jun. 11, 2015 | [26] | Jun. 11, 2015 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 7,500,000 | [26] | $ 7,500,000 | [4] |
COST | [5],[25],[27] | 2,904,463 | [1],[26] | 2,904,463 | [4] |
FAIR VALUE | [5],[25],[27] | [26] | $ 22,500 | [1],[4] | |
Venture XVII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Eighteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Jan. 27, 2017 | [26] | Jan. 27, 2017 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 6,200,000 | [26] | $ 6,200,000 | [4] |
COST | [5],[25],[27],[28] | 2,406,301 | [26] | 2,701,926 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 262,751 | [26] | $ 952,250 | [4] |
Venture XX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Nineteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | Jul. 27, 2018 | [26] | Jul. 27, 2018 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 3,000,000 | [26] | $ 3,000,000 | [4] |
COST | [5],[25],[27],[28] | 332,779 | [1],[26] | 1,145,750 | [4] |
FAIR VALUE | [5],[25],[27],[28] | [26] | $ 690,000 | [1],[4] | |
Venture 35 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Dec. 07, 2020 | [26] | Dec. 07, 2020 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 5,000,000 | [26] | $ 5,000,000 | [4] |
COST | [5],[25],[27] | 2,312,121 | [26] | 2,422,726 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 2,050,000 | [26] | $ 2,600,000 | [4] |
Venture 39 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty-one [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | May 08, 2020 | [2],[26],[28],[29] | May 08, 2020 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 5,150,000 | [2],[26],[28],[29] | $ 5,150,000 | [4] |
COST | [5],[25],[27] | 3,093,775 | [2],[26],[28],[29] | 3,016,229 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 2,847,152 | [2],[26],[28],[29] | $ 3,914,000 | [4] |
West CLO 2014-1, Ltd. [Member] | CLO Subordinated Notes Estimated Yield TwentyTwo [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27],[28] | May 12, 2017 | [26] | May 12, 2017 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27],[28] | $ 9,250,000 | [26] | $ 9,250,000 | [4] |
COST | [5],[25],[27],[28] | 1,198,727 | [26] | 1,359,343 | [4] |
FAIR VALUE | [1],[5],[25],[27],[28] | $ 175,750 | [26] | $ 231,250 | [4] |
Westcott Park CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twenty Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | Sep. 16, 2020 | [26] | Sep. 16, 2020 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 19,000,000 | [26] | $ 19,000,000 | [4] |
COST | [5],[25],[27] | [26] | [1],[4] | ||
FAIR VALUE | [5],[25],[27] | $ 57,000 | [1],[26] | $ 665,000 | [4] |
Zais CLO 6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twenty Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [5],[25],[27] | May 03, 2017 | [26] | May 03, 2017 | [4] |
PRINCIPAL AMOUNT | [5],[25],[27] | $ 10,500,000 | [26] | $ 10,500,000 | [4] |
COST | [5],[25],[27] | 5,446,756 | [26] | 6,391,137 | [4] |
FAIR VALUE | [1],[5],[25],[27] | $ 840,000 | [26] | $ 3,045,000 | [4] |
Unitek Global Services, Inc. [Member] | Common Equity [Member] | IT Consulting [Member] | Common Stock [Member] | |||||
ACQUISITION DATE | Jan. 13, 2015 | [30],[31] | Jan. 13, 2015 | [32],[33] | |
PRINCIPAL AMOUNT | $ 1,244,188 | [30],[31] | $ 1,244,188 | [32],[33] | |
COST | 684,960 | [30],[31] | 684,960 | [32],[33] | |
FAIR VALUE | [1] | [30],[31] | [32],[33] | ||
Unitek Global Services, Inc. [Member] | Series B Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
ACQUISITION DATE | [34] | Jun. 26, 2019 | [15],[16],[31] | Jun. 26, 2019 | [17],[18],[33] |
PRINCIPAL AMOUNT | [34] | $ 15,893,735 | [15],[16],[31] | $ 14,387,303 | [17],[18],[33] |
COST | [34] | 9,002,159 | [15],[16],[31] | 9,002,159 | [17],[18],[33] |
FAIR VALUE | [1],[34] | [15],[16],[31] | [17],[18],[33] | ||
Unitek Global Services, Inc. [Member] | Series B Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
ACQUISITION DATE | [35] | Jun. 26, 2019 | [15],[16],[31] | Jun. 26, 2019 | [17],[18],[33] |
PRINCIPAL AMOUNT | [35] | $ 7,956,299 | [15],[16],[31] | $ 6,922,278 | [17],[18],[33] |
COST | [35] | 4,535,443 | [15],[16],[31] | 4,535,443 | [17],[18],[33] |
FAIR VALUE | [1],[35] | [15],[16],[31] | [17],[18],[33] | ||
Unitek Global Services, Inc. [Member] | Series B Super Senior Preferred Stock [Member] | IT Consulting [Member] | Preferred Stock [Member] | |||||
ACQUISITION DATE | [36] | Jun. 26, 2019 | [15],[16],[31] | Jun. 26, 2019 | [17],[18],[33] |
PRINCIPAL AMOUNT | [36] | $ 4,471,272 | [15],[16],[31] | $ 3,862,453 | [17],[18],[33] |
COST | [36] | 2,614,260 | [15],[16],[31] | 2,614,260 | [17],[18],[33] |
FAIR VALUE | [1],[36] | 2,190,923 | [15],[16],[31] | 772,491 | [17],[18],[33] |
Unitek Global Systems, Inc [Member] | Common Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | ||||
Net Change in Unrealized Appreciation | |||||
Ending Balance of Fair Value | [38] | ||||
Unitek Global Systems, Inc [Member] | Series B Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | ||||
Net Change in Unrealized Appreciation | |||||
Ending Balance of Fair Value | [38] | ||||
Unitek Global Systems, Inc [Member] | Series B Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | ||||
Net Change in Unrealized Appreciation | |||||
Ending Balance of Fair Value | [38] | ||||
Unitek Global Systems, Inc [Member] | Series B Super Senior Preferred Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | 772,491 | |||
Net Change in Unrealized Appreciation | 1,418,432 | 772,491 | |||
Ending Balance of Fair Value | 2,190,923 | $ 772,491 | [38] | ||
AmeriLife Group LLC [Member] | Diversified Insurance [Member] | Second Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [8],[10],[11] | Mar. 18, 2020 | |||
PRINCIPAL AMOUNT | [8],[10],[11] | $ 11,000,000 | |||
COST | [8],[10],[11] | 10,814,660 | |||
FAIR VALUE | [1],[8],[10],[11] | $ 11,000,000 | |||
Keystone Acquisition Corp. [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[11],[12] | May 10, 2017 | |||
PRINCIPAL AMOUNT | [7],[8],[11],[12] | $ 13,000,000 | |||
COST | [7],[8],[11],[12] | 12,914,004 | |||
FAIR VALUE | [1],[7],[8],[11],[12] | $ 12,480,000 | |||
Keystone Acquisition Corp. [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
ACQUISITION DATE | [7],[8],[11],[12],[13] | May 10, 2017 | |||
PRINCIPAL AMOUNT | [7],[8],[11],[12],[13] | $ 7,305,279 | |||
COST | [7],[8],[11],[12],[13] | 7,291,908 | |||
FAIR VALUE | [1],[7],[8],[11],[12],[13] | $ 7,232,226 | |||
Octagon Investment Partners 45, Ltd. [Member] | CLO Subordinated Notes Estimated Yield 3689 [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
ACQUISITION DATE | [4],[5],[25],[27] | May 13, 2020 | |||
PRINCIPAL AMOUNT | [4],[5],[25],[27] | $ 3,750,000 | |||
COST | [4],[5],[25],[27] | 2,358,736 | |||
FAIR VALUE | [1],[4],[5],[25],[27] | 3,377,590 | |||
Securities Investment [Member] | |||||
COST | 507,976,009 | 512,049,454 | [39] | ||
FAIR VALUE | [1] | $ 340,246,477 | $ 420,811,208 | [39] | |
% OF NET ASSETS | 204.30% | 172% | [39] | ||
Cash Equivalents [Member] | |||||
COST | $ 14,367,882 | $ 8,398,154 | |||
FAIR VALUE | [1] | $ 14,367,882 | $ 8,398,154 | ||
% OF NET ASSETS | 8.60% | 3.40% | |||
Cash Equivalents [Member] | First American Government Obligations Fund [Member] | |||||
PRINCIPAL AMOUNT | [7],[40] | $ 14,367,882 | |||
COST | 14,367,882 | [7],[40] | $ 8,398,154 | [41] | |
FAIR VALUE | 14,367,882 | [7],[40] | 8,398,154 | [1],[41] | |
Investments In Securities And Cash Equivalents [Member] | |||||
COST | 522,343,891 | 520,447,608 | |||
FAIR VALUE | [1] | $ 354,614,359 | $ 429,209,362 | ||
% OF NET ASSETS | 212.90% | 175.40% | |||
Total Affiliated Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | 772,491 | |||
Net Change in Unrealized Appreciation | 1,418,432 | 772,491 | |||
Ending Balance of Fair Value | 2,190,923 | 772,491 | [38] | ||
Total Control Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | ||||
Net Change in Unrealized Appreciation | |||||
Ending Balance of Fair Value | [38] | ||||
TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | |||||
Amount of Interest or Dividends Credited to Income | |||||
Gross Additions | [37] | ||||
Gross Reductions | |||||
Beginning Balance of Fair Value | [38] | 772,491 | |||
Net Change in Unrealized Appreciation | 1,418,432 | 772,491 | |||
Ending Balance of Fair Value | $ 2,190,923 | $ 772,491 | [38] | ||
[1]Fair value is determined in good faith by the Board of Directors of the Company.[2]Cost value reflects amortization.[3]Fair value represents discounted cash flows associated with fees earned from CLO equity investments.[4]Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of December 31, 2021, the Company held qualifying assets that represented 64.1% of its total assets.[5]Investment not domiciled in the United States.[6]The CLO equity side letter related investments have acquisition dates from October 2013 through December 2021.[7]Aggregate investments represent greater than 5% of net assets.[8]Cost value reflects accretion of original issue discount or market discount, or amortization of premium.[9]Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of September 30, 2022.[10]The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day LIBOR.[11]Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of December 31, 2021.[12]The principal balance outstanding for this debt investment, in whole or in part, is indexed to 30-day LIBOR.[13]Cost value reflects repayment of principal[14]The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90-day SOFR.[15]As of September 30, 2022, the portfolio includes $13,560,169 principal amount of debt investments and 28,321,306 shares of preferred stock investments which contain a PIK provision.[16]As of September 30, 2022, this debt or preferred equity investment was on non-accrual status and no interest or dividend income has been recognized on this investment during the three and nine months ended September 30, 2022. The aggregate fair value of these investments was approximately $2.7 million.[17]As of December 31, 2021, the portfolio includes $12,581,734 principal amount of debt investments and 25,172,034 shares of preferred stock investments which contain a PIK provision.[18]As of December 31, 2021, this debt or preferred equity investment was on non-accrual status. The aggregate fair value of these investments was approximately $2.1 million.[19]The principal balance outstanding for this debt investment, in whole or in part, is indexed to 180-day LIBOR.[20]Note bears interest at 5.50%, plus the greater of: the Wall Street Journal quoted Prime Rate, Federal Funds effective rate plus 1.00%, or the one-month reserve adjusted Eurodollar Base Rate plus 1.00%. The rate disclosed is as of September 30, 2022[21]Note bears interest at 5.50%, plus the greater of: the Wall Street Journal quoted Prime Rate, Federal Funds effective rate plus 1.00%, or the one -month |
Schedule of Investments (Unau_2
Schedule of Investments (Unaudited) (Parentheticals) | Sep. 30, 2022 | Dec. 31, 2021 |
Access CIG, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.82% | 7.84% |
Investment LIBOR interest rate | 7.75% | 7.75% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Feb. 27, 2026 | Feb. 27, 2026 |
ConvergeOne Holdings, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.62% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2027 | |
ConvergeOne Holdings, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.12% | 5.10% |
Investment LIBOR interest rate | 5% | 5% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Jan. 04, 2026 | Jan. 04, 2026 |
ConvergeOne Holdings, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.60% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | Jan. 04, 2027 | |
Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.87% | |
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Mar. 29, 2029 | |
Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes Two [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.50% | |
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Mar. 29, 2029 | |
OMNIA Partners, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.05% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 22, 2026 | |
Investment SOFR interest rate | 7.50% | |
OMNIA Partners, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes Three [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.72% | |
Investment LIBOR interest rate | 7.50% | |
Investment floor interest rate | 0% | |
Investment maturity date | May 22, 2026 | |
Premiere Global Services, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment LIBOR interest rate | 9% | 9% |
Investment floor interest rate | 1% | 1% |
Investment maturity date | Jun. 06, 2024 | Jun. 06, 2024 |
Investment cash interest rate | 0.50% | 0.50% |
Investment PIK interest rate | 10% | 10% |
Premiere Global Services, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | |
Investment floor interest rate | 1% | |
Investment maturity date | Jun. 08, 2023 | |
Investment Prime interest rate | 5.50% | |
Premiere Global Services, Inc. [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | 8.75% |
Investment floor interest rate | 1% | |
Investment maturity date | Dec. 16, 2022 | Mar. 31, 2022 |
Investment Prime interest rate | 5.50% | 5.50% |
Premiere Global Services, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes One [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.75% | |
Investment maturity date | Jun. 08, 2023 | |
Investment Prime interest rate | 5.50% | |
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7% | |
Investment LIBOR interest rate | 4% | |
Investment floor interest rate | 0% | |
Investment maturity date | Aug. 20, 2025 | |
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 4.18% | |
Investment LIBOR interest rate | 4% | |
Investment floor interest rate | 0% | |
Investment maturity date | Aug. 20, 2025 | |
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.81% | 5.13% |
Investment LIBOR interest rate | 5% | 5% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Aug. 15, 2025 | Aug. 15, 2025 |
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.37% | 7.75% |
Investment LIBOR interest rate | 7.25% | 7.25% |
Investment floor interest rate | 0.50% | 0.50% |
Investment maturity date | Jan. 05, 2029 | Jan. 05, 2029 |
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Health Care [Member] | First Lien Senior Secured Notes Four [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.62% | 4.60% |
Investment LIBOR interest rate | 4.50% | 4.50% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Apr. 03, 2025 | Apr. 03, 2025 |
Viant Medical Holdings, Inc. [Member] | Health Care [Member] | First Lien Senior Secured Notes Five [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6.87% | 3.85% |
Investment LIBOR interest rate | 3.75% | 3.75% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Jul. 02, 2025 | Jul. 02, 2025 |
Viant Medical Holdings, Inc. [Member] | Health Care [Member] | Second Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.87% | 7.85% |
Investment LIBOR interest rate | 7.75% | 7.75% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Jul. 02, 2026 | Jul. 02, 2026 |
Spectrum Holdings III Corp [Member] | Plastics Manufacturing [Member] | First Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6.37% | 4.25% |
Investment LIBOR interest rate | 3.25% | 3.25% |
Investment floor interest rate | 1% | 1% |
Investment maturity date | Jan. 31, 2025 | Jan. 31, 2025 |
Aspect Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes Seven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.68% | 6% |
Investment LIBOR interest rate | 5.25% | 5.25% |
Investment floor interest rate | 0.75% | 0.75% |
Investment maturity date | May 08, 2028 | May 08, 2028 |
Aspect Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.19% | 9.75% |
Investment LIBOR interest rate | 9% | 9% |
Investment floor interest rate | 0.75% | 0.75% |
Investment maturity date | May 07, 2029 | May 07, 2029 |
Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes Eight [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.58% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 23, 2029 | |
Investment SOFR interest rate | 4.75% | |
Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.08% | |
Investment floor interest rate | 0.50% | |
Investment maturity date | Feb. 25, 2030 | |
Investment SOFR interest rate | 8.25% | |
Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.88% | 7.50% |
Investment LIBOR interest rate | 6.75% | |
Investment floor interest rate | 0.75% | 0.75% |
Investment maturity date | Nov. 19, 2027 | Nov. 19, 2027 |
Investment SOFR interest rate | 6.75% | |
Magenta Buyer LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes Nine [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 7.87% | |
Investment LIBOR interest rate | 4.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Jul. 27, 2028 | |
Magenta Buyer LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes Twelve [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 11.37% | 9% |
Investment LIBOR interest rate | 8.25% | 8.25% |
Investment floor interest rate | 0.75% | 0.75% |
Investment maturity date | Jul. 27, 2029 | Jul. 27, 2029 |
Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes Ten [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6.98% | 4.38% |
Investment LIBOR interest rate | 4.25% | |
Investment floor interest rate | 0.50% | 0% |
Investment maturity date | Feb. 01, 2029 | May 16, 2025 |
Investment SOFR interest rate | 4.25% | |
Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Thirteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.23% | 8.38% |
Investment LIBOR interest rate | 8.25% | |
Investment floor interest rate | 0.50% | 0% |
Investment maturity date | Feb. 01, 2030 | May 18, 2026 |
Investment SOFR interest rate | 7.50% | |
RSA Security, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.50% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Apr. 27, 2029 | |
RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes Sixteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.67% | |
Investment LIBOR interest rate | 7.75% | |
Investment floor interest rate | 0.75% | |
Investment maturity date | Apr. 27, 2029 | |
Veritas USA, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes Eleven [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 8.67% | |
Investment LIBOR interest rate | 5% | |
Investment floor interest rate | 1% | |
Investment maturity date | Sep. 01, 2025 | |
Global Tel Link Corp. [Member] | Telecommunications Services [Member] | Second Lien Senior Secured Notes Fourteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 12.73% | 8.35% |
Investment LIBOR interest rate | 8.25% | |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Nov. 29, 2026 | |
Investment SOFR interest rate | 10% | |
CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes Fifteen [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.37% | 7.35% |
Investment LIBOR interest rate | 7.25% | 7.25% |
Investment floor interest rate | 0% | 0% |
Investment maturity date | Aug. 10, 2026 | Aug. 10, 2026 |
Atlas Senior Loan Fund XI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 26, 2031 | Jul. 26, 2031 |
Investment estimated yield | 0% | 5.65% |
Babson CLO Ltd. 2015-I [Member] | CLO Subordinated Notes Estimated Yield One [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 21, 2031 | Jan. 21, 2031 |
Investment estimated yield | 7.23% | 16.59% |
BlueMountain CLO 2014-2 Ltd. [member] | CLO Subordinated Notes Estimated Yield Tow [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 20, 2030 | Oct. 20, 2030 |
Investment estimated yield | 0% | 6.80% |
Carlyle Global Market Strategies CLO 2013 -2, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2029 | Jan. 18, 2029 |
Investment estimated yield | 0% | 0% |
Carlyle Global Market Strategies CLO 2013 -2, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2034 | Jul. 17, 2034 |
Investment estimated yield | 14.19% | 15.69% |
Cedar Funding II CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Five [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | Apr. 20, 2034 |
Investment estimated yield | 10.55% | 11.40% |
Cedar Funding VI CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Six [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | Apr. 20, 2034 |
Investment estimated yield | 12.01% | 12.33% |
CIFC Funding 2014-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Seven [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | Oct. 22, 2031 |
Investment estimated yield | 0% | 4.63% |
Dryden 43 Senior Loan Fund [Member] | CLO Subordinated Notes Estimated Yield Eight [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 20, 2034 | Apr. 20, 2034 |
Investment estimated yield | 20.46% | 16.53% |
Madison Park Funding XVIII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Nine [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 21, 2030 | Oct. 21, 2030 |
Investment estimated yield | 29.37% | 33.51% |
Madison Park Funding XIX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Ten [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 22, 2028 | Jan. 22, 2028 |
Investment estimated yield | 9.55% | 13.93% |
Nassau 2019-I Ltd. [Member] | CLO Subordinated Notes Estimated Yield Eleven [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2031 | Apr. 15, 2031 |
Investment estimated yield | 0% | 10.07% |
Octagon Investment Partners 49, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twelve [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 18, 2033 | Jan. 18, 2033 |
Investment estimated yield | 12.91% | 15.28% |
Sound Point CLO XVI, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Thirteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 25, 2030 | Jul. 25, 2030 |
Investment estimated yield | 0% | 0% |
PPM CLO 4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 18, 2034 | |
Investment estimated yield | 25.60% | |
Telos CLO 2013-3, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fourteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 17, 2026 | Jul. 17, 2026 |
Investment estimated yield | 0% | 0% |
Telos CLO 2013-4, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Fifteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 17, 2030 | Jan. 17, 2030 |
Investment estimated yield | 0% | 0% |
Telos CLO 2014-5, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Sixteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 17, 2028 | Apr. 17, 2028 |
Investment estimated yield | 0% | 0% |
THL Credit Wind River 2012-1 CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Seventeen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jan. 15, 2026 | Jan. 15, 2026 |
Investment estimated yield | 0% | 0% |
Venture XVII, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Eighteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | Apr. 15, 2027 |
Investment estimated yield | 0% | 0% |
Venture XX, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Nineteen [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2027 | Apr. 15, 2027 |
Investment estimated yield | 0% | 0% |
Venture 35 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 22, 2031 | Oct. 22, 2031 |
Investment estimated yield | 35.06% | 17.90% |
Venture 39 CLO, Limited [Member] | CLO Subordinated Notes Estimated Yield Twenty-one [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Apr. 15, 2033 | Apr. 15, 2033 |
Investment estimated yield | 22.70% | 20.76% |
West CLO 2014-1, Ltd. [Member] | CLO Subordinated Notes Estimated Yield TwentyTwo [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 18, 2026 | Jul. 18, 2026 |
Investment estimated yield | 0% | 0% |
Westcott Park CLO, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twenty Three [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 20, 2028 | Jul. 20, 2028 |
Investment estimated yield | 0% | 0% |
Zais CLO 6, Ltd. [Member] | CLO Subordinated Notes Estimated Yield Twenty Four [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Jul. 15, 2029 | Jul. 15, 2029 |
Investment estimated yield | 0% | 0% |
AmeriLife Group LLC [Member] | Diversified Insurance [Member] | Second Lien Senior Secured Notes Six [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 9.50% | |
Investment LIBOR interest rate | 8.50% | |
Investment floor interest rate | 1% | |
Investment maturity date | Mar. 20, 2028 | |
Keystone Acquisition Corp. [Member] | Health Care [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 10.25% | |
Investment LIBOR interest rate | 9.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | May 01, 2025 | |
Keystone Acquisition Corp. [Member] | Health Care [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | ||
Investment interest rate | 6.25% | |
Investment LIBOR interest rate | 5.25% | |
Investment floor interest rate | 1% | |
Investment maturity date | May 01, 2024 | |
Octagon Investment Partners 45, Ltd. [Member] | CLO Subordinated Notes Estimated Yield 3689 [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | ||
Investment maturity date | Oct. 15, 2032 | |
Investment estimated yield | 36.89% | |
Telecommunications Services [Member] | Second Lien Senior Secured Notes Fourteen [Member] | Senior Secured Notes [Member] | ||
Investment maturity date | Nov. 29, 2026 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
From non-affiliated/non-control investments: | ||||
Interest income – debt investments | $ 6,805,339 | $ 4,527,514 | $ 17,730,026 | $ 12,351,940 |
Income from securitization vehicles and investments | 4,402,463 | 5,071,854 | 12,906,127 | 13,849,299 |
Other income | 190,330 | 198,263 | 567,400 | 798,088 |
Total investment income from non-affiliated/non-control investments | 11,398,132 | 9,797,631 | 31,203,553 | 26,999,327 |
Total investment income | 11,398,132 | 9,797,631 | 31,203,553 | 26,999,327 |
EXPENSES | ||||
Interest expense | 3,090,535 | 3,090,535 | 9,263,853 | 7,405,358 |
Base Fee | 1,408,729 | 1,774,727 | 4,580,413 | 4,598,461 |
Professional fees | 417,390 | 349,626 | 1,072,843 | 1,604,845 |
Compensation expense | 234,517 | 185,855 | 689,350 | 551,452 |
General and administrative | 691,115 | 414,920 | 1,447,346 | 1,258,610 |
Total expenses before incentive fees | 5,842,286 | 5,815,663 | 17,053,805 | 15,418,726 |
Net Investment Income Incentive Fees | ||||
Total expenses | 5,842,286 | 5,815,663 | 17,053,805 | 15,418,726 |
Net investment income | 5,555,846 | 3,981,968 | 14,149,748 | 11,580,601 |
Net change in unrealized (depreciation)/appreciation on investments: | ||||
Non-Affiliate/non-control investments | (17,373,881) | 5,558,192 | (77,909,718) | 39,141,482 |
Affiliated investments | 615,332 | 73,571 | 1,418,432 | 73,571 |
Total net change in unrealized (depreciation)/appreciation on investments | (16,758,549) | 5,631,763 | (76,491,286) | 39,215,053 |
Net realized gains/(losses): | ||||
Non-affiliated/non-control investments | 55,787 | 1,651,408 | (437,978) | (11,239,243) |
Total net realized gains/(losses) | 55,787 | 1,651,408 | (437,978) | (11,239,243) |
Net (decrease)/increase in net assets resulting from operations | $ (11,146,916) | $ 11,265,139 | $ (62,779,516) | $ 39,556,411 |
Net increase in net assets resulting from net investment income per common share (Basic and Diluted): (in Dollars per share) | $ 0.11 | $ 0.08 | $ 0.28 | $ 0.23 |
Net (decrease)/increase in net assets resulting from operations per common share (Basic and Diluted): (in Dollars per share) | $ (0.22) | $ 0.23 | $ (1.26) | $ 0.8 |
Weighted average shares of common stock outstanding (Basic and Diluted): (in Shares) | 49,773,782 | 49,634,535 | 49,737,216 | 49,610,734 |
Distributions per share (in Dollars per share) | $ 0.105 | $ 0.105 | $ 0.315 | $ 0.315 |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
(Decrease)/increase in net assets from operations: | ||||
Net investment income | $ 5,555,846 | $ 3,981,968 | $ 14,149,748 | $ 11,580,601 |
Net change in unrealized (depreciation)/appreciation on investments | (16,758,549) | 5,631,763 | (76,491,286) | 39,215,053 |
Net realized gains/(losses) | 55,787 | 1,651,408 | (437,978) | (11,239,243) |
Net (decrease)/increase in net assets resulting from operations | (11,146,916) | 11,265,139 | (62,779,516) | 39,556,411 |
Distributions to stockholders | ||||
Distributions from net investment income | (7,209,939) | (4,221,385) | (15,666,979) | (12,866,360) |
Tax return of capital distributions | 1,983,750 | (990,202) | (2,760,859) | |
Total distributions to stockholders | (5,226,189) | (5,211,587) | (15,666,979) | (15,627,219) |
Capital share transactions: | ||||
Reinvestment of distributions | 128,418 | 128,228 | 399,185 | 288,998 |
Net increase in net assets from capital share transactions… | 128,418 | 128,228 | 399,185 | 288,998 |
Total (decrease)/increase in net assets | (16,244,687) | 6,181,780 | (78,047,310) | 24,218,190 |
Net assets at beginning of period | 182,792,502 | 243,462,936 | 244,595,125 | 225,426,526 |
Net assets at end of period | $ 166,547,815 | $ 249,644,716 | $ 166,547,815 | $ 249,644,716 |
Capital share activity: | ||||
Shares issued from reinvestment of distributions (in Shares) | 38,914 | 30,853 | 110,215 | 65,668 |
Net increase in capital share activity (in Shares) | 38,914 | 30,853 | 110,215 | 65,668 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (decrease)/increase in net assets resulting from operations | $ (62,779,516) | $ 39,556,411 |
Adjustments to reconcile net (decrease)/increase in net assets resulting from operations to net cash provided by/(used in) operating activities: | ||
Accretion of discounts on investments | (666,603) | (548,821) |
Accretion of discount on notes payable and deferred debt issuance costs | 705,615 | 556,627 |
Purchases of investments | (78,157,783) | (172,198,699) |
Repayments of principal | 49,799,782 | 22,723,623 |
Proceeds from the sale of investments | 14,580,000 | 5,819,281 |
Net realized losses on investments | 437,978 | 11,239,243 |
Reductions to CLO equity cost value | 18,080,070 | 30,050,754 |
Net change in unrealized depreciation/(appreciation) on investments | 76,491,286 | (39,215,053) |
Decrease/(increase) in interest and distributions receivable | 502,774 | (979,145) |
Increase in other assets | (239,514) | (190,930) |
Increase in accrued interest payable | 737,918 | |
(Decrease)/increase in Base Fee and Net Investment Income Incentive Fee payable | (279,983) | 615,024 |
Increase/(decrease) in accrued expenses | 297,669 | (148,350) |
Net cash provided by/(used in) operating activities | 18,771,775 | (101,982,117) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distributions paid (net of stock issued under distribution reinvestment plan of $399,185 and $288,998, respectively) | (15,267,794) | (15,338,221) |
Due to custodian | 1,848,201 | |
Proceeds from issuance of 5.50% Unsecured Notes | 80,500,000 | |
Deferred debt issuance costs paid | (2,775,860) | |
Net cash (used in)/provided by financing activities | (13,419,593) | 62,385,919 |
Net increase/(decrease) in cash and cash equivalents | 5,352,182 | (39,596,198) |
Cash and cash equivalents, beginning of period | 9,015,700 | 59,137,284 |
Cash and cash equivalents, end of period | 14,367,882 | 19,541,086 |
NON-CASH FINANCING ACTIVITIES | ||
Value of shares issued in connection with distribution reinvestment plan | 399,185 | 288,998 |
SUPPLEMENTAL DISCLOSURES | ||
Cash paid for interest | 8,558,240 | 6,110,816 |
Cash paid for taxes | 252,172 | |
Securities purchased not settled | $ 6,489,812 |
Statements of Cash Flows (Una_2
Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net of stock issued under distribution reinvestment plan | $ 399,185 | $ 288,998 |
Unsecured notes payable, percentage | 5.50% | 5.50% |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Unaudited Interim Financial Statements Abstract | |
UNAUDITED INTERIM FINANCIAL STATEMENTS | NOTE 1. UNAUDITED INTERIM FINANCIAL STATEMENTS Interim financial statements of Oxford Square Capital Corp. (“OXSQ”, or the “Company”), are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10 -Q -X -K |
Organization
