Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FDUS | |
Entity Registrant Name | Fidus Investment Corporation | |
Entity Central Index Key | 0001513363 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 24,988,398 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 814-00861 | |
Entity Tax Identification Number | 27-5017321 | |
Entity Address, Address Line One | 1603 Orrington Avenue, Suite 1005 | |
Entity Address, City or Town | Evanston | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60201 | |
City Area Code | 847 | |
Local Phone Number | 859-3940 | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
ASSETS | ||||
Total investments, at fair value | $ 897,324 | [1],[2],[3] | $ 860,329 | [4],[5],[6],[7] |
Cash and cash equivalents | 36,418 | 62,350 | ||
Interest receivable | 13,705 | 11,826 | ||
Prepaid expenses and other assets | 1,577 | 1,455 | ||
Total assets | 949,024 | 935,960 | ||
LIABILITIES | ||||
SBA debentures, net of deferred financing costs (Note 6) | 160,352 | 148,476 | ||
Notes, net of deferred financing costs (Note 6) | 246,402 | 246,128 | ||
Borrowings under Credit Facility, net of deferred financing costs (Note 6) | 13,694 | (1,380) | ||
Secured borrowings | 16,634 | 16,880 | ||
Accrued interest and fees payable | 3,326 | 4,747 | ||
Base management fee payable, net of base management fee waiver - due to affiliate | 3,782 | 3,769 | ||
Income incentive fee payable - due to affiliate | 3,647 | 3,035 | ||
Capital gains incentive fee payable - due to affiliate | 15,257 | 22,659 | ||
Administration fee payable and other - due to affiliate | 462 | 576 | ||
Taxes payable | 87 | 9,937 | ||
Accounts payable and other liabilities | 735 | 790 | ||
Total liabilities | 464,378 | 455,617 | ||
Commitments and contingencies (Note 7) | ||||
NET ASSETS | ||||
Common stock, $0.001 par value (100,000,000 shares authorized, 24,988,398 and 24,727,788 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively) | 25 | 25 | ||
Additional paid-in capital | 400,978 | 395,672 | ||
Total distributable earnings | 83,643 | 84,646 | ||
Total net assets | 484,646 | 480,343 | ||
Total liabilities and net assets | $ 949,024 | $ 935,960 | ||
Net asset value per common share | $ 19.39 | $ 19.43 | ||
Affiliate Investments | ||||
ASSETS | ||||
Total investments, at fair value | $ 99,037 | $ 101,590 | ||
Non-control/Non-affiliate Investments | ||||
ASSETS | ||||
Total investments, at fair value | $ 798,287 | $ 758,739 | ||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. (g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) (unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investments at cost | $ 864,980 | [1],[2],[3] | $ 828,693 | [4],[5],[6] |
Common Stock, par value | $ 0.001 | $ 0.001 | ||
Common Stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common Stock, shares issued | 24,988,398 | 24,727,788 | ||
Common Stock, shares outstanding | 24,988,398 | 24,727,788 | ||
Control Investments | ||||
Investments at cost | $ 17,915 | $ 17,915 | ||
Affiliate Investments | ||||
Investments at cost | 55,740 | 55,804 | ||
Non-control/Non-affiliate Investments | ||||
Investments at cost | $ 791,325 | $ 754,974 | ||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Income: | ||
Total interest income | $ 25,956 | $ 17,081 |
Total payment-in-kind interest income | 637 | 547 |
Total dividend income | 384 | 689 |
Total fee income | 1,436 | 2,198 |
Interest on idle funds | 643 | 3 |
Total investment income | 29,056 | 20,518 |
Expenses: | ||
Interest and financing expenses | 5,185 | 4,412 |
Base management fee | 3,854 | 3,343 |
Incentive fee - income | 3,647 | 1,053 |
Incentive fee (reversal) - capital gains | 153 | 270 |
Administrative service expenses | 473 | 422 |
Professional fees | 816 | 599 |
Other general and administrative expenses | 240 | 203 |
Total expenses before base management fee waiver | 14,368 | 10,302 |
Base management fee waiver | (72) | (76) |
Total expenses, net of base management fee waiver | 14,296 | 10,226 |
Net investment income before income taxes | 14,760 | 10,292 |
Income tax provision (benefit) | 37 | (46) |
Net investment income | 14,723 | 10,338 |
Net realized and unrealized gains (losses) on investments: | ||
Total net realized gain (loss) on investments | 58 | 6,868 |
Income tax (provision) benefit from realized gains on investments | 1 | |
Total net change in unrealized appreciation (depreciation) on investments | 708 | (5,319) |
Net gain (loss) on investments | 766 | 1,550 |
Realized losses on extinguishment of debt | (198) | |
Net increase (decrease) in net assets resulting from operations | $ 15,489 | $ 11,690 |
Per common share data: | ||
Net investment income per share-basic | $ 0.59 | $ 0.42 |
Net investment income per share-diluted | 0.59 | 0.42 |
Net increase in net assets resulting from operations per share - basic and diluted | 0.62 | 0.48 |
Dividends declared per share | $ 0.66 | $ 0.53 |
Weighted average number of shares outstanding - basic | 24,803,951 | 24,437,400 |
Weighted average number of shares outstanding - diluted | 24,803,951 | 24,437,400 |
Control Investments | ||
Net realized and unrealized gains (losses) on investments: | ||
Total net realized gain (loss) on investments | $ 139 | |
Total net change in unrealized appreciation (depreciation) on investments | (230) | |
Affiliate Investments | ||
Investment Income: | ||
Total interest income | $ 1,050 | 884 |
Total payment-in-kind interest income | 30 | |
Total dividend income | 348 | 656 |
Total fee income | 5 | 137 |
Net realized and unrealized gains (losses) on investments: | ||
Total net realized gain (loss) on investments | 324 | |
Total net change in unrealized appreciation (depreciation) on investments | (2,489) | (5,879) |
