Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 12, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Information [Line Items] | ||
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | |
Entity Central Index Key | 0001259429 | |
Securities Act File Number | 814-00638 | |
Entity Tax Identification Number | 20-0188736 | |
Entity Incorporation, State or Country Code | MD | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
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 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | (203) | |
Local Phone Number | 983-5275 | |
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 63,757,860 | |
Common stock, par value $0.01 per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | OXSQ | |
Security Exchange Name | NASDAQ | |
6.25% Notes due 2026 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 6.25% Notes due 2026 | |
Trading Symbol | OXSQZ | |
Security Exchange Name | NASDAQ | |
5.50% Notes due 2028 | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 5.50% Notes due 2028 | |
Trading Symbol | OXSQG | |
Security Exchange Name | NASDAQ |
Statements of Assets and Liabil
Statements of Assets and Liabilities - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 30,014,406 | $ 5,740,553 |
Securities sold, not settled | 3,402,645 | |
Interest and distributions receivable | 3,274,499 | 3,976,408 |
Other assets | 1,383,299 | 1,060,384 |
Total assets | 290,184,884 | 277,667,772 |
LIABILITIES | ||
Securities purchased, not settled | 10,852,405 | |
Base Fee and Net Investment Income Incentive Fee payable to affiliate | 1,023,352 | 1,012,389 |
Accrued interest payable | 1,204,487 | 1,204,487 |
Accrued expenses | 1,405,182 | 1,163,349 |
Total liabilities | 137,772,852 | 126,359,147 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
NET ASSETS | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 62,705,628 and 59,300,472 shares issued and outstanding, respectively | 627,056 | 593,005 |
Capital in excess of par value | 468,341,856 | 458,121,381 |
Total distributable earnings/(accumulated losses) | (316,556,880) | (307,405,761) |
Total net assets | 152,412,032 | 151,308,625 |
Total liabilities and net assets | $ 290,184,884 | $ 277,667,772 |
Net asset value per common share (in Dollars per share) | $ 2.43 | $ 2.55 |
Notes payable – 6.25% | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | $ 44,363,401 | $ 44,247,141 |
Notes payable – 5.50% | ||
LIABILITIES | ||
Notes payable Unsecured Notes, net of deferred issuance costs | 78,924,025 | 78,731,781 |
Non-affiliated/non-control investments | ||
ASSETS | ||
Investments at fair value | 249,566,370 | 261,614,335 |
Affiliated investments | ||
ASSETS | ||
Investments at fair value | $ 2,543,665 | $ 5,276,092 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Parentheticals) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
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) | 62,705,628 | 59,300,472 |
Common stock, shares outstanding (in Shares) | 62,705,628 | 59,300,472 |
Notes payable – 6.25% | ||
Deferred issuance costs | $ 427,349 | $ 543,609 |
Notes payable – 5.50% | ||
Deferred issuance costs | 1,575,975 | 1,768,219 |
Non-affiliated/non-control investments | ||
Investments, cost | 397,523,375 | 440,069,822 |
Affiliated investments | ||
Investments, cost | $ 16,836,822 | $ 16,836,822 |
Schedule of Investments (Unaudi
Schedule of Investments (Unaudited) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | ||||
Senior Secured Notes [Member] | |||||
% OF NET ASSETS | 108.50% | [1],[2],[3] | 118.60% | [4],[5] | |
FAIR VALUE | $ 165,330,530 | [1],[2],[6] | $ 179,456,385 | [4],[5],[7] | |
COST | $ 236,162,805 | [1],[2] | $ 279,458,897 | [4],[5] | |
Collateralized Loan Obligation – Equity Investments [Member] | |||||
% OF NET ASSETS | [4],[5] | 54.30% | |||
FAIR VALUE | [4],[5],[7] | $ 82,157,950 | |||
COST | [4],[5] | $ 160,610,925 | |||
Business Services [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 22.40% | |||
FAIR VALUE | [1],[2],[6] | $ 34,151,118 | |||
COST | [1],[2] | $ 59,784,082 | |||
Business Services [Member] | Senior Secured Notes1 [Member] | |||||
% OF NET ASSETS | [4],[5],[8] | 28.40% | |||
FAIR VALUE | [4],[5],[7] | $ 43,043,013 | |||
COST | [4],[5] | $ 67,339,872 | |||
Food and Beverage [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 5.30% | |||
FAIR VALUE | [1],[2],[6] | $ 8,060,000 | |||
COST | [1],[2] | $ 8,021,532 | |||
Healthcare [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | 17.90% | [1],[2],[3] | 18.80% | [4],[5] | |
FAIR VALUE | $ 27,255,710 | [1],[2],[6] | $ 28,388,653 | [4],[5],[7] | |
COST | $ 32,992,361 | [1],[2] | $ 44,665,467 | [4],[5] | |
Industrials [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 5.30% | |||
FAIR VALUE | [1],[2],[9] | $ 8,010,000 | |||
COST | [1],[2] | $ 8,047,500 | |||
Software [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | 41.40% | [1],[2],[3] | 43.60% | [4],[5],[8] | |
FAIR VALUE | $ 63,075,541 | [1],[2],[6] | $ 66,010,646 | [4],[5],[7] | |
COST | $ 101,891,974 | [1],[2] | $ 108,907,203 | [4],[5] | |
Telecommunication Services [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | 11.30% | [1],[2],[3] | 13.80% | [4],[5] | |
FAIR VALUE | $ 17,147,286 | [1],[2],[6] | $ 20,889,647 | [4],[5],[7] | |
COST | $ 17,770,108 | [1],[2] | $ 36,627,663 | [4],[5] | |
Utilities [Member] | Senior Secured Notes [Member] | |||||
% OF NET ASSETS | 5% | [1],[2],[3] | 4.80% | [4],[5] | |
FAIR VALUE | $ 7,630,875 | [1],[2],[6] | $ 7,248,375 | [4],[5],[7] | |
COST | $ 7,655,248 | [1],[2] | $ 7,656,195 | [4],[5] | |
Diversified Insurance [Member] | Senior Secured Notes1 [Member] | |||||
% OF NET ASSETS | [4],[5],[8] | 9.20% | |||
FAIR VALUE | [4],[5],[7] | $ 13,876,051 | |||
COST | [4],[5] | $ 14,262,497 | |||
Common Stock [Member] | |||||
% OF NET ASSETS | 1.30% | [1],[2],[3] | 0% | [4],[5] | |
FAIR VALUE | $ 1,915,500 | [1],[2] | [4],[5],[7] | ||
COST | $ 2,034,562 | [1],[2] | $ 684,960 | [4],[5] | |
Common Stock [Member] | Healthcare [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 0% | |||
FAIR VALUE | [1],[2] | ||||
COST | [1],[2] | ||||
Common Stock [Member] | Telecommunication Services [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 1.30% | |||
FAIR VALUE | [1],[2] | $ 1,915,500 | |||
COST | [1],[2] | $ 1,349,602 | |||
Common Stock [Member] | IT Consulting [Member] | |||||
% OF NET ASSETS | 0% | [1],[2],[3] | 0% | [4],[5] | |
FAIR VALUE | [1],[2] | [4],[5],[7] | |||
COST | $ 684,960 | [1],[2] | $ 684,960 | [4],[5] | |
Warrant [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 0% | |||
FAIR VALUE | [1],[2] | ||||
COST | [1],[2] | ||||
Preferred Stock [Member] | |||||
% OF NET ASSETS | 1.70% | [1],[2],[3] | 3.50% | [4],[5] | |
FAIR VALUE | $ 2,543,665 | [1],[2] | $ 5,276,092 | [4],[5],[7] | |
COST | $ 16,151,862 | [1],[2] | $ 16,151,862 | [4],[5] | |
Preferred Stock [Member] | IT Consulting [Member] | |||||
% OF NET ASSETS | [4],[5] | 3.50% | |||
FAIR VALUE | [4],[5],[7] | $ 5,276,092 | |||
COST | [4],[5] | $ 16,151,862 | |||
Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | |||||
% OF NET ASSETS | 54% | [1],[2],[3] | 54.30% | [4],[5] | |
FAIR VALUE | $ 82,320,340 | [1],[2] | $ 82,157,950 | [4],[5],[7] | |
COST | 160,010,968 | [1],[2] | 160,610,925 | [4],[5] | |
Access CIG LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 8,173,897 | |||
ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Jan. 18, 2024 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 8,235,201 | |||
COST | [1],[2],[10],[11],[12],[13],[14] | 8,208,168 | |||
Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[15],[16],[17],[18],[19] | $ 16,754,000 | |||
ACQUISITION DATE | [4],[5],[15],[16],[17],[18],[19] | Feb. 14, 2018 | |||
FAIR VALUE | [4],[5],[7],[15],[16],[17],[18],[19] | $ 16,670,230 | |||
COST | [4],[5],[15],[16],[17],[18],[19] | 16,787,194 | |||
Convergint Technologies, LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 2,456,249 | [1],[2],[10],[11],[12],[13],[20] | $ 2,468,749 | [4],[5],[15],[16],[18],[21] | |
ACQUISITION DATE | Nov. 15, 2022 | [1],[2],[10],[11],[12],[13],[20] | Nov. 15, 2022 | [4],[5],[15],[16],[18],[21] | |
FAIR VALUE | $ 2,462,390 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 2,462,577 | [4],[5],[7],[15],[16],[18],[21] | |
COST | 2,381,781 | [1],[2],[10],[11],[12],[13],[20] | 2,385,311 | [4],[5],[15],[16],[18],[21] | |
Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 11,000,000 | [1],[2],[10],[11],[13],[20] | $ 11,000,000 | [4],[5],[15],[16],[18],[22] | |
ACQUISITION DATE | Mar. 18, 2021 | [1],[2],[10],[11],[13],[20] | Mar. 18, 2021 | [4],[5],[15],[16],[18],[22] | |
FAIR VALUE | $ 10,725,000 | [1],[2],[6],[10],[11],[13],[20] | $ 9,881,630 | [4],[5],[7],[15],[16],[18],[22] | |
COST | 10,975,131 | [1],[2],[10],[11],[13],[20] | 10,967,876 | [4],[5],[15],[16],[18],[22] | |
Premiere Global Services, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 11,821,914 | [1],[2],[11],[12],[13],[23],[24],[25] | $ 11,821,914 | [4],[5],[16],[17],[18],[26],[27],[28] | |
ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[11],[12],[13],[23],[24],[25] | Oct. 01, 2019 | [4],[5],[16],[17],[18],[26],[27],[29] | |
FAIR VALUE | [1],[2],[6],[11],[12],[13],[23],[24],[25] | [4],[5],[7],[16],[17],[18],[26],[27],[28] | |||
COST | 11,469,896 | [1],[2],[11],[12],[13],[23],[24],[25] | 11,469,896 | [4],[5],[16],[17],[18],[26],[27],[28] | |
Premiere Global Services, Inc. [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 17,332,459 | [1],[2],[9],[11],[13],[23],[25] | $ 16,649,364 | [4],[5],[16],[18],[26],[28],[30] | |
ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[9],[11],[13],[23],[25] | Oct. 01, 2019 | [4],[5],[16],[18],[26],[28],[30] | |
FAIR VALUE | [1],[2],[6],[9],[11],[13],[23],[25] | [4],[5],[7],[16],[18],[26],[28],[30] | |||
COST | 9,817,795 | [1],[2],[9],[11],[13],[23],[25] | 9,817,795 | [4],[5],[16],[18],[26],[28],[30] | |
Premiere Global Services, Inc. [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 2,452,012 | [1],[2],[11],[13],[23],[25],[31] | $ 2,452,012 | [4],[5],[16],[18],[26],[27],[32] | |
ACQUISITION DATE | Oct. 01, 2019 | [1],[2],[11],[13],[23],[25],[31] | Oct. 01, 2019 | [4],[5],[16],[18],[26],[27],[32] | |
FAIR VALUE | $ 486,634 | [1],[2],[6],[11],[13],[23],[25],[31] | $ 494,129 | [4],[5],[7],[16],[18],[26],[27],[32] | |
COST | 2,378,999 | [1],[2],[11],[13],[23],[25],[31] | 2,378,999 | [4],[5],[16],[18],[26],[27],[32] | |
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 14,838,658 | [1],[2],[10],[11],[12],[13],[14] | $ 13,917,169 | [4],[5],[15],[16],[17],[18],[28] | |
ACQUISITION DATE | Aug. 09, 2018 | [1],[2],[10],[11],[12],[13],[14] | Aug. 09, 2018 | [4],[5],[15],[16],[17],[18],[28] | |
FAIR VALUE | $ 12,241,893 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 13,534,447 | [4],[5],[7],[15],[16],[17],[18],[28] | |
COST | 14,552,312 | [1],[2],[10],[11],[12],[13],[14] | 13,532,801 | [4],[5],[15],[16],[17],[18],[28] | |
Shearer’s Foods, LLC [Member] | Food and Beverage [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[20] | $ 8,000,000 | |||
ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[20] | Jan. 31, 2024 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[20] | $ 8,060,000 | |||
COST | [1],[2],[10],[11],[12],[13],[20] | 8,021,532 | |||
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 18,676,966 | [1],[2],[10],[11],[12],[13],[20] | $ 18,800,583 | [4],[5],[15],[16],[17],[18],[22] | |
ACQUISITION DATE | Oct. 31, 2018 | [1],[2],[10],[11],[12],[13],[20] | Oct. 31, 2018 | [4],[5],[15],[16],[17],[18],[22] | |
FAIR VALUE | $ 12,980,491 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 12,995,903 | [4],[5],[7],[15],[16],[17],[18],[22] | |
COST | 18,583,772 | [1],[2],[10],[11],[12],[13],[20] | 18,646,324 | [4],[5],[15],[16],[17],[18],[22] | |
Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 9,425,000 | [1],[2],[10],[11],[12],[13],[20] | $ 9,475,000 | [4],[5],[15],[16],[17],[18],[22] | |
ACQUISITION DATE | Jun. 26, 2018 | [1],[2],[10],[11],[12],[13],[20] | Jun. 26, 2018 | [4],[5],[15],[16],[17],[18],[22] | |
FAIR VALUE | $ 9,318,969 | [1],[2],[6],[10],[11],[12],[13],[20] | $ 9,380,250 | [4],[5],[7],[15],[16],[17],[18],[22],[33],[34] | |
COST | 9,422,774 | [1],[2],[10],[11],[12],[13],[20] | 9,471,702 | [4],[5],[15],[16],[17],[18],[22] | |
Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 5,000,000 | [1],[2],[10],[11],[13],[20] | $ 5,000,000 | [4],[5],[15],[16],[18],[22] | |
ACQUISITION DATE | Jun. 26, 2018 | [1],[2],[10],[11],[13],[20] | Jun. 26, 2018 | [4],[5],[15],[16],[18],[22] | |
FAIR VALUE | $ 4,956,250 | [1],[2],[6],[10],[11],[13],[20] | $ 4,812,500 | [4],[5],[7],[15],[16],[18],[22] | |
COST | 4,985,815 | [1],[2],[10],[11],[13],[20] | 4,980,592 | [4],[5],[15],[16],[18],[22] | |
Michael Baker International, Inc. [Member] | Industrials [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[13],[20] | $ 8,000,000 | |||
ACQUISITION DATE | [1],[2],[10],[11],[13],[20] | May 22, 2024 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[13],[20] | $ 8,010,000 | |||
COST | [1],[2],[10],[11],[13],[20] | 8,047,500 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[8],[15],[16],[17],[18] | $ 7,800,000 | |||
ACQUISITION DATE | [4],[5],[8],[15],[16],[17],[18] | May 18, 2021 | |||
FAIR VALUE | [4],[5],[7],[8],[15],[16],[17],[18] | $ 4,602,000 | |||
COST | [4],[5],[8],[15],[16],[17],[18] | 7,711,498 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[8],[15],[16],[18] | $ 7,000,000 | |||
ACQUISITION DATE | [4],[5],[8],[15],[16],[18] | May 03, 2021 | |||
FAIR VALUE | [4],[5],[7],[8],[15],[16],[18] | $ 2,263,310 | |||
COST | [4],[5],[8],[15],[16],[18] | 6,834,961 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Second Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[9],[11],[13],[20],[35] | $ 2,145,423 | |||
ACQUISITION DATE | [1],[2],[9],[11],[13],[20],[35] | Mar. 20, 2024 | |||
FAIR VALUE | [1],[2],[6],[9],[11],[13],[20],[35] | $ 1,367,707 | |||
COST | [1],[2],[9],[11],[13],[20],[35] | 1,621,365 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche A Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[9],[11],[13],[20],[35] | $ 4,991,757 | |||
ACQUISITION DATE | [1],[2],[9],[11],[13],[20],[35] | Mar. 20, 2024 | |||
FAIR VALUE | [1],[2],[6],[9],[11],[13],[20],[35] | $ 1,247,939 | |||
COST | [1],[2],[9],[11],[13],[20],[35] | 2,440,169 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche B Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[11],[13],[20],[35] | $ 2,800,000 | |||
ACQUISITION DATE | [1],[2],[11],[13],[20],[35] | Mar. 20, 2024 | |||
FAIR VALUE | [1],[2],[6],[11],[13],[20],[35] | $ 849,324 | |||
COST | [1],[2],[11],[13],[20],[35] | 1,583,608 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Fourth Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[11],[13],[20],[35] | $ 2,800,000 | |||
ACQUISITION DATE | [1],[2],[11],[13],[20],[35] | Mar. 20, 2024 | |||
FAIR VALUE | [1],[2],[6],[11],[13],[20],[35] | $ 280,000 | |||
COST | [1],[2],[11],[13],[20],[35] | 732,833 | |||
Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 4,900,000 | [1],[2],[10],[11],[12],[13],[14] | $ 4,925,000 | [4],[5],[15],[16],[17],[18],[34] | |
ACQUISITION DATE | Feb. 10, 2022 | [1],[2],[10],[11],[12],[13],[14] | Feb. 10, 2022 | [4],[5],[15],[16],[17],[18],[34] | |
FAIR VALUE | $ 3,577,000 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 3,841,500 | [4],[5],[7],[15],[16],[17],[18],[34] | |
COST | 4,845,482 | [1],[2],[10],[11],[12],[13],[14] | 4,865,132 | [4],[5],[15],[16],[17],[18],[34] | |
Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 15,000,000 | [1],[2],[10],[11],[13],[14] | $ 15,000,000 | [4],[15],[16],[18],[19],[36] | |
ACQUISITION DATE | [1] | Feb. 10, 2022 | [2],[10],[11],[13],[14] | Feb. 10, 2022 | [4],[5],[15],[16],[18],[34] |
FAIR VALUE | $ 6,450,000 | [1],[2],[6],[10],[11],[13],[14] | $ 6,600,000 | [4],[7],[15],[16],[18],[19],[36] | |
COST | 14,823,953 | [1],[2],[10],[11],[13],[14] | 14,812,653 | [4],[15],[16],[18],[19],[36] | |
Help/Systems Holdings, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 4,424,280 | |||
ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Oct. 06, 2022 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 3,981,852 | |||
COST | [1],[2],[10],[11],[12],[13],[14] | 4,234,355 | |||
Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[13],[14] | $ 8,000,000 | |||
ACQUISITION DATE | [1],[2],[10],[11],[13],[14] | Oct. 14, 2021 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[13],[14] | $ 6,180,000 | |||
COST | [1],[2],[10],[11],[13],[14] | 8,003,774 | |||
Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[10],[11],[12],[13],[14] | $ 9,907,304 | |||
ACQUISITION DATE | [1],[2],[10],[11],[12],[13],[14] | Feb. 01, 2023 | |||
FAIR VALUE | [1],[2],[6],[10],[11],[12],[13],[14] | $ 9,213,793 | |||
COST | [1],[2],[10],[11],[12],[13],[14] | 9,281,489 | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 1,959,799 | [1],[2],[11],[12],[13],[14] | $ 1,969,849 | [4],[5],[16],[17],[18],[19] | |
ACQUISITION DATE | May 17, 2022 | [1],[2],[11],[12],[13],[14] | May 17, 2022 | [4],[5],[16],[17],[18],[19] | |
FAIR VALUE | [6] | $ 1,081,162 | [1],[2],[11],[12],[13],[14] | $ 1,398,593 | [4],[5],[16],[17],[18],[19] |
COST | 1,880,927 | [1],[2],[11],[12],[13],[14] | 1,882,462 | [4],[5],[16],[17],[18],[19] | |
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 14,968,714 | [1],[2],[11],[13],[14] | $ 14,968,714 | [4],[5],[15],[16],[18],[28] | |
ACQUISITION DATE | Oct. 20, 2021 | [1],[2],[11],[13],[14] | Oct. 20, 2021 | [4],[5],[15],[16],[18],[28] | |
FAIR VALUE | $ 4,490,614 | [1],[2],[6],[11],[13],[14] | $ 5,688,111 | [4],[5],[7],[15],[16],[18],[28] | |
COST | 14,930,821 | [1],[2],[11],[13],[14] | 14,925,574 | [4],[5],[15],[16],[18],[28] | |
Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 2,947,500 | [1],[2],[10],[11],[12],[13],[14] | $ 2,962,500 | [4],[5],[15],[16],[17],[18],[19] | |
ACQUISITION DATE | Jan. 20, 2022 | [1],[2],[10],[11],[12],[13],[14] | Jan. 20, 2022 | [4],[5],[15],[16],[17],[18],[19] | |
FAIR VALUE | $ 2,181,150 | [1],[2],[6],[10],[11],[12],[13],[14] | $ 2,295,938 | [4],[5],[7],[15],[16],[17],[18],[19] | |
COST | 2,926,702 | [1],[2],[10],[11],[12],[13],[14] | 2,939,084 | [4],[5],[15],[16],[17],[18],[19] | |
Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 20,000,000 | [1],[2],[10],[11],[13],[14] | $ 20,000,000 | [4],[5],[15],[16],[18],[19] | |
ACQUISITION DATE | Jan. 20, 2022 | [1],[2],[10],[11],[13],[14] | Jan. 20, 2022 | [4],[5],[15],[16],[18],[19] | |
FAIR VALUE | $ 10,100,000 | [1],[2],[6],[10],[11],[13],[14] | $ 11,814,200 | [4],[5],[7],[15],[16],[18],[19] | |