Organization | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION | NOTE 2. ORGANIZATION OXSQ was incorporated under the General Corporation Laws of the State of Maryland (“MGCL”) on July 21, 2003 and is a closed -end OXSQ’s investment activities are managed by Oxford Square Management, LLC (“Oxford Square Management”). Oxford Square Management is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Oxford Square Management is owned by Oxford Funds, LLC (“Oxford Funds”), its managing member, and Charles M. Royce, a member of OXSQ’s Board of Directors (the “Board”) who holds a minority, non -controlling |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. CONSOLIDATION As provided under Regulation S -X -810 Consolidation -810 , -owned -810 CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. INVESTMENT VALUATION The Company determines its investment portfolio at fair value in accordance with the provisions of ASC 820, Fair Value Measurement -5 ASC 820 -10 -10 -10 -tier -going Good Faith Determinations of Fair Value, -5 -5 -5 The Board determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third -party equity investments, although the Board ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding -party Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period -end -wanted-in-competition -party Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third -party -party -party -annually -party The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non -accrual -accrual -accrual Interest income also includes a payment -in-kind -In-Kind Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non -accrual -accrual -accrual Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325 -40 Beneficial Interests in Securitized Financial Assets, -basis The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp -up Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the three and nine months ended September 30, 2022 and 2021, as the Company deemed them to be uncollectible. DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statement of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statement of operations. EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non -call U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet diversification requirements quarterly and file Form 1120 -RIC Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short -term The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through September 30, 2022, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2021 tax returns. The Company identifies its major tax jurisdictions as U.S Federal and Connecticut State. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 For tax purposes, the cost basis of the portfolio investments as of September 30, 2022 and December 31, 2021, was approximately $532,469,458 and $527,385,739, respectively. RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU No. 2020 -04 -01 -04 -01 -01 -04 -01 Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 4. FAIR VALUE The Company’s assets measured at fair value by investment type on a recurring basis as of September 30, 2022 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured Notes $ — $ — $ 230.3 $ 230.3 CLO Equity — — 107.7 107.7 Equity and Other Investments — — 2.2 2.2 Total Investments at fair value — — 340.2 340.2 Cash equivalents 14.4 — — 14.4 Total assets at fair value $ 14.4 $ — $ 340.2 $ 354.6 The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2021 were as follows: Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs Total Senior Secured Notes $ — $ — $ 264.5 $ 264.5 CLO Equity — — 155.6 155.6 Equity and Other Investments — — 0.8 0.8 Total Investments at fair value (1) — — 420.8 420.8 Cash equivalents 8.4 — — 8.4 Total assets at fair value $ 8.4 $ — $ 420.8 $ 429.2 ____________ (1) Significant Unobservable Inputs for Level 3 Investments The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of September 30, 2022 and December 31, 2021, respectively. The Company’s Valuation Policy, which was previously approved by the Board, establishes parameters for the sources and types of valuation analysis, as well as the methodologies and inputs that the Company uses in determining fair value. If the Valuation Committee or Oxford Square Management determines that additional techniques, sources or inputs are appropriate or necessary in a given situation, such additional work will be undertaken. The tables, therefore, are not all -inclusive Quantitative Information about Level 3 Fair Value Measurements Range/Weighted Average (1) Impact to Fair Value from an Increase in Input (2) Assets ($ in millions) Fair Value as of September 30, 2022 Valuation Techniques/ Unobservable Input Senior Secured Notes $ 182.4 Market quotes NBIB (3) 60.0% – 98.0%/86.9% NA 47.5 Recent transactions Actual trade/payoff (4) 60.3% – 91.5%/75.5% NA 0.5 Enterprise value (8) Market price indicator $ 8.4 million – $12.3 Increase Price discount 10% – 20%/15% Decrease CLO equity 102.2 Market quotes NBIB (3) 1.0% – 65.0%/31.0% NA 3.9 Recent transactions Actual trade/payoff (4) 56.3%/ncm (5) NA 1.3 Discounted cash flow (6) Discount rate (7) 20.9% – 21.7%/21.0% Decrease 0.3 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 1.9%/0.6% NA Equity/Other Investments 2.2 Enterprise value (8) LTM EBITDA (9) $ 21.9 million/ncm (5) Increase NCY EBITDA (9) $ 24.5 million/ncm (5) Increase Market multiples (9) 6.50x – 8.75x/7.6x Increase Total Fair Value for Level 3 Investments (11) $ 340.2 ____________ (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) (11) Quantitative Information about Level 3 Fair Value Measurements Range/Weighted Average (1) Impact to Fair Value from an Increase in Input (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 230.5 Market quotes NBIB (3) 91.0% – 100.0%/97.0% NA 32.7 Recent transactions Actual trade/payoff (4) 94.5% – 100.3%/97.9% NA 1.3 Enterprise value (8) NCY+1 EBITDA (9) $ 12.3 million/ncm (5) Increase Market multiples (9) 5.5x–6.5x/ncm (5) Increase CLO equity 149.1 Market quotes NBIB (3) 8.7% – 83.0%/48.0% NA 3.4 Recent transactions Actual trade/payoff (4) 90.1%/ncm (5) NA 1.8 Discounted cash flow (6) Discount rate (7) 10.8% – 12.9%/12.5% Decrease 1.3 Liquidation Net Asset Value (11) NBIB (3) 0.3% – 5.8%/3.1% NA Equity/Other Investments 0.8 Enterprise value (8) NCY EBITDA (9) $ 18.1 million/ncm (5) Increase NCY+1 EBITDA (9) $ 25.0 million/ncm (5) Increase Market multiples (9) 5.75x – 9.0x/7.4x Increase Total Fair Value for Level 3 Investments (10) $ 420.8 ____________ (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) (11) Financial Instruments Disclosed, But Not Carried, At Fair Value The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of September 30, 2022, and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying Value (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.9 $ 63.5 $ — $ 63.5 $ — 6.25% Unsecured Notes 44.0 43.2 — 43.2 — 5.50% Unsecured Notes 78.2 74.8 — 74.8 — Total $ 186.1 $ 181.5 $ — $ 181.5 $ — ____________ (1) (2) The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of December 31, 2021 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying Value (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.6 $ 65.1 $ — $ 65.1 $ — 6.25% Unsecured Notes 43.8 45.5 — 45.5 — 5.50% Unsecured Notes 78.0 80.7 — 80.7 — Total $ 185.4 $ 191.3 $ — $ 191.3 $ — ____________ (1) (2) A reconciliation of the fair value of investments for the three months ended September 30, 2022, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior Secured Notes CLO Equity Equity and Other Investments Total (2) Balance at June 30, 2022 $ 256.1 $ 111.8 $ 1.6 $ 369.4 Net realized gains included in earnings — 0.1 — 0.1 Net unrealized (depreciation)/appreciation included in earnings (15.0 ) (2.4 ) 0.6 (16.8 ) Accretion of discount 0.2 — — 0.2 Purchases — 3.9 — 3.9 Repayments and sales (11.0 ) (1.8 ) — (12.8 ) Reductions to CLO Equity cost value (1) — (3.9 ) — (3.9 ) Transfers in and/or (out) of level 3 — — — — Balance at September 30, 2022 (2) $ 230.3 $ 107.7 $ 2.2 $ 340.2 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of September 30, 2022 $ (15.2 ) $ (2.5 ) $ 0.6 $ (17.1 ) ____________ (1) (2) A reconciliation of the fair value of investments for the nine months ended September 30, 2022, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior Secured Notes CLO Equity Equity and Other Investments Total (2) Balance at December 31, 2021 $ 264.5 $ 155.6 $ 0.8 $ 420.8 Net realized losses included in earnings — (0.4 ) — (0.4 ) Net unrealized (depreciation)/appreciation included in earnings (36.0 ) (41.9 ) 1.4 (76.5 ) Accretion of discount 0.7 — — 0.7 Purchases 50.9 27.2 — 78.2 Repayments and sales (49.8 ) (14.6 ) — (64.4 ) Reductions to CLO equity cost value (1) — (18.1 ) — (18.1 ) Transfers in and/or (out) of level 3 — — — — Balance at September 30, 2022 (2) $ 230.3 $ 107.7 $ 2.2 $ 340.2 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of September 30, 2022 $ (36.2 ) $ (41.8 ) $ 1.4 $ (76.6 ) ____________ (1) (2) A reconciliation of the fair value of investments for the year ended December 31, 2021, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior Secured Notes CLO CLO Equity and Total (2) Balance at December 31, 2020 $ 172.2 $ — $ 122.5 $ — $ 294.7 Net realized losses included in earnings (13.4 ) — (1.5 ) — (15.0 ) Net unrealized appreciation included in earnings 4.2 — 33.5 0.8 38.5 Accretion of discount 0.7 — — — 0.7 Purchases 135.3 — 43.5 — 178.9 Repayments and sales (34.6 ) — (4.9 ) — (39.5 ) Reductions to CLO equity cost value (1) — — (37.5 ) — (37.5 ) Non-cash interest and dividend income due to PIK — — — — — Transfers in and/or (out) of level 3 — — — — — Balance at December 31, 2021 (2) $ 264.5 $ — $ 155.6 $ 0.8 $ 420.8 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2021 $ (9.0 ) $ — $ 27.8 $ 0.8 $ 19.6 ____________ (1) (2) The following table shows the fair value of the Company’s portfolio of investments by asset class as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 ($ in millions) Investments at Fair Value Percentage of Total Portfolio Investments at Fair Value Percentage of Total Portfolio Senior Secured Notes $ 230.3 67.7 % $ 264.5 62.8 % CLO Equity 107.7 31.7 % 155.6 37.0 % Equity and Other Investments 2.2 0.6 % 0.8 0.2 % Total (1) $ 340.2 100.0 % $ 420.8 100.0 % ____________ (1) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5. CASH AND CASH EQUIVALENTS At September 30, 2022 and December 31, 2021, respectively, cash and cash equivalents were as follows: September 30, 2022 December 31, 2021 Cash $ — $ 617,546 Cash Equivalents 14,367,882 8,398,154 Total Cash and Cash Equivalents $ 14,367,882 $ 9,015,700 For further details regarding the composition of cash, cash equivalents and restricted cash refer to “Note 3. Summary of Significant Accounting Policies.” |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 6. BORROWINGS In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%, immediately after such borrowing. As of September 30, 2022 and December 31, 2021, the Company’s asset coverage for borrowed amounts was 186% and 227%, respectively. The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of September 30, 2022 and December 31, 2021. The fair value of the 6.50% Unsecured Notes is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQL”). The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). As of September 30, 2022 December 31, 2021 ($ in millions) Principal Amount Carrying Value (1) Fair Value Principal Amount Carrying Value (1) Fair Value 6.50% Unsecured Notes $ 64.4 $ 63.9 $ 63.5 $ 64.4 $ 63.6 $ 65.1 6.25% Unsecured Notes 44.8 44.0 43.2 44.8 43.8 45.5 5.50% Unsecured Notes 80.5 78.2 74.8 80.5 78.0 80.7 Total $ 189.7 $ 186.1 $ 181.5 $ 189.7 $ 185.4 $ 191.3 ____________ (1) The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of September 30, 2022 were 6.02% and 3.8 years, respectively, and as of December 31, 2021 were 6.02% and 4.6 years, respectively. The tables below summarize the components of interest expense for the three and nine months ended September 30, 2022 and September 30, 2021, respectively: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 ($ in thousands) Stated Interest Expense Amortization of Total (1) Stated Interest Expense Amortization of Total 6.50% Unsecured Notes $ 1,046.0 $ 81.8 $ 1,127.9 $ 3,138.0 $ 242.9 $ 3,380.9 6.25% Unsecured Notes 699.9 58.8 758.6 2,099.6 174.4 2,274.0 5.50% Unsecured Notes 1,106.9 97.2 1,204.1 3,320.6 288.4 3,609.0 Total (1) $ 2,852.7 $ 237.8 $ 3,090.5 $ 8,558.2 $ 705.6 $ 9,263.9 ____________ (1) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 ($ in thousands) Stated Interest Expense Amortization of Total (1) Stated Interest Expense Amortization of Total 6.50% Unsecured Notes $ 1,046.0 $ 81.8 $ 1,127.9 $ 3,138.0 $ 242.9 $ 3,380.9 6.25% Unsecured Notes 699.9 58.8 758.6 2,099.6 174.4 2,274.0 5.50% Unsecured Notes 1,106.9 97.2 1,204.1 1,611.1 139.4 1,750.5 Total (1) $ 2,852.7 $ 237.8 $ 3,090.5 $ 6,848.7 $ 556.6 $ 7,405.4 ____________ (1) Notes Payable — 6.50% Unsecured Notes Due 2024 (the “6.50% Unsecured Notes”) On April 12, 2017, the Company completed an underwritten public offering of approximately $64.4 million in aggregate principal amount of the 6.50% Unsecured Notes. The 6.50% Unsecured Notes mature on March 30, 2024, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after March 30, 2020. The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. The aggregate accrued interest payable on the 6.50% Unsecured Notes as of September 30, 2022 was approximately $12,000. As of September 30, 2022, the Company had unamortized deferred debt issuance costs relating to the 6.50% Unsecured Notes of approximately $488,000. The deferred debt issuance costs are being amortized over the term of the 6.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for three months ended September 30, 2022 were approximately $1.0 million and 6.95%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2022 were approximately $3.1 million and 7.02%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2021 were approximately $1.0 million and 6.95%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2021 were approximately $3.1 million and 7.02%, respectively. Notes Payable — 6.25% Unsecured Notes Due 2026 (the “6.25% Unsecured Notes”) On April 3, 2019, the Company completed an underwritten public offering of approximately $44.8 million in aggregate principal amount of 6.25% Unsecured Notes. The 6.25% Unsecured Notes will mature on April 30, 2026, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after April 30, 2022. The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 6.25% Unsecured Notes as of September 30, 2022 was approximately $467,000. As of September 30, 2022, the Company had unamortized deferred debt issuance costs of approximately $836,000 relating to the 6.25% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 6.25% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended September 30, 2022 were approximately $700,000 and 6.72%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2022 were approximately $2.1 million and 6.79%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2021 were approximately $700,000 and 6.72%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2021 were approximately $2.1 million and 6.79%, respectively. Notes Payable — 5.50% Unsecured Notes Due 2028 (the “5.50% Unsecured Notes”) On May 20, 2021, the Company completed an underwritten public offering of approximately $80.5 million in aggregate principal amount of 5.50% Unsecured Notes. The 5.50% Unsecured Notes will mature on July 31, 2028, and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 31, 2024. The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. The aggregate accrued interest payable on the 5.50% Unsecured Notes as of September 30, 2022 was approximately $738,000. As of September 30, 2022, the Company had unamortized deferred debt issuance costs of approximately $2.3 million relating to the 5.50% Unsecured Notes. The deferred debt issuance costs are being amortized over the term of the 5.50% Unsecured Notes and are included in interest expense in the statements of operations. The cash paid and the effective annualized interest rate for the three months ended September 30, 2022 were approximately $1.1 million and 5.93%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2022 were approximately $3.3 million and 5.99%, respectively. The cash paid and the effective annualized interest rate for the three months ended September 30, 2021 were approximately $873,000 and 5.93%, respectively. The cash paid and the effective annualized interest rate for the nine months ended September 30, 2021 were approximately $873,000 and 5.92%, respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7. RELATED PARTY TRANSACTIONS The Company pays Oxford Square Management a fee for its services under the Investment Advisory Agreement consisting of — a base investment advisory fee (the “Base Fee”) based on its gross assets, as described below, and two types of incentive fees. The cost of both the Base Fee and any incentive fees earned by Oxford Square Management are ultimately borne by the Company’s common stockholders. As described in greater detail under Item 1. Business — Investment Advisory Agreement — Advisory Fee -K Base Fee The Base Fee is payable quarterly in arrears, calculated based on a percentage of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters, and appropriately prorated for any partial quarter. Accordingly, the Base Fee will be payable regardless of whether the value of the Company’s gross assets has decreased during the quarter. Under the terms of the Investment Advisory Agreement, the Base Fee is calculated at an annual rate of 2.00%, and appropriately adjusted for any equity or debt capital raises, repurchases, or redemptions during the current calendar quarter. Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Base Fee (as a portion of the total calculation) is calculated at an annual rate of 1.50%, and adjusted pro rata for any share issuances, debt issuances, repurchases or redemptions during the current calendar quarter; provided, however, that no Base Fee is payable on the cash proceeds received by the Company in connection with any share or debt issuances until such proceeds have been invested in accordance with the Company’s investment objectives. The following table represents the portion of the total advisory fee ascribed to the Base Fee (pursuant to the 2016 Fee Waiver calculation) for the three and nine months ended September 30, 2022 and 2021, respectively: ($ in millions) Three Months September 30, 2022 Three Months September 30, 2021 Nine Months September 30, 2022 Nine Months September 30, 2021 Base Fee $ 1.4 $ 1.8 $ 4.6 $ 4.6 The Base Fee payable to Oxford Square Management as of September 30, 2022 and December 31, 2021 was $1,408,729 and $1,688,712, respectively. Incentive Fee The incentive fees are commonly referred to as the “Income Incentive Fee” and the “Capital Gains Incentive Fee,” with the first fee payable quarterly in arrears and the second fee payable in arrears at the end of each calendar year. Net Investment Income Incentive Fee The first fee (the “Net Investment Income Incentive Fee”), is determined by reference to the Company’s “Pre -Incentive Under the terms of the Investment Advisory Agreement, the Net Investment Income Incentive Fee is calculated based on the Company’s “Pre -Incentive • -Incentive -Incentive -Incentive • -Incentive -fourth st -year 2022 and 2021 calendar years, calculated as of the immediately preceding December 31 st a. -Incentive i. -Incentive ii. -Incentive -fourth -Incentive Under the terms of the 2016 Fee Waiver, for the purpose of calculating the amount of total advisory fees (if any) to be waived during a particular calendar quarter, the Income Incentive Fee (as a portion of the total calculation) is calculated based on the amount by which (x) the “Pre -Incentive a. b. (a) -Incentive (b) -Incentive -Up (c) -Incentive -Up -Incentive c. -Incentive -Incentive d. -Incentive In the event that the advisory fee calculations under the 2016 Fee Waiver produce a higher combined Base Fee and Net Investment Income Incentive Fee for any quarterly period, the combined fees are set to the original (lower) level, calculated pursuant to the Investment Advisory Agreement. In the event that advisory fee calculations under the 2016 Fee Wavier produce a lower combined Base Fee and Net Investment Income Incentive Fee for that quarterly period, those lower combined fees are adopted for that quarterly period. In either case, the lower level of combined fees is used for that quarter, and, accordingly, the advisory fee payable to Oxford Square Management can only be reduced, and never increased, as a result of the 2016 Fee Waiver. There were no Net Investment Income Incentive Fees for the three and nine months ended September 30, 2022 and 2021. There were no Net Investment Income Incentive Fees payable to Oxford Square Management as of September 30, 2022 and December 31, 2021. Capital Gains Incentive Fee The Capital Gains Incentive Fee, which is calculated identically under the Investment Advisory Agreement and under the 2016 Fee Waiver, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20% of the Company’s “Incentive Fee Capital Gains,” which consists of its realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year. For accounting purposes only, in order to reflect the theoretical Capital Gains Incentive Fee that would be payable for a given period as if all unrealized gains were realized, the Company will accrue a Capital Gains Incentive Fee based upon net realized gains and unrealized depreciation for that calendar year (in accordance with the terms of the Investment Advisory Agreement), plus unrealized appreciation on investments held at the end of the period. It should be noted that a fee so calculated and accrued would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of Capital Gains Incentive Fees in subsequent periods. Amounts paid under the Investment Advisory Agreement will be consistent with the formula reflected in the Investment Advisory Agreement. The amount of Capital Gains Incentive Fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to Oxford Square Management in the event of a complete liquidation of the Company’s portfolio as of period end and the termination of the Investment Advisory Agreement on such date. Also, it should be noted that the Capital Gains Incentive Fee expense fluctuates with the Company’s overall investment results. There were no Capital Gains Incentive Fees based on hypothetical liquidation for the three and nine months ended September 30, 2022 and 2021. There was no liability for Capital Gains Incentive Fees based on hypothetical liquidation as of September 30, 2022 and December 31, 2021. Administration Agreement The Company has also entered into an Administration Agreement (the “Administration Agreement”) with Oxford Funds under which Oxford Funds provides administrative services for the Company. The Company pays Oxford Funds an allocable portion of overhead and other expenses incurred by Oxford Funds on its behalf under the Administration Agreement, including a portion of the rent and the compensation of the chief financial officer, accounting staff and other administrative support personnel, which creates potential conflicts of interest that the Board must monitor. The Company also reimburses Oxford Funds for the costs associated with the functions performed by the Company’s Chief Compliance Officer that Oxford Funds pays on the Company’s behalf pursuant to the terms of an agreement between the Company and ACA Foreside Consulting Services, LLC. Oxford Square Management is controlled by Oxford Funds, its managing member. Charles M. Royce, a member of the Board, holds a minority, non -controlling For the three months ended September 30, 2022 and 2021, the Company incurred approximately $235,000 and $186,000, respectively, in compensation expenses for the services of employees allocated to the administrative activities of the Company, pursuant to the Administration Agreement with Oxford Funds. For the nine months ended September 30, 2022 and 2021, the Company incurred approximately $689,000 and $551,000, respectively, in compensation expenses. In addition, the Company incurred approximately $15,000 and $13,000 for facility costs allocated under the Administration Agreement for the three months ended September 30, 2022 and 2021, respectively. The Company incurred approximately $45,000 and $38,000 for facility costs for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022 and 2021, there were accrued compensation expenses of approximately $3,600 and $17,000, respectively, payable under the Administration Agreement. Co-Investment Exemptive Relief On June 14, 2017, the SEC issued an order permitting the Company and certain of its affiliates to complete negotiated co -investment -end -invest Pursuant to the Order, the Company is permitted to co -invest -investment -investment -investment -current |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 8. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted net increase/(decrease) in net assets resulting from net investment income and operations per share for the three and nine months ended September 30, 2022 and 2021, respectively: Three Months September 30, 2022 Three Months September 30, 2021 Nine Months September 30, 2022 Nine Months September 30, 2021 Net investment income $ 5,555,846 $ 3,981,968 $ 14,149,748 $ 11,580,601 Weighted average common shares outstanding 49,773,782 49,634,535 49,737,216 49,610,734 Net increase in net assets resulting from net investment income per common share $ 0.11 $ 0.08 $ 0.28 $ 0.23 Net (decrease)/increase in net assets resulting from operations $ (11,146,916 ) $ 11,265,139 $ (62,779,516 ) $ 39,556,411 Net (decrease)/increase in net assets resulting from operations common share $ (0.22 ) $ 0.23 $ (1.26 ) $ 0.80 |
Distributions
Distributions | 9 Months Ended |
Sep. 30, 2022 | |
Distributions [Abstract] | |
DISTRIBUTIONS | NOTE 9. DISTRIBUTIONS The Company intends to continue to operate so as to qualify to be taxed as a RIC under the Code and, as such, the Company would not be subject to federal income tax on the portion of its taxable income and gains distributed to stockholders. To qualify to be taxed as a RIC, the Company is required, among other requirements, to distribute at least 90% of its annual investment company taxable income, as defined by the Code. The amount to be paid out as a distribution each quarter is determined by the Board and is based upon the annual taxable income estimated by the management of the Company. Income calculated in accordance with U.S. federal income tax regulations differs substantially from GAAP income. To the extent that the Company’s cumulative undistributed taxable earnings fall below the amount of distributions declared, however, a portion of the total amount of the Company’s distributions for the fiscal year may be deemed a return of capital for tax purposes to the Company’s stockholders. The Company intends to comply with the applicable provisions of the Code pertaining to RICs to make distributions of taxable income sufficient to relieve it of substantially all federal income taxes. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on such income. The Company will accrue excise tax on estimated excess taxable income, if any, as required. The Company incurred approximately $252,000 in excise tax relating to the tax year ended December 31, 2021. This amount was expensed and paid during the three months ended September 30, 2022, and is included within “General and administrative” expenses on the Statements of Operations. The Company has adopted an “opt out” distribution reinvestment plan for its common stockholders. As a result, if the Company makes a cash distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of the Company’s common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended September 30, 2022 and 2021, the Company issued 38,914 and 30,853 any shares of common stock in the open market to satisfy the reinvestment portion of the Company’s dividends. During the nine months ended September 30, 2021, the Company’s dividend reinvestment administrator purchased 23,202 Under the Regulated Investment Company Modernization Act of 2010, the Company is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre -enactment -enactment -enactment -term -term -term The tax character of distributions for the nine months ended September 30, 2022, represented, on an estimated basis, $0.32 per share from ordinary income. For the three months ended September -end -DIV |
Net Asset Value Per Share
Net Asset Value Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Net Asset Value Per Share Abstract | |
NET ASSET VALUE PER SHARE | NOTE 10. NET ASSET VALUE PER SHARE The Company’s NAV per share as of September 30, 2022, and December 31, 2021, was $3.34 and $4.92, respectively. In determining the Company’s net asset value per share, the Board determined in good faith the fair value of the Company’s portfolio investments for which reliable market quotations are not readily available. |
Share Issuance and Repurchase P
Share Issuance and Repurchase Programs | 9 Months Ended |
Sep. 30, 2022 | |
Share Issuance and Repurchase Programs [Abstract] | |
SHARE ISSUANCE AND REPURCHASE PROGRAMS | NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS On August 1, 2019, the Company entered into an Equity Distribution Agreement with Ladenburg Thalmann & Co. through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through an At -the-Market From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. During the three and nine months ended September 30, 2022 and 2021, the Company was not authorized to repurchase any shares of outstanding common stock. |
Investment Income
Investment Income | 9 Months Ended |
Sep. 30, 2022 | |
Investment Income [Abstract] | |
INVESTMENT INCOME | NOTE 12. INVESTMENT INCOME The following table sets forth the components of investment income for the three and nine months ended September 30, 2022 and 2021, respectively: Three Months September 30, 2022 Three Months September 30, 2021 Interest Income Stated interest income $ 6,431,801 $ 4,314,099 Original issue discount and market discount income 193,920 183,518 Discount income derived from unscheduled remittances at par 179,618 29,897 Total interest income $ 6,805,339 $ 4,527,514 Income from securitization vehicles and investments $ 4,402,463 $ 5,071,854 Other income Fee letters $ 125,291 $ 112,323 Loan prepayment and bond call fees — — All other fees 65,039 85,940 Total other income $ 190,330 $ 198,263 Total investment income $ 11,398,132 $ 9,797,631 Nine Months September 30, 2022 Nine Months September 30, 2021 Interest Income Stated interest income $ 16,669,500 $ 11,286,252 Original issue discount and market discount income 666,603 548,820 Discount income derived from unscheduled remittances at par 393,923 516,868 Total interest income $ 17,730,026 $ 12,351,940 Income from securitization vehicles and investments $ 12,906,127 $ 13,849,299 Other income Fee letters $ 415,712 $ 333,193 Loan prepayment and bond call fees. — 300,000 All other fees. 151,688 164,895 Total other income $ 567,400 $ 798,088 Total investment income $ 31,203,553 $ 26,999,327 The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three and nine months ended September 30, 2022 and 2021, the Company received no fee income for managerial assistance. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. As of September 30, 2022, the Company did not have any commitments to purchase additional debt investments. The Company is not currently subject to any material legal proceedings. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings, if any, cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon its results of operations and financial condition. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Financial Highlights [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 14. FINANCIAL HIGHLIGHTS Financial highlights for the three and nine months ended September 30, 2022 and 2021, respectively, are as follows: Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Per Share Data Net asset value at beginning of period $ 3.67 $ 4.91 $ 4.92 $ 4.55 Net investment income (1) 0.11 0.08 0.28 0.23 Net realized and unrealized (losses)/gains (2) (0.33 ) 0.15 (1.54 ) 0.57 Net (decrease)/increase in net asset value from operations (0.22 ) 0.23 (1.26 ) 0.80 Distributions per share from net investment income (0.15 ) (0.09 ) (0.32 ) (0.26 ) Tax return of capital distributions (3) 0.04 (0.02 ) — (0.06 ) Total distributions (0.11 ) (0.11 ) (0.32 ) (0.32 ) Effect of shares issued/repurchased, gross — — — — Net asset value at end of period $ 3.34 $ 5.03 $ 3.34 $ 5.03 Per share market value at beginning of period $ 3.64 $ 4.91 $ 4.08 $ 3.05 Per share market value at end of period $ 3.01 $ 4.05 $ 3.01 $ 4.05 Total return based on Market Value (4) (14.79 )% (15.52 )% (19.90 )% 42.66 % Total return based on Net Asset Value (5) (6.13 )% 4.58 % (25.71 )% 17.47 % Shares outstanding at end of period 49,800,274 49,655,275 49,800,274 49,655,275 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 166,548 $ 249,645 $ 166,548 $ 249,645 Average net assets (000’s) $ 174,670 $ 246,554 $ 206,324 $ 241,062 Ratio of expenses to average net assets (6) 12.95 % 9.44 % 10.98 % 8.53 % Ratio of net investment income to average net assets (6) 13.16 % 6.46 % 9.18 % 6.41 % Portfolio turnover rate (7) 3.53 % 1.39 % 16.42 % 8.20 % (1) (2) (3) (4) (5) (6) -recurring (7) -to-date -to-date (8) -recurring Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Ratio of expenses to average net assets: Operating expenses before incentive fees 12.95 % 9.44 % 10.98 % 8.53 % Net investment income incentive fees — % — % — % — % Ratio of expenses, excluding interest expense 5.87 % 4.42 % 4.99 % 4.43 % |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | NOTE 15. RISKS AND UNCERTAINTIES We have and continue to assess the impact of the Coronavirus (also referred to as “COVID -19 -19 -19 -19 -existing -chain Although it is difficult to predict the extent of the impact of the COVID -19 Separately, the Company may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting CLO vehicle or any other investment we may make. If any of these occur, it could materially and adversely affect the Company’s operating results and cash flows. The interests the Company has acquired in CLO vehicles are generally thinly traded or have only a limited trading market. CLO vehicles are typically privately offered and sold, even in the secondary market. As a result, investments in CLO vehicles may be characterized as illiquid securities. In addition to the general risks associated with investing in debt securities, CLO vehicles carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fact that the Company’s investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO vehicle or unexpected investment results. The Company’s net asset value may also decline over time if the Company’s principal recovery with respect to CLO equity investments is less than the price that the Company paid for those investments. The Company places its cash in an overnight money market account and, at times, cash and cash equivalents may exceed the Federal Deposit Insurance Corporation insured limit. In addition, the Company’s portfolio may be concentrated in a limited number of portfolio companies, which will subject the Company to a risk of significant loss if any of these companies defaults on its obligations under any of its debt securities that the Company holds or if those sectors experience a market downturn. Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, including rising trade tensions between the United States and China, and other uncertainties regarding actual and potential shifts in the U.S. and foreign, trade, economic and other policies with other countries, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Specifically, the conflict between Russia and Ukraine, and resulting market volatility could adversely affect the Company’s business, financial condition or results of operations. In response to the conflict between Russia and Ukraine, the United States and other countries have imposed sanctions or other restrictive actions against Russia. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on the Company’s business, financial condition, cash flows and results of operations and could cause the market value of Oxford Square’s common shares and/or debt securities to decline. These market and economic disruptions could also negatively impact the operating results of the Company’s portfolio companies. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS The following distributions payable to stockholders are shown below: Date Declared Record Date Payable Date Per Share Distribution July 21, 2022 October 17, 2022 October 31, 2022 $0.035 July 21, 2022 November 16, 2022 November 30, 2022 $0.035 July 21, 2022 December 16, 2022 December 30, 2022 $0.035 October 20, 2022 January 17, 2023 January 31, 2023 $0.035 October 20, 2022 February 14, 2023 February 28, 2023 $0.035 October 20, 2022 March 17, 2023 March 31, 2023 $0.035 The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Company follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. In the normal course of business, the Company enters into a variety of undertakings containing a variety of warranties and indemnifications that may expose the Company to some risk of loss. The risk of future loss arising from such undertakings, while not quantifiable, is expected to be remote. |
USE OF ESTIMATES | USE OF ESTIMATES The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates, and these differences could be material. |
CONSOLIDATION | CONSOLIDATION As provided under Regulation S -X -810 Consolidation -810 , -owned -810 |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. The Company places its cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation insured limit. Cash equivalents are classified as Level 1 assets and are included on the Company’s schedule of investments. Certain cash equivalents are carried at cost or amortized cost, which approximates fair value, and investments held in money market funds are valued at net asset value (“NAV”) per share. |
INVESTMENT VALUATION | INVESTMENT VALUATION The Company determines its investment portfolio at fair value in accordance with the provisions of ASC 820, Fair Value Measurement -5 ASC 820 -10 -10 -10 -tier -going Good Faith Determinations of Fair Value, -5 -5 -5 The Board determines the value of its investment portfolio each quarter. In connection with that determination, members of Oxford Square Management’s portfolio management team prepare a quarterly analysis of each portfolio investment using the most recent portfolio company financial statements, forecasts and other relevant financial and operational information. The Company has and may continue to engage third -party equity investments, although the Board ultimately determines the appropriate valuation of each such investment. Changes in fair value, as described above, are recorded in the statements of operations as net change in unrealized appreciation/depreciation on investments. Syndicated Loans (Including Senior Secured Notes) In accordance with ASC 820 -10 -10 -binding -party -party -binding -party Collateralized Loan Obligations — Debt and Equity The Company has acquired debt and equity positions in CLO investment vehicles and can purchase CLO warehouse facilities. These investments are special purpose financing vehicles. In valuing such investments, the Company considers the indicative prices provided by a recognized industry pricing service as a primary source, and the implied yield of such prices, supplemented by actual trades executed in the market at or around period -end -wanted-in-competition -party Bilateral Investments (Including Equity) Bilateral investments (as defined below) for which market quotations are readily available are valued by an independent pricing agent or market maker. If such market quotations are not readily available, under the valuation procedures approved by the Board, upon the recommendation of the Valuation Committee, a third -party -party -party -annually -party The term “Bilateral investments” means debt and equity investments directly negotiated between the Company and a portfolio company, but excludes syndicated loans (i.e., corporate loans arranged by an agent on behalf of a company, portions of which are held by multiple investors in addition to OXSQ). Refer to “Note 4. Fair Value” in the notes to the Company’s financial statements for more information on investment valuation and the Company’s portfolio of investments. |
INVESTMENT INCOME | INVESTMENT INCOME Interest Income Interest income is recorded on an accrual basis using the contractual rate applicable to each debt investment and includes the accretion of market discounts and/or original issue discount (“OID”) and amortization of market premiums. Discounts from and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts and amortization of premiums, if any. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non -accrual -accrual -accrual Interest income also includes a payment -in-kind -In-Kind Payment-In-Kind The Company has debt and preferred stock investments in its portfolio that contain contractual PIK provisions. PIK interest and preferred stock dividends are computed at their contractual rates and are accrued into income and recorded as interest and dividend income, respectively. The PIK amounts are added to the principal balances on the capitalization dates. Upon capitalization, the PIK portions of the investments are valued at their respective fair values. If the Company believes that a PIK is not fully expected to be realized, the PIK investment would be placed on non -accrual -accrual -accrual Income from Securitization Vehicles and Investments Income from investments in the equity class securities of CLO vehicles (typically income notes or subordinated notes) is recorded using the effective interest method in accordance with the provisions of ASC 325 -40 Beneficial Interests in Securitized Financial Assets, -basis The Company also records income on its investments in CLO warehouse facilities based on a stated rate per the underlying note purchase agreement plus accrued interest or, if there is no stated rate, then an estimated rate is calculated using a base case model projecting the timing of the ramp -up Other Income Other income includes prepayment, amendment, and other fees earned by the Company’s loan investments, distributions from fee letters and success fees associated with portfolio investments. Distributions from fee letters are an enhancement to the return on a CLO equity investment and are based upon a percentage of the collateral manager’s fees above the amortized cost, and are recorded as other income when earned. The Company may also earn success fees associated with its investments in certain securitization vehicles or CLO warehouse facilities, which are contingent upon a repayment of the warehouse by a permanent CLO securitization structure; such fees are earned and recognized when the repayment is completed. Preferred Stock Dividends The Company holds preferred stock investments in its portfolio that contain cumulative preferred dividends that accumulate quarterly. The Company will generally record cumulative preferred dividends as investment income when they are received or declared by the portfolio company’s board of directors or upon any voluntary or involuntary liquidation, dissolution or winding up of the portfolio company, and are collectible. There were no cumulative preferred dividends recorded as dividend income during the three and nine months ended September 30, 2022 and 2021, as the Company deemed them to be uncollectible. |
DEFERRED DEBT ISSUANCE COSTS | DEFERRED DEBT ISSUANCE COSTS Deferred debt issuance costs consist of fees and expenses incurred in connection with the closing or amending of credit facilities and debt offerings, and are capitalized at the time of payment. These costs are amortized using the straight line method over the terms of the respective credit facilities and debt securities. The amortized expenses are included in interest expense in the Company’s financial statements. The unamortized deferred debt issuance costs are included on the Company’s statement of assets and liabilities as a direct deduction from the related debt liability. Upon early termination or partial principal pay down of debt, or a credit facility, the unamortized costs related to such debt are accelerated into realized losses on extinguishment of debt on the Company’s statement of operations. |
EQUITY OFFERING COSTS | EQUITY OFFERING COSTS Equity offering costs consist of fees and expenses incurred in connection with the registration and public offer and sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Deferred costs are periodically reviewed and expensed if the related registration is no longer active. |
SHARE REPURCHASES | SHARE REPURCHASES From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date. |
SECURITIES TRANSACTIONS | SECURITIES TRANSACTIONS Securities transactions are recorded on the trade date. Realized gains and losses on investments sold are recorded on the basis of specific identification. An optional redemption (“optionally redeemed”) feature of a CLO allows a majority of the holders of the equity securities issued by the CLO issuer, after the end of a specified non -call |
U.S. FEDERAL INCOME TAXES | U.S. FEDERAL INCOME TAXES The Company intends to operate so as to qualify to be taxed as a RIC under Subchapter M of the Code and, as such, to not be subject to U.S. federal income tax on the portion of its taxable income and gains timely distributed to stockholders. To qualify for RIC tax treatment, OXSQ is required to distribute at least 90% of its investment company taxable income annually, meet diversification requirements quarterly and file Form 1120 -RIC Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short -term The Company recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Through September 30, 2022, management has analyzed the Company’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions expected to be taken in the Company’s 2021 tax returns. The Company identifies its major tax jurisdictions as U.S Federal and Connecticut State. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 For tax purposes, the cost basis of the portfolio investments as of September 30, 2022 and December 31, 2021, was approximately $532,469,458 and $527,385,739, respectively. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU No. 2020 -04 -01 -04 -01 -01 -04 -01 Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets measured at fair value by investment type on a recurring basis | Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured Notes $ — $ — $ 230.3 $ 230.3 CLO Equity — — 107.7 107.7 Equity and Other Investments — — 2.2 2.2 Total Investments at fair value — — 340.2 340.2 Cash equivalents 14.4 — — 14.4 Total assets at fair value $ 14.4 $ — $ 340.2 $ 354.6 Fair Value Measurements at Reporting Date Using Assets ($ in millions) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Significant Unobservable Inputs Total Senior Secured Notes $ — $ — $ 264.5 $ 264.5 CLO Equity — — 155.6 155.6 Equity and Other Investments — — 0.8 0.8 Total Investments at fair value (1) — — 420.8 420.8 Cash equivalents 8.4 — — 8.4 Total assets at fair value $ 8.4 $ — $ 420.8 $ 429.2 |