Non-control/Non-affiliate Investments | ||
Investment Income: | ||
Total interest income | 24,906 | 16,197 |
Total payment-in-kind interest income | 637 | 517 |
Total dividend income | 36 | 33 |
Total fee income | 1,431 | 2,061 |
Net realized and unrealized gains (losses) on investments: | ||
Total net realized gain (loss) on investments | 58 | 6,405 |
Total net change in unrealized appreciation (depreciation) on investments | $ 3,197 | $ 790 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Beginning balance | $ 480,343 | $ 487,764 |
Public offering of common stock, net of expenses | 5,306 | |
Net investment income | 14,723 | 10,338 |
Net realized gain (loss) on investments, net of taxes | 58 | 6,869 |
Net unrealized appreciation (depreciation) on investments | 708 | (5,319) |
Realized losses on extinguishment of debt | (198) | |
Dividends declared | $ (16,492) | $ (12,952) |
Ending balance (in Shares) | 24,988,398 | 24,437,400 |
Ending balance | $ 484,646 | $ 486,502 |
Common Stock | ||
Beginning balance (in Shares) | 24,727,788 | 24,437,400 |
Beginning balance | $ 25 | $ 24 |
Public offering of common stock, net of expenses, shares | 260,610 | |
Public offering of common stock, net of expenses | $ 0 | |
Ending balance (in Shares) | 24,988,398 | 24,437,400 |
Ending balance | $ 25 | $ 24 |
Additional Paid-in Capital | ||
Beginning balance | 395,672 | 361,807 |
Public offering of common stock, net of expenses | 5,306 | |
Ending balance | 400,978 | 361,807 |
Total Distributable Earnings | ||
Beginning balance | 84,646 | 125,933 |
Net investment income | 14,723 | 10,338 |
Net realized gain (loss) on investments, net of taxes | 58 | 6,869 |
Net unrealized appreciation (depreciation) on investments | 708 | (5,319) |
Realized losses on extinguishment of debt | (198) | |
Dividends declared | (16,492) | (12,952) |
Ending balance | $ 83,643 | $ 124,671 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net increase (decrease) in net assets resulting from operations | $ 15,489 | $ 11,690 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: | ||
Net change in unrealized (appreciation) depreciation on investments | (708) | 5,319 |
Net realized (gain) loss on investments | (58) | (6,868) |
Interest and dividend income paid-in-kind | (637) | (547) |
Accretion of original issue discount | (113) | (23) |
Accretion of loan origination fees | (413) | (280) |
Purchase of investments | (51,521) | (114,428) |
Proceeds from sales and repayments of investments | 15,918 | 23,185 |
Proceeds from loan origination fees | 537 | 771 |
Realized losses on extinguishment of debt | 198 | |
Amortization of deferred financing costs | 516 | 524 |
Amortization of deferred equity financing costs | 3 | |
Changes in operating assets and liabilities: | ||
Interest receivable | (1,879) | (2,087) |
Prepaid expenses and other assets | (125) | (167) |
Accrued interest and fees payable | (1,421) | (1,053) |
Base management fee payable, net of base management fee waiver - due to affiliate | 13 | 133 |
Income incentive fee payable - due to affiliate | 612 | (1,569) |
Capital gains incentive fee (reversal) - due to (from) affiliate | (7,402) | (5,866) |
Increase Decrease Administration Fee Payable And Other Due To Affiliate | (114) | (248) |
Taxes payable | (9,850) | (367) |
Accounts payable and other liabilities | (55) | 1,036 |
Net Cash Provided by (Used in) Operating Activities | (41,208) | (90,647) |
Cash Flows from Financing Activities: | ||
Proceeds from stock offerings, net of expenses (Note 8) | 5,306 | |
Proceeds received from SBA debentures | 12,000 | 41,500 |
Repayments of SBA debentures | (20,000) | |
Proceeds received from (repayments of) Secured Borrowings, net | (246) | (194) |
Payment of deferred financing costs | (292) | (1,011) |
Dividends paid to stockholders, including expenses | (16,492) | (12,952) |
Net cash provided by (used for) financing activities | 15,276 | 7,343 |
Net increase (decrease) in cash and cash equivalents | (25,932) | (83,304) |
Beginning of period | 62,350 | 169,417 |
End of period | 36,418 | 86,113 |
Supplemental information and non-cash activities: | ||
Cash payments for interest | 6,090 | 4,941 |
Cash payments for taxes, net of tax refunds received | $ 9,887 | $ 320 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | ||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 1,000 | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Cost | 864,980 | [1],[2],[4] | $ 828,693 | [6],[7],[8] | |
Fair Value | $ 897,324 | [1],[2],[4] | $ 860,329 | [6],[7],[8],[10] | |
Percent of Net Assets | 185.20% | [1],[2],[4] | 179.10% | [6],[7],[8] | |
Cost | $ 900,360 | [1],[2],[4] | $ 889,769 | [6],[7],[8] | |
Fair Value | $ 932,704 | [1],[2],[4],[11] | $ 921,405 | [6],[7],[8],[10] | |
Percent of Net Assets | 192% | [1],[2],[4] | 192% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P + 5.50%) Variable Index Floor (3.25%) Rate Cash 13.50% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026 | |||||
Variable Index Spread | [1],[2],[4],[12] | 5.50% | |||
Variable Index Floor | [1],[2],[4],[12] | (3.25%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[12] | 13.50% | |||
Investment interest rate, PIK | [1],[2],[4],[12] | 0.85% | |||
Investment Date | [1],[2],[4],[12] | Oct. 01, 2021 | |||
Maturity | [1],[2],[4],[12] | Oct. 01, 2026 | |||
Principal Amount | [1],[2],[4],[12] | $ 7,597 | |||
Cost | [1],[2],[4],[12] | 7,545 | |||
Fair Value | [1],[2],[4],[12] | $ 7,597 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021 | |||||
Investment Date | [1],[2],[3],[4] | Aug. 10, 2021 | |||
Cost | [1],[2],[3],[4] | $ 125 | |||
Fair Value | [1],[2],[3],[4] | 16 | |||
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing | |||||