COST | 19,769,611 | [1],[2],[10],[11],[13],[14] | 19,749,583 | [4],[5],[15],[16],[18],[19] | |
RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 15,000,000 | [1],[2],[10],[11],[13],[20] | $ 15,000,000 | [4],[5],[15],[16],[18],[28] | |
ACQUISITION DATE | Apr. 16, 2021 | [1],[2],[10],[11],[13],[20] | Apr. 16, 2021 | [4],[5],[15],[16],[18],[28] | |
FAIR VALUE | $ 12,075,000 | [1],[2],[6],[10],[11],[13],[20] | $ 9,075,000 | [4],[5],[7],[15],[16],[18],[28] | |
COST | 14,816,885 | [1],[2],[10],[11],[13],[20] | 14,799,154 | [4],[5],[15],[16],[18],[28] | |
ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 934,808 | [1],[2],[11],[13],[14] | $ 5,239,634 | [4],[5],[15],[16],[17],[18],[22] | |
ACQUISITION DATE | Jun. 04, 2024 | [1],[2],[11],[13],[14] | Jun. 04, 2021 | [4],[5],[15],[16],[17],[18],[22] | |
FAIR VALUE | $ 920,786 | [1],[2],[6],[11],[13],[14] | $ 2,901,447 | [4],[5],[7],[15],[16],[17],[18],[22] | |
COST | 891,067 | [1],[2],[11],[13],[14] | 5,212,216 | [4],[5],[15],[16],[17],[18],[22] | |
ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[22] | $ 15,000,000 | |||
ACQUISITION DATE | [4],[5],[15],[16],[18],[22] | Jun. 03, 2021 | |||
FAIR VALUE | [4],[5],[7],[15],[16],[18],[22] | $ 3,028,200 | |||
COST | [4],[5],[15],[16],[18],[22] | 14,562,375 | |||
Global Tel Link Corp. [Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 17,000,000 | [1],[2],[10],[11],[13],[20] | $ 17,000,000 | [4],[5],[15],[16],[18],[19] | |
ACQUISITION DATE | Nov. 20, 2018 | [1],[2],[10],[11],[13],[20] | Nov. 20, 2018 | [4],[5],[15],[16],[18],[19] | |
FAIR VALUE | $ 16,226,500 | [1],[2],[6],[10],[11],[13],[20] | $ 14,960,000 | [4],[5],[7],[15],[16],[18],[19] | |
COST | 16,879,041 | [1],[2],[10],[11],[13],[20] | 16,853,072 | [4],[5],[15],[16],[18],[19] | |
CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | $ 7,650,000 | [1],[2],[10],[11],[13],[20] | $ 7,650,000 | [4],[5],[16],[18],[22] | |
ACQUISITION DATE | Aug. 03, 2018 | [1],[2],[10],[11],[13],[20] | Aug. 03, 2018 | [4],[5],[16],[18],[22] | |
FAIR VALUE | $ 7,630,875 | [1],[2],[6],[10],[11],[13],[20] | $ 7,248,375 | [4],[5],[7],[16],[18],[22] | |
COST | 7,655,248 | [1],[2],[10],[11],[13],[20] | 7,656,195 | [4],[5],[16],[18],[22] | |
Ares XLIV CLO Ltd.[Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 5,000,000 | |||
ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Dec. 15, 2023 | |||
FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 1,387,243 | |||
COST | [1],[2],[37],[38],[39],[40],[41] | 1,391,309 | |||
Atlas Senior Loan Fund XI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 5,725,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 5,725,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Apr. 05, 2019 | [1],[2],[37],[38],[39],[40],[41],[42] | Apr. 05, 2019 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 458,000 | [1],[2],[6],[37],[38],[39],[40],[41],[42] | $ 400,750 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 2,100,079 | [1],[2],[37],[38],[39],[40],[41],[42] | 2,135,286 | [4],[5],[43],[44],[45],[46],[47] | |
Bain Capital Credit CLO 2017-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 3,086,500 | |||
ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Jan. 17, 2024 | |||
FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 1,728,440 | |||
COST | [1],[2],[37],[38],[39],[40],[41] | 1,727,277 | |||
BlueMountain CLO 2014-2 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 6,374,000 | [1],[2],[37],[38],[39],[40],[42] | $ 6,374,000 | [4],[5],[43],[44],[45],[46] | |
ACQUISITION DATE | Apr. 03, 2019 | [1],[2],[37],[38],[39],[40],[42] | Apr. 03, 2019 | [4],[5],[43],[44],[45],[46] | |
FAIR VALUE | $ 509,920 | [1],[2],[6],[37],[38],[39],[40],[42] | $ 701,140 | [4],[5],[7],[43],[44],[45],[46] | |
COST | 1,006,814 | [1],[2],[37],[38],[39],[40],[42] | 1,348,136 | [4],[5],[43],[44],[45],[46] | |
BlueMountain CLO XXXI Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 12,075,000 | |||
ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Apr. 16, 2024 | |||
FAIR VALUE | [1],[2],[6],[37],[38],[39],[40],[41] | $ 6,762,000 | |||
COST | [1],[2],[37],[38],[39],[40],[41] | 6,981,408 | |||
Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 6,250,000 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 6,250,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Mar. 19, 2013 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | Mar. 19, 2013 | [4],[5],[29],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 3,750 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 625 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 544,329 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 544,329 | [4],[5],[43],[44],[45],[46],[47] | |
Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 29,600,000 | [1],[2],[10],[37],[38],[39],[40] | $ 29,600,000 | [4],[5],[15],[43],[44],[45],[46] | |
ACQUISITION DATE | Jun. 30, 2021 | [1],[2],[10],[37],[38],[39],[40] | Jun. 30, 2021 | [4],[5],[15],[43],[44],[45],[46] | |
FAIR VALUE | $ 15,688,000 | [1],[2],[10],[37],[38],[39],[40] | $ 17,612,000 | [4],[5],[7],[15],[43],[44],[45],[46] | |
COST | 19,946,240 | [1],[2],[10],[37],[38],[39],[40] | 20,677,311 | [4],[5],[15],[43],[44],[45],[46] | |
Cedar Funding II CLO, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 18,000,000 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 18,000,000 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
ACQUISITION DATE | Oct. 23, 2013 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | Oct. 23, 2013 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
FAIR VALUE | $ 8,177,374 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 8,473,884 | [4],[5],[7],[15],[33],[43],[44],[45],[46],[51] | |
COST | 11,685,822 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | 11,807,281 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 7,700,000 | [1],[2],[37],[38],[39],[40] | $ 7,700,000 | [4],[5],[43],[44],[45],[46] | |
ACQUISITION DATE | May 15, 2017 | [1],[2],[37],[38],[39],[40] | May 15, 2017 | [4],[5],[43],[44],[45],[46] | |
FAIR VALUE | $ 4,620,000 | [1],[2],[37],[38],[39],[40] | $ 4,697,000 | [4],[5],[43],[44],[45],[46] | |
COST | 6,121,163 | [1],[2],[37],[38],[39],[40] | 6,340,254 | [4],[5],[43],[44],[45],[46] | |
CIFC Funding 2014-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 10,000,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 10,000,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Jan. 24, 2017 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 24, 2017 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 1,600,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 1,800,000 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 2,772,645 | [1],[2],[37],[38],[39],[40],[41],[42] | 3,338,457 | [4],[5],[43],[44],[45],[46],[47] | |
Dryden 43 Senior Loan Fund [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 47,263,000 | [1],[2],[10],[37],[38],[39],[40] | $ 47,263,000 | [4],[5],[15],[43],[44],[45],[46] | |
ACQUISITION DATE | Jun. 01, 2021 | [1],[2],[10],[37],[38],[39],[40] | Jun. 01, 2021 | [4],[5],[15],[43],[44],[45],[46] | |
FAIR VALUE | $ 18,905,200 | [1],[2],[10],[37],[38],[39],[40] | $ 21,740,980 | [4],[5],[7],[15],[43],[44],[45],[46] | |
COST | 26,392,527 | [1],[2],[10],[37],[38],[39],[40] | 27,452,965 | [4],[5],[15],[43],[44],[45],[46] | |
Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41] | $ 3,125,000 | |||
ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41] | Nov. 15, 2023 | |||
FAIR VALUE | [1],[2],[37],[38],[39],[40],[41] | $ 1,745,492 | |||
COST | [1],[2],[37],[38],[39],[40],[41] | 1,847,422 | |||
Telos CLO 2013-4, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 12,500,000 | [1],[2],[37],[38],[39],[40],[41] | $ 12,500,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | May 22, 2020 | [1],[2],[37],[38],[39],[40],[41] | May 22, 2020 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 3,875,000 | [1],[2],[37],[38],[39],[40],[41] | $ 4,625,000 | [4],[5],[43],[44],[45],[46],[47] | |
COST | 3,617,178 | [1],[2],[37],[38],[39],[40],[41] | 4,073,637 | [4],[5],[43],[44],[45],[46],[47] | |
Madison Park Funding XIX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 5,422,500 | [1],[2],[37],[38],[39],[40],[41] | $ 5,422,500 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | May 11, 2016 | [1],[2],[37],[38],[39],[40],[41] | May 11, 2016 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 2,657,025 | [1],[2],[37],[38],[39],[40],[41] | $ 2,711,250 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 2,840,582 | [1],[2],[37],[38],[39],[40],[41] | 3,071,305 | [4],[5],[43],[44],[45],[46],[47] | |
Octagon Investment Partners 49, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 26,375,000 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 28,875,000 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
ACQUISITION DATE | Dec. 11, 2020 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | Dec. 11, 2020 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
FAIR VALUE | $ 12,510,122 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | $ 12,093,730 | [4],[5],[7],[15],[33],[43],[44],[45],[46],[51] | |
COST | 16,555,441 | [1],[2],[10],[37],[38],[39],[40],[49],[50] | 18,366,667 | [4],[5],[15],[33],[43],[44],[45],[46],[51] | |
Sound Point CLO XVI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 45,500,000 | [1],[2],[37],[38],[39],[40],[42] | $ 45,500,000 | [4],[5],[43],[44],[45],[46] | |
ACQUISITION DATE | Aug. 01, 2018 | [1],[2],[37],[38],[39],[40],[42] | Aug. 01, 2018 | [4],[5],[43],[44],[45],[46] | |
FAIR VALUE | $ 910,000 | [1],[2],[37],[38],[39],[40],[42] | $ 455,000 | [4],[5],[7],[43],[44],[45],[46] | |
COST | 20,081,684 | [1],[2],[37],[38],[39],[40],[42] | 20,081,684 | [4],[5],[43],[44],[45],[46] | |
Telos CLO 2013-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 14,447,790 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 14,447,790 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Jan. 25, 2013 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 25, 2013 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 1,445 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 1,445 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 6,207,075 | [1],[2],[37],[38],[39],[40],[41],[42] | 6,207,075 | [4],[5],[43],[44],[45],[46],[47] | |
Telos CLO 2014-5, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 28,500,000 | [1],[2],[37],[38],[39],[40],[42] | $ 28,500,000 | [4],[5],[43],[44],[45],[46] | |
ACQUISITION DATE | Apr. 11, 2014 | [1],[2],[37],[38],[39],[40],[42] | Apr. 11, 2014 | [4],[5],[43],[44],[45],[46] | |
FAIR VALUE | $ 2,850 | [1],[2],[37],[38],[39],[40],[42] | $ 2,850 | [4],[5],[7],[43],[44],[45],[46] | |
COST | 18,179,226 | [1],[2],[37],[38],[39],[40],[42] | 18,179,226 | [4],[5],[43],[44],[45],[46] | |
Venture XVII, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 6,200,000 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 6,200,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Jan. 27, 2017 | [1],[2],[37],[38],[39],[40],[41],[42] | Jan. 27, 2017 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | $ 620 | [1],[2],[37],[38],[39],[40],[41],[42] | $ 15,500 | [4],[5],[7],[43],[44],[45],[46],[47] | |
COST | 2,321,562 | [1],[2],[37],[38],[39],[40],[41],[42] | 2,321,562 | [4],[5],[43],[44],[45],[46],[47] | |
Venture XX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 3,000,000 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 3,000,000 | [4],[5],[43],[44],[45],[46],[47] | |
ACQUISITION DATE | Jul. 27, 2018 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | Jul. 27, 2018 | [4],[5],[43],[44],[45],[46],[47] | |
FAIR VALUE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | [4],[5],[6],[7],[43],[44],[45],[46],[47] | |||
COST | 332,779 | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 332,779 | [4],[5],[43],[44],[45],[46],[47] | |
Venture 35 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40] | $ 5,000,000 | [42] | $ 5,000,000 | [4],[5],[43],[44],[45],[46] |
ACQUISITION DATE | [1],[2],[37],[38],[39],[40] | Dec. 07, 2020 | [42] | Dec. 07, 2020 | [4],[5],[43],[44],[45],[46] |
FAIR VALUE | $ 650,000 | [1],[2],[37],[38],[39],[40],[42] | $ 1,150,000 | [4],[5],[43],[44],[45],[46] | |
COST | 1,231,539 | [1],[2],[37],[38],[39],[40],[42] | 1,779,262 | [4],[5],[43],[44],[45],[46] | |
West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[37],[38],[39],[40],[41],[42],[48] | $ 9,250,000 | |||
ACQUISITION DATE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | May 12, 2017 | |||
FAIR VALUE | [1],[2],[37],[38],[39],[40],[41],[42],[48] | ||||
COST | [1],[2],[37],[38],[39],[40],[41],[42],[48] | 1,055,930 | |||
Zais CLO 6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | $ 10,500,000 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | $ 10,500,000 | [4],[5],[33],[43],[44],[45],[46],[51] | |
ACQUISITION DATE | May 03, 2017 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | May 03, 2017 | [4],[5],[33],[43],[44],[45],[46],[51] | |
FAIR VALUE | $ 127,859 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | $ 80,925 | [4],[5],[7],[33],[43],[44],[45],[46],[51] | |
COST | 5,070,937 | [1],[2],[37],[38],[39],[40],[42],[49],[50] | 5,072,411 | [4],[5],[33],[43],[44],[45],[46],[51] | |
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[22] | $ 12,000,000 | |||
ACQUISITION DATE | [4],[5],[15],[16],[18],[22] | Jan. 22, 2021 | |||
FAIR VALUE | [4],[5],[7],[15],[16],[18],[22] | $ 1,200,000 | |||
COST | [4],[5],[15],[16],[18],[22] | 11,566,849 | |||
Unitek Global Systems, Inc [Member] | Common Stock [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | |||||
Gross Additions | [53] | [54] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | |||||
Affinion Insurance Solutions, Inc. (f/k/a AIS Intermediate, LLC) [Member] | Diversified Insurance [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[15],[16],[17],[18],[28] | $ 14,454,220 | |||
ACQUISITION DATE | [4],[5],[15],[16],[17],[18],[28] | Jan. 07, 2021 | |||
FAIR VALUE | [4],[5],[7],[15],[16],[17],[18],[28] | $ 13,876,051 | |||
COST | [4],[5],[15],[16],[17],[18],[28] | 14,262,497 | |||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[15],[16],[18],[19] | $ 4,447,383 | |||
ACQUISITION DATE | [4],[5],[15],[16],[18],[19] | Oct. 06, 2022 | |||
FAIR VALUE | [4],[5],[15],[16],[18],[19] | $ 4,213,895 | |||
COST | [4],[5],[15],[16],[18],[19] | 4,221,424 | |||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [1],[5],[15],[16],[18],[19] | $ 8,000,000 | |||
ACQUISITION DATE | [1],[5],[15],[16],[18],[19] | Oct. 14, 2021 | |||
FAIR VALUE | [1],[5],[15],[16],[18],[19] | $ 6,470,000 | |||
COST | [1],[5],[15],[16],[18],[19] | 8,004,733 | |||
Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [11],[12],[13],[14] | $ 4,950,000 | |||
ACQUISITION DATE | [11],[12],[13],[14] | Feb. 01, 2023 | |||
FAIR VALUE | [11],[12],[13],[14] | $ 4,455,000 | |||
COST | [11],[12],[13],[14] | 4,648,421 | |||
Veritas USA, Inc.[Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[16],[17],[18],[28] | $ 3,955,675 | |||
ACQUISITION DATE | [4],[5],[16],[18],[28] | Jun. 24, 2022 | |||
FAIR VALUE | [4],[5],[7],[16],[18],[28],[34] | $ 3,293,099 | |||
COST | [4],[5],[16],[18],[28],[34] | 3,512,524 | |||
Ares XLIV CLO Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 5,000,000 | |||
ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | Dec. 15, 2023 | |||
FAIR VALUE | [4],[5],[43],[44],[45],[46],[47] | $ 1,432,607 | |||
COST | [4],[5],[43],[44],[45],[46],[47] | 1,425,478 | |||
Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 3,125,000 | |||
ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | Nov. 15, 2023 | |||
FAIR VALUE | [4],[5],[43],[44],[45],[46],[47] | $ 1,902,787 | |||
COST | [4],[5],[43],[44],[45],[46],[47] | 1,909,828 | |||
Venture 39 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[33],[43],[44],[45],[46],[47],[51] | $ 5,150,000 | |||
ACQUISITION DATE | [4],[5],[33],[43],[44],[45],[46],[47],[51] | May 08, 2020 | |||
FAIR VALUE | [4],[5],[7],[33],[43],[44],[45],[46],[47],[51] | $ 2,229,027 | |||
COST | [4],[5],[33],[43],[44],[45],[46],[47],[51] | 3,018,591 | |||
West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation – Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
PRINCIPAL AMOUNT | [4],[5],[43],[44],[45],[46],[47] | $ 9,250,000 | |||
ACQUISITION DATE | [4],[5],[43],[44],[45],[46],[47] | May 12, 2017 | |||
FAIR VALUE | [4],[5],[7],[43],[44],[45],[46],[47] | $ 31,450 | |||
COST | [4],[5],[43],[44],[45],[46],[47] | $ 1,127,401 | |||
IT Consulting [Member] | Preferred Stock [Member] | |||||
% OF NET ASSETS | [1],[2],[3] | 1.70% | |||
FAIR VALUE | [1],[2] | $ 2,543,665 | |||
COST | [1],[2] | $ 16,151,862 | |||
Securities Investment [Member] | |||||
% OF NET ASSETS | 165.50% | [1],[2],[3],[56] | 176.40% | [4],[5],[57] | |
FAIR VALUE | $ 252,110,035 | [1],[2],[56] | $ 266,890,427 | [4],[5],[7],[57] | |
COST | $ 414,360,197 | [1],[2],[56] | $ 456,906,644 | [4],[5],[57] | |
Investments In Securities And Cash Equivalents [Member] | |||||
% OF NET ASSETS | 184.80% | [1],[2],[3] | 179.40% | [4],[5] | |
FAIR VALUE | $ 281,490,694 | [1],[2] | $ 271,470,316 | [4],[5],[7] | |
COST | 443,740,856 | [1],[2] | 461,486,533 | [4],[5] | |
Total Affiliated Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 5,276,092 | ||||
Gross Additions | [53] | ||||
Net Change in Unrealized Appreciation | (2,732,427) | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 2,543,665 | 5,276,092 | |||
Total Control Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | |||||
Gross Additions | [53] | [54] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | |||||
TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 5,276,092 | ||||
Gross Additions | [53] | ||||
Net Change in Unrealized Appreciation | (2,732,427) | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 2,543,665 | 5,276,092 | |||
Total Affiliated Investment [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 5,276,092 | 4,349,818 | |||
Gross Additions | [54] | ||||
Net Change in Unrealized Appreciation | 926,274 | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 5,276,092 | ||||
TOTAL CONTROL AND AFFILIATED INVESTMENTS [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | $ 5,276,092 | 4,349,818 | |||
Gross Additions | [54] | ||||
Net Change in Unrealized Appreciation | 926,274 | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | $ 5,276,092 | ||||
Cash Equivalents [Member] | |||||
% OF NET ASSETS | 19.30% | [1],[2],[3] | 3% | [4],[5] | |
FAIR VALUE | $ 29,380,659 | [1],[2] | $ 4,579,889 | [4],[5],[7] | |
COST | 29,380,659 | [1],[2] | 4,579,889 | [4],[5] | |