Schedule of significant unobservable inputs for level 3 investments | Quantitative Information about Level 3 Fair Value Measurements Range/Weighted Average (1) Impact to Fair Value from an Increase in Input (2) Assets ($ in millions) Fair Value as of September 30, 2022 Valuation Techniques/ Unobservable Input Senior Secured Notes $ 182.4 Market quotes NBIB (3) 60.0% – 98.0%/86.9% NA 47.5 Recent transactions Actual trade/payoff (4) 60.3% – 91.5%/75.5% NA 0.5 Enterprise value (8) Market price indicator $ 8.4 million – $12.3 Increase Price discount 10% – 20%/15% Decrease CLO equity 102.2 Market quotes NBIB (3) 1.0% – 65.0%/31.0% NA 3.9 Recent transactions Actual trade/payoff (4) 56.3%/ncm (5) NA 1.3 Discounted cash flow (6) Discount rate (7) 20.9% – 21.7%/21.0% Decrease 0.3 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 1.9%/0.6% NA Equity/Other Investments 2.2 Enterprise value (8) LTM EBITDA (9) $ 21.9 million/ncm (5) Increase NCY EBITDA (9) $ 24.5 million/ncm (5) Increase Market multiples (9) 6.50x – 8.75x/7.6x Increase Total Fair Value for Level 3 Investments (11) $ 340.2 Quantitative Information about Level 3 Fair Value Measurements Range/Weighted Average (1) Impact to Fair Value from an Increase in Input (2) Assets ($ in millions) Fair Value Valuation Techniques/ Unobservable Input Senior Secured Notes $ 230.5 Market quotes NBIB (3) 91.0% – 100.0%/97.0% NA 32.7 Recent transactions Actual trade/payoff (4) 94.5% – 100.3%/97.9% NA 1.3 Enterprise value (8) NCY+1 EBITDA (9) $ 12.3 million/ncm (5) Increase Market multiples (9) 5.5x–6.5x/ncm (5) Increase CLO equity 149.1 Market quotes NBIB (3) 8.7% – 83.0%/48.0% NA 3.4 Recent transactions Actual trade/payoff (4) 90.1%/ncm (5) NA 1.8 Discounted cash flow (6) Discount rate (7) 10.8% – 12.9%/12.5% Decrease 1.3 Liquidation Net Asset Value (11) NBIB (3) 0.3% – 5.8%/3.1% NA Equity/Other Investments 0.8 Enterprise value (8) NCY EBITDA (9) $ 18.1 million/ncm (5) Increase NCY+1 EBITDA (9) $ 25.0 million/ncm (5) Increase Market multiples (9) 5.75x – 9.0x/7.4x Increase Total Fair Value for Level 3 Investments (10) $ 420.8 |
Schedule of carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value | ($ in millions) Carrying Value (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.9 $ 63.5 $ — $ 63.5 $ — 6.25% Unsecured Notes 44.0 43.2 — 43.2 — 5.50% Unsecured Notes 78.2 74.8 — 74.8 — Total $ 186.1 $ 181.5 $ — $ 181.5 $ — ($ in millions) Carrying Value (1) Fair Value (2) Level 1 Level 2 Level 3 6.50% Unsecured Notes $ 63.6 $ 65.1 $ — $ 65.1 $ — 6.25% Unsecured Notes 43.8 45.5 — 45.5 — 5.50% Unsecured Notes 78.0 80.7 — 80.7 — Total $ 185.4 $ 191.3 $ — $ 191.3 $ — |
Schedule of reconciliation of the fair value of investments | ($ in millions) Senior Secured Notes CLO Equity Equity and Other Investments Total (2) Balance at June 30, 2022 $ 256.1 $ 111.8 $ 1.6 $ 369.4 Net realized gains included in earnings — 0.1 — 0.1 Net unrealized (depreciation)/appreciation included in earnings (15.0 ) (2.4 ) 0.6 (16.8 ) Accretion of discount 0.2 — — 0.2 Purchases — 3.9 — 3.9 Repayments and sales (11.0 ) (1.8 ) — (12.8 ) Reductions to CLO Equity cost value (1) — (3.9 ) — (3.9 ) Transfers in and/or (out) of level 3 — — — — Balance at September 30, 2022 (2) $ 230.3 $ 107.7 $ 2.2 $ 340.2 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of September 30, 2022 $ (15.2 ) $ (2.5 ) $ 0.6 $ (17.1 ) ($ in millions) Senior Secured Notes CLO Equity Equity and Other Investments Total (2) Balance at December 31, 2021 $ 264.5 $ 155.6 $ 0.8 $ 420.8 Net realized losses included in earnings — (0.4 ) — (0.4 ) Net unrealized (depreciation)/appreciation included in earnings (36.0 ) (41.9 ) 1.4 (76.5 ) Accretion of discount 0.7 — — 0.7 Purchases 50.9 27.2 — 78.2 Repayments and sales (49.8 ) (14.6 ) — (64.4 ) Reductions to CLO equity cost value (1) — (18.1 ) — (18.1 ) Transfers in and/or (out) of level 3 — — — — Balance at September 30, 2022 (2) $ 230.3 $ 107.7 $ 2.2 $ 340.2 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of September 30, 2022 $ (36.2 ) $ (41.8 ) $ 1.4 $ (76.6 ) ($ in millions) Senior Secured Notes CLO CLO Equity and Total (2) Balance at December 31, 2020 $ 172.2 $ — $ 122.5 $ — $ 294.7 Net realized losses included in earnings (13.4 ) — (1.5 ) — (15.0 ) Net unrealized appreciation included in earnings 4.2 — 33.5 0.8 38.5 Accretion of discount 0.7 — — — 0.7 Purchases 135.3 — 43.5 — 178.9 Repayments and sales (34.6 ) — (4.9 ) — (39.5 ) Reductions to CLO equity cost value (1) — — (37.5 ) — (37.5 ) Non-cash interest and dividend income due to PIK — — — — — Transfers in and/or (out) of level 3 — — — — — Balance at December 31, 2021 (2) $ 264.5 $ — $ 155.6 $ 0.8 $ 420.8 Net change in unrealized depreciation on Level 3 investments still held as of December 31, 2021 $ (9.0 ) $ — $ 27.8 $ 0.8 $ 19.6 |
Schedule of the fair value of the company’s portfolio of investments by asset class | September 30, 2022 December 31, 2021 ($ in millions) Investments at Fair Value Percentage of Total Portfolio Investments at Fair Value Percentage of Total Portfolio Senior Secured Notes $ 230.3 67.7 % $ 264.5 62.8 % CLO Equity 107.7 31.7 % 155.6 37.0 % Equity and Other Investments 2.2 0.6 % 0.8 0.2 % Total (1) $ 340.2 100.0 % $ 420.8 100.0 % |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | September 30, 2022 December 31, 2021 Cash $ — $ 617,546 Cash Equivalents 14,367,882 8,398,154 Total Cash and Cash Equivalents $ 14,367,882 $ 9,015,700 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of unsecured notes | As of September 30, 2022 December 31, 2021 ($ in millions) Principal Amount Carrying Value (1) Fair Value Principal Amount Carrying Value (1) Fair Value 6.50% Unsecured Notes $ 64.4 $ 63.9 $ 63.5 $ 64.4 $ 63.6 $ 65.1 6.25% Unsecured Notes 44.8 44.0 43.2 44.8 43.8 45.5 5.50% Unsecured Notes 80.5 78.2 74.8 80.5 78.0 80.7 Total $ 189.7 $ 186.1 $ 181.5 $ 189.7 $ 185.4 $ 191.3 |
Schedule of interest expenses | Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 ($ in thousands) Stated Interest Expense Amortization of Total (1) Stated Interest Expense Amortization of Total 6.50% Unsecured Notes $ 1,046.0 $ 81.8 $ 1,127.9 $ 3,138.0 $ 242.9 $ 3,380.9 6.25% Unsecured Notes 699.9 58.8 758.6 2,099.6 174.4 2,274.0 5.50% Unsecured Notes 1,106.9 97.2 1,204.1 3,320.6 288.4 3,609.0 Total (1) $ 2,852.7 $ 237.8 $ 3,090.5 $ 8,558.2 $ 705.6 $ 9,263.9 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 ($ in thousands) Stated Interest Expense Amortization of Total (1) Stated Interest Expense Amortization of Total 6.50% Unsecured Notes $ 1,046.0 $ 81.8 $ 1,127.9 $ 3,138.0 $ 242.9 $ 3,380.9 6.25% Unsecured Notes 699.9 58.8 758.6 2,099.6 174.4 2,274.0 5.50% Unsecured Notes 1,106.9 97.2 1,204.1 1,611.1 139.4 1,750.5 Total (1) $ 2,852.7 $ 237.8 $ 3,090.5 $ 6,848.7 $ 556.6 $ 7,405.4 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Base Fee [Member] | |
Related Party Transactions (Tables) [Line Items] | |
Schedule of related party transactions | ($ in millions) Three Months September 30, 2022 Three Months September 30, 2021 Nine Months September 30, 2022 Nine Months September 30, 2021 Base Fee $ 1.4 $ 1.8 $ 4.6 $ 4.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share Table [Abstract] | |
Schedule of basic and diluted net increase/(decrease) in net assets resulting from net investment income and operations per share | Three Months September 30, 2022 Three Months September 30, 2021 Nine Months September 30, 2022 Nine Months September 30, 2021 Net investment income $ 5,555,846 $ 3,981,968 $ 14,149,748 $ 11,580,601 Weighted average common shares outstanding 49,773,782 49,634,535 49,737,216 49,610,734 Net increase in net assets resulting from net investment income per common share $ 0.11 $ 0.08 $ 0.28 $ 0.23 Net (decrease)/increase in net assets resulting from operations $ (11,146,916 ) $ 11,265,139 $ (62,779,516 ) $ 39,556,411 Net (decrease)/increase in net assets resulting from operations common share $ (0.22 ) $ 0.23 $ (1.26 ) $ 0.80 |
Investment Income (Tables)
Investment Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Income Table [Abstract] | |
Schedule of investment income | Three Months September 30, 2022 Three Months September 30, 2021 Interest Income Stated interest income $ 6,431,801 $ 4,314,099 Original issue discount and market discount income 193,920 183,518 Discount income derived from unscheduled remittances at par 179,618 29,897 Total interest income $ 6,805,339 $ 4,527,514 Income from securitization vehicles and investments $ 4,402,463 $ 5,071,854 Other income Fee letters $ 125,291 $ 112,323 Loan prepayment and bond call fees — — All other fees 65,039 85,940 Total other income $ 190,330 $ 198,263 Total investment income $ 11,398,132 $ 9,797,631 Nine Months September 30, 2022 Nine Months September 30, 2021 Interest Income Stated interest income $ 16,669,500 $ 11,286,252 Original issue discount and market discount income 666,603 548,820 Discount income derived from unscheduled remittances at par 393,923 516,868 Total interest income $ 17,730,026 $ 12,351,940 Income from securitization vehicles and investments $ 12,906,127 $ 13,849,299 Other income Fee letters $ 415,712 $ 333,193 Loan prepayment and bond call fees. — 300,000 All other fees. 151,688 164,895 Total other income $ 567,400 $ 798,088 Total investment income $ 31,203,553 $ 26,999,327 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial Highlights Table [Abstract] | |
Schedule of financial highlights | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Per Share Data Net asset value at beginning of period $ 3.67 $ 4.91 $ 4.92 $ 4.55 Net investment income (1) 0.11 0.08 0.28 0.23 Net realized and unrealized (losses)/gains (2) (0.33 ) 0.15 (1.54 ) 0.57 Net (decrease)/increase in net asset value from operations (0.22 ) 0.23 (1.26 ) 0.80 Distributions per share from net investment income (0.15 ) (0.09 ) (0.32 ) (0.26 ) Tax return of capital distributions (3) 0.04 (0.02 ) — (0.06 ) Total distributions (0.11 ) (0.11 ) (0.32 ) (0.32 ) Effect of shares issued/repurchased, gross — — — — Net asset value at end of period $ 3.34 $ 5.03 $ 3.34 $ 5.03 Per share market value at beginning of period $ 3.64 $ 4.91 $ 4.08 $ 3.05 Per share market value at end of period $ 3.01 $ 4.05 $ 3.01 $ 4.05 Total return based on Market Value (4) (14.79 )% (15.52 )% (19.90 )% 42.66 % Total return based on Net Asset Value (5) (6.13 )% 4.58 % (25.71 )% 17.47 % Shares outstanding at end of period 49,800,274 49,655,275 49,800,274 49,655,275 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 166,548 $ 249,645 $ 166,548 $ 249,645 Average net assets (000’s) $ 174,670 $ 246,554 $ 206,324 $ 241,062 Ratio of expenses to average net assets (6) 12.95 % 9.44 % 10.98 % 8.53 % Ratio of net investment income to average net assets (6) 13.16 % 6.46 % 9.18 % 6.41 % Portfolio turnover rate (7) 3.53 % 1.39 % 16.42 % 8.20 % |
Schedule of supplemental performance ratios (annualized) measured | Three Months Ended September 30, 2022 Three Months Ended September 30, 2021 Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Ratio of expenses to average net assets: Operating expenses before incentive fees 12.95 % 9.44 % 10.98 % 8.53 % Net investment income incentive fees — % — % — % — % Ratio of expenses, excluding interest expense 5.87 % 4.42 % 4.99 % 4.43 % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Schedule of distributions payable to stockholders | Date Declared Record Date Payable Date Per Share Distribution July 21, 2022 October 17, 2022 October 31, 2022 $0.035 July 21, 2022 November 16, 2022 November 30, 2022 $0.035 July 21, 2022 December 16, 2022 December 30, 2022 $0.035 October 20, 2022 January 17, 2023 January 31, 2023 $0.035 October 20, 2022 February 14, 2023 February 28, 2023 $0.035 October 20, 2022 March 17, 2023 March 31, 2023 $0.035 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Distribution of investment, percentage | 90% | |
Portfolio investments | $ 532,469,458 | $ 527,385,739 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value (Details) [Line Items] | |||||
Unamortized deferred debt issuance cost | $ 2,300,000 | $ 2,300,000 | |||
Income from securitization vehicles and investments | 4,402,463 | $ 5,071,854 | 12,906,127 | $ 13,849,299 | |
Collateralized Loan Obligations [Member] | |||||
Fair Value (Details) [Line Items] | |||||
Interest income recognized equity subordinated debt | 8,200,000 | 30,900,000 | $ 55,800,000 | ||
Income from securitization vehicles and investments | 4,400,000 | 12,900,000 | 18,700,000 | ||
Equity cost value | 3,900,000 | 18,100,000 | 37,500,000 | ||
Amortization of cost | 28,000 | 91,000 | 400,000 | ||
6.50% Unsecured Notes [Member] | |||||
Fair Value (Details) [Line Items] | |||||
Unamortized deferred debt issuance cost | 500,000 | 500,000 | 700,000 | ||
6.25% Unsecured Notes [Member] | |||||
Fair Value (Details) [Line Items] | |||||
Unamortized deferred debt issuance cost | 800,000 | 800,000 | 1,000,000 | ||
5.50% Unsecured Notes [Member] | |||||
Fair Value (Details) [Line Items] | |||||
Unamortized deferred debt issuance cost | $ 2,300,000 | $ 2,300,000 | $ 2,500,000 |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | ||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | ||||
Senior Secured Notes | $ 230.3 | $ 264.5 | ||
CLO Equity | 107.7 | 155.6 | ||
Equity and Other Investments | 2.2 | 0.8 | ||
Total Investments at fair value | [1] | 340.2 | 420.8 | |
Cash equivalents | 14.4 | 8.4 | ||
Total assets at fair value | 354.6 | 429.2 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | ||||
Senior Secured Notes | ||||
CLO Equity | ||||
Equity and Other Investments | ||||
Total Investments at fair value | [1] | |||
Cash equivalents | 14.4 | 8.4 | ||
Total assets at fair value | 14.4 | 8.4 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | ||||
Senior Secured Notes | ||||
CLO Equity | ||||
Equity and Other Investments | ||||
Total Investments at fair value | [1] | |||
Cash equivalents | ||||
Total assets at fair value | ||||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value (Details) - Schedule of assets measured at fair value by investment type on a recurring basis [Line Items] | ||||
Senior Secured Notes | 230.3 | 264.5 | ||
CLO Equity | 107.7 | 155.6 | ||
Equity and Other Investments | 2.2 | 0.8 | ||
Total Investments at fair value | 340.2 | 420.8 | [1] | |
Cash equivalents | ||||
Total assets at fair value | $ 340.2 | $ 420.8 | ||
[1]Totals may not sum due to rounding. |
Fair Value (Details) - Schedu_2
Fair Value (Details) - Schedule of significant unobservable inputs for level 3 investments - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Dec. 31, 2021 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | [1] | $ 340.2 | $ 420.8 | ||
Unobservable Input | Price discount | ||||
Range/Weighted Average | [2] | 10% – 20%/15% | |||
Impact to Fair Value from an Increase in Input | [3] | Decrease | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 340.2 | 420.8 | [1] | ||
Fair Value, Inputs, Level 3 [Member] | Senior Notes [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 182.4 | $ 230.5 | |||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | |||
Unobservable Input | [4] | NBIB(3) | NBIB(3) | ||
Range/Weighted Average | [2] | 60.0% – 98.0%/86.9% | 91.0% – 100.0%/97.0% | ||
Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes One [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 47.5 | $ 32.7 | |||
Valuation Techniques/ Methodologies | Recent transactions | Recent transactions | |||
Unobservable Input | [5] | Actual trade/payoff(4) | Actual trade/payoff(4) | ||
Range/Weighted Average | [2] | 60.3% – 91.5%/75.5% | 94.5% – 100.3%/97.9% | ||
Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes Two [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 0.5 | $ 1.3 | |||
Valuation Techniques/ Methodologies | [6] | Enterprise value(8) | Enterprise value(8) | ||
Unobservable Input | Market price indicator | NCY+1 EBITDA(9) | |||
Range/Weighted Average | [2] | $8.4 million - $12.3 million/$10.3 million | $12.3 million/ncm(5) | ||
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 102.2 | $ 149.1 | |||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | |||
Unobservable Input | [4] | NBIB(3) | NBIB(3) | ||
Range/Weighted Average | [2] | 1.0% – 65.0%/31.0% | 8.7% – 83.0%/48.0% | ||
Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity One [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 3.9 | $ 3.4 | |||
Valuation Techniques/ Methodologies | Recent transactions | Recent transactions | |||
Unobservable Input | [5] | Actual trade/payoff(4) | Actual trade/payoff(4) | ||
Range/Weighted Average | [2] | 56.3%/ncm(5) | [7] | 90.1%/ncm(5) | |
Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity Two [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 1.3 | $ 1.8 | |||
Valuation Techniques/ Methodologies | [8] | Discounted cash flow(6) | Discounted cash flow(6) | ||
Unobservable Input | [9] | Discount rate(7) | Discount rate(7) | ||
Range/Weighted Average | [2] | 20.9% – 21.7%/21.0% | 10.8% – 12.9%/12.5% | ||