Cost | 22,405 | [1],[2],[3],[4] | $ 22,405 | [6],[7],[8],[13],[14],[15] | |
Fair Value | $ 23,545 | [1],[2],[3],[4] | $ 23,168 | [6],[7],[8],[10],[13],[14],[15] | |
Percent of Net Assets | 4% | [1],[2],[3],[4] | 4% | [6],[7],[8],[13],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 2,012 | [1],[2],[3],[4],[5],[16] | 2,012 | [6],[7],[8],[13],[14],[15] | |
Investment Date | Dec. 31, 2021 | [1],[2],[3],[4],[5],[16] | Dec. 31, 2021 | [6],[7],[8],[13],[14],[15],[17] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 5,690 | [1],[2],[3],[4],[5],[16] | 5,690 | [6],[7],[8],[13],[14],[15] | |
Investment Date | Dec. 31, 2021 | [1],[2],[3],[4],[5],[16] | Dec. 31, 2021 | [6],[7],[8],[13],[14],[15],[17] | |
Cost | $ 5,690 | [1],[2],[3],[4],[5],[16] | $ 5,690 | [6],[7],[8],[13],[14],[15] | |
Fair Value | $ 6,129 | [1],[2],[3],[4],[5],[16] | $ 5,897 | [6],[7],[8],[10],[13],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 7,113 | [1],[2],[3],[4],[5],[16] | 7,113 | [6],[7],[8],[13],[14],[15] | |
Investment Date | Dec. 31, 2021 | [1],[2],[3],[4],[5],[16] | Dec. 31, 2021 | [6],[7],[8],[13],[14],[15],[17] | |
Cost | $ 7,113 | [1],[2],[3],[4],[5],[16] | $ 7,113 | [6],[7],[8],[13],[14],[15] | |
Fair Value | $ 7,814 | [1],[2],[3],[4],[5],[16] | $ 7,669 | [6],[7],[8],[10],[13],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 12/31/2021 Maturity 12/31/2027 | |||||
Investment, Interest Rate, Paid in Cash | 10% | [1],[2],[3],[4],[5] | 10% | [6],[7],[8],[9],[14],[15] | |
Investment interest rate, PIK | 0% | [1],[2],[3],[4],[5] | 0% | [6],[7],[8],[9],[14],[15] | |
Investment Date | Dec. 31, 2021 | [1],[2],[3],[4],[5] | Dec. 31, 2021 | [6],[7],[8],[14],[15],[17] | |
Maturity | Dec. 31, 2027 | [1],[2],[3],[4],[5] | Dec. 31, 2027 | [6],[7],[8],[14],[15] | |
Principal Amount | $ 9,602 | [1],[2],[3],[4],[5] | $ 9,602 | [6],[7],[8],[14],[15] | |
Cost | 9,602 | [1],[2],[3],[4],[5] | 9,602 | [6],[7],[8],[14],[15] | |
Fair Value | 9,602 | [1],[2],[3],[4],[5] | 9,602 | [6],[7],[8],[10],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services | |||||
Cost | 2,901 | [1],[2],[4],[5] | 2,974 | [6],[7],[8],[14],[15] | |
Fair Value | $ 2,874 | [1],[2],[4],[5] | $ 2,540 | [6],[7],[8],[10],[14],[15] | |
Percent of Net Assets | 1% | [1],[2],[4],[5] | 1% | [6],[7],[8],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011 | |||||
Investment in number of shares or units | 84,997 | [1],[2],[3],[4],[5],[16] | 84,997 | [6],[7],[8],[13],[14],[15] | |
Investment Date | Apr. 12, 2011 | [1],[2],[4],[5] | Apr. 12, 2011 | [6],[7],[8],[13],[14],[15],[17] | |
Cost | $ 644 | [1],[2],[4],[5] | $ 716 | [6],[7],[8],[13],[14],[15] | |
Fair Value | $ 649 | [1],[2],[4],[5] | $ 591 | [6],[7],[8],[10],[13],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011 | |||||
Investment in number of shares or units | 252,588 | [1],[2],[3],[4],[5],[16],[18] | 252,588 | [6],[7],[8],[13],[14],[15],[19] | |
Investment Date | Apr. 12, 2011 | [1],[2],[4],[5],[18] | Apr. 12, 2011 | [6],[7],[8],[13],[14],[15],[17],[19] | |
Cost | $ 2,257 | [1],[2],[4],[5],[18] | $ 2,258 | [6],[7],[8],[13],[14],[15],[19] | |
Fair Value | 2,225 | [1],[2],[3],[4],[5],[16],[18] | 1,949 | [6],[7],[8],[10],[13],[14],[15],[19] | |
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products | |||||
Cost | 10,213 | [1],[2],[4],[5] | 10,209 | [6],[7],[8],[14],[15] | |
Fair Value | $ 50,975 | [1],[2],[4],[5] | $ 51,992 | [6],[7],[8],[10],[14],[15] | |
Percent of Net Assets | 11% | [1],[2],[4],[5] | 11% | [6],[7],[8],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013 | |||||
Investment in number of shares or units | 2,550 | [1],[2],[3],[4],[5] | 2,550 | [6],[7],[8],[14],[15] | |
Investment Date | Mar. 29, 2013 | [1],[2],[3],[4],[5] | Mar. 29, 2013 | [6],[7],[8],[14],[15],[17] | |
Cost | $ 255 | [1],[2],[3],[4],[5] | $ 255 | [6],[7],[8],[14],[15] | |
Fair Value | $ 40,975 | [1],[2],[3],[4],[5] | $ 42,038 | [6],[7],[8],[10],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Subordinated Debt Rate Cash 10.00% Rate PIK 0.00% Investment date 8/2/2022 Maturity 8/2/2027 | |||||
Investment, Interest Rate, Paid in Cash | 10% | [1],[2],[3],[4],[5] | 10% | [6],[7],[8],[9],[14],[15] | |
Investment interest rate, PIK | 0% | [1],[2],[3],[4],[5] | 0% | [6],[7],[8],[9],[14],[15] | |
Investment Date | Aug. 02, 2022 | [1],[2],[3],[4],[5] | Aug. 02, 2022 | [6],[7],[8],[14],[15],[17] | |
Maturity | Aug. 02, 2027 | [1],[2],[3],[4],[5] | Aug. 02, 2027 | [6],[7],[8],[14],[15] | |
Principal Amount | $ 10,000 | [1],[2],[3],[4],[5] | $ 10,000 | [6],[7],[8],[14],[15] | |
Cost | 9,958 | [1],[2],[3],[4],[5] | 9,954 | [6],[7],[8],[14],[15] | |
Fair Value | 10,000 | [1],[2],[3],[4],[5] | 9,954 | [6],[7],[8],[10],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing | |||||
Cost | 19,221 | [1],[2],[4],[5] | 19,216 | [6],[7],[8],[14] | |
Fair Value | $ 16,146 | [1],[2],[4],[5] | $ 19,118 | [6],[7],[8],[10],[14] | |
Percent of Net Assets | 3% | [1],[2],[4],[5] | 4% | [6],[7],[8],[14] | |
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021 | |||||
Investment in number of shares or units | 12,035 | [1],[2],[3],[4],[5] | 12,035 | [6],[7],[8],[14],[15] | |
Investment Date | Aug. 25, 2021 | [1],[2],[3],[4],[5] | Aug. 25, 2021 | [6],[7],[8],[14],[15],[17] | |
Cost | $ 1,204 | [1],[2],[3],[4],[5] | $ 1,204 | [6],[7],[8],[14],[15] | |
Fair Value | $ 1,076 | [1],[2],[3],[4],[5] | $ 1,204 | [6],[7],[8],[10],[14],[15] | |
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[14],[15] | 38,493 | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Dec. 16, 2022 | |||
Cost | [6],[7],[8],[14],[15] | $ 2,609 | |||
Fair Value | [6],[7],[8],[10],[14],[15] | $ 2,443 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[14],[15] | 4,663 | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Sep. 16, 2022 | |||