Cash Equivalents [Member] | First American Government Obligations Fund [Member] | |||||
PRINCIPAL AMOUNT | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[15],[59] | |
FAIR VALUE | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[7],[15],[59] | |
COST | 29,380,659 | [1],[2],[58] | 4,579,889 | [4],[5],[15],[59] | |
Common Equity [Member] | UniTek Global Services, Inc. [Member] | Common Stock [Member] | IT Consulting [Member] | |||||
PRINCIPAL AMOUNT | $ 1,244,188 | [1],[2],[60],[61] | $ 1,244,188 | [4],[5],[62],[63] | |
ACQUISITION DATE | Jan. 13, 2015 | [1],[2],[60],[61] | Jan. 13, 2015 | [4],[5],[62],[63] | |
FAIR VALUE | [1],[2],[60],[61] | [4],[5],[7],[62],[63] | |||
COST | 684,960 | [1],[2],[60],[61] | 684,960 | [4],[5],[62],[63] | |
Common Equity [Member] | Telecommunication Services ConvergeOne Holdings, Inc. [Member] | Common Stock [Member] | Telecommunication Services [Member] | |||||
PRINCIPAL AMOUNT | [1],[2],[60] | $ 95,775 | |||
ACQUISITION DATE | [1],[2],[60] | May 08, 2024 | |||
FAIR VALUE | [1],[2],[60] | $ 1,915,500 | |||
COST | [1],[2],[60] | 1,349,602 | |||
Common Equity [Member] | Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Common Stock [Member] | Healthcare [Member] | |||||
PRINCIPAL AMOUNT | [1],[2] | $ 62,157 | |||
ACQUISITION DATE | [1],[2] | Jun. 13, 2024 | |||
FAIR VALUE | [1],[2] | ||||
COST | [1],[2] | ||||
Series B Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | |||||
PRINCIPAL AMOUNT | $ 20,050,935 | [1],[2],[9],[23],[61],[64] | $ 18,763,056 | [4],[5],[26],[30],[36],[63] | |
ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[64] | Jun. 26, 2019 | [4],[5],[26],[30],[36],[63] | |
FAIR VALUE | [1],[2],[9],[23],[61],[64] | [4],[5],[7],[26],[30],[36],[63] | |||
COST | 9,002,159 | [1],[2],[9],[23],[61],[64] | 9,002,159 | [4],[5],[26],[30],[36],[63] | |
Series B Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | |||||
Gross Additions | [53] | [54] | |||
Net Change in Unrealized Appreciation | |||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | |||||
Series B Senior Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | |||||
PRINCIPAL AMOUNT | $ 11,010,051 | [1],[2],[9],[23],[61],[65] | $ 10,034,166 | [4],[5],[26],[30],[63],[66] | |
ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[65] | Jun. 26, 2019 | [4],[5],[26],[30],[63],[66] | |
FAIR VALUE | [1],[2],[9],[23],[61],[65] | $ 221,755 | [4],[5],[7],[26],[30],[63],[66] | ||
COST | 4,535,443 | [1],[2],[9],[23],[61],[65] | 4,535,443 | [4],[5],[26],[30],[63],[66] | |
Series B Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 221,755 | ||||
Gross Additions | [53] | ||||
Net Change in Unrealized Appreciation | (221,755) | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 221,755 | ||||
Series B Super Senior Preferred Stock [Member] | UniTek Global Services, Inc. [Member] | Preferred Stock [Member] | IT Consulting [Member] | |||||
PRINCIPAL AMOUNT | $ 6,291,528 | [1],[2],[9],[23],[61],[67] | $ 5,706,602 | [4],[5],[26],[30],[63],[68] | |
ACQUISITION DATE | Jun. 26, 2019 | [1],[2],[9],[23],[61],[67] | Jun. 26, 2019 | [4],[5],[26],[30],[63],[68] | |
FAIR VALUE | $ 2,543,665 | [1],[2],[9],[23],[61],[67] | $ 5,054,337 | [4],[5],[7],[26],[30],[63],[68] | |
COST | 2,614,260 | [1],[2],[9],[23],[61],[67] | 2,614,260 | [4],[5],[26],[30],[63],[68] | |
Series B Super Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 5,054,337 | ||||
Gross Additions | [53] | ||||
Net Change in Unrealized Appreciation | (2,510,672) | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 2,543,665 | 5,054,337 | |||
Series B Senior Preferred Stock [Member] | Unitek Global Systems, Inc [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | 221,755 | 500,053 | |||
Gross Additions | [54] | ||||
Net Change in Unrealized Appreciation | (278,298) | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | 221,755 | ||||
Series B Super Senior Preferred Stock One [Member] | Unitek Global Systems, Inc [Member] | |||||
Amount of Interest or Dividends Credited to Income | [52] | ||||
Beginning Balance of Fair Value | $ 5,054,337 | 3,849,765 | |||
Gross Additions | [54] | ||||
Net Change in Unrealized Appreciation | 1,204,572 | ||||
Gross Reductions | [55] | ||||
Ending Balance of Fair Value | $ 5,054,337 | ||||
[1]The Company generally acquires its investments in transactions not subject to registration under the Securities Act. These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.[2]The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”[3]Totals may not sum due to rounding.[4]The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.[5]The fair value of the investment was determined using significant unobservable inputs. See “Note 3. Fair Value.”[6]Fair value is determined in good faith by the Board of Directors of the Company.[7]Fair value is determined in good faith by the Board of Directors of the Company.[8]Totals may not sum due to rounding.[9]As of June 30, 2024, the portfolio includes $24,469,639 principal amount of debt investments and 37,352,514 shares of preferred stock investments which contain a payment -in-kind -day -day -day -accrual -accrual -day -accrual -accrual -month -rata -accrual -rata -accrual -day -qualifying -invested -qualifying -invested -in-kind -in-kind -in-kind -income -income |
Schedule of Investments (Unau_2
Schedule of Investments (Unaudited) (Parentheticals) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Dec. 31, 2023 | ||||
Access CIG LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2],[3],[4],[5],[6] | 10.33% | |||
Investment SOFR interest rate | [1],[2],[3],[4],[5],[6] | 5% | |||
Investment floor interest rate | [1],[2],[3],[4],[5],[6] | 0.50% | |||
Investment maturity date | [1],[2],[3],[4],[5],[6] | Aug. 18, 2028 | |||
Access CIG LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[9],[10],[11],[12],[13] | 13.39% | |||
Investment SOFR interest rate | [7],[8],[9],[10],[11],[12],[13] | 7.75% | |||
Investment floor interest rate | [7],[8],[9],[10],[11],[12],[13] | 0% | |||
Investment maturity date | [7],[8],[9],[10],[11],[12],[13] | Feb. 27, 2026 | |||
Convergint Technologies, LLC [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 10.09% | [1],[2],[3],[4],[5],[14],[15] | 10.11% | [7],[8],[10],[11],[12],[16] | |
Investment SOFR interest rate | 4.75% | [1],[2],[3],[4],[5],[14],[15] | 4.75% | [7],[8],[10],[11],[12],[16] | |
Investment floor interest rate | 0.75% | [1],[2],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[16],[17] | |
Investment maturity date | Mar. 31, 2028 | [1],[2],[3],[4],[5],[14],[15] | Mar. 31, 2028 | [7],[8],[10],[11],[16],[17] | |
Convergint Technologies, LLC [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 12.21% | [1],[3],[4],[5],[14],[15] | 12.22% | [7],[8],[10],[11],[18],[19] | |
Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 6.75% | |||
Investment floor interest rate | 0.75% | [1],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[12],[19] | |
Investment maturity date | Mar. 29, 2029 | [1],[3],[4],[5],[14],[15] | Mar. 29, 2029 | [7],[8],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 6.75% | |||
Premiere Global Services Inc [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 13% | [1],[2],[3],[4],[5],[20],[21],[22] | 13% | [8],[9],[10],[11],[12],[23],[24],[25] | |
Investment floor interest rate | 1% | [1],[2],[3],[4],[5],[20],[21],[22] | 1% | [8],[9],[10],[11],[12],[23],[24],[25] | |
Investment maturity date | Sep. 09, 2021 | [1],[2],[3],[4],[5],[20],[21],[22] | Sep. 09, 2021 | [8],[9],[10],[11],[12],[23],[24],[25] | |
Investment Prime interest rate | 5.50% | [1],[2],[3],[4],[5],[20],[21],[22] | 5.50% | [8],[9],[10],[11],[12],[23],[24],[25] | |
Premiere Global Services Inc [Member] | Business Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment floor interest rate | 1% | [1],[3],[4],[5],[20],[22],[26] | 1% | [8],[10],[11],[12],[23],[27],[28] | |
Investment maturity date | Jun. 06, 2024 | [1],[3],[4],[5],[20],[22],[26] | Jun. 06, 2024 | [8],[10],[11],[12],[23],[27],[28] | |
Investment Prime interest rate | 8.50% | [1],[3],[4],[5],[20],[22],[26] | 8.50% | [8],[10],[11],[12],[23],[27],[28] | |
Investment PIK interest rate | 17% | [1],[3],[4],[5],[20],[22],[26] | 17% | [8],[10],[11],[12],[23],[27],[28] | |
Premiere Global Services Inc [Member] | Business Services [Member] | Replacement Revolver [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 13% | [1],[3],[4],[5],[20],[22],[29] | 13% | [8],[10],[11],[12],[23],[24],[30] | |
Investment floor interest rate | 1% | [1],[3],[4],[5],[20],[22],[29] | 1% | [8],[10],[11],[12],[23],[24],[30] | |
Investment maturity date | Apr. 07, 2023 | [1],[3],[4],[5],[20],[22],[29] | Apr. 07, 2023 | [8],[10],[11],[12],[23],[24],[30] | |
Investment Prime interest rate | 5.50% | [1],[3],[4],[5],[20],[22],[29] | 5.50% | [8],[10],[11],[12],[23],[24],[30] | |
Verifone Systems, Inc. [Member] | Business Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 9.60% | [1],[2],[3],[4],[5],[6],[14] | 8.76% | [7],[8],[10],[11],[12],[28] | |
Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 4% | |||
Investment floor interest rate | 0% | [1],[2],[3],[4],[5],[6],[14] | 0% | [7],[8],[10],[11],[12],[28] | |
Investment maturity date | Aug. 20, 2025 | [1],[2],[3],[4],[5],[6],[14] | Aug. 20, 2025 | [7],[8],[10],[11],[12],[28] | |
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[28] | 9.64% | |||
Shearer’s Foods, LLC [Member] | Food and Beverage [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2],[3],[4],[5],[14],[15] | 9.34% | |||
Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 4% | |||
Investment floor interest rate | [1],[2],[3],[4],[5],[14],[15] | 0% | |||
Investment maturity date | [1],[2],[3],[4],[5],[14],[15] | Jan. 31, 2024 | |||
HealthChannels, Inc. (f/k/a ScribeAmerica, LLC) [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 9.96% | [1],[2],[3],[4],[5],[14],[15] | 9.97% | [7],[8],[9],[10],[11],[12],[19] | |
Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 4.50% | |||
Investment floor interest rate | 0% | [1],[2],[3],[4],[5],[14],[15] | 0% | [7],[8],[9],[10],[11],[12],[19] | |
Investment maturity date | Apr. 03, 2025 | [1],[2],[3],[4],[5],[14],[15] | Apr. 03, 2025 | [7],[8],[9],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 4.50% | |||
Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 9.21% | [1],[2],[3],[4],[5],[14],[15] | 9.22% | [7],[8],[9],[10],[11],[12],[19] | |
Investment SOFR interest rate | [1],[2],[3],[4],[5],[14],[15] | 3.75% | |||
Investment floor interest rate | 0% | [1],[2],[3],[4],[5],[14],[15] | 0% | [7],[8],[9],[10],[11],[12],[19] | |
Investment maturity date | Jul. 02, 2025 | [1],[2],[3],[4],[5],[14],[15] | Jul. 02, 2025 | [7],[8],[9],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 3.75% | |||
Viant Medical Holdings, Inc. [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 13.21% | [1],[3],[4],[5],[14],[15] | 13.22% | [7],[8],[10],[11],[12],[19] | |
Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.75% | |||
Investment floor interest rate | 0% | [1],[3],[4],[5],[14],[15] | 0% | [7],[8],[10],[11],[12],[19] | |
Investment maturity date | Jul. 02, 2026 | [1],[3],[4],[5],[14],[15] | Jul. 02, 2026 | [7],[8],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.75% | |||
Michael Baker International, Inc. [Member] | Industrials [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[14],[15] | 10.09% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 4.75% | |||
Investment floor interest rate | [1],[3],[4],[5],[14],[15] | 0% | |||
Investment maturity date | [1],[3],[4],[5],[12],[14],[15] | Nov. 02, 2028 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[9],[10],[11],[12],[31] | 10.88% | |||
Investment floor interest rate | [7],[8],[9],[10],[11],[12],[31] | 0.75% | |||
Investment maturity date | [7],[8],[9],[10],[11],[12],[31] | May 08, 2028 | |||
Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[31] | 5.25% | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[10],[11],[12],[31] | 14.64% | |||
Investment floor interest rate | [7],[8],[10],[11],[12],[31] | 0.75% | |||
Investment maturity date | [7],[8],[10],[11],[12],[31] | May 07, 2029 | |||
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[31] | 9% | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Second Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[15],[26],[32] | 6.44% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[15],[26],[32] | 1% | |||
Investment floor interest rate | [1],[3],[4],[5],[15],[26],[32] | 0.75% | |||
Investment maturity date | [1],[3],[4],[5],[15],[26],[32] | May 05, 2028 | |||
Investment PIK interest rate | [1],[3],[4],[5],[15],[26],[32] | 6.50% | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche A Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[15],[26],[32] | 7.44% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[15],[26],[32] | 2% | |||
Investment floor interest rate | [1],[3],[4],[5],[15],[26],[32] | 0.75% | |||
Investment maturity date | [1],[3],[4],[5],[15],[26],[32] | May 05, 2028 | |||
Investment PIK interest rate | [1],[3],[4],[5],[15],[26],[32] | 5.50% | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Third Out Tranche B Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[15],[32] | 12.46% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[15],[32] | 7% | |||
Investment floor interest rate | [1],[3],[4],[5],[15],[32] | 0.75% | |||
Investment maturity date | [1],[3],[4],[5],[15],[32] | May 05, 2028 | |||
Alvaria, Inc. (f/k/a Aspect Software, Inc.) [Member] | Software [Member] | First Lien Fourth Out Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[15],[32] | 12.46% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[15],[32] | 7% | |||
Investment floor interest rate | [1],[3],[4],[5],[15],[32] | 0.75% | |||
Investment maturity date | [1],[3],[4],[5],[15],[32] | May 05, 2028 | |||
Dodge Data & Analytics, LLC [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [4] | 10.23% | [1],[2],[3],[5],[6],[14] | 10.25% | [7],[8],[9],[10],[12],[33] |
Investment SOFR interest rate | [4] | 4.75% | [1],[2],[3],[5],[6],[14] | 4.75% | [7],[8],[9],[10],[12],[33] |
Investment floor interest rate | [4] | 0.50% | [1],[2],[3],[5],[6],[14] | 0.50% | [7],[8],[9],[10],[12],[33] |
Investment maturity date | [4] | Feb. 23, 2029 | [1],[2],[3],[5],[6],[14] | Feb. 23, 2029 | [7],[8],[9],[10],[12],[33] |
Dodge Data & Analytics, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [4] | 13.73% | [1],[3],[5],[6],[14] | 13.75% | [7],[8],[10],[12],[33] |
Investment SOFR interest rate | [4] | 8.25% | [1],[3],[5],[6],[14] | 8.25% | [7],[8],[10],[12],[33] |
Investment floor interest rate | [4] | 0.50% | [1],[3],[5],[6],[14] | 0.50% | [7],[8],[10],[12],[33] |
Investment maturity date | [4] | Feb. 25, 2030 | [1],[3],[5],[6],[14] | Feb. 25, 2030 | [7],[8],[10],[12],[33] |
Help/Systems Holdings, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2],[3],[4],[5],[6],[14] | 9.43% | |||
Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 4% | |||
Investment floor interest rate | [1],[2],[3],[4],[5],[6],[14] | 0.75% | |||
Investment maturity date | [1],[2],[3],[4],[5],[6],[14] | Nov. 19, 2026 | |||
Help/Systems Holdings, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[3],[4],[5],[6],[14] | 12.20% | |||
Investment SOFR interest rate | [1],[3],[4],[5],[6],[14] | 6.75% | |||
Investment floor interest rate | [1],[3],[4],[5],[6],[14] | 0.75% | |||
Investment maturity date | [1],[3],[4],[5],[6],[14] | Nov. 19, 2027 | |||
Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2],[3],[4],[5],[6],[14] | 10.68% | |||
Investment SOFR interest rate | [1],[2],[3],[4],[5],[6],[14] | 5.25% | |||
Investment floor interest rate | [1],[2],[3],[4],[5],[6],[14] | 0.50% | |||
Investment maturity date | [1],[2],[3],[4],[5],[6],[14] | Jul. 20, 2029 | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 10.59% | [1],[2],[3],[4],[5],[6] | 10.64% | [7],[8],[9],[10],[11],[12],[28] | |
Investment SOFR interest rate | [1],[2],[3],[4],[5],[6] | 5% | |||
Investment floor interest rate | 0.75% | [1],[2],[3],[4],[5],[6] | 0.75% | [7],[8],[9],[10],[11],[12],[28] | |
Investment maturity date | Jul. 27, 2028 | [1],[2],[3],[4],[5],[6] | Jul. 27, 2028 | [7],[8],[9],[10],[11],[12],[28] | |
Investment LIBOR interest rate | [8],[9],[10],[11],[12] | 4.75% | |||
Magenta Buyer, LLC (f/k/a McAfee Enterprise) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 13.84% | [1],[3],[4],[5],[6] | 13.89% | [7],[8],[10],[11],[12],[28] | |
Investment SOFR interest rate | [1],[3],[4],[5],[6] | 8.25% | |||
Investment floor interest rate | 0.75% | [1],[3],[4],[5],[6] | 0.75% | [7],[8],[10],[11],[12],[28] | |
Investment maturity date | Jul. 27, 2029 | [1],[3],[4],[5],[6] | Jul. 27, 2029 | [7],[8],[10],[11],[12],[28] | |
Investment LIBOR interest rate | [7],[8],[10],[11],[28] | 8.25% | |||
Quest Software, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 9.73% | [1],[2],[3],[4],[5],[6],[14] | 9.78% | [7],[8],[9],[10],[11],[12],[13] | |
Investment SOFR interest rate | 4.25% | [1],[2],[3],[4],[5],[6],[14] | 4.25% | [7],[8],[9],[10],[11],[12],[13] | |
Investment floor interest rate | 0.50% | [1],[2],[3],[4],[5],[6],[14] | 0.50% | [7],[8],[9],[10],[11],[12],[13] | |
Investment maturity date | Feb. 01, 2029 | [1],[2],[3],[4],[5],[6],[14] | Feb. 01, 2029 | [7],[8],[9],[10],[11],[12],[16] | |
Quest Software, Inc. [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 12.98% | [1],[3],[4],[5],[6],[14] | 13.03% | [7],[8],[10],[11],[12],[13] | |
Investment SOFR interest rate | 7.50% | [1],[3],[4],[5],[6],[14] | 7.50% | [7],[8],[10],[12],[13] | |
Investment floor interest rate | 0.50% | [1],[3],[4],[5],[6],[14] | 0.50% | [7],[8],[10],[11],[12],[13] | |
Investment maturity date | Feb. 01, 2030 | [1],[3],[4],[5],[6],[14] | Feb. 01, 2030 | [7],[8],[10],[11],[12],[13] | |
RSA Security, LLC [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 13.21% | [1],[3],[4],[5],[14],[15] | 13.22% | [7],[8],[10],[11],[12],[28] | |
Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.75% | |||
Investment floor interest rate | 0.75% | [1],[3],[4],[5],[14],[15] | 0.75% | [7],[8],[10],[11],[12],[28] | |
Investment maturity date | Apr. 27, 2029 | [1],[3],[4],[5],[14],[15] | Apr. 27, 2029 | [7],[8],[10],[11],[12],[28] | |
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[28] | 7.75% | |||
ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 11.08% | [1],[3],[4],[5],[6] | 12.50% | [7],[8],[9],[10],[11],[12],[19] | |
Investment SOFR interest rate | [1],[3],[4],[5],[6] | 5.75% | |||
Investment floor interest rate | 0% | [1],[3],[4],[5],[6] | 0% | [7],[8],[9],[10],[12],[19] | |