Impact to Fair Value from an Increase in Input | [3] | Decrease | Decrease | ||
Fair Value, Inputs, Level 3 [Member] | CLO Equity Three [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 0.3 | $ 1.3 | |||
Valuation Techniques/ Methodologies | [10] | Liquidation Net Asset Value(10) | Liquidation Net Asset Value(11) | ||
Unobservable Input | [4] | NBIB(3) | NBIB(3) | ||
Range/Weighted Average | [2] | 0.0% – 1.9%/0.6% | 0.3% – 5.8%/3.1% | ||
Impact to Fair Value from an Increase in Input | [3] | NA | NA | ||
Fair Value, Inputs, Level 3 [Member] | Equity and Other Investments [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total Fair Value for Level 3 Investments | $ 2.2 | $ 0.8 | |||
Valuation Techniques/ Methodologies | [6] | Enterprise value(8) | Enterprise value(8) | ||
Unobservable Input | [11] | LTM EBITDA(9) | NCY EBITDA(9) | ||
Range/Weighted Average | [2],[7] | $21.9 million/ncm(5) | $18.1 million/ncm(5) | ||
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Equity/Other Investments One [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Unobservable Input | [11] | NCY EBITDA(9) | NCY+1 EBITDA(9) | ||
Range/Weighted Average | [2],[7] | $24.5 million/ncm(5) | $25.0 million/ncm(5) | ||
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Equity/Other Investments Two [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Unobservable Input | [11] | Market multiples(9) | Market multiples(9) | ||
Range/Weighted Average | [2] | 6.50x – 8.75x/7.6x | 5.75x – 9.0x/7.4x | ||
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | ||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes Three [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Unobservable Input | Market multiples(9) | ||||
Range/Weighted Average | [2],[7] | 5.5x–6.5x/ncm(5) | |||
Impact to Fair Value from an Increase in Input | [3] | Increase | |||
[1]Totals may not sum due to rounding.[2]Weighted averages are calculated based on fair value of investments.[3]The impact on the fair value measurement of an increase in each unobservable input is in isolation. The discount rate is the rate used to discount future cash flows in a discounted cash flow calculation. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Market Multiples/EBITDA refer to the input (often derived from the value of a comparable company) that is multiplied by the historic and/or expected EBITDA of a company in order to estimate the company’s value. An increase in the Market Multiples/EBITDA, in isolation, would result in an increase in the fair value measurement.[4]The Company generally uses prices provided by an independent pricing service, or broker or agent bank non-binding indicative bid prices (“NBIB”), on or near the valuation date as the primary basis for the fair value determinations for syndicated notes, and CLO debt and equity investments, which may be adjusted for pending equity distributions as of valuation date. These bid prices are non-binding, and may not be determinative of fair value. Each bid price is evaluated by the Valuation Committee in conjunction with additional information compiled by Oxford Square Management, including financial performance, recent business developments, and, in the case of CLO debt and equity investments, performance and covenant compliance information as provided by the independent trustee.[5]Prices provided by independent pricing services are evaluated in conjunction with actual trades and payoffs and, in certain cases, the value represented by actual trades or payoffs may be more representative of fair value as determined by the Valuation Committee.[6]Enterprise value is defined as the total value of a company, including debt and cash. For senior secured notes and equity investments, third-party valuation firms evaluate the financial and operational information of the portfolio companies that the Company provides to them, as well as independent market and industry information that they consider appropriate in forming an opinion as to the fair value of the Company’s securities. In those instances where the carrying value and/or internal credit rating of the investment does not require the use of a third-party valuation firm, a valuation is prepared by Oxford Square Management, which may include liquidation analysis or which may utilize a subsequent transaction to provide an indication of fair value.[7]The calculation of weighted average for a range of values, for a single investment within a given asset category, is not considered to provide a meaningful representation (“ncm”).[8]The Company calculates the fair value of certain CLO equity investments based upon the net present value of expected contractual payment streams discounted using estimated market yields for the equity tranche of the respective CLO vehicle. The Company also considers those investments in which the record date for an equity distribution payment falls on or before the last day of the period, and the likelihood that a prospective purchaser would require an adjustment to the transaction price representing substantially all of the pending distribution.[9]Discount rate represents the rate at which future cash flows are discounted to calculate a present value, reflecting market assumptions for risk.[10]The fair value of those CLO equity positions which have been optionally redeemed are generally valued using a liquidation net asset value basis which represents the estimated expected residual value of the CLO as of the end of the period.[11]EBITDA, or earnings before interest expense, taxes, depreciation and amortization, is an unobservable input which is generally based on the most recently available twelve month financial statements provided by the portfolio company. Market multiples, also an unobservable input, represent an estimation of where market participants might value an enterprise based upon information available for comparable companies in the market. “NCY” refers to “next calendar year.” |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |||
Level 1 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 1 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 2 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 63.5 | 65.1 | |||
Level 2 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 43.2 | 45.5 | |||
Level 2 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 74.8 | 80.7 | |||
Level 2 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 181.5 | 191.3 | |||
Level 3 [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Level 3 [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | |||||
Carrying Value [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 63.9 | [1] | 63.6 | [2] | |
Carrying Value [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 44 | [1] | 43.8 | [2] | |
Carrying Value [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 78.2 | [1] | 78 | [2] | |
Carrying Value [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | 186.1 | [1] | 185.4 | [2] | |
Fair Value [Member] | 6.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 63.5 | 65.1 | ||
Fair Value [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 43.2 | 45.5 | ||
Fair Value [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | 74.8 | 80.7 | ||
Fair Value [Member] | Unsecured Notes [Member] | |||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | |||||
Total | [3] | $ 181.5 | $ 191.3 | ||
[1]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.50% Unsecured Notes totaled approximately $0.5 million as of September 30, 2022. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.8 million as of September 30, 2022. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $2.3 million as of September 30, 2022.[2]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.50% Unsecured Notes totaled approximately $0.7 million as of December 31, 2021. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $1.0 million as of December 31, 2021. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $2.5 million as of December 31, 2021.[3]For the 6.50% Unsecured Notes, 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes, 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQL”, “OXSQZ”, and “OXSQG”, respectively). |
Fair Value (Details) - Schedu_4
Fair Value (Details) - Schedule of reconciliation of the fair value of investments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at beginning | [1] | $ 369.4 | $ 420.8 | $ 294.7 | |||
Net realized gains losses included in earnings | [1] | 0.1 | (0.4) | (15) | |||
Net unrealized (depreciation)/appreciation included in earnings | [1] | (76.5) | |||||
Net unrealized (depreciation)/appreciation included in earnings | [1] | (16.8) | 38.5 | ||||
Accretion of discount | [1] | 0.2 | 0.7 | 0.7 | |||
Purchases | [1] | 3.9 | 78.2 | 178.9 | |||
Repayments and sales | [1] | (12.8) | (64.4) | (39.5) | |||
Reductions to CLO Equity cost value | [1] | (3.9) | [2] | (18.1) | [3] | (37.5) | [4] |
Non-cash interest and dividend income due to PIK | [1] | ||||||
Transfers in and/or (out) of level 3 | [1] | ||||||
Balance at ending | [1] | 340.2 | 340.2 | 420.8 | |||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | [1] | (17.1) | (76.6) | 19.6 | |||
CLO Equity [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at beginning | 111.8 | 155.6 | [1] | 122.5 | |||
Net realized gains losses included in earnings | 0.1 | (0.4) | (1.5) | ||||
Net unrealized (depreciation)/appreciation included in earnings | (41.9) | ||||||
Net unrealized (depreciation)/appreciation included in earnings | (2.4) | 33.5 | |||||
Accretion of discount | |||||||
Purchases | 3.9 | 27.2 | 43.5 | ||||
Repayments and sales | (1.8) | (14.6) | (4.9) | ||||
Reductions to CLO Equity cost value | (3.9) | [2] | (18.1) | [3] | (37.5) | [4] | |
Non-cash interest and dividend income due to PIK | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance at ending | [1] | 107.7 | 107.7 | 155.6 | |||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | (2.5) | (41.8) | 27.8 | ||||
CLO Debt [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at beginning | [1] | ||||||
Net realized gains losses included in earnings | |||||||
Net unrealized (depreciation)/appreciation included in earnings | |||||||
Accretion of discount | |||||||
Purchases | |||||||
Repayments and sales | |||||||
Reductions to CLO Equity cost value | [4] | ||||||
Non-cash interest and dividend income due to PIK | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance at ending | [1] | ||||||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | |||||||
Senior Secured Notes [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at beginning | 256.1 | 264.5 | [1] | 172.2 | |||
Net realized gains losses included in earnings | (13.4) | ||||||
Net unrealized (depreciation)/appreciation included in earnings | (36) | ||||||
Net unrealized (depreciation)/appreciation included in earnings | (15) | 4.2 | |||||
Accretion of discount | 0.2 | 0.7 | 0.7 | ||||
Purchases | 50.9 | 135.3 | |||||
Repayments and sales | (11) | (49.8) | (34.6) | ||||
Reductions to CLO Equity cost value | [2] | [3] | [4] | ||||
Non-cash interest and dividend income due to PIK | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance at ending | [1] | 230.3 | 230.3 | 264.5 | |||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | (15.2) | (36.2) | (9) | ||||
Equity and Other Investments [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance at beginning | 1.6 | 0.8 | [1] | ||||
Net realized gains losses included in earnings | |||||||
Net unrealized (depreciation)/appreciation included in earnings | 1.4 | ||||||
Net unrealized (depreciation)/appreciation included in earnings | 0.6 | 0.8 | |||||
Accretion of discount | |||||||
Purchases | |||||||
Repayments and sales | |||||||
Reductions to CLO Equity cost value | [2] | [3] | [4] | ||||
Non-cash interest and dividend income due to PIK | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance at ending | [1] | 2.2 | 2.2 | 0.8 | |||
Net change in unrealized (depreciation)/appreciation on Level 3 investments still held | $ 0.6 | $ 1.4 | $ 0.8 | ||||
[1]Totals may not sum due to rounding.[2]Reduction to CLO equity cost value of approximately $3.9 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $8.2 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $28,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $4.4 million.[3]Reduction to CLO equity cost value of approximately $18.1 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $30.9 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $91,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $12.9 million.[4]Reductions to CLO equity cost value of approximately $37.5 million represented the distributions received, or entitled to be received, on the Company’s investments held in CLO equity subordinated and income notes of approximately $55.8 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $0.4 million, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $18.7 million. |
Fair Value (Details) - Schedu_5
Fair Value (Details) - Schedule of the fair value of the company’s portfolio of investments by asset class - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | [1] | $ 340.2 | $ 420.8 |
Percentage of Total Portfolio | [1] | 100% | 100% |
CLO Equity [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 107.7 | $ 155.6 | |
Percentage of Total Portfolio | 31.70% | 37% | |
Senior Secured Notes [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 230.3 | $ 264.5 | |
Percentage of Total Portfolio | 67.70% | 62.80% | |
Equity and Other Investments [Member] | |||
Fair Value, Separate Account Investment [Line Items] | |||
Investments at Fair Value | $ 2.2 | $ 0.8 | |
Percentage of Total Portfolio | 0.60% | 0.20% | |
[1]Totals may not sum due to rounding. |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Cash And Cash Equivalents Abstract | ||
Cash | $ 617,546 | |
Cash Equivalents | 14,367,882 | 8,398,154 |
Total Cash and Cash Equivalents | $ 14,367,882 | $ 9,015,700 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 03, 2019 | Apr. 12, 2017 | May 20, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Borrowings (Details) [Line Items] | ||||||||
Borrowings description | In accordance with the 1940 Act, with certain limited exceptions, the Company is only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%, immediately after such borrowing. | the 6.50% Unsecured Notes is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQL”). The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). | ||||||
Asset coverage borrowed | 186% | 186% | 227% | |||||
Unamortized deferred debt issuance costs (in Dollars) | $ 2,300,000 | $ 2,300,000 | ||||||
Weighted average stated interest rate, description | The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of September 30, 2022 were 6.02% and 3.8 years, respectively, and as of December 31, 2021 were 6.02% and 4.6 years, respectively. | |||||||
Effective annualized interest rate | 6.50% | 6.50% | ||||||
Accrued interest payable (in Dollars) | $ 1,216,109 | $ 1,216,109 | $ 1,216,109 | |||||
Unsecured Debt [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Deferred issuance costs percentage | 6.50% | 6.50% | ||||||
Unamortized deferred debt issuance costs (in Dollars) | 500,000 | $ 500,000 | $ 700,000 | |||||
Unsecured Notes One [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Deferred issuance costs percentage | 6.25% | 6.25% | ||||||
Unamortized deferred debt issuance costs (in Dollars) | 800,000 | $ 800,000 | $ 1,000,000 | |||||
Unsecured Notes Two [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Deferred issuance costs percentage | 5.50% | 5.50% | ||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 2,300,000 | $ 2,300,000 | $ 2,500,000 | |||||
Notes Payable [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Borrowings description | the 6.50% Unsecured Notes is based upon the closing price on the last day of the period. The 6.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQL”). The fair value of the 6.25% Unsecured Notes is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”). The fair value of the 5.50% Unsecured Notes is based upon the closing price on the last day of the period. The 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQG”). | |||||||