Cost | [6],[7],[8],[14],[15] | $ 472 | |||
Fair Value | [6],[7],[8],[10],[14],[15] | $ 472 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.50%) Variable Index Floor (1.00%) Rate Cash 10.23% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026 | |||||
Variable Index Spread | [6],[7],[8],[14],[15] | 5.50% | |||
Variable Index Floor | [6],[7],[8],[14],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[15] | 10.23% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[15] | 0% | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Feb. 12, 2021 | |||
Maturity | [6],[7],[8],[14],[15] | Feb. 11, 2026 | |||
Principal Amount | [6],[7],[8],[14],[15] | $ 15,000 | |||
Cost | [6],[7],[8],[14],[15] | 14,931 | |||
Fair Value | [6],[7],[8],[10],[14],[15] | $ 14,999 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,921 units) Investment date 9/16/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[5] | 4,921 | |||
Investment Date | [1],[2],[3],[4],[5] | Sep. 16, 2022 | |||
Cost | [1],[2],[3],[4],[5] | $ 472 | |||
Fair Value | [1],[2],[3],[4],[5] | $ 493 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (41,290 units) Investment date 12/16/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[5] | 41,290 | |||
Investment Date | [1],[2],[3],[4],[5] | Dec. 16, 2022 | |||
Cost | [1],[2],[3],[4],[5] | $ 2,608 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L + 5.50%) Variable Index Floor(1.00%) Rate Cash 10.66% Rate PIK 0.00% Investment date 2/12/2021 Maturity 2/11/2026 | |||||
Variable Index Spread | [1],[2],[4],[5],[20],[21] | 5.50% | |||
Variable Index Floor | [1],[2],[4],[5],[20],[21] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[5],[20],[21] | 10.66% | |||
Investment interest rate, PIK | [1],[2],[4],[5],[20],[21] | 0% | |||
Investment Date | [1],[2],[4],[5],[20],[21] | Feb. 12, 2021 | |||
Maturity | [1],[2],[4],[5],[20],[21] | Feb. 11, 2026 | |||
Principal Amount | [1],[2],[4],[5],[20],[21] | $ 15,000 | |||
Cost | [1],[2],[4],[5],[20],[21] | 14,937 | |||
Fair Value | [1],[2],[4],[5],[20],[21] | $ 14,577 | |||
Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015 | |||||
Investment in number of shares or units | 1,000,000 | 1,000,000 | [6],[7],[8],[14] | ||
Investment Date | Nov. 12, 2015 | [1],[2],[4],[5] | Nov. 12, 2015 | [6],[7],[8],[14],[17] | |
Cost | $ 1,000 | [1],[2],[4],[5] | $ 1,000 | [6],[7],[8],[14] | |
Fair Value | [6],[7],[8],[10],[14] | $ 4,772 | |||
Percent of Net Assets | 1% | [1],[2],[4],[5] | 1% | [6],[7],[8],[14] | |
Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment date 11/12/2015 | |||||
Fair Value | [1],[2],[4],[5] | $ 5,497 | |||
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail | |||||
Cost | $ 11,082 | [1],[2],[4] | $ 11,082 | [6],[7],[8],[22] | |
Percent of Net Assets | 0% | [1],[2],[3],[4] | 0% | [6],[7],[8],[22] | |
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15],[22] | 375 | |||
Unfunded commitment | $ 375 | [1],[2],[3],[4] | $ 375 | [6],[7],[8],[15],[22] | |
Investment Date | Oct. 03, 2022 | [1],[2],[3],[4],[23] | Oct. 03, 2022 | [6],[7],[8],[15],[17],[22] | |
Cost | $ 1,000 | [1],[2],[3],[4],[23] | $ 1,000 | [6],[7],[8],[15],[22] | |
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 7/13/2017 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 375 | |||
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017 | |||||
Investment in number of shares or units | 75,000 | [1],[2],[3],[4] | 75,000 | [6],[7],[8],[15],[22] | |
Investment Date | Jul. 13, 2017 | [1],[2],[3],[4],[23] | Jul. 13, 2017 | [6],[7],[8],[15],[17],[22] | |
Cost | $ 750 | [1],[2],[3],[4],[23] | $ 750 | [6],[7],[8],[15],[22] | |
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Second Lien Debt Rate Cash 0.00% Rate PIK 13.00% Investment date 10/3/2022 Maturity 10/3/2025 | |||||
Investment, Interest Rate, Paid in Cash | 0% | [1],[2],[3],[4],[23],[24] | 0% | [6],[7],[8],[9],[15],[22],[25] | |
Investment interest rate, PIK | 13% | [1],[2],[3],[4],[23],[24] | 13% | [6],[7],[8],[9],[15],[22],[25] | |
Investment Date | Oct. 03, 2022 | [1],[2],[3],[4],[23],[24] | Oct. 03, 2022 | [6],[7],[8],[15],[17],[22],[25] | |
Maturity | Oct. 03, 2025 | [1],[2],[3],[4],[23],[24] | Oct. 03, 2025 | [6],[7],[8],[15],[22],[25] | |
Principal Amount | $ 9,350 | [1],[2],[3],[4],[23],[24] | $ 9,350 | [6],[7],[8],[15],[22],[25] | |
Cost | 9,332 | [1],[2],[3],[4],[23],[24] | 9,332 | [6],[7],[8],[15],[22],[25] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing | |||||
Cost | $ 6,833 | [1],[2],[4],[23],[26] | $ 6,833 | [6],[7],[8],[22],[27] | |
Percent of Net Assets | 0% | [1],[2],[4],[23],[26] | 0% | [6],[7],[8],[22],[27] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020 | |||||
Investment in number of shares or units | 1,022,813 | [1],[2],[3],[4],[16] | 1,022,813 | [6],[7],[8],[15],[22],[27] | |
Investment Date | Jul. 01, 2020 | [1],[2],[3],[4],[16],[23],[26] | Jul. 01, 2020 | [6],[7],[8],[13],[15],[17],[22],[27] | |
Cost | $ 1,023 | [1],[2],[3],[4],[16],[23],[26] | $ 1,023 | [6],[7],[8],[13],[15],[22],[27] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014 | |||||
Investment in number of shares or units | 2,522 | [1],[2],[3],[4],[16],[26] | 2,522 | [6],[7],[8],[13],[15],[22],[27] | |
Investment Date | Jul. 03, 2014 | [1],[2],[3],[4],[16],[23],[26] | Jul. 03, 2014 | [6],[7],[8],[13],[15],[17],[22],[27] | |
Cost | $ 586 | [1],[2],[3],[4],[16],[23],[26] | $ 586 | [6],[7],[8],[13],[15],[22],[27] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019 | |||||
Investment in number of shares or units | 425,508 | [1],[2],[3],[4] | 425,508 | [6],[7],[8],[15],[22],[27] | |
Investment Date | Aug. 30, 2019 | [1],[2],[3],[4],[23],[26] | Aug. 30, 2019 | [6],[7],[8],[15],[17],[22],[27] | |