Investment maturity date | Jun. 04, 2030 | [1],[3],[4],[5],[6] | Jan. 04, 2026 | [7],[8],[9],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[19] | 4% | |||
ConvergeOne Holdings, Inc.[Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[10],[11],[12],[19] | 16% | |||
Investment floor interest rate | [7],[8],[10],[11],[12],[19] | 0% | |||
Investment maturity date | [7],[8],[10],[11],[12],[19] | Jan. 04, 2027 | |||
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.50% | |||
Global Tel Link Corp. [Member] | Telecommunication Services [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 15.44% | [1],[3],[4],[5],[14],[15] | 15.53% | [7],[8],[10],[11],[12],[13] | |
Investment SOFR interest rate | 10% | [1],[3],[4],[5],[14],[15] | 10% | [7],[8],[10],[13] | |
Investment floor interest rate | 0% | [1],[3],[4],[5],[14],[15] | 0% | [7],[8],[10],[11],[12],[13] | |
Investment maturity date | Nov. 29, 2026 | [1],[3],[4],[5],[14],[15] | Nov. 29, 2026 | [7],[8],[10],[11],[12],[13] | |
CLEAResult Consulting, Inc. [Member] | Utilities [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | 12.69% | [1],[3],[4],[5],[14],[15] | 12.71% | [8],[10],[11],[13],[19] | |
Investment SOFR interest rate | [1],[3],[4],[5],[14],[15] | 7.25% | |||
Investment floor interest rate | 0% | [1],[3],[4],[5],[14],[15] | 0% | [8],[10],[11],[12],[19] | |
Investment maturity date | Aug. 10, 2026 | [1],[3],[4],[5],[14],[15] | Aug. 10, 2026 | [8],[10],[11],[12],[19] | |
Investment LIBOR interest rate | [8],[10],[11],[12],[13],[19] | 7.25% | |||
Ares XLIV CLO Ltd.[Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Apr. 15, 2034 | |||
Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 28.37% | |||
Atlas Senior Loan Fund XI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jul. 26, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Jul. 26, 2031 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39] | 0% | [40],[41],[42],[43],[44] | |
Bain Capital Credit CLO 2017-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Jul. 25, 2034 | |||
Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 21.54% | |||
BlueMountain CLO 2014-2 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Oct. 20, 2030 | [4],[5],[34],[35],[36],[37],[39] | Oct. 20, 2030 | [11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[39] | 7.29% | [11],[12],[40],[41],[42],[43] | |
BlueMountain CLO XXXI Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Apr. 19, 2034 | |||
Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 23.75% | |||
Carlyle Global Market Strategies CLO 2013-2, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jan. 18, 2029 | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Jan. 18, 2029 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0% | [11],[12],[40],[41],[42],[43],[44] | |
Carlyle Global Market Strategies CLO 2021-6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jul. 17, 2034 | [4],[5],[34],[35],[36],[37] | Jul. 17, 2034 | [7],[11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 13.88% | [4],[5],[14],[34],[35],[36],[37] | 14.85% | [7],[40],[41],[42],[43] | |
Cedar Funding II CLO, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 20, 2034 | [4],[5],[14],[34],[35],[36],[37],[46],[47] | Apr. 20, 2034 | [7],[40],[41],[42],[43],[48],[49] | |
Investment estimated yield | 9.86% | [4],[5],[14],[34],[35],[36],[37],[46],[47] | 11.36% | [7],[11],[12],[40],[41],[42],[43],[48],[49] | |
Cedar Funding VI CLO Ltd [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 20, 2034 | [4],[5],[34],[35],[36],[37] | Apr. 20, 2034 | [11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 12.28% | [4],[5],[34],[35],[36],[37] | 13.08% | [11],[12],[40],[41],[42],[43] | |
CIFC Funding 2014-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Oct. 22, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Oct. 22, 2031 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39] | 6.80% | [11],[12],[40],[41],[42],[43],[44] | |
Dryden 43 Senior Loan Fund [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 20, 2034 | [4],[5],[14],[34],[35],[36],[37] | Apr. 20, 2034 | [7],[11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 13.97% | [4],[5],[14],[34],[35],[36],[37] | 17.05% | [7],[11],[12],[40],[41],[42],[43] | |
Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38] | Jul. 15, 2034 | |||
Investment estimated yield | [4],[5],[34],[35],[36],[37],[38] | 22.15% | |||
Telos CLO 2013-4, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Oct. 21, 2030 | [4],[5],[34],[35],[36],[37],[38] | Oct. 21, 2030 | [11],[40],[41],[42],[43],[44] | |
Investment estimated yield | 24.78% | [4],[5],[34],[35],[36],[37],[38] | 29.46% | [11],[12],[40],[41],[42],[43],[44] | |
Madison Park Funding XIX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jan. 22, 2037 | [4],[5],[34],[35],[36],[37],[38] | Jan. 22, 2028 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 12.01% | [4],[5],[34],[35],[36],[37],[38] | 8.03% | [11],[12],[40],[41],[42],[43],[44] | |
Octagon Investment Partners 49, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 15, 2037 | [4],[14],[34],[35],[36],[37],[46],[47] | Jan. 18, 2033 | [7],[11],[12],[40],[41],[42],[43],[48],[49] | |
Investment estimated yield | 16.58% | [4],[14],[34],[35],[36],[37],[46],[47] | 8.89% | [7],[11],[12],[40],[41],[42],[43],[48],[49] | |
Sound Point CLO XVI, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jul. 25, 2030 | [4],[5],[34],[35],[36],[37],[39] | Jul. 25, 2030 | [11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[39] | 0% | [11],[12],[40],[41],[42],[43] | |
Telos CLO 2013-3, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jul. 17, 2026 | [4],[5],[34],[35],[36],[37],[38],[39] | Jul. 17, 2026 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39] | 0% | [11],[12],[40],[41],[42],[43],[44] | |
Telos CLO 2014-5, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 17, 2028 | [4],[5],[34],[35],[36],[37],[39] | Apr. 17, 2028 | [11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[39] | 0% | [11],[12],[40],[41],[42],[43] | |
Venture XVII, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Apr. 15, 2027 | [4],[34],[35],[36],[37],[38],[39] | Apr. 15, 2027 | [11],[12],[40],[41],[42],[43],[44] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39] | 0% | [11],[12],[40],[41],[42],[43],[44] | |
Venture XX, Ltd. [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [11],[12],[40],[41],[42],[43],[44] | Apr. 15, 2027 | |||
Venture XX, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Apr. 15, 2027 | |||
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0% | ||
Venture 35 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Oct. 22, 2031 | [4],[5],[34],[35],[36],[37],[38],[39] | Oct. 22, 2031 | [11],[12],[40],[41],[42],[43] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[38],[39] | 46.06% | ||
West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [4],[5],[34],[35],[36],[37],[38],[39],[45] | Jul. 18, 2026 | |||
Investment estimated yield | [4],[5],[34],[35],[36],[37],[38],[39],[45] | 0% | |||
Zais CLO 6, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | Jul. 15, 2029 | [4],[5],[34],[35],[36],[37],[39],[46],[47] | Jul. 15, 2029 | [11],[12],[40],[41],[42],[43],[48],[49] | |
Investment estimated yield | 0% | [4],[5],[34],[35],[36],[37],[39],[46],[47] | 0% | [11],[12],[40],[41],[42],[43],[48],[49] | |
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],[8],[9],[10],[11],[12],[28] | 10.64% | |||
Investment floor interest rate | [7],[8],[9],[10],[11],[12],[28] | 0% | |||
Investment maturity date | [7],[8],[9],[10],[11],[12],[28] | Aug. 15, 2025 | |||
Investment LIBOR interest rate | [7],[8],[9],[10],[11],[12],[28] | 5% | |||
Careismatic Brands, Inc. (f/k/a New Trojan Parent, Inc.) [Member] | Healthcare [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[10],[11],[12],[19] | 12.72% | |||
Investment floor interest rate | [7],[8],[10],[11],[12],[19] | 0.50% | |||
Investment maturity date | [7],[8],[10],[11],[12],[19] | Jan. 05, 2029 | |||
Investment LIBOR interest rate | [7],[8],[10],[11],[12],[19] | 7.25% | |||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[10] | 9.48% | |||
Investment SOFR interest rate | [11],[12],[13] | 4% | |||
Investment floor interest rate | [7],[8],[10],[11],[12],[13] | 0.75% | |||
Investment maturity date | [7],[8],[10],[11],[12],[13] | Nov. 19, 2026 | |||
Fortra, LLC (f/k/a Help/Systems Holdings, Inc.) [Member] | Software [Member] | Second Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [7],[8],[10],[13] | 12.35% | |||
Investment SOFR interest rate | [4],[7],[8],[10],[12],[13] | 6.75% | |||
Investment floor interest rate | [4],[7],[8],[10],[12],[13] | 0.75% | |||
Investment maturity date | [4],[7],[8],[10],[11],[12],[13] | Nov. 19, 2027 | |||
Kofax, Inc. [Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [1],[2],[3],[6] | 10.73% | |||
Investment SOFR interest rate | [1],[2],[3],[6] | 5.25% | |||
Investment floor interest rate | [1],[2],[3],[6] | 0.50% | |||
Investment maturity date | [1],[2],[3],[6] | Jul. 20, 2029 | |||
Veritas USA, Inc.[Member] | Software [Member] | First Lien Senior Secured Notes [Member] | Senior Secured Notes [Member] | |||||
Investment interest rate | [8],[10],[11],[12],[28] | 10.47% | |||
Investment floor interest rate | [8],[10],[11],[12],[28] | 1% | |||
Investment maturity date | [8],[10],[11],[12],[28] | Sep. 01, 2025 | |||
Investment LIBOR interest rate | [8],[10],[11],[12],[28] | 5% | |||
Ares XLIV CLO Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [40],[41],[42],[43],[44] | Apr. 15, 2034 | |||
Investment estimated yield | [40],[41],[42],[43],[44] | 20.16% | |||
Gulf Stream Meridian 4 Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [40],[41],[42],[43],[44] | Jul. 15, 2034 | |||
Investment estimated yield | [40],[41],[42],[43],[44] | 22.23% | |||
Venture 39 CLO, Limited [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [11],[12],[40],[41],[42],[43],[44],[48],[49] | Apr. 15, 2033 | |||
Investment estimated yield | [11],[12],[40],[41],[42],[43],[44],[48],[49] | 18.61% | |||
West CLO 2014-1, Ltd. [Member] | Structured Finance [Member] | Collateralized Loan Obligation Equity Investments [Member] | CLO Subordinated Notes Estimated Yield [Member] | |||||
Investment maturity date | [11],[12],[40],[41],[42],[43],[44] | Jul. 18, 2026 | |||
Investment estimated yield | [11],[12],[40],[41],[42],[43],[44] | 0% | |||
Class Z [Member] | Cash Equivalents [Member] | First American Government Obligations Fund [Member] | |||||
Investment Shares interest rate | 5.20% | [4],[5],[50] | 5.26% | [7],[11],[12],[51] | |
[1]Cost value reflects accretion of original issue discount or market discount, or amortization of premium.[2]Cost value reflects repayment of principal.[3]Notes bear interest at variable rates and are subject to an interest rate floor where disclosed. The rate disclosed is as of June 30, 2024.[4]The Company generally acquires its investments in transactions not subject to registration under the Securities Act. These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.[5]The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”[6]The principal balance outstanding for this debt investment, in whole or in part, is indexed to 90 -day -day -day -accrual -accrual -day -accrual -accrual -month -in-kind -rata -accrual -rata -accrual -day -qualifying -invested -qualifying -invested |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
From non-affiliated/non-control investments: | |||||
Total investment income | $ 11,445,456 | $ 13,512,980 | $ 22,122,880 | $ 26,454,778 | |
EXPENSES | |||||
Interest expense | 1,960,984 | 3,087,951 | 3,921,966 | 6,173,317 | |
Base Fee | 1,023,352 | 1,257,688 | 2,011,168 | 2,417,334 | |
Professional fees | 491,037 | 281,928 | 802,784 | 617,808 | |
Compensation expense | 174,482 | 190,159 | 381,380 | 457,124 | |
General and administrative | [1] | 447,519 | 430,149 | 794,144 | 803,322 |
Excise tax | [1] | (373,824) | 300,000 | (48,024) | 300,000 |
Total expenses before incentive fees | 3,723,550 | 5,547,875 | 7,863,418 | 10,768,905 | |
Net Investment Income Incentive Fees | 1,299,324 | 2,529,308 | |||
Capital gains incentive fees | |||||
Total incentive fees | 1,299,324 | 2,529,308 | |||
Total expenses | [1] | 3,723,550 | 6,847,199 | 7,863,418 | 13,298,213 |
Net investment income | 7,721,906 | 6,665,781 | 14,259,462 | 13,156,565 | |
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS | |||||
Total net change in unrealized appreciation/(depreciation) on investments | 27,977,061 | 8,252,931 | 27,766,055 | 8,030,630 | |
Net realized losses: | |||||
Non-affiliated/non-control investments | (30,439,962) | (3,331,308) | (38,534,902) | (3,331,308) | |
Total net realized losses | (30,439,962) | (3,331,308) | (38,534,902) | (3,331,308) | |
Net increase in net assets resulting from operations | $ 5,259,005 | $ 11,587,404 | $ 3,490,615 | $ 17,855,887 | |
Net increase in net assets resulting from net investment income per common share (Basic and Diluted): (in Dollars per share) | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 | |
Net increase in net assets resulting from operations per common share (Basic and Diluted): (in Dollars per share) | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 | |
Weighted average shares of common stock outstanding Basic (in Shares) | 60,654,421 | 50,542,374 | 60,146,853 | 50,202,259 | |
Distributions per share (in Dollars per share) | $ 0.105 | $ 0.105 | $ 0.21 | $ 0.21 | |
Investment Unaffiliated Issuer | |||||
From non-affiliated/non-control investments: | |||||
Total investment income | $ 11,445,456 | $ 13,512,980 | $ 22,122,880 | $ 26,454,778 | |
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS | |||||
Total net change in unrealized appreciation/(depreciation) on investments | 30,353,371 | 4,900,785 | 30,498,482 | 3,957,995 | |
Investment affiliated Issuer, Noncontrolled | |||||
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED GAINS/(LOSSES) ON INVESTMENT TRANSACTIONS | |||||
Total net change in unrealized appreciation/(depreciation) on investments | (2,376,310) | 3,352,146 | (2,732,427) | 4,072,635 | |
Interest income – debt investments | Investment Unaffiliated Issuer | |||||
From non-affiliated/non-control investments: | |||||
Total investment income | 7,021,819 | 8,799,180 | 13,442,866 | 17,093,340 | |
Income from securitization vehicles and investments | Investment Unaffiliated Issuer | |||||
From non-affiliated/non-control investments: | |||||
Total investment income | 3,885,916 | 4,329,300 | 7,818,290 | 8,708,795 | |
Other income | Investment Unaffiliated Issuer | |||||
From non-affiliated/non-control investments: | |||||
Total investment income | $ 537,721 | $ 384,500 | $ 861,724 | $ 652,643 | |
[1]Change in prior period was made to conform to the current period presentation. |
Statements of Operations (Una_2
Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net increase in net assets resulting from net investment income per common share diluted | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
Net increase/(decrease) in net assets resulting from operations per common share diluted | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
Weighted average shares of common stock outstanding diluted (in Shares) | 60,654,421 | 50,542,374 | 60,146,853 | 50,202,259 |
Statements of Changes in Net As
Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase in net assets from operations: | ||||
Net investment income | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 |
Net change in unrealized appreciation on investments | 27,977,061 | 8,252,931 | 27,766,055 | 8,030,630 |
Net realized losses | (30,439,962) | (3,331,308) | (38,534,902) | (3,331,308) |
Net increase in net assets resulting from operations | 5,259,005 | 11,587,404 | 3,490,615 | 17,855,887 |
Distributions to stockholders | ||||
Distributions from net investment income | (6,378,631) | (5,239,855) | (12,641,734) | (10,474,935) |
Tax return of capital distributions | ||||
Total distributions to stockholders | (6,378,631) | (5,239,855) | (12,641,734) | (10,474,935) |
Capital share transactions: | ||||
Issuance of common stock (net of offering costs and underwriting fees of $188,102, $1,092,009, $197,595, and $1,092,009, respectively) | 8,896,714 | 16,068,375 | 9,820,169 | 16,068,375 |
Reinvestment of distributions | 295,121 | 157,087 | 434,357 | 290,870 |
Net increase in net assets from capital share transactions | 9,191,835 | 16,225,462 | 10,254,526 | 16,359,245 |
Total increase in net assets | 8,072,209 | 22,573,011 | 1,103,407 | 23,740,197 |
Net assets at beginning of period | 144,339,823 | 139,839,148 | 151,308,625 | 138,671,962 |
Net assets at end of period | $ 152,412,032 | $ 162,412,159 | $ 152,412,032 | $ 162,412,159 |
Capital share activity: | ||||
Shares issued (in Shares) | 2,932,908 | 6,451,272 | 3,257,030 | 6,451,272 |
Shares issued from reinvestment of distributions (in Shares) | 100,383 | 58,525 | 148,126 | 99,683 |
Net increase in capital share activity (in Shares) | 3,033,291 | 6,509,797 | 3,405,156 | 6,550,955 |
Statements of Changes in Net _2
Statements of Changes in Net Assets (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Net of underwriting fees and offering costs | $ 188,102 | $ 1,092,009 | $ 197,595 | $ 1,092,009 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net increase in net assets resulting from operations | $ 3,490,615 | $ 17,855,887 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||
Accretion of discounts on investments | (705,550) | (662,250) |
Accretion of discount on notes payable and deferred debt issuance costs | 308,503 | 467,826 |
Non-cash interest income due to PIK | (117,181) | |
Purchases of investments | (28,512,731) | (8,195,000) |
Repayments of principal | 32,179,109 | 756,721 |
Proceeds from the sale of investments | 1,392,002 | 13,919,696 |
Net realized losses on investments | 38,534,902 | 3,331,308 |
Reductions to CLO equity cost value | 7,225,657 | 7,430,811 |
Net change in unrealized appreciation on investments | (27,766,055) | (8,030,630) |
Decrease/(Increase) in interest and distributions receivable | 701,909 | (630,209) |
Increase in other assets | (322,915) | (174,602) |
Increase in Base Fee and Net Investment Income Incentive Fee payable | 10,963 | 1,233,439 |
Increase in accrued expenses | 241,833 | 822,809 |
Net cash provided by operating activities | 26,661,061 | 28,125,806 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Distributions paid (net of stock issued under distribution reinvestment plan of $434,357 and $290,870, respectively) | (12,207,377) | (10,184,065) |
Proceeds from issuance of common stock | 10,017,764 | 17,160,384 |