6.50% Unsecured Notes [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Effective annualized interest rate | 6.50% | 6.50% | 6.50% | |||||
6.50% Unsecured Notes [Member] | Unsecured Debt [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Underwritten public offering (in Dollars) | $ 64,400,000 | |||||||
Effective annualized interest rate | 6.50% | |||||||
Maturity date | Mar. 30, 2024 | |||||||
Debt instrument maturity date description | The 6.50% Unsecured Notes bear interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. | |||||||
Six Five zero Unsecured Notes [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 488,000 | $ 488,000 | ||||||
Effective annualized interest rate | 7.02% | 7.02% | 7.02% | 7.02% | ||||
Accrued interest payable (in Dollars) | $ 12,000 | $ 12,000 | ||||||
Cash paid for annual interest (in Dollars) | $ 1,000,000 | $ 1,000,000 | 3,100,000 | $ 3,100,000 | ||||
Annualized interest rate | 6.95% | 6.95% | ||||||
6.25% Unsecured Notes [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 836,000 | $ 836,000 | ||||||
Effective annualized interest rate | 6.25% | 6.25% | 6.25% | |||||
Accrued interest payable (in Dollars) | $ 467,000 | $ 467,000 | ||||||
Cash paid for annual interest (in Dollars) | $ 700,000 | $ 700,000 | $ 2,100,000 | $ 2,100,000 | ||||
Annualized interest rate | 6.72% | 6.72% | 6.79% | 6.79% | ||||
6.25% Unsecured Notes [Member] | Unsecured Debt [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Underwritten public offering (in Dollars) | $ 44,800,000 | |||||||
Effective annualized interest rate | 6.25% | |||||||
Maturity date | Apr. 30, 2026 | |||||||
Debt instrument maturity date description | The 6.25% Unsecured Notes bear interest at a rate of 6.25% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. | |||||||
6.25% Unsecured Notes [Member] | Unsecured Notes Due 2026 [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Effective annualized interest rate | 6.25% | 6.25% | ||||||
Unsecured Notes Due 2028 [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Underwritten public offering (in Dollars) | $ 80,500,000 | |||||||
Unsecured Notes Due 2028 [Member] | Unsecured Debt [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Effective annualized interest rate | 5.50% | |||||||
Maturity date | Jul. 31, 2028 | |||||||
Debt instrument maturity date description | The 5.50% Unsecured Notes bear interest at a rate of 5.50% per year payable quarterly on January 31, April 30, July 31, and October 31, of each year. | |||||||
5.50% Unsecured Notes [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Effective annualized interest rate | 5.50% | 5.50% | ||||||
Accrued interest payable (in Dollars) | $ 738,000 | $ 738,000 | ||||||
Cash paid for annual interest (in Dollars) | $ 1,100,000 | $ 873,000 | $ 3,300,000 | $ 873,000 | ||||
Annualized interest rate | 5.93% | 5.93% | 5.99% | 5.92% | ||||
5.50% Unsecured Notes [Member] | Unsecured Notes Due 2028 [Member] | ||||||||
Borrowings (Details) [Line Items] | ||||||||
Effective annualized interest rate | 5.50% | 5.50% |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of unsecured notes - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 | |
6.50% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | $ 64.4 | $ 64.4 | |
Carrying Value | [1] | 63.9 | 63.6 |
Fair Value | 63.5 | 65.1 | |
6.25% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 44.8 | 44.8 | |
Carrying Value | [1] | 44 | 43.8 |
Fair Value | 43.2 | 45.5 | |
5.50% Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 80.5 | 80.5 | |
Carrying Value | [1] | 78.2 | 78 |
Fair Value | 74.8 | 80.7 | |
Unsecured Notes [Member] | |||
Borrowings (Details) - Schedule of unsecured notes [Line Items] | |||
Principal Amount | 189.7 | 189.7 | |
Carrying Value | [1] | 186.1 | 185.4 |
Fair Value | $ 181.5 | $ 191.3 | |
[1]The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of September 30, 2022, the total unamortized deferred issuance costs for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.5 million, $0.8 million, and $2.3 million, respectively. As of December 31, 2021, the total unamortized deferred issuance costs for the 6.50% Unsecured Notes, 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.7 million, $1.0 million, and $2.5 million, respectively. |
Borrowings (Details) - Schedu_2
Borrowings (Details) - Schedule of interest expenses - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
6.50% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expenses [Line Items] | ||||||
Stated Interest Expense | $ 1,046,000 | $ 1,046,000 | $ 3,138,000 | $ 3,138,000 | ||
Amortization of Deferred Debt Issuance Costs | 81,800 | 81,800 | 242,900 | 242,900 | ||
Total | 1,127,900 | 1,127,900 | 3,380,900 | [1] | 3,380,900 | |
6.25% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expenses [Line Items] | ||||||
Stated Interest Expense | 699,900 | 699,900 | 2,099,600 | 2,099,600 | ||
Amortization of Deferred Debt Issuance Costs | 58,800 | 58,800 | 174,400 | 174,400 | ||
Total | 758,600 | 758,600 | 2,274,000 | [1] | 2,274,000 | |
5.50% Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expenses [Line Items] | ||||||
Stated Interest Expense | 1,106,900 | 1,106,900 | 3,320,600 | 1,611,100 | ||
Amortization of Deferred Debt Issuance Costs | 97,200 | 97,200 | 288,400 | 139,400 | ||
Total | 1,204,100 | 1,204,100 | 3,609,000 | [1] | 1,750,500 | |
Unsecured Notes [Member] | ||||||
Borrowings (Details) - Schedule of interest expenses [Line Items] | ||||||
Stated Interest Expense | [1] | 2,852,700 | 2,852,700 | 8,558,200 | 6,848,700 | |
Amortization of Deferred Debt Issuance Costs | [1] | 237,800 | 237,800 | 705,600 | 556,600 | |
Total | [1] | $ 3,090,500 | $ 3,090,500 | $ 9,263,900 | $ 7,405,400 | |
[1]Totals may not sum due to rounding. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Related Party Transactions (Details) [Line Items] | ||||||
Base Fee (in Dollars) | $ 1,408,729 | $ 1,774,727 | $ 4,580,413 | $ 4,598,461 | ||
Annual hurdle rate | 6.26% | 6.26% | ||||
Pre-Incentive fee net investment income rate | 100% | 100% | ||||
Preferred return amount, percentage | 1.75% | |||||
Catch-up amount, percentage | 2.1875% | |||||
Compensation expenses (in Dollars) | $ 234,517 | 185,855 | $ 689,350 | 551,452 | ||
2016 Fee Waiver [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Annual rate | 1.50% | 1.50% | ||||
Base Fee [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Annual rate | 2% | 2% | ||||
Base Fee (in Dollars) | $ 1,408,729 | $ 1,688,712 | ||||
Net Investment Income Incentive Fee [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Annual hurdle rate | 6.26% | 6.26% | 5.36% | |||
Pre-Incentive fee net investment income rate | 20% | 20% | ||||
Catch-up amount, percentage | 20% | |||||
Cumulative net increase in net assets | 20% | |||||
Subsequent Event [Member] | Net Investment Income Incentive Fee [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Hurdle interest rate | 5% | |||||
Maximum annual hurdle rate | 10% | |||||
Annual hurdle rate | 6.26% | |||||
Oxford Funds [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Pre-Incentive fee net investment income rate | 20% | 20% | ||||
Compensation expenses (in Dollars) | $ 235,000 | 186,000 | $ 689,000 | 551,000 | ||
Facility cost (in Dollars) | 15,000 | 13,000 | 45,000 | 38,000 | ||
Accrued compensation expenses (in Dollars) | $ 3,600 | $ 17,000 | $ 3,600 | $ 17,000 | ||
Investment Advisory Agreement [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Annual rate | 2% | 2% | ||||
Incentive fee capital gains | 20% |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of related party transactions - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Base Fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Base Fee | $ 1.4 | $ 1.8 | $ 4.6 | $ 4.6 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of basic and diluted net increase/(decrease) in net assets resulting from net investment income and operations per share - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Basic And Diluted Net Increase Decrease In Net Assets Resulting From Net Investment Income And Operations Per Share Abstract | ||||
Net investment income | $ 5,555,846 | $ 3,981,968 | $ 14,149,748 | $ 11,580,601 |
Weighted average common shares outstanding | 49,773,782 | 49,634,535 | 49,737,216 | 49,610,734 |
Net increase in net assets resulting from net investment income per common share | $ 0.11 | $ 0.08 | $ 0.28 | $ 0.23 |
Net (decrease)/increase in net assets resulting from operations | $ (11,146,916) | $ 11,265,139 | $ (62,779,516) | $ 39,556,411 |
Net (decrease)/increase in net assets resulting from operations common share | $ (0.22) | $ 0.23 | $ (1.26) | $ 0.8 |
Distributions (Details)
Distributions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 29, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Distributions (Details) [Line Items] | |||||||||||||
Percentage of distribute minimum annual investment company taxable income | 90% | ||||||||||||
Percentage of investment company excise tax | 4% | ||||||||||||
Excise taxes | $ 252,000 | ||||||||||||
Shares issued (in Shares) | 38,914 | 30,853 | 110,215 | 65,668 | |||||||||
Distribution reinvestment plan | $ 128,418 | $ 128,228 | $ 399,185 | $ 288,998 | |||||||||
Monthly distributions paid | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | $ 1,700,000 | ||||
Monthly distributions per share (in Dollars per share) | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | |||
Ordinary income per share (in Dollars per share) | $ 0.32 | ||||||||||||
Common Stock [Member] | |||||||||||||
Distributions (Details) [Line Items] | |||||||||||||
Shares issued (in Shares) | 110,215 | 65,668 | |||||||||||
Distribution reinvestment plan | $ 128,000 | $ 128,000 | $ 399,000 | $ 289,000 | |||||||||
Reinvestment administrator shares purchased (in Shares) | 23,202 | ||||||||||||
Reinvestment portion | $ 91,000 |
Net Asset Value Per Share (Deta
Net Asset Value Per Share (Details) - $ / shares | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Net Asset Value Per Share Abstract | ||||||
Net asset value per share | $ 3.34 | $ 3.67 | $ 4.92 | $ 5.03 | $ 4.91 | $ 4.55 |
Share Issuance and Repurchase_2
Share Issuance and Repurchase Programs (Details) $ in Millions | Aug. 01, 2019 USD ($) |
Share Issuance And Repurchase Programs Disclosure [Abstract] | |
Current capacity of share issuances | $ 150 |
Investment Income (Details) - S
Investment Income (Details) - Schedule of investment income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Income | ||||
Stated interest income | $ 6,431,801 | $ 4,314,099 | $ 16,669,500 | $ 11,286,252 |
Original issue discount and market discount income | 193,920 | 183,518 | 666,603 | 548,820 |
Discount income derived from unscheduled remittances at par | 179,618 | 29,897 | 393,923 | 516,868 |
Total interest income | 6,805,339 | 4,527,514 | 17,730,026 | 12,351,940 |
Income from securitization vehicles and investments | 4,402,463 | 5,071,854 | 12,906,127 | 13,849,299 |
Other income | ||||
Fee letters | 125,291 | 112,323 | 415,712 | 333,193 |
Loan prepayment and bond call fees | 300,000 | |||
All other fees | 65,039 | 85,940 | 151,688 | 164,895 |
Total other income | 190,330 | 198,263 | 567,400 | 798,088 |
Total investment income | $ 11,398,132 | $ 9,797,631 | $ 31,203,553 | $ 26,999,327 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of financial highlights - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Per Share Data | |||||
Net asset value at beginning of period | $ 3.67 | $ 4.91 | $ 4.92 | $ 4.55 | |
Net investment income | [1] | 0.11 | 0.08 | 0.28 | 0.23 |
Net realized and unrealized (losses)/gains | [2] | (0.33) | 0.15 | (1.54) | 0.57 |
Net (decrease)/increase in net asset value from operations | (0.22) | 0.23 | (1.26) | 0.8 | |
Distributions per share from net investment income | (0.15) | (0.09) | (0.32) | (0.26) | |
Tax return of capital distributions | [3] | 0.04 | (0.02) | (0.06) | |
Total distributions | (0.11) | (0.11) | (0.32) | (0.32) | |
Effect of shares issued/repurchased, gross | |||||
Net asset value at end of period | 3.34 | 5.03 | 3.34 | 5.03 | |
Per share market value at beginning of period | 3.64 | 4.91 | 4.08 | 3.05 | |
Per share market value at end of period | $ 3.01 | $ 4.05 | $ 3.01 | $ 4.05 | |
Total return based on Market Value | [4] | (14.79%) | (15.52%) | (19.90%) | 42.66% |
Total return based on Net Asset Value | [5] | (6.13%) | 4.58% | (25.71%) | 17.47% |
Shares outstanding at end of period (in Shares) | 49,800,274 | 49,655,275 | 49,800,274 | 49,655,275 | |
Ratios/Supplemental Data(8) | |||||
Net assets at end of period (in Dollars) | [6] | $ 166,548 | $ 249,645 | $ 166,548 | $ 249,645 |
Average net assets (in Dollars) | [6] | $ 174,670 | $ 246,554 | $ 206,324 | $ 241,062 |
Ratio of expenses to average net assets | [6],[7] | 12.95% | 9.44% | 10.98% | 8.53% |
Ratio of net investment income to average net assets | [6],[7] | 13.16% | 6.46% | 9.18% | 6.41% |
Portfolio turnover rate | [6],[8] | 3.53% | 1.39% | 16.42% | 8.20% |
[1]Represents per share net investment income for the period, based upon weighted average shares outstanding.[2]Net realized and unrealized gains/(losses) include rounding adjustments to reconcile change in net asset value per share.[3]Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year. The amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes.[4]Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts. Total return is not annualized.[5]Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value. Total return is not annualized.[6]The following table provides supplemental performance ratios, which are annualized and include excise tax, which is a non-recurring expense that is not annualized, measured for the three and nine months ended September 30, 2022 and 2021:[7]Ratios for the three and nine months ended September 30, 2022 are annualized and include excise tax, which is a non-recurring expense that is not annualized. For the three and nine months ended September 30, 2022, excise tax represented of 0.14% and 0.12% of average net assets, respectively. Ratios for the three and nine months ended September 30, 2021 are annualized.[8]Portfolio turnover rate is calculated using the lesser of the year-to-date cash investment sales and debt repayments or year-to-date cash investment purchases over the average of the total investments at fair value. |
Financial Highlights (Details_2
Financial Highlights (Details) - Schedule of supplemental performance ratios (annualized) measured | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Ratio of expenses to average net assets: | ||||
Operating expenses before incentive fees | 12.95% | 9.44% | 10.98% | 8.53% |
Net investment income incentive fees | ||||
Ratio of expenses, excluding interest expense | 5.87% | 4.42% | 4.99% | 4.43% |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of distributions payable to stockholders | 9 Months Ended |
Sep. 30, 2022 $ / shares | |
Date of Issuance [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Jul. 21, 2022 |
Record Date | Oct. 17, 2022 |
Payable Date | Oct. 31, 2022 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance One [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Jul. 21, 2022 |
Record Date | Nov. 16, 2022 |
Payable Date | Nov. 30, 2022 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Two [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Jul. 21, 2022 |
Record Date | Dec. 16, 2022 |
Payable Date | Dec. 30, 2022 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Three [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Date | Jan. 17, 2023 |
Payable Date | Jan. 31, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Four [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Date | Feb. 14, 2023 |
Payable Date | Feb. 28, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Five [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Oct. 20, 2022 |
Record Date | Mar. 17, 2023 |
Payable Date | Mar. 31, 2023 |
Per Share Distribution Amount Declared | $ 0.035 |