Cost | $ 1 | [1],[2],[3],[4],[23],[26] | $ 1 | [6],[7],[8],[15],[22],[27] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Second Lien Debt Rate Cash 10.00% Rate PIK 3.00% Investment date 7/3/2014 Maturity 8/30/2024 | |||||
Investment, Interest Rate, Paid in Cash | 10% | [1],[2],[3],[4],[23],[24],[26] | 10% | [6],[7],[8],[9],[15],[22],[25],[27] | |
Investment interest rate, PIK | 3% | [1],[2],[3],[4],[23],[24],[26] | 3% | [6],[7],[8],[9],[15],[22],[25],[27] | |
Investment Date | Jul. 03, 2014 | [1],[2],[3],[4],[23],[24],[26] | Jul. 03, 2014 | [6],[7],[8],[15],[17],[22],[25],[27] | |
Maturity | Aug. 30, 2024 | [1],[2],[3],[4],[23],[24],[26] | Aug. 30, 2024 | [6],[7],[8],[15],[22],[25],[27] | |
Principal Amount | $ 5,226 | [1],[2],[3],[4],[23],[24],[26] | $ 5,226 | [6],[7],[8],[15],[22],[25],[27] | |
Cost | 5,223 | [1],[2],[3],[4],[23],[24],[26] | $ 5,223 | [6],[7],[8],[15],[22],[25],[27] | |
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 10.25% Rate PIK 00.00% Investment date 11/17/2021 Maturity 11/17/2028 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 10.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Nov. 17, 2021 | |||
Maturity | [6],[7],[8],[15] | Nov. 17, 2028 | |||
Principal Amount | [6],[7],[8],[15] | $ 11,333 | |||
Cost | [6],[7],[8],[15] | 11,279 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 11,333 | |||
Percent of Net Assets | [6],[7],[8],[15] | 2% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 100 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Common Equity (10,622 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment Date | [6],[7],[8],[15],[17] | Apr. 12, 2018 | |||
Cost | [6],[7],[8],[15] | $ 462 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 1,776 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (392 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment Date | [6],[7],[8],[15],[17] | Apr. 12, 2018 | |||
Cost | [6],[7],[8],[15] | $ 392 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 624 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (48 shares) Industry Specialty Distribution Investment date 12/2/2019 | |||||
Investment Date | [6],[7],[8],[15],[17] | Dec. 02, 2019 | |||
Cost | [6],[7],[8],[15] | $ 48 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 77 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.00%/0.50% Investment date 4/12/2018 Maturity 12/2/2025 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28] | 11% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28] | 0.50% | |||
Investment Date | [6],[7],[8],[17],[28] | Apr. 12, 2018 | |||
Maturity | [6],[7],[8],[28] | Dec. 02, 2025 | |||
Principal Amount | [6],[7],[8],[28] | $ 17,734 | |||
Cost | [6],[7],[8],[28] | 17,689 | |||
Fair Value | [6],[7],[8],[10],[28] | 17,734 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC | |||||
Cost | [6],[7],[8],[15] | 11,320 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 11,419 | |||
Percent of Net Assets | [6],[7],[8],[15] | 2% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Sep. 21, 2021 | |||
Cost | [6],[7],[8],[13],[15] | $ 534 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | 588 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. | |||||
Cost | [6],[7],[8],[15] | 6,660 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 6,237 | |||
Percent of Net Assets | [6],[7],[8],[15] | 1% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. First Lien Debt Industry Business Services Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 11.90%/0.00% Investment date 11/25/2019 Maturity 11/25/2024 | |||||
Variable Index Spread | [6],[7],[8],[15] | 6.75% | |||
Variable Index Floor | [6],[7],[8],[15] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.59% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Nov. 25, 2019 | |||
Maturity | [6],[7],[8],[15] | Nov. 25, 2024 | |||
Principal Amount | [6],[7],[8],[15] | $ 5,833 | |||
Cost | [6],[7],[8],[15] | 5,760 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 5,833 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019 | |||||
Investment Date | [6],[7],[8],[15],[17] | Nov. 25, 2019 | |||
Cost | [6],[7],[8],[15] | $ 900 | |||
Fair Value | [6],[7],[8],[10],[15] | 404 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) | |||||
Cost | [6],[7],[8] | $ 6,876 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022 | |||||
Investment Date | [6],[7],[8],[15],[17] | Dec. 30, 2022 | |||
Cost | [6],[7],[8],[15] | $ 280 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 280 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($2,489 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 10.83%/0.00% Investment date 12/30/2022 Maturity 12/30/2028 | |||||
Variable Index Spread | [6],[7],[8],[15],[29] | 6.25% | |||
Variable Index Floor | [6],[7],[8],[15],[29] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[29] | 10.83% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[29] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[29] | Dec. 30, 2022 | |||
Maturity | [6],[7],[8],[15],[29] | Dec. 30, 2028 | |||
Principal Amount | [6],[7],[8],[15],[29] | $ 5,511 | |||
Cost | [6],[7],[8],[15],[29] | 5,309 | |||
Fair Value | [6],[7],[8],[10],[15],[29] | $ 5,309 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[29] | 8.75% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[29] | 5% | |||
Investment Date | [6],[7],[8],[15],[17],[29] | Dec. 30, 2022 | |||
Maturity | [6],[7],[8],[15],[29] | Jun. 30, 2029 | |||
Principal Amount | [6],[7],[8],[15],[29] | $ 1,334 | |||
Cost | [6],[7],[8],[15],[29] | 1,287 | |||