Underwriting fees and offering costs for the issuance of common stock | (197,595) | (1,092,009) |
Net cash (used in)/provided by financing activities | (2,387,208) | 5,884,310 |
Net increase in cash and cash equivalents | 24,273,853 | 34,010,116 |
Cash and cash equivalents, beginning of period | 5,740,553 | 9,019,164 |
Cash and cash equivalents, end of period | 30,014,406 | 43,029,280 |
NON-CASH FINANCING ACTIVITIES | ||
Value of shares issued in connection with distribution reinvestment plan | 434,357 | 290,870 |
SUPPLEMENTAL DISCLOSURES | ||
Cash paid for interest | 3,613,461 | 5,705,493 |
Securities sold, not settled | 3,402,645 | |
Securities purchased, not settled | $ 10,852,405 |
Statements of Cash Flows (Una_2
Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net of stock issued under distribution reinvestment plan | $ 434,357 | $ 290,870 |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 6 Months Ended |
Jun. 30, 2024 | |
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 | 6 Months Ended |
Jun. 30, 2024 | |
Organization [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 | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant 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 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’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement -5 -5 -10 ASC 820 -10 -10 -10 -tier -going The Board of Directors 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 of Directors 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 -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. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund. 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 six months ended June 30, 2024 and 2023, 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 statements 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 statements 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 June 30, 2024, 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 2023 or 2024 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 , Income Taxes -year For tax purposes, the cost basis of the portfolio investments as of June 30, 2024 and December 31, 2023, was approximately $442,173,994 and $479,922,143, respectively. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value [Abstract] | |
FAIR VALUE | NOTE 4. FAIR VALUE The Company’s assets measured at fair value by investment type on a recurring basis as of June 30, 2024 were as follows: Fair Value Measurements at Reporting Date Using Total Assets ($ in millions) Quoted Prices Significant Significant Senior Secured Notes $ — $ — $ 165.3 $ 165.3 CLO Equity — — 82.3 82.3 Equity and Other Investments — — 4.5 4.5 Total Investments at fair value — — 252.1 252.1 Cash equivalents 29.4 — — 29.4 Total assets at fair value $ 29.4 $ — $ 252.1 $ 281.5 The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2023 were as follows: Fair Value Measurements at Reporting Date Using Total Assets ($ in millions) Quoted Prices Significant Significant Senior Secured Notes $ — $ — $ 179.5 $ 179.5 CLO Equity — — 82.2 82.2 Equity and Other Investments — — 5.3 5.3 Total Investments at fair value (1) — — 266.9 266.9 Cash equivalents 4.6 — — 4.6 Total assets at fair value (1) $ 4.6 $ — $ 266.9 $ 271.5 (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 June 30, 2024 and December 31, 2023, 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 analysis will be undertaken. The tables, therefore, are not all -inclusive Quantitative Information about Level 3 Fair Value Measurements Impact to (2) Assets ($ in millions) Fair Value Valuation Unobservable (1) Senior Secured Notes $ 164.8 Market quotes NBIB (3) 10.0% – 100.8%/74.6% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 19.8%/1.5% NA CLO equity 79.4 Market quotes NBIB (3) 0.0% – 60.0%/26.5% NA 1.7 Recent transactions Actual trade/payoff (4) 56.0%/ncm (5) NA 1.2 Discounted cash flow (6) Discount rate (7) 19.3% – 21.5%/20.5% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.1%/0.0% NA Equity/Other Investments 4.5 Enterprise value (8) LTM EBITDA (9) $32.4 million/ncm (5) Increase Market multiples (9) 7.5x – 8.5x/8.0x Increase Total Fair Value for Level 3 Investments $ 252.1 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) Quantitative Information about Level 3 Fair Value Measurements Impact to (2) Assets ($ in millions) Fair Value Valuation Unobservable Range/ (1) Senior Secured Notes $ 179.0 Market quotes NBIB (3) 10.0% – 99.8%/68.9% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 20.2%/1.6% NA CLO equity 70.8 Market quotes NBIB (3) 0.0% – 61.0%/26.1% NA 10.5 Yield Analysis Yield 12.4% – 22.6%/20.2% Decrease 0.8 Discounted cash flow (6) Discount rate (7) 22.2% – 35.5%/23.6% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.3%/0.2% NA Equity 5.3 Enterprise value (8) LTM EBITDA (9) $40.3 million/ncm (5) Increase Market multiples (9) 7.3x – 8.3x/7.8x Increase Total Fair Value for Level 3 Investments $ 266.9 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) 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 June 30, 2024, and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.4 $ 43.6 $ — $ 43.6 $ — 5.50% Unsecured Notes 78.9 72.5 — 72.5 — Total (3) $ 123.3 $ 116.2 $ — $ 116.2 $ — (1) (2) (3) 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, 2023 and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.2 $ 42.9 $ — $ 42.9 $ — 5.50% Unsecured Notes 78.7 72.5 — 72.5 — Total (3) $ 123.0 $ 115.4 $ — $ 115.4 $ — (1) (2) (3) A reconciliation of the fair value of investments for the three months ended June 30, 2024, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity and Total (3) Balance at March 31, 2024 $ 161.7 $ 84.2 $ 4.9 $ 250.9 Net realized losses included in earnings (29.9 ) (0.5 ) — (30.4 ) Net unrealized appreciation/(depreciation) included in earnings 31.4 (1.6 ) (1.8 ) 28.0 Accretion of discount 0.4 — — 0.4 Purchases (2) 20.8 6.7 1.3 28.8 Repayments and Sales (2) (19.2 ) — — (19.2 ) Reductions to CLO Equity cost value (1) — (6.4 ) — (6.4 ) Payment in Kind income 0.1 — — 0.1 Transfers in and/or (out) of level 3 — — — — Balance at June 30, 2024 (3) $ 165.3 $ 82.3 $ 4.5 $ 252.1 Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 $ 1.4 $ (2.2 ) $ (1.8 ) $ (2.6 ) ____________ (1) (2) -cash (3) A reconciliation of the fair value of investments for the six months ended June 30, 2024, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity and Total (3) Balance at December 31, 2023 $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net realized losses included in earnings (37.8 ) (0.8 ) — (38.5 ) Net unrealized appreciation/(depreciation) included in earnings 29.2 0.8 (2.1 ) 27.8 Accretion of discount 0.7 — — 0.7 Purchases (2) 30.8 8.8 1.3 40.9 Repayments and Sales (2) (37.2 ) (1.4 ) — (38.5 ) Reductions to CLO Equity cost value (1) — (7.2 ) — (7.2 ) Payment in Kind income 0.1 — — 0.1 Transfers in and/or (out) of level 3 — — — — Balance at June 30, 2024 (3) $ 165.3 $ 82.3 $ 4.5 $ 252.1 Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 $ (3.4 ) $ (0.6 ) $ (2.1 ) $ (6.1 ) (1) (2) -cash (3) A reconciliation of the fair value of investments for the year ended December 31, 2023, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity Total (2) Balance at December 31, 2022 $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net realized gains/(losses) included in earnings 0.3 (17.3 ) — (17.1 ) Net unrealized (depreciation)/appreciation included in earnings (13.0 ) 19.2 0.9 7.1 Accretion of discount 1.1 — — 1.1 Purchases 8.2 3.5 — 11.7 Repayments and Sales (28.5 ) (6.9 ) — (35.4 ) Reductions to CLO Equity cost value (1) — (15.3 ) — (15.3 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2023 (2) $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2023 $ (13.9 ) $ 0.9 $ 0.9 $ (12.1 ) (1) (2) The following table shows the fair value of the Company’s portfolio of investments by asset class as of June 30, 2024 and December 31, 2023: ($ in millions) June 30, 2024 December 31, 2023 Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 165.3 65.6 % $ 179.5 67.2 % CLO Equity 82.3 32.6 % 82.2 30.8 % Equity and Other Investments 4.5 1.8 % 5.3 2.0 % Total (1) $ 252.1 100.0 % $ 266.9 100.0 % (1) |
Cash and Cash Equivalents
Cash and Cash Equivalents | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5. CASH AND CASH EQUIVALENTS At June 30, 2024 and December 31, 2023, respectively, cash and cash equivalents were as follows: June 30, December 31, Cash $ 633,747 $ 1,160,664 Cash Equivalents 29,380,659 4,579,889 Total Cash and Cash Equivalents $ 30,014,406 $ 5,740,553 For further details regarding the composition of cash and cash equivalents refer to “Note 3. Summary of Significant Accounting Policies.” |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [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 June 30, 2024 and December 31, 2023, the Company’s asset coverage for borrowed amounts was 220% and 219%, respectively. The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of June 30, 2024 and December 31, 2023. 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”). ($ in millions) As of June 30, 2024 December 31, 2023 Principal Carrying (1) Fair Principal Carrying (1) Fair 6.25% Unsecured Notes $ 44.8 $ 44.4 $ 43.6 $ 44.8 $ 44.2 $ 42.9 5.50% Unsecured Notes 80.5 78.9 72.5 80.5 78.7 72.5 Total (2) $ 125.3 $ 123.3 $ 116.2 $ 125.3 $ 123.0 $ 115.4 (1) (2) The weighted average stated interest rate and weighted average maturity on the Company’s borrowings as of June 30, 2024 were 5.77% and 3.3 years, respectively, and as of December 31, 2023 were 5.77% and 3.8 years, respectively. The tables below summarize the components of interest expense for the three and six months ended June 30, 2024 and June 30, 2023, respectively: ($ in thousands) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Stated Amortization of Total Stated Amortization of Total 6.25% Unsecured Notes $ 699.9 $ 58.1 $ 758.0 $ 1,399.7 $ 116.3 $ 1,516.0 5.50% Unsecured Notes 1,106.9 96.1 1,203.0 2,213.8 192.2 2,406.0 Total (1) $ 1,806.7 $ 154.3 $ 1,961.0 $ 3,613.5 $ 308.5 $ 3,922.0 (1) ($ in thousands) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Stated Amortization of Total (1) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 1,046.0 $ 81.0 $ 1,127.0 $ 2,092.0 $ 161.0 $ 2,253.0 6.25% Unsecured Notes 699.9 58.1 758.0 1,399.7 115.6 1,515.3 5.50% Unsecured Notes 1,106.9 96.1 1,203.0 2,213.8 191.2 2,404.9 Total (1) $ 2,852.7 $ 235.2 $ 3,088.0 $ 5,705.5 $ 467.8 $ 6,173.3 (1) 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 June 30, 2024 was approximately $467,000. As of June 30, 2024, the Company had unamortized deferred debt issuance costs of approximately $427,000 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 June 30, 2024 were approximately $700,000 and 6.81%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2024 were approximately $1.4 million and 6.81%, respectively. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $700,000 and 6.79%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $1.4 million and 6.82%, 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 June 30, 2024 was approximately $738,000. As of June 30, 2024, the Company had unamortized deferred debt issuance costs of approximately $1.6 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 June 30, 2024 were approximately $1.1 million and 6.01%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2024 were approximately $2.2 million and 6.01%, respectively. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $1.1 million and 5.99%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $2.2 million and 6.02%, respectively. 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 had a stated maturity of March 30, 2024, and were redeemable 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 bore interest at a rate of 6.50% per year, payable quarterly on March 30, June 30, September 30, and December 30 of each year. On July 24, 2023, the Company redeemed $40.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On September 11, 2023, the Company redeemed $10.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On November 3, 2023, the Company redeemed $7.0 million in aggregate principal amount of the 6.50% Unsecured Notes. On December 21, 2023, the Company redeemed the remaining $7.4 million aggregate principal amount of 6.50% Unsecured Notes. In connection with the December 21, 2023 redemption, the 6.50% Unsecured Notes were delisted from the NASDAQ Global Select Market. There was no accrued interest payable on the 6.50% Unsecured Notes as of June 30, 2024 or December 31, 2023. With respect to the 6.50% Unsecured Notes, there was no cash paid nor interest expense incurred for the three or six months ended June 30, 2024. The cash paid and the effective annualized interest rate for the three months ended June 30, 2023 were approximately $1.0 million and 7.02%, respectively. The cash paid and the effective annualized interest rate for the six months ended June 30, 2023 were approximately $2.1 million and 7.06%, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
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 incentive fee under the terms of the fee waiver letter unilaterally adopted by Oxford Square Management, effective April 1, 2016 (the “2016 Fee Waiver”), and, finally, adopts the lower of two combined results as the total fees payable to Oxford Square Management. 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 six months ended June 30, 2024 and 2023, respectively: ($ in millions) Three Months Three Months Six Months Six Months Base Fee $ 1.0 $ 1.3 $ 2.0 $ 2.4 The Base Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023 was $1,023,352 and $1,012,389, 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 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. The following table represents the portion of the total advisory fee ascribed to Net Investment Income Incentive Fees (pursuant to the 2016 Fee Waiver calculation) for the three and six months ended June 30, 2024 and 2023, respectively. ($ in millions) Three Months Three Months Six Months Six Months Net Investment Income Incentive Fee $ — $ 1.3 $ — $ 2.5 There was no Net Investment Income Incentive Fee payable to Oxford Square Management as of June 30, 2024 and December 31, 2023. 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 six months ended June 30, 2024 and 2023. There was no liability for Capital Gains Incentive Fees based on hypothetical liquidation as of June 30, 2024 and December 31, 2023. Administration Agreement The Company has also entered into 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 Group, 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 June 30, 2024 and 2023, the Company incurred approximately $174,000 and $190,000, 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 six months ended June 30, 2024 and 2023, the Company incurred approximately $381,000 and $457,000, respectively, in compensation expenses. In addition, the Company incurred approximately $16,000 and $19,000 for facility costs allocated under the Administration Agreement for the three months ended June 30, 2024 and 2023, respectively. The Company incurred approximately $32,000 and $38,000 for facility costs for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there were no accrued compensation expenses payable under the Administration Agreement. As of December 31, 2023, there were no accrued compensation expenses 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 in net assets resulting from net investment income and operations per share for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Three Months Six Months Six Months Net investment income $ 7,721,906 $ 6,665,781 $ 14,259,462 $ 13,156,565 Weighted average common shares outstanding 60,654,421 50,542,374 60,146,853 50,202,259 Net increase in net assets resulting from net investment income per common share $ 0.13 $ 0.13 $ 0.24 $ 0.26 Net increase in net assets resulting from operations $ 5,259,005 $ 11,587,404 $ 3,490,615 $ 17,855,887 Net increase in net assets resulting from operations per common share $ 0.09 $ 0.23 $ 0.06 $ 0.36 |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2024 | |
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. For the three and six months ended June 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 common stock, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions. During the three months ended June 30, 2024 and 2023, the Company issued 100,383 and 58,525 Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), 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 six months ended June 30, 2024, represented, on an estimated basis, $0.21 per share from ordinary income. For the six months ended June 30, 2024, the amounts and sources of distributions reported are only estimates (based on an average of the reported tax character historically) and are not being provided for U.S. federal income tax reporting purposes. The timing and character of distributions for U.S. federal income tax purposes (which are determined in accordance with the U.S. federal tax rules which may differ from GAAP) may be materially different than the historical information the Company used in providing the estimates herein. The final determination of the source of all distributions in 2024 will be made after year -end -DIV |
Net Asset Value Per Share
Net Asset Value Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Net Asset Value Per Share [Abstract] | |
NET ASSET VALUE PER SHARE | NOTE 10. NET ASSET VALUE PER SHARE The Company’s net asset value per share as of June 30, 2024, and December 31, 2023, was $2.43 and $2.55, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Share Issuance and Repurchase Programs [Abstract] | |
SHARE ISSUANCE AND REPURCHASE PROGRAMS | NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS On August 22, 2023, the Company entered into Amendment No. 1 to that certain Equity Distribution Agreement dated August 1, 2019 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 ATM offering. The Company sold a total of 2,932,908 and 3,257,030 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 months ended June 30, 2024 and 2023, the Company was not authorized to repurchase any shares of outstanding common stock. |
Investment Income
Investment Income | 6 Months Ended |
Jun. 30, 2024 | |
Investment Income [Abstract] | |
INVESTMENT INCOME | NOTE 12. INVESTMENT INCOME The following table sets forth the components of investment income for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Three Months Interest Income Stated interest income $ 6,371,911 $ 8,467,421 Paid in Kind interest income 103,609 — Original issue discount and market discount income 403,275 322,231 Discount income derived from unscheduled remittances at par 143,024 9,528 Total interest income $ 7,021,819 $ 8,799,180 Income from securitization vehicles and investments $ 3,885,916 $ 4,329,300 Commitment, amendment and other fee income Fee letters $ 223,141 $ 164,449 Loan prepayment and bond call fees — — Money market fund income and all other fees 314,580 220,051 Total commitment, amendment and other fee income $ 537,721 $ 384,500 Total investment income $ 11,445,456 $ 13,512,980 Six Months Six Months Interest Income Stated interest income $ 12,500,368 $ 16,412,453 Paid in Kind interest income 117,181 — Original issue discount and market discount income 705,550 662,250 Discount income derived from unscheduled remittances at par 119,767 18,637 Total interest income $ 13,442,866 $ 17,093,340 Income from securitization vehicles and investments $ 7,818,290 $ 8,708,795 Commitment, amendment and other fee income Fee letters $ 355,129 $ 319,528 Loan prepayment and bond call fees — — Money market fund income and all other fees 506,595 333,115 Total commitment, amendment and other fee income $ 861,724 $ 652,643 Total investment income $ 22,122,880 $ 26,454,778 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 six months ended June 30, 2024 and 2023, the Company received no fee income for managerial assistance. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [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 June 30, 2024, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 14. FINANCIAL HIGHLIGHTS Financial highlights for the three and six months ended June 30, 2024 and 2023, respectively, are as follows: Three Months Three Months Six Months Six Months Per Share Data Net asset value at beginning of period $ 2.42 $ 2.80 $ 2.55 $ 2.78 Net investment income (1) 0.13 0.13 0.24 0.26 Net realized and unrealized (losses)/gains (2) (0.04 ) 0.10 (0.18 ) 0.09 Net increase in net asset value from operations 0.09 0.23 0.06 0.35 Distributions per share from net investment income (0.11 ) (0.11 ) (0.21 ) (0.21 ) Tax return of capital distributions (3) — — — — Total distributions (0.11 ) (0.11 ) (0.21 ) (0.21 ) Effect of shares issued 0.03 (0.04 ) 0.03 (0.04 ) Net asset value at end of period $ 2.43 $ 2.88 $ 2.43 $ 2.88 Per share market value at beginning of period $ 3.17 $ 3.16 $ 2.86 $ 3.12 Per share market value at end of period $ 2.94 $ 2.65 $ 2.94 $ 2.65 Total return based on Market Value (4) (4.06 )% (13.00 )% 9.98 % (9.15 )% Total return based on Net Asset Value (5) 4.75 % 6.61 % 3.53 % 11.15 % Shares outstanding at end of period 62,705,628 56,395,751 62,705,628 56,395,751 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 152,412 $ 162,412 $ 152,412 $ 162,412 Average net assets (000’s) $ 146,781 $ 144,439 $ 147,520 $ 141,852 Ratio of expenses to average net assets (6) 11.15 % 18.96 % 10.99 % 18.75 % Ratio of net investment income to average net assets (6) 20.04 % 18.46 % 19.00 % 18.55 % Portfolio turnover rate (7) 7.02 % 1.48 % 14.37 % 2.60 % (1) (2) (3) (4) (5) (6) (7) -to-date -to-date (8) Three Months Three Months Six Months Six Months Ratio of expenses to average net assets: Operating expenses before incentive fees 11.15 % 15.36 % 10.99 % 15.18 % Net investment income incentive fees — % 3.60 % — % 3.57 % Ratio of expenses, excluding interest expense, to average net assets 5.81 % 10.41 % 5.68 % 10.05 % |
Risks and Uncertainties
Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | NOTE 15. RISKS AND UNCERTAINTIES The Company may be materially adversely affected by market conditions. Government spending, government policies, changes in interest rates, and disruptions in supply chains in the United States and elsewhere in conjunction with other factors, have led and could continue to lead to inflationary economic environments that could affect the Company’s portfolio companies, financial condition and results of operations. The Company has exposure to interest rate risks to the extent prevailing interest rates change and it could negatively affect the fair value of the Company’s investments. If interest rates continue to rise in response to inflation, the value, volatility and liquidity of income paying investments could be adversely affected. Market volatility, dramatic change to interest rates and/or unfavorable economic conditions may lower performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of the above events could have a significant adverse impact on the value and risk profile of the Company’s investments. Although it is difficult to predict the extent of the impact of economic disruptions on the Company’s portfolio companies and underlying CLO vehicles the Company invests in, the failure by a portfolio company or CLO vehicle to satisfy certain financial covenants, including with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO vehicle fails certain tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Company or other lenders could lead to defaults and, potentially, termination of the portfolio company’s loans and foreclosure on its secured assets, which could trigger cross -defaults Separately, the Company may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, CLO vehicle or any other investment we may make. In addition, if a portfolio company goes bankrupt, even though the Company may have structured its investment as senior debt or secured debt, depending on the facts and circumstances, including the extent to which the Company actually provided significant managerial assistance, if any, to that portfolio company, a bankruptcy court might re -characterize Various social and political circumstances in the United States and around the world (including wars and other forms of conflict 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 United States and worldwide. The Israel -Hamas the conflict between Russia and Ukraine, and resulting market volatility, could also adversely affect the Company’s business, operating results, and financial condition. The extent and duration or escalation of such conflicts, resulting sanctions and resulting future market disruptions are impossible to predict, but could be significant. Any disruptions resulting from such conflicts and any future conflict (including cyberattacks, espionage or the use or threatened use of nuclear weapons) or resulting from actual or threatened responses to such actions could cause disruptions to any of the Company’s portfolio companies located in Europe or the Middle East or that have substantial business relationships with companies in affected regions. It is not possible to predict the duration or extent of longer -term |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS The following distributions payable to stockholders are shown below: Date Declared Record Dates Payable Dates Per Share Distribution May 2, 2024 July 17, 2024 July 31, 2024 $0.035 May 2, 2024 August 16, 2024 August 30, 2024 $0.035 May 2, 2024 September 16, 2024 September 30, 2024 $0.035 August 8, 2024 October 17, 2024 October 31, 2024 $0.035 August 8, 2024 November November $0.035 August 8, 2024 December December $0.035 The Company’s management evaluated subsequent events through the date of issuance of these financial statements and noted no other events that necessitate adjustments to or disclosure in the financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 5,259,005 | $ 11,587,404 | $ 3,490,615 | $ 17,855,887 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001259429 | |
Amendment Flag | false | |
Securities Act File Number | 814-00638 | |
Document Type | 10-Q | |
Entity Registrant Name | OXFORD SQUARE CAPITAL CORP. | |
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 Emerging Growth Company | false | |
General Description of Registrant [Abstract] | ||
Investment Objectives and Practices [Text Block] | Our investment objective is to maximize our portfolio’s total return. Our primary focus is to seek an attractive risk -adjusted -stage -end | |
Risk [Text Block] | ITEM 1A.RISK FACTORS. In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10 -K -K -K | |
Share Price [Table Text Block] | Issuer Purchases of Equity Securities During the three months ended June 30, 2024, no common stock was repurchased by the Company. | |
NAV Per Share | $ 2.43 | $ 2.55 |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant 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 |
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’s Board of Directors determines the fair value of the Company’s investments in accordance with the provisions of ASC 820, Fair Value Measurement -5 -5 -10 ASC 820 -10 -10 -10 -tier -going The Board of Directors 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 of Directors 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 -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. The Company also earns other income on its cash equivalents balance, which represents cash invested in a money market fund. 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 six months ended June 30, 2024 and 2023, 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 statements 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 statements 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 June 30, 2024, 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 2023 or 2024 tax returns. The Company identifies its major tax jurisdictions as U.S. Federal and the state of Connecticut. The Company did not have any uncertain tax positions that met the recognition measurement criteria of ASC 740 -10-25 , Income Taxes -year For tax purposes, the cost basis of the portfolio investments as of June 30, 2024 and December 31, 2023, was approximately $442,173,994 and $479,922,143, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value [Abstract] | |
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis | The Company’s assets measured at fair value by investment type on a recurring basis as of June 30, 2024 were as follows: Fair Value Measurements at Reporting Date Using Total Assets ($ in millions) Quoted Prices Significant Significant Senior Secured Notes $ — $ — $ 165.3 $ 165.3 CLO Equity — — 82.3 82.3 Equity and Other Investments — — 4.5 4.5 Total Investments at fair value — — 252.1 252.1 Cash equivalents 29.4 — — 29.4 Total assets at fair value $ 29.4 $ — $ 252.1 $ 281.5 Fair Value Measurements at Reporting Date Using Total Assets ($ in millions) Quoted Prices Significant Significant Senior Secured Notes $ — $ — $ 179.5 $ 179.5 CLO Equity — — 82.2 82.2 Equity and Other Investments — — 5.3 5.3 Total Investments at fair value (1) — — 266.9 266.9 Cash equivalents 4.6 — — 4.6 Total assets at fair value (1) $ 4.6 $ — $ 266.9 $ 271.5 (1) |
Schedule of Significant Level 3 Fair Value Measurements | The following tables provide quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2024 and December 31, 2023, respectively. Quantitative Information about Level 3 Fair Value Measurements Impact to (2) Assets ($ in millions) Fair Value Valuation Unobservable (1) Senior Secured Notes $ 164.8 Market quotes NBIB (3) 10.0% – 100.8%/74.6% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 19.8%/1.5% NA CLO equity 79.4 Market quotes NBIB (3) 0.0% – 60.0%/26.5% NA 1.7 Recent transactions Actual trade/payoff (4) 56.0%/ncm (5) NA 1.2 Discounted cash flow (6) Discount rate (7) 19.3% – 21.5%/20.5% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.1%/0.0% NA Equity/Other Investments 4.5 Enterprise value (8) LTM EBITDA (9) $32.4 million/ncm (5) Increase Market multiples (9) 7.5x – 8.5x/8.0x Increase Total Fair Value for Level 3 Investments $ 252.1 (1) (2) (3) -binding -binding (4) (5) (6) (7) (8) -party -party (9) (10) Quantitative Information about Level 3 Fair Value Measurements Impact to (2) Assets ($ in millions) Fair Value Valuation Unobservable Range/ (1) Senior Secured Notes $ 179.0 Market quotes NBIB (3) 10.0% – 99.8%/68.9% NA 0.5 Liquidation Net Asset Value NBIB (3) 0.0% – 20.2%/1.6% NA CLO equity 70.8 Market quotes NBIB (3) 0.0% – 61.0%/26.1% NA 10.5 Yield Analysis Yield 12.4% – 22.6%/20.2% Decrease 0.8 Discounted cash flow (6) Discount rate (7) 22.2% – 35.5%/23.6% Decrease 0.0 Liquidation Net Asset Value (10) NBIB (3) 0.0% – 0.3%/0.2% NA Equity 5.3 Enterprise value (8) LTM EBITDA (9) $40.3 million/ncm (5) Increase Market multiples (9) 7.3x – 8.3x/7.8x Increase Total Fair Value for Level 3 Investments $ 266.9 (2) |
Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities 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 June 30, 2024, and the level of each financial liability within the fair value hierarchy: ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.4 $ 43.6 $ — $ 43.6 $ — 5.50% Unsecured Notes 78.9 72.5 — 72.5 — Total (3) $ 123.3 $ 116.2 $ — $ 116.2 $ — (1) (2) (3) ($ in millions) Carrying (1) Fair (2) Level 1 Level 2 Level 3 6.25% Unsecured Notes $ 44.2 $ 42.9 $ — $ 42.9 $ — 5.50% Unsecured Notes 78.7 72.5 — 72.5 — Total (3) $ 123.0 $ 115.4 $ — $ 115.4 $ — (1) (2) (3) |
Schedule of Reconciliation of the Fair Value of Investments | A reconciliation of the fair value of investments for the three months ended June 30, 2024, utilizing significant unobservable inputs, is as follows: ($ in millions) Senior CLO Equity and Total (3) Balance at March 31, 2024 $ 161.7 $ 84.2 $ 4.9 $ 250.9 Net realized losses included in earnings (29.9 ) (0.5 ) — (30.4 ) Net unrealized appreciation/(depreciation) included in earnings 31.4 (1.6 ) (1.8 ) 28.0 Accretion of discount 0.4 — — 0.4 Purchases (2) 20.8 6.7 1.3 28.8 Repayments and Sales (2) (19.2 ) — — (19.2 ) Reductions to CLO Equity cost value (1) — (6.4 ) — (6.4 ) Payment in Kind income 0.1 — — 0.1 Transfers in and/or (out) of level 3 — — — — Balance at June 30, 2024 (3) $ 165.3 $ 82.3 $ 4.5 $ 252.1 Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 $ 1.4 $ (2.2 ) $ (1.8 ) $ (2.6 ) (1) (2) -cash (3) ($ in millions) Senior CLO Equity and Total (3) Balance at December 31, 2023 $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net realized losses included in earnings (37.8 ) (0.8 ) — (38.5 ) Net unrealized appreciation/(depreciation) included in earnings 29.2 0.8 (2.1 ) 27.8 Accretion of discount 0.7 — — 0.7 Purchases (2) 30.8 8.8 1.3 40.9 Repayments and Sales (2) (37.2 ) (1.4 ) — (38.5 ) Reductions to CLO Equity cost value (1) — (7.2 ) — (7.2 ) Payment in Kind income 0.1 — — 0.1 Transfers in and/or (out) of level 3 — — — — Balance at June 30, 2024 (3) $ 165.3 $ 82.3 $ 4.5 $ 252.1 Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2024 $ (3.4 ) $ (0.6 ) $ (2.1 ) $ (6.1 ) (1) ($ in millions) Senior CLO Equity Total (2) Balance at December 31, 2022 $ 211.4 $ 98.9 $ 4.3 $ 314.7 Net realized gains/(losses) included in earnings 0.3 (17.3 ) — (17.1 ) Net unrealized (depreciation)/appreciation included in earnings (13.0 ) 19.2 0.9 7.1 Accretion of discount 1.1 — — 1.1 Purchases 8.2 3.5 — 11.7 Repayments and Sales (28.5 ) (6.9 ) — (35.4 ) Reductions to CLO Equity cost value (1) — (15.3 ) — (15.3 ) Transfers in and/or (out) of level 3 — — — — Balance at December 31, 2023 (2) $ 179.5 $ 82.2 $ 5.3 $ 266.9 Net change in unrealized (depreciation)/appreciation on Level 3 investments still held as of December 31, 2023 $ (13.9 ) $ 0.9 $ 0.9 $ (12.1 ) (1) |
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class | The following table shows the fair value of the Company’s portfolio of investments by asset class as of June 30, 2024 and December 31, 2023: ($ in millions) June 30, 2024 December 31, 2023 Investments at Percentage of Investments at Percentage of Senior Secured Notes $ 165.3 65.6 % $ 179.5 67.2 % CLO Equity 82.3 32.6 % 82.2 30.8 % Equity and Other Investments 4.5 1.8 % 5.3 2.0 % Total (1) $ 252.1 100.0 % $ 266.9 100.0 % |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | At June 30, 2024 and December 31, 2023, respectively, cash and cash equivalents were as follows: June 30, December 31, Cash $ 633,747 $ 1,160,664 Cash Equivalents 29,380,659 4,579,889 Total Cash and Cash Equivalents $ 30,014,406 $ 5,740,553 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Borrowings [Abstract] | |
Schedule of Unsecured Notes | The following are the Company’s outstanding principal amounts, carrying values and fair values of the Company’s borrowings as of June 30, 2024 and December 31, 2023. ($ in millions) As of June 30, 2024 December 31, 2023 Principal Carrying (1) Fair Principal Carrying (1) Fair 6.25% Unsecured Notes $ 44.8 $ 44.4 $ 43.6 $ 44.8 $ 44.2 $ 42.9 5.50% Unsecured Notes 80.5 78.9 72.5 80.5 78.7 72.5 Total (2) $ 125.3 $ 123.3 $ 116.2 $ 125.3 $ 123.0 $ 115.4 (1) (2) |
Schedule of Interest Expense | The tables below summarize the components of interest expense for the three and six months ended June 30, 2024 and June 30, 2023, respectively: ($ in thousands) Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Stated Amortization of Total Stated Amortization of Total 6.25% Unsecured Notes $ 699.9 $ 58.1 $ 758.0 $ 1,399.7 $ 116.3 $ 1,516.0 5.50% Unsecured Notes 1,106.9 96.1 1,203.0 2,213.8 192.2 2,406.0 Total (1) $ 1,806.7 $ 154.3 $ 1,961.0 $ 3,613.5 $ 308.5 $ 3,922.0 (1) ($ in thousands) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Stated Amortization of Total (1) Stated Amortization of Total (1) 6.50% Unsecured Notes $ 1,046.0 $ 81.0 $ 1,127.0 $ 2,092.0 $ 161.0 $ 2,253.0 6.25% Unsecured Notes 699.9 58.1 758.0 1,399.7 115.6 1,515.3 5.50% Unsecured Notes 1,106.9 96.1 1,203.0 2,213.8 191.2 2,404.9 Total (1) $ 2,852.7 $ 235.2 $ 3,088.0 $ 5,705.5 $ 467.8 $ 6,173.3 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee | 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 six months ended June 30, 2024 and 2023, respectively: ($ in millions) Three Months Three Months Six Months Six Months Base Fee $ 1.0 $ 1.3 $ 2.0 $ 2.4 ($ in millions) Three Months Three Months Six Months Six Months Net Investment Income Incentive Fee $ — $ 1.3 $ — $ 2.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Increase | The following table sets forth the computation of basic and diluted net increase in net assets resulting from net investment income and operations per share for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Three Months Six Months Six Months Net investment income $ 7,721,906 $ 6,665,781 $ 14,259,462 $ 13,156,565 Weighted average common shares outstanding 60,654,421 50,542,374 60,146,853 50,202,259 Net increase in net assets resulting from net investment income per common share $ 0.13 $ 0.13 $ 0.24 $ 0.26 Net increase in net assets resulting from operations $ 5,259,005 $ 11,587,404 $ 3,490,615 $ 17,855,887 Net increase in net assets resulting from operations per common share $ 0.09 $ 0.23 $ 0.06 $ 0.36 |