Fair Value | [6],[7],[8],[10],[15],[29] | $ 1,287 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class A Units) (10,915 units) Industry Specialty Distribution Investment date 8/11/2017 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Aug. 11, 2017 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 2,379 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 710 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Dec. 10, 2020 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Preferred Equity (Units N/A) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Dec. 10, 2020 | |||
Cost | [6],[7],[8],[13],[15] | $ 268 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 307 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.50%/0.00% Investment date 8/11/2017 Maturity 2/11/2026 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28] | 11.50% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28] | 0% | |||
Investment Date | [6],[7],[8],[17],[28] | Aug. 11, 2017 | |||
Maturity | [6],[7],[8],[28] | Feb. 11, 2026 | |||
Principal Amount | [6],[7],[8],[28] | $ 14,851 | |||
Cost | [6],[7],[8],[28] | 14,837 | |||
Fair Value | [6],[7],[8],[10],[28] | 14,851 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. | |||||
Cost | [6],[7],[8] | 16,931 | |||
Fair Value | [6],[7],[8],[10] | $ 17,400 | |||
Percent of Net Assets | [6],[7],[8] | 4% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018 | |||||
Investment in number of shares or units | [6],[7],[8] | 779 | |||
Investment Date | [6],[7],[8],[17] | Sep. 18, 2018 | |||
Cost | [6],[7],[8] | $ 1,121 | |||
Fair Value | [6],[7],[8],[10] | $ 1,558 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.00% Investment date 09/08/2018 Maturity 09/18/2025 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 11.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 2% | |||
Investment Date | [6],[7],[8],[17] | Sep. 18, 2018 | |||
Maturity | [6],[7],[8] | Sep. 18, 2025 | |||
Principal Amount | [6],[7],[8] | $ 15,842 | |||
Cost | [6],[7],[8] | 15,810 | |||
Fair Value | [6],[7],[8],[10] | $ 15,842 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (L + 7.50%) / (0.00%) Rate Cash/PIK 12.20%/0.00% Investment date 9/6/2022 Maturity 5/18/2026 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 0% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.20% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Sep. 06, 2022 | |||
Maturity | [6],[7],[8],[15] | May 18, 2026 | |||
Principal Amount | [6],[7],[8],[15] | $ 4,774 | |||
Cost | [6],[7],[8],[15] | 4,508 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 4,733 | |||
Percent of Net Assets | [6],[7],[8],[15] | 1% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Dec. 01, 2021 | |||
Cost | [6],[7],[8] | $ 16,683 | |||
Fair Value | [6],[7],[8],[10] | $ 10,738 | |||
Percent of Net Assets | [6],[7],[8] | 2% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 12.00%/0.00% Investment date 10/19/2021 Maturity 6/1/2028 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Oct. 29, 2021 | |||
Maturity | [6],[7],[8],[15] | Jun. 01, 2028 | |||
Principal Amount | [6],[7],[8],[15] | $ 16,000 | |||
Cost | [6],[7],[8],[15] | 15,933 | |||
Fair Value | [6],[7],[8],[10],[15] | 10,726 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. | |||||
Cost | [6],[7],[8] | 20,737 | |||
Fair Value | [6],[7],[8],[10] | $ 22,742 | |||
Percent of Net Assets | [6],[7],[8] | 5% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Industry Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[30] | 12.50% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[30] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[30] | Dec. 21, 2022 | |||
Maturity | [6],[7],[8],[15],[30] | May 31, 2025 | |||
Principal Amount | [6],[7],[8],[15],[30] | $ 12,500 | |||
Cost | [6],[7],[8],[15],[30] | 12,438 | |||
Fair Value | [6],[7],[8],[10],[15],[30] | $ 12,438 | |||
Percent of Net Assets | [6],[7],[8],[15],[30] | 3% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 705,000 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Apr. 03, 2018 | |||
Cost | [6],[7],[8],[13],[15] | $ 655 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 1,504 | |||
Percent of Net Assets | [6],[7],[8],[13],[15] | 0% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. | |||||
Cost | [6],[7],[8],[15],[19] | $ 1,573 | |||
Percent of Net Assets | [6],[7],[8],[15],[19] | 0% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 98,377 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Apr. 01, 2012 | |||
Cost | [6],[7],[8],[13],[15] | $ 1,008 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012 | |||||
Investment in number of shares or units | [6],[7],[8],[15],[19] | 57,469 | |||
Investment Date | [6],[7],[8],[15],[17],[19] | Mar. 05, 2012 | |||
Cost | [6],[7],[8],[15],[19] | $ 565 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 17 | |||
Investment Date | [6],[7],[8],[15],[17] | Dec. 19, 2014 | |||
Cost | [6],[7],[8],[15] | $ 79 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 845 | |||
Percent of Net Assets | [6],[7],[8],[15] | 0% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 14.48% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027 | |||||
Variable Index Spread | [6],[7],[8] | 9.75% | |||
Variable Index Floor | [6],[7],[8] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 14.48% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Apr. 13, 2022 | |||
Maturity | [6],[7],[8] | Oct. 13, 2027 | |||
Principal Amount | [6],[7],[8] | $ 11,002 | |||
Cost | [6],[7],[8] | 10,906 | |||
Fair Value | [6],[7],[8],[10] | $ 5,887 | |||
Percent of Net Assets | [6],[7],[8] | 1% | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC First Lien Debt Consumer Products Variable Index Spread/ Floor(S + 6.50%) /(1.50%) Rate Cash/PIK 11.21%/ 0.00% Investment date 2/28/2020 Maturity 12/23/2024 | |||||
Variable Index Spread | [6],[7],[8],[15],[31] | 6.50% | |||