Investment Income (Tables)
Investment Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Income [Abstract] | |
Schedule of Components of Investment Income | The following table sets forth the components of investment income for the three and six months ended June 30, 2024 and 2023, respectively: Three Months Three Months Interest Income Stated interest income $ 6,371,911 $ 8,467,421 Paid in Kind interest income 103,609 — Original issue discount and market discount income 403,275 322,231 Discount income derived from unscheduled remittances at par 143,024 9,528 Total interest income $ 7,021,819 $ 8,799,180 Income from securitization vehicles and investments $ 3,885,916 $ 4,329,300 Commitment, amendment and other fee income Fee letters $ 223,141 $ 164,449 Loan prepayment and bond call fees — — Money market fund income and all other fees 314,580 220,051 Total commitment, amendment and other fee income $ 537,721 $ 384,500 Total investment income $ 11,445,456 $ 13,512,980 Six Months Six Months Interest Income Stated interest income $ 12,500,368 $ 16,412,453 Paid in Kind interest income 117,181 — Original issue discount and market discount income 705,550 662,250 Discount income derived from unscheduled remittances at par 119,767 18,637 Total interest income $ 13,442,866 $ 17,093,340 Income from securitization vehicles and investments $ 7,818,290 $ 8,708,795 Commitment, amendment and other fee income Fee letters $ 355,129 $ 319,528 Loan prepayment and bond call fees — — Money market fund income and all other fees 506,595 333,115 Total commitment, amendment and other fee income $ 861,724 $ 652,643 Total investment income $ 22,122,880 $ 26,454,778 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | Financial highlights for the three and six months ended June 30, 2024 and 2023, respectively, are as follows: Three Months Three Months Six Months Six Months Per Share Data Net asset value at beginning of period $ 2.42 $ 2.80 $ 2.55 $ 2.78 Net investment income (1) 0.13 0.13 0.24 0.26 Net realized and unrealized (losses)/gains (2) (0.04 ) 0.10 (0.18 ) 0.09 Net increase in net asset value from operations 0.09 0.23 0.06 0.35 Distributions per share from net investment income (0.11 ) (0.11 ) (0.21 ) (0.21 ) Tax return of capital distributions (3) — — — — Total distributions (0.11 ) (0.11 ) (0.21 ) (0.21 ) Effect of shares issued 0.03 (0.04 ) 0.03 (0.04 ) Net asset value at end of period $ 2.43 $ 2.88 $ 2.43 $ 2.88 Per share market value at beginning of period $ 3.17 $ 3.16 $ 2.86 $ 3.12 Per share market value at end of period $ 2.94 $ 2.65 $ 2.94 $ 2.65 Total return based on Market Value (4) (4.06 )% (13.00 )% 9.98 % (9.15 )% Total return based on Net Asset Value (5) 4.75 % 6.61 % 3.53 % 11.15 % Shares outstanding at end of period 62,705,628 56,395,751 62,705,628 56,395,751 Ratios/Supplemental Data (8) Net assets at end of period (000’s) $ 152,412 $ 162,412 $ 152,412 $ 162,412 Average net assets (000’s) $ 146,781 $ 144,439 $ 147,520 $ 141,852 Ratio of expenses to average net assets (6) 11.15 % 18.96 % 10.99 % 18.75 % Ratio of net investment income to average net assets (6) 20.04 % 18.46 % 19.00 % 18.55 % Portfolio turnover rate (7) 7.02 % 1.48 % 14.37 % 2.60 % (1) (2) (3) (4) (5) (6) (7) -to-date -to-date (8) |
Schedule of Supplemental Performance Ratios | The following table provides supplemental performance ratios (annualized) measured for the three and six months ended June 30, 2024 and 2023: Three Months Three Months Six Months Six Months Ratio of expenses to average net assets: Operating expenses before incentive fees 11.15 % 15.36 % 10.99 % 15.18 % Net investment income incentive fees — % 3.60 % — % 3.57 % Ratio of expenses, excluding interest expense, to average net assets 5.81 % 10.41 % 5.68 % 10.05 % |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Schedule of Distributions Payable to Stockholders | The following distributions payable to stockholders are shown below: Date Declared Record Dates Payable Dates Per Share Distribution May 2, 2024 July 17, 2024 July 31, 2024 $0.035 May 2, 2024 August 16, 2024 August 30, 2024 $0.035 May 2, 2024 September 16, 2024 September 30, 2024 $0.035 August 8, 2024 October 17, 2024 October 31, 2024 $0.035 August 8, 2024 November November $0.035 August 8, 2024 December December $0.035 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |||
Investments assets percentage | 2% | 2% | |
Interest income | $ 104,000 | $ 117,000 | |
Distribution of investment, percentage | 90% | ||
Portfolio investments | $ 442,173,994 | $ 442,173,994 | $ 479,922,143 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value [Line Items] | |||||
Investment held in subordinated and income notes | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 | |
non-cash conversions of securities | $ 1,600,000 | ||||
OXSQZ [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 6.25% | ||||
OXSQG [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 5.50% | ||||
OXSQG [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 5.50% | ||||
OXSQG [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 5.50% | ||||
6.25% Unsecured Notes [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 6.25% | ||||
Total deferred debt issuance costs | 400,000 | $ 400,000 | $ 500,000 | ||
6.25% Unsecured Notes [Member] | OXSQZ [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 6.25% | 6.25% | |||
5.50% Unsecured Notes [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 5.50% | ||||
Total deferred debt issuance costs | 1,600,000 | $ 1,600,000 | $ 1,800,000 | ||
CLO [Member] | |||||
Fair Value [Line Items] | |||||
Equity cost value | 6,400,000 | 7,200,000 | 15,300,000 | ||
Investment held in subordinated and income notes | 10,200,000 | 15,000,000 | 32,000,000 | ||
Amortization of cost | 52,000 | 58,000 | 123,000 | ||
Interest income recognized | $ 3,900,000 | 7,800,000 | $ 16,800,000 | ||
non-cash conversions of securities | $ 1,600,000 | ||||
Fair Value [Member] | 6.25% Unsecured Notes [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 6.25% | 6.25% | |||
Fair Value [Member] | 5.50% Unsecured Notes [Member] | |||||
Fair Value [Line Items] | |||||
Unamortized deferred debt, percentage | 5.50% | 5.50% |
Fair Value (Details) - Schedule
Fair Value (Details) - Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis - Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
Senior Secured Notes [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | $ 165.3 | $ 179.5 | |
Senior Secured Notes [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Senior Secured Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Senior Secured Notes [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 165.3 | 179.5 | |
CLO Equity [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 82.3 | 82.2 | |
CLO Equity [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
CLO Equity [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
CLO Equity [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 82.3 | 82.2 | |
Equity and Other Investments [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 4.5 | 5.3 | |
Equity and Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Equity and Other Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Equity and Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 4.5 | 5.3 | |
Total Investments at fair value [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 252.1 | 266.9 | [1] |
Total Investments at fair value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | ||
Total Investments at fair value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | ||
Total Investments at fair value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 252.1 | 266.9 | [1] |
Cash Equivalents [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 29.4 | 4.6 | |
Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 29.4 | 4.6 | |
Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | |||
Total assets at fair value [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 281.5 | 271.5 | [1] |
Total assets at fair value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | 29.4 | 4.6 | [1] |
Total assets at fair value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | [1] | ||
Total assets at fair value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Schedule of Assets Measured at Fair Value by Investment Type on a Recurring Basis [Line Items] | |||
Assets | $ 252.1 | $ 266.9 | [1] |
[1]Totals may not sum due to rounding. |
Fair Value (Details) - Schedu_2
Fair Value (Details) - Schedule of Significant Level 3 Fair Value Measurements - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Dec. 31, 2023 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 252.1 | $ 266.9 | ||
Senior Secured Notes [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 164.8 | $ 179 | ||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | ||
Unobservable Input | [1] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [2] | 10.0% – 100.8%/74.6% | 10.0% – 99.8%/68.9% | |
Impact to Fair Value from an Increase in Input | [3] | NA | NA | |
Senior Secured Notes One [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 0.5 | $ 0.5 | ||
Valuation Techniques/ Methodologies | Liquidation Net Asset Value | Liquidation Net Asset Value | ||
Unobservable Input | [1] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [2] | 0.0% – 19.8%/1.5% | 0.0% – 20.2%/1.6% | |
Impact to Fair Value from an Increase in Input | [3] | NA | NA | |
CLO Equity [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 79.4 | $ 70.8 | ||
Valuation Techniques/ Methodologies | Market quotes | Market quotes | ||
Unobservable Input | [1] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [2] | 0.0% – 60.0%/26.5% | 0.0% – 61.0%/26.1% | |
Impact to Fair Value from an Increase in Input | [3] | NA | NA | |
CLO Equity One [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 1.7 | $ 10.5 | ||
Valuation Techniques/ Methodologies | Recent transactions | Yield Analysis | ||
Unobservable Input | Actual trade/payoff(4) | [4] | Yield | |
Range/Weighted Average | [2] | 56.0%/ncm(5) | [5] | 12.4% – 22.6%/20.2% |
Impact to Fair Value from an Increase in Input | [3] | NA | Decrease | |
CLO Equity Two [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 1.2 | $ 0.8 | ||
Valuation Techniques/ Methodologies | [6] | Discounted cash flow(6) | Discounted cash flow(6) | |
Unobservable Input | [7] | Discount rate(7) | Discount rate(7) | |
Range/Weighted Average | [2] | 19.3% – 21.5%/20.5% | 22.2% – 35.5%/23.6% | |
Impact to Fair Value from an Increase in Input | [3] | Decrease | Decrease | |
CLO Equity Three [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 0 | $ 0 | ||
Valuation Techniques/ Methodologies | [8] | Liquidation Net Asset Value(10) | Liquidation Net Asset Value(10) | |
Unobservable Input | [1] | NBIB(3) | NBIB(3) | |
Range/Weighted Average | [2] | 0.0% – 0.1%/0.0% | 0.0% – 0.3%/0.2% | |
Impact to Fair Value from an Increase in Input | [3] | NA | NA | |
Equity/Other Investments [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Total Fair Value for Level 3 | $ 4.5 | $ 5.3 | ||
Valuation Techniques/ Methodologies | [9] | Enterprise value(8) | Enterprise value(8) | |
Unobservable Input | [10] | LTM EBITDA(9) | LTM EBITDA(9) | |
Range/Weighted Average | [2],[5] | $32.4 million/ncm(5) | $40.3 million/ncm(5) | |
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | |
Equity/Other Investments One [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Unobservable Input | [10] | Market multiples(9) | Market multiples(9) | |
Range/Weighted Average | [2] | 7.5x – 8.5x/8.0x | 7.3x – 8.3x/7.8x | |
Impact to Fair Value from an Increase in Input | [3] | Increase | Increase | |
[1]The Company generally uses prices provided by an independent pricing service, or broker or agent bank non -binding -binding -party -party |
Fair Value (Details) - Schedu_3
Fair Value (Details) - Schedule of Carrying Value and Fair Value of the Company’s Financial Liabilities Disclosed, but Not Carried, at Fair Value - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | ||
Six Point Two Five Percentage Unsecured Notes [Member] | Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | ||||
Six Point Two Five Percentage Unsecured Notes [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 43.6 | 42.9 | ||
Six Point Two Five Percentage Unsecured Notes [Member] | Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | ||||
Six Point Two Five Percentage Unsecured Notes [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 44.4 | [1] | 44.2 | [2] |
Six Point Two Five Percentage Unsecured Notes [Member] | Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 43.6 | [3] | 42.9 | [4] |
Five Point Five Zero Percentage Unsecured Notes [Member] | Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | ||||
Five Point Five Zero Percentage Unsecured Notes [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 72.5 | 72.5 | ||
Five Point Five Zero Percentage Unsecured Notes [Member] | Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | ||||
Five Point Five Zero Percentage Unsecured Notes [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 78.9 | [1] | 78.7 | [2] |
Five Point Five Zero Percentage Unsecured Notes [Member] | Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 72.5 | [3] | 72.5 | [4] |
Unsecured Debt [Member] | Level 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | [6] | ||
Unsecured Debt [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 116.2 | [5] | 115.4 | [6] |
Unsecured Debt [Member] | Level 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | [5] | [6] | ||
Unsecured Debt [Member] | Carrying Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | 123.3 | [1],[5] | 123 | [2],[6] |
Unsecured Debt [Member] | Fair Value [Member] | ||||
Debt Instrument [Line Items] | ||||
Total | $ 116.2 | [3],[5] | $ 115.4 | [4],[6] |
[1]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.4 million as of June 30, 2024. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.6 million as of June 30, 2024.[2]Carrying value is net of unamortized deferred debt issuance costs. Unamortized deferred debt issuance costs associated with the 6.25% Unsecured Notes totaled approximately $0.5 million as of December 31, 2023. Unamortized deferred debt issuance costs associated with the 5.50% Unsecured Notes totaled approximately $1.8 million as of December 31, 2023.[3]For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ”, and “OXSQG”, respectively).[4]For the 6.25% Unsecured Notes and 5.50% Unsecured Notes, fair value is based upon the closing price on the last day of the period. The 6.25% Unsecured Notes and 5.50% Unsecured Notes are listed on the NASDAQ Global Select Market (trading symbol “OXSQZ” and “OXSQG”, respectively).[5]Totals may not sum due to rounding.[6]Totals may not sum due to rounding. |
Fair Value (Details) - Schedu_4
Fair Value (Details) - Schedule of Reconciliation of the Fair Value of Investments - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance | [1] | $ 250.9 | $ 266.9 | $ 314.7 | |||
Net realized losses included in earnings | [1] | (30.4) | (38.5) | (17.1) | |||
Net unrealized appreciation/(depreciation) included in earnings | [1] | 28 | 27.8 | 7.1 | |||
Accretion of discount | [1] | 0.4 | 0.7 | 1.1 | |||
Purchases | [1] | 28.8 | 40.9 | 11.7 | |||
Repayments and Sales | [1] | (19.2) | (38.5) | (35.4) | |||
Reductions to CLO Equity cost value | [1] | (6.4) | [2] | (7.2) | [3] | (15.3) | [4] |
Payment in Kind income | [1] | 0.1 | 0.1 | ||||
Transfers in and/or (out) of level 3 | [1] | ||||||
Balance | [1] | 252.1 | 252.1 | 266.9 | |||
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | [1] | (2.6) | (6.1) | (12.1) | |||
Senior Secured Notes [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance | 161.7 | 179.5 | 211.4 | ||||
Net realized losses included in earnings | (29.9) | (37.8) | 0.3 | ||||
Net unrealized appreciation/(depreciation) included in earnings | 31.4 | 29.2 | (13) | ||||
Accretion of discount | 0.4 | 0.7 | 1.1 | ||||
Purchases | 20.8 | 30.8 | 8.2 | ||||
Repayments and Sales | (19.2) | (37.2) | (28.5) | ||||
Reductions to CLO Equity cost value | [2] | [3] | [4] | ||||
Payment in Kind income | 0.1 | 0.1 | |||||
Transfers in and/or (out) of level 3 | |||||||
Balance | [1] | 165.3 | 165.3 | 179.5 | |||
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | 1.4 | (3.4) | (13.9) | ||||
Equity and Other Investments [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance | 4.9 | 5.3 | 4.3 | ||||
Net realized losses included in earnings | |||||||
Net unrealized appreciation/(depreciation) included in earnings | (1.8) | (2.1) | 0.9 | ||||
Purchases | 1.3 | 1.3 | |||||
Reductions to CLO Equity cost value | [2] | [3] | [4] | ||||
Payment in Kind income | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance | [1] | 4.5 | 4.5 | 5.3 | |||
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | (1.8) | (2.1) | 0.9 | ||||
CLO Equity [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Balance | 84.2 | 82.2 | 98.9 | ||||
Net realized losses included in earnings | (0.5) | (0.8) | (17.3) | ||||
Net unrealized appreciation/(depreciation) included in earnings | (1.6) | 0.8 | 19.2 | ||||
Purchases | 6.7 | 8.8 | 3.5 | ||||
Repayments and Sales | (1.4) | (6.9) | |||||
Reductions to CLO Equity cost value | (6.4) | [2] | (7.2) | [3] | (15.3) | [4] | |
Payment in Kind income | |||||||
Transfers in and/or (out) of level 3 | |||||||
Balance | [1] | 82.3 | 82.3 | 82.2 | |||
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held | $ (2.2) | $ (0.6) | $ 0.9 | ||||
[1]Totals may not sum due to rounding.[2]Reduction to CLO equity cost value of approximately $6.4 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 $10.2 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $52,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $3.9 million.[3]Reduction to CLO equity cost value of approximately $7.2 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 $15.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $58,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $7.8 million.[4]Reduction to CLO equity cost value of approximately $15.3 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 $32.0 million, plus the amortization of cost of the Company’s CLO fee notes of approximately $123,000, less the effective yield interest income recognized on the Company’s CLO equity subordinated and income notes of approximately $16.8 million. |