Variable Index Floor | [6],[7],[8],[15],[31] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[31] | 11.21% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[31] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[31] | Feb. 28, 2020 | |||
Maturity | [6],[7],[8],[15],[31] | Dec. 23, 2024 | |||
Principal Amount | [6],[7],[8],[15],[31] | $ 9,616 | |||
Cost | [6],[7],[8],[15],[31] | 9,554 | |||
Fair Value | [6],[7],[8],[10],[15],[31] | $ 9,615 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 16.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[32] | 12% | |||
Variable Index Floor | [6],[7],[8],[15],[32] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[32] | 16.75% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[32] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[32] | Apr. 01, 2021 | |||
Maturity | [6],[7],[8],[15],[32] | Apr. 01, 2026 | |||
Principal Amount | [6],[7],[8],[15],[32] | $ 4,000 | |||
Cost | [6],[7],[8],[15],[32] | 3,907 | |||
Fair Value | [6],[7],[8],[10],[15],[32] | 4,000 | |||
Investment, Identifier [Axis]: Money Market Funds | |||||
Cost | 35,380 | [1],[2],[4] | 61,076 | [6],[7],[8] | |
Fair Value | $ 35,380 | [1],[2],[4],[11] | $ 61,076 | [6],[7],[8],[10],[33] | |
Percentage of Net Assets | 7% | [1],[2],[4] | 13% | [6],[7],[8] | |
Investment, Identifier [Axis]: Money Market Funds Goldman Sachs Financial Square Treasury Obligation Institution | |||||
Cost | $ 35,380 | [1],[2],[4],[34] | $ 61,076 | [6],[7],[8],[33] | |
Fair Value | $ 35,380 | [1],[2],[4],[11],[34] | $ 61,076 | [6],[7],[8],[10],[33] | |
Percentage of Net Assets | 7% | [1],[2],[4],[34] | 13% | [6],[7],[8],[33] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments | |||||
Cost | $ 791,325 | [1],[2],[4] | $ 754,974 | [6],[7],[8] | |
Fair Value | $ 798,287 | [1],[2],[4] | $ 758,739 | [6],[7],[8],[10] | |
Percent of Net Assets | 165% | [1],[2],[4] | 158% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services | |||||
Cost | $ 15,929 | [1],[2],[4] | $ 16,053 | [6],[7],[8] | |
Fair Value | $ 15,375 | [1],[2],[4] | $ 15,593 | [6],[7],[8],[10] | |
Percent of Net Assets | 3% | [1],[2],[4] | 3% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[4] | 1,000,000 | [6],[7],[8] | |
Investment Date | [6],[7],[8],[17] | Jun. 25, 2021 | |||
Cost | [6],[7],[8] | $ 1,000 | |||
Fair Value | $ 389 | [1],[2],[4] | $ 477 | [6],[7],[8],[10] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 11.48% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026 | |||||
Variable Index Spread | [6],[7],[8],[28],[35] | 6.75% | |||
Variable Index Floor | [6],[7],[8],[28],[35] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28],[35] | 11.48% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28],[35] | 0% | |||
Investment Date | [6],[7],[8],[17],[28],[35] | Jun. 25, 2021 | |||
Maturity | [6],[7],[8],[28],[35] | Jun. 25, 2026 | |||
Principal Amount | [6],[7],[8],[28],[35] | $ 11,558 | |||
Cost | [6],[7],[8],[28],[35] | 11,497 | |||
Fair Value | [6],[7],[8],[10],[28],[35] | $ 11,560 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 11.48% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[28],[36] | 6.75% | |||
Variable Index Floor | [6],[7],[8],[15],[28],[36] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[28],[36] | 11.48% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[28],[36] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[28],[36] | Jul. 30, 2021 | |||
Maturity | [6],[7],[8],[15],[28],[36] | Jun. 25, 2026 | |||
Principal Amount | [6],[7],[8],[15],[28],[36] | $ 3,556 | |||
Cost | [6],[7],[8],[15],[28],[36] | 3,556 | |||
Fair Value | [6],[7],[8],[10],[15],[28],[36] | 3,556 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021 | |||||
Investment Date | [1],[2],[4] | Jun. 25, 2021 | |||
Cost | [1],[2],[4] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L + 6.75%) Variable Index Floor (0.50%) Rate Cash 11.77% Rate PIK 0.00% Investment date 6/25/2021 Maturity 6/25/2026 | |||||
Variable Index Spread | [1],[2],[4],[21],[37] | 6.75% | |||
Variable Index Floor | [1],[2],[4],[21],[37] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21],[37] | 11.77% | |||
Investment interest rate, PIK | [1],[2],[4],[21],[37] | 0% | |||
Investment Date | [1],[2],[4],[21],[37] | Jun. 25, 2021 | |||
Maturity | [1],[2],[4],[21],[37] | Jun. 25, 2026 | |||
Principal Amount | [1],[2],[4],[21],[37] | $ 11,460 | |||
Cost | [1],[2],[4],[21],[37] | 11,403 | |||
Fair Value | [1],[2],[4],[21],[37] | $ 11,460 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect, Inc. (dba iPromote) Information Technology Services First Lien Debt Variable Index Spread (L + 6.75%) Variable Index Floor (0.50%) Rate Cash 11.77% Rate PIK 0.00% Investment date 7/30/2021 Maturity 6/25/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[38] | 6.75% | |||
Variable Index Floor | [1],[2],[3],[4],[38] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[38] | 11.77% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[38] | 0% | |||
Investment Date | [1],[2],[3],[4],[38] | Jul. 30, 2021 | |||
Maturity | [1],[2],[3],[4],[38] | Jun. 25, 2026 | |||
Principal Amount | [1],[2],[3],[4],[38] | $ 3,526 | |||
Cost | [1],[2],[3],[4],[38] | 3,526 | |||
Fair Value | [1],[2],[3],[4],[38] | $ 3,526 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dba AllOver Media) Information Technology Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (0.75%) Rate Cash 11.34% Rate PIK 0.00% Investment date 2/1/2022 Maturity 2/1/2027 | |||||
Variable Index Spread | [1],[2],[4],[39] | 6.50% | |||
Variable Index Floor | [1],[2],[4],[39] | (0.75%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[39] | 11.34% | |||
Investment interest rate, PIK | [1],[2],[4],[39] | 0% | |||
Investment Date | [1],[2],[4],[39] | Feb. 01, 2022 | |||