Fair Value (Details) - Schedu_5
Fair Value (Details) - Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Senior Secured Notes [Member] | ||
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
Investments at Fair Value | $ 165.3 | $ 179.5 |
Percentage of Total Portfolio | 65.60% | 67.20% |
Equity and Other Investments [Member] | ||
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
Investments at Fair Value | $ 4.5 | $ 5.3 |
Percentage of Total Portfolio | 1.80% | 2% |
Total assets at fair value [Member] | ||
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
Investments at Fair Value | $ 252.1 | $ 266.9 |
Percentage of Total Portfolio | 100% | 100% |
CLO Equity [Member] | ||
Schedule of the Fair Value of the Company’s Portfolio of Investments by Asset Class [Line Items] | ||
Investments at Fair Value | $ 82.3 | $ 82.2 |
Percentage of Total Portfolio | 32.60% | 30.80% |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of Cash and Cash Equivalents - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Cash and Cash Equivalents [Abstract] | ||
Cash | $ 633,747 | $ 1,160,664 |
Cash Equivalents | 29,380,659 | 4,579,889 |
Total Cash and Cash Equivalents | $ 30,014,406 | $ 5,740,553 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | Apr. 30, 2023 | Mar. 30, 2023 | Jan. 31, 2023 | May 20, 2021 | Apr. 03, 2019 | Apr. 12, 2017 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 21, 2023 | Nov. 03, 2023 | Sep. 11, 2023 | Jul. 24, 2023 | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Least borrowing percentage | 150% | |||||||||||||||||||
Asset coverage borrowed | 220% | 220% | 219% | |||||||||||||||||
Closing price on the last day of the period | 6.25% | |||||||||||||||||||
Weighted average maturity | 3 years 3 months 18 days | 3 years 9 months 18 days | ||||||||||||||||||
Extinguishment of debt (in Dollars) | $ 427,000 | |||||||||||||||||||
Unamortized deferred debt | 6.25% | 6.25% | ||||||||||||||||||
NASDAQ [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Closing price on the last day of the period | 6.25% | |||||||||||||||||||
OXSQG [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Closing price on the last day of the period | 5.50% | |||||||||||||||||||
UnsecuredDebtOneMember | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.25% | 6.25% | ||||||||||||||||||
UnsecuredDebtTwoMember | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 5.50% | 5.50% | ||||||||||||||||||
6.25% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 400,000 | $ 400,000 | $ 500,000 | |||||||||||||||||
Effective annualized interest rate | 6.25% | 6.25% | 6.25% | |||||||||||||||||
Accrued interest payable (in Dollars) | $ 467,000 | $ 467,000 | ||||||||||||||||||
Deferred debt issuance costs percentage | 6.25% | |||||||||||||||||||
Interest paid (in Dollars) | $ 1,400,000 | $ 1,400,000 | ||||||||||||||||||
Effective annualized interest rate | 6.82% | 6.81% | 6.82% | 6.81% | 6.82% | |||||||||||||||
5.50% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 5.50% | 5.50% | 5.50% | 5.50% | 6.01% | 5.99% | 6.01% | 6.02% | ||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 1,600,000 | $ 1,600,000 | $ 1,800,000 | |||||||||||||||||
Effective annualized interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||||||
Accrued interest payable (in Dollars) | $ 738,000 | $ 738,000 | ||||||||||||||||||
Deferred debt issuance costs percentage | 5.50% | |||||||||||||||||||
Interest paid (in Dollars) | $ 1,100,000 | $ 1,100,000 | $ 2,200,000 | $ 2,200,000 | ||||||||||||||||
Unamortized deferred issuance costs percentage (in Dollars) | $ 5.5 | |||||||||||||||||||
Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.50% | |||||||||||||||||||
Weighted average interest rate | 5.77% | 5.77% | 5.77% | |||||||||||||||||
Effective annualized interest rate | 6.50% | 6.50% | 6.50% | |||||||||||||||||
6.50% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Deferred issuance costs percentage | 6.50% | 6.50% | 6.50% | |||||||||||||||||
Effective annualized interest rate | 7.02% | 6.50% | 6.50% | 7.02% | 6.50% | 7.02% | 6.50% | |||||||||||||
Interest paid (in Dollars) | $ 1,000,000 | $ 2,100,000 | ||||||||||||||||||
Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Effective annualized interest rate | 6.50% | 6.50% | ||||||||||||||||||
Unsecured Notes [Member] | 6.25% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount (in Dollars) | $ 44,800,000 | |||||||||||||||||||
Effective annualized interest rate | 6.25% | |||||||||||||||||||
Maturity date | Apr. 30, 2026 | |||||||||||||||||||
Interest paid (in Dollars) | $ 700,000 | $ 700,000 | ||||||||||||||||||
Effective annualized interest rate | 6.79% | 6.81% | 6.79% | 6.81% | 6.79% | |||||||||||||||
Unsecured Notes [Member] | 5.50% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Unamortized deferred debt issuance costs (in Dollars) | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||
Effective annualized interest rate | 5.50% | |||||||||||||||||||
Maturity date | Jul. 31, 2028 | |||||||||||||||||||
Interest paid (in Dollars) | $ 80,500,000 | |||||||||||||||||||
Unsecured Notes [Member] | 6.50% Unsecured Notes [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Aggregate principal amount (in Dollars) | $ 64,400,000 | $ 7,400,000 | $ 7,000,000 | $ 10,000,000 | $ 40,000,000 | |||||||||||||||
Effective annualized interest rate | 7.06% | 6.50% | 6.50% | 7.06% | 6.50% | 7.06% | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity date | Mar. 30, 2024 | |||||||||||||||||||
Borrowings [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Closing price on the last day of the period | 5.50% |
Borrowings (Details) - Schedule
Borrowings (Details) - Schedule of Unsecured Notes - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | |
6.25% Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | $ 44.8 | $ 44.8 | |
Carrying Value | [1] | 44.4 | 44.2 |
Fair Value | 43.6 | 42.9 | |
5.50% Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | 80.5 | 80.5 | |
Carrying Value | [1] | 78.9 | 78.7 |
Fair Value | 72.5 | 72.5 | |
Unsecured Notes [Member] | |||
Schedule of Unsecured Notes [Line Items] | |||
Principal Amount | [2] | 125.3 | 125.3 |
Carrying Value | [1],[2] | 123.3 | 123 |
Fair Value | [2] | $ 116.2 | $ 115.4 |
[1]The Carrying Value represents the aggregate principal amount outstanding less the unamortized deferred issuance costs. As of June 30, 2024, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes and 5.50% Unsecured Notes was approximately $0.4 million and $1.6 million, respectively. As of December 31, 2023, the total unamortized deferred issuance costs for the 6.25% Unsecured Notes, and 5.50% Unsecured Notes was approximately $0.5 million, and $1.8 million, respectively.[2]Totals may not sum due to rounding. |
Borrowings (Details) - Schedu_2
Borrowings (Details) - Schedule of Interest Expense - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||||
6.25% Unsecured Notes [Member] | |||||||
Schedule of Interest Expense [Line Items] | |||||||
Stated Interest Expense | $ 699,900 | $ 699,900 | $ 1,399,700 | $ 1,399,700 | |||
Amortization of Deferred Debt Issuance Costs | 58,100 | 58,100 | 116,300 | 115,600 | |||
Total | 758,000 | 758,000 | 1,516,000 | [1] | 1,515,300 | [1] | |
5.50% Unsecured Notes [Member] | |||||||
Schedule of Interest Expense [Line Items] | |||||||
Stated Interest Expense | 1,106,900 | 1,106,900 | 2,213,800 | 2,213,800 | |||
Amortization of Deferred Debt Issuance Costs | 96,100 | 96,100 | 192,200 | 191,200 | |||
Total | 1,203,000 | 1,203,000 | 2,406,000 | [1] | 2,404,900 | [1] | |
Unsecured Notes [Member] | |||||||
Schedule of Interest Expense [Line Items] | |||||||
Stated Interest Expense | [1] | 1,806,700 | 2,852,700 | 3,613,500 | 5,705,500 | ||
Amortization of Deferred Debt Issuance Costs | [1] | 154,300 | 235,200 | 308,500 | 467,800 | ||
Total | [1] | $ 1,961,000 | 3,088,000 | $ 3,922,000 | 6,173,300 | ||
6.50% Unsecured Notes [Member] | |||||||
Schedule of Interest Expense [Line Items] | |||||||
Stated Interest Expense | 1,046,000 | 2,092,000 | |||||
Amortization of Deferred Debt Issuance Costs | 81,000 | 161,000 | |||||
Total | $ 1,127,000 | $ 2,253,000 | [1] | ||||
[1]Totals may not sum due to rounding. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Related Party Transactions [Line Items] | |||||||
Base fee | 2% | ||||||
Base fee payable (in Dollars) | $ 1,012,389 | $ 1,023,352 | $ 1,023,352 | ||||
Pre-incentive fee hurdle rate | 8.84% | 8.99% | |||||
Pre-Incentive fee net investment income | 20% | 20% | |||||
Preferred return amount, percentage | 1.75% | ||||||
Catch-up amount, percentage | 2.1875% | ||||||
Compensation expenses (in Dollars) | $ 174,000 | $ 190,000 | $ 381,000 | $ 457,000 | |||
General and administrative expenses (in Dollars) | [1] | $ 447,519 | 430,149 | $ 794,144 | 803,322 | ||
Oxford Funds [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Pre-Incentive fee net investment income | 20% | 20% | |||||
Investment Advisory Agreement [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Base fee | 2% | ||||||
Capital gains incentive fee percentage | 20% | ||||||
Oxford Square Management [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Annual hurdle rate | 8.84% | 8.84% | |||||
Pre-Incentive fee net investment income | 100% | 100% | |||||
Administration Agreement [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
General and administrative expenses (in Dollars) | $ 16,000 | $ 19,000 | $ 32,000 | $ 38,000 | |||
Minimum [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Pre-incentive fee hurdle rate | 5% | ||||||
Maximum [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Pre-incentive fee hurdle rate | 10% | ||||||
2016 Fee Waiver [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Base fee | 1.50% | ||||||
Net Investment Income Incentive Fee [Member] | |||||||
Related Party Transactions [Line Items] | |||||||
Pre-incentive fee hurdle rate | 8.84% | ||||||
Income advisor incentive fee rate | 20% | ||||||
Pre-Incentive fee net investment income | 20% | 20% | |||||
[1]Change in prior period was made to conform to the current period presentation. |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Base Fee [Member] | ||||
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items] | ||||
Base Fee | $ 1 | $ 1.3 | $ 2 | $ 2.4 |
Net Investment Income Incentive Fee [Member] | ||||
Schedule of Portion of the Total Advisory Fee Ascribed to the Base Fee [Line Items] | ||||
Net Investment Income Incentive Fee | $ 1.3 | $ 2.5 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net investment income | $ 7,721,906 | $ 6,665,781 | $ 14,259,462 | $ 13,156,565 |
Weighted average common shares outstanding | 60,654,421 | 50,542,374 | 60,146,853 | 50,202,259 |
Net increase in net assets resulting from net investment income per common share - basic | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
Net increase in net assets resulting from operations | $ 5,259,005 | $ 11,587,404 | $ 3,490,615 | $ 17,855,887 |
Net increase in net assets resulting from operations per common share - basic | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
Earnings Per Share (Details) _2
Earnings Per Share (Details) - Schedule of Basic and Diluted Net Increase (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net increase in net assets resulting from net investment income per common share - Diluted | $ 0.13 | $ 0.13 | $ 0.24 | $ 0.26 |
Net increase in net assets resulting from operations per common share - Diluted | $ 0.09 | $ 0.23 | $ 0.06 | $ 0.36 |
Distributions (Details)
Distributions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | May 31, 2024 | Apr. 30, 2024 | Mar. 29, 2024 | Feb. 29, 2024 | Jan. 31, 2024 | Dec. 31, 2023 | ||
Distributions [Line Items] | ||||||||||||
Annual investment percentage | 90% | |||||||||||
Excise tax percentage | 4% | |||||||||||
Estimated excise tax | [1] | $ (373,824) | $ 300,000 | $ (48,024) | $ 300,000 | |||||||
Excise tax payable | $ 702,000 | $ 702,000 | $ 750,000 | |||||||||
Shares issued from reinvestment of distributions (in Shares) | 100,383 | 58,525 | 148,126 | 99,683 | ||||||||
Common stock value in connection with the distribution reinvestment plan | $ 295,121 | $ 157,087 | $ 434,357 | $ 290,870 | ||||||||
Interest and dividends payable | $ 2,200,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | $ 2,100,000 | ||||||
Dividends payable (in Dollars per share) | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | $ 0.035 | ||||||
Ordinary income per share (in Dollars per share) | $ 0.21 | $ 0.21 | ||||||||||
Common Stock [Member] | ||||||||||||
Distributions [Line Items] | ||||||||||||
Common stock value | $ 295,000 | $ 157,000 | $ 295,000 | $ 157,000 | ||||||||
[1]Change in prior period was made to conform to the current period presentation. |
Net Asset Value Per Share (Deta
Net Asset Value Per Share (Details) - $ / shares | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||||||
Net Asset Value Per Share [Line Items] | ||||||
Net asset value per share | $ 2.43 | $ 2.42 | $ 2.55 | $ 2.88 | $ 2.8 | $ 2.78 |
Share Issuance and Repurchase_2
Share Issuance and Repurchase Programs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Aug. 22, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | |
Share Issuance and Repurchase Programs [Abstract] | |||
Current capacity of share issuances | $ 150 | ||
Total of shares of common stock (in Shares) | 2,932,908 | 3,257,030 | |
Underwriting fees and offering costs | $ 8.9 | $ 9.8 |
Investment Income (Details) - S
Investment Income (Details) - Schedule of Components of Investment Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income | ||||
Stated interest income | $ 6,371,911 | $ 8,467,421 | $ 12,500,368 | $ 16,412,453 |
Paid in Kind interest income | 103,609 | 117,181 | ||
Original issue discount and market discount income | 403,275 | 322,231 | 705,550 | 662,250 |
Discount income derived from unscheduled remittances at par | 143,024 | 9,528 | 119,767 | 18,637 |
Total interest income | 7,021,819 | 8,799,180 | 13,442,866 | 17,093,340 |
Income from securitization vehicles and investments | 3,885,916 | 4,329,300 | 7,818,290 | 8,708,795 |
Commitment, amendment and other fee income | ||||
Fee letters | 223,141 | 164,449 | 355,129 | 319,528 |
Loan prepayment and bond call fees | ||||
Money market fund income and all other fees | 314,580 | 220,051 | 506,595 | 333,115 |
Total commitment, amendment and other fee income | 537,721 | 384,500 | 861,724 | 652,643 |
Total investment income | $ 11,445,456 | $ 13,512,980 | $ 22,122,880 | $ 26,454,778 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of Financial Highlights - Fair Value Measured at Net Asset Value Per Share [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Per Share Data | |||||
Net asset value at beginning of period | $ 2.42 | $ 2.8 | $ 2.55 | $ 2.78 | |
Net investment income | [1] | 0.13 | 0.13 | 0.24 | 0.26 |
Net realized and unrealized (losses)/gains | [2] | (0.04) | 0.1 | (0.18) | 0.09 |
Net increase in net asset value from operations | 0.09 | 0.23 | 0.06 | 0.35 | |
Distributions per share from net investment income | (0.11) | (0.11) | (0.21) | (0.21) | |
Tax return of capital distributions | [3] | ||||
Total distributions | (0.11) | (0.11) | (0.21) | (0.21) | |
Effect of shares issued | 0.03 | (0.04) | 0.03 | (0.04) | |
Net asset value at end of period | 2.43 | 2.88 | 2.43 | 2.88 | |
Per share market value at beginning of period | 3.17 | 3.16 | 2.86 | 3.12 | |
Per share market value at end of period | $ 2.94 | $ 2.65 | $ 2.94 | $ 2.65 | |
Total return based on Market Value | [4] | (4.06%) | (13.00%) | 9.98% | (9.15%) |
Total return based on Net Asset Value | [5] | 4.75% | 6.61% | 3.53% | 11.15% |
Shares outstanding at end of period (in Shares) | 62,705,628 | 56,395,751 | 62,705,628 | 56,395,751 | |
Ratios/Supplemental Data(8) | |||||
Net assets at end of period (000’s) (in Dollars) | [6] | $ 152,412 | $ 162,412 | $ 152,412 | $ 162,412 |
Average net assets (000’s) (in Dollars) | [6] | $ 146,781 | $ 144,439 | $ 147,520 | $ 141,852 |
Ratio of expenses to average net assets | [6],[7] | 11.15% | 18.96% | 10.99% | 18.75% |
Ratio of net investment income to average net assets | [6],[7] | 20.04% | 18.46% | 19% | 18.55% |
Portfolio turnover rate | [6],[8] | 7.02% | 1.48% | 14.37% | 2.60% |
[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 (based on an average of the reported tax character historically) 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 (annualized) measured for the three and six months ended June 30, 2024 and 2023:[7]Annualized[8]Portfolio turnover rate is calculated using the lesser of the year -to-date -to-date |
Financial Highlights (Details_2
Financial Highlights (Details) - Schedule of Supplemental Performance Ratios | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Ratio of expenses to average net assets: | ||||
Operating expenses before incentive fees | 11.15% | 15.36% | 10.99% | 15.18% |
Net investment income incentive fees | 3.60% | 3.57% | ||
Ratio of expenses, excluding interest expense, to average net assets | 5.81% | 10.41% | 5.68% | 10.05% |
Subsequent Events (Details) - S
Subsequent Events (Details) - Schedule of Distributions Payable to Stockholders - Distributions Payable [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares | |
Date of issuance [Member] | |
Subsequent Event [Line Items] | |
Date Declared | May 02, 2024 |
Record Dates | Jul. 17, 2024 |
Payable Dates | Jul. 31, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of issuance one [Member] | |
Subsequent Event [Line Items] | |
Date Declared | May 02, 2024 |
Record Dates | Aug. 16, 2024 |
Payable Dates | Aug. 30, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of issuance two [Member] | |
Subsequent Event [Line Items] | |
Date Declared | May 02, 2024 |
Record Dates | Sep. 16, 2024 |
Payable Dates | Sep. 30, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Three [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Aug. 08, 2024 |
Record Dates | Oct. 17, 2024 |
Payable Dates | Oct. 31, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Four [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Aug. 08, 2024 |
Record Dates | Nov. 15, 2024 |
Payable Dates | Nov. 29, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |
Date of Issuance Five [Member] | |
Subsequent Event [Line Items] | |
Date Declared | Aug. 08, 2024 |
Record Dates | Dec. 17, 2024 |
Payable Dates | Dec. 31, 2024 |
Per Share Distribution Amount Declared | $ 0.035 |