Maturity | [1],[2],[4],[39] | Feb. 01, 2027 | |||
Principal Amount | [1],[2],[4],[39] | $ 10,000 | |||
Cost | [1],[2],[4],[39] | 9,942 | |||
Fair Value | [1],[2],[4],[39] | 10,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services | |||||
Cost | 10,692 | [1],[2],[4] | 10,690 | [6],[7],[8] | |
Fair Value | $ 10,700 | [1],[2],[4] | $ 10,741 | [6],[7],[8],[10] | |
Percent of Net Assets | 2% | [1],[2],[4] | 2% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022 | |||||
Investment in number of shares or units | 750 | [1],[2],[3],[4],[16] | 750 | [6],[7],[8] | |
Investment Date | Feb. 01, 2022 | [1],[2],[3],[4],[16] | Feb. 01, 2022 | [6],[7],[8],[17] | |
Cost | $ 750 | [1],[2],[3],[4],[16] | $ 750 | [6],[7],[8] | |
Fair Value | 700 | [1],[2],[3],[4],[16] | $ 741 | [6],[7],[8],[10] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services First Lien Debt Variable Index Spread (S +6.50%) Variable Index Floor (0.75%) Rate Cash 10.31% Rate PIK 0.00% Investment date 2/1/2022 Maturity 2/1/2027 | |||||
Variable Index Spread | [6],[7],[8] | 6.50% | |||
Variable Index Floor | [6],[7],[8] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 10.31% | |||
Investment Date | [6],[7],[8],[17] | Feb. 01, 2022 | |||
Maturity | [6],[7],[8] | Feb. 01, 2027 | |||
Principal Amount | [6],[7],[8] | $ 10,000 | |||
Cost | [6],[7],[8] | 9,940 | |||
Fair Value | [6],[7],[8],[10] | $ 10,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc. Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 1,200 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing | |||||
Cost | 16,096 | [1],[2],[4] | $ 16,090 | [6],[7],[8] | |
Fair Value | $ 16,096 | [1],[2],[4] | $ 16,090 | [6],[7],[8],[10] | |
Percent of Net Assets | 4% | [1],[2],[4] | 4% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity Investment date 11/8/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 1,200 | |||
Investment Date | Nov. 08, 2022 | [1],[2],[3],[4],[16] | Nov. 08, 2022 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 1,200 | [1],[2],[3],[4],[16] | $ 1,200 | [6],[7],[8],[13],[15] | |
Fair Value | $ 1,200 | [1],[2],[3],[4],[16] | $ 1,200 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (2.00%) Rate Cash 11.59% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027 | |||||
Variable Index Spread | [1],[2],[4],[40] | 7% | |||
Variable Index Floor | [1],[2],[4],[40] | (2.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[40] | 11.59% | |||
Investment interest rate, PIK | [1],[2],[4],[40] | 0% | |||
Investment Date | [1],[2],[4],[40] | Nov. 08, 2022 | |||
Maturity | [1],[2],[4],[40] | Nov. 08, 2027 | |||
Principal Amount | [1],[2],[4],[40] | $ 15,000 | |||
Cost | [1],[2],[4],[40] | 14,896 | |||
Fair Value | [1],[2],[4],[40] | 14,896 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (2.00%) Rate Cash 11.21% Rate PIK 0.00% Investment date 11/8/2022 Maturity 11/8/2027 | |||||
Variable Index Spread | [6],[7],[8],[41] | 7% | |||
Variable Index Floor | [6],[7],[8],[41] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[41] | 11.21% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[41] | 0% | |||
Investment Date | [6],[7],[8],[17],[41] | Nov. 08, 2022 | |||
Maturity | [6],[7],[8],[41] | Nov. 08, 2027 | |||
Principal Amount | [6],[7],[8],[41] | $ 15,000 | |||
Cost | [6],[7],[8],[41] | 14,890 | |||
Fair Value | [6],[7],[8],[10],[41] | 14,890 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services | |||||
Cost | 18,485 | [1],[2],[4] | 18,526 | [6],[7],[8] | |
Fair Value | $ 18,671 | [1],[2],[4] | $ 18,706 | [6],[7],[8],[10] | |
Percent of Net Assets | 4% | [1],[2],[4] | 4% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021 | |||||
Investment in number of shares or units | 500,000 | [1],[2],[3],[4] | 500,000 | [6],[7],[8],[15] | |
Investment Date | Oct. 06, 2021 | [1],[2],[3],[4] | Oct. 06, 2021 | [6],[7],[8],[15],[17] | |
Cost | $ 371 | [1],[2],[3],[4] | $ 371 | [6],[7],[8],[15] | |
Fair Value | $ 441 | [1],[2],[3],[4] | $ 433 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.75% | |||
Variable Index Floor | [1],[2],[3],[4] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.60% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Oct. 06, 2021 | |||
Maturity | [1],[2],[3],[4] | Oct. 06, 2026 | |||
Principal Amount | [1],[2],[3],[4] | $ 5,486 | |||
Cost | [1],[2],[3],[4] | 5,475 | |||
Fair Value | [1],[2],[3],[4] | $ 5,486 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 One | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.30% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Oct. 06, 2021 | |||
Maturity | [6],[7],[8],[15] | Oct. 06, 2026 | |||
Principal Amount | [6],[7],[8],[15] | $ 5,500 | |||
Cost | [6],[7],[8],[15] | 5,488 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 5,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 Principal Amount 12,469 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.75% | |||
Variable Index Floor | [1],[2],[3],[4] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.60% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Oct. 06, 2021 | |||
Maturity | [1],[2],[3],[4] | Oct. 06, 2026 | |||
Principal Amount | [1],[2],[3],[4] | $ 12,469 | |||
Cost | [1],[2],[3],[4] | 12,422 | |||
Fair Value | [1],[2],[3],[4] | $ 12,469 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 Two | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.30% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Oct. 06, 2021 | |||
Maturity | [6],[7],[8],[15] | Oct. 06, 2026 | |||
Principal Amount | [6],[7],[8],[15] | $ 12,500 | |||
Cost | [6],[7],[8],[15] | 12,450 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 12,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022 | |||||
Investment in number of shares or units | 77,016 | [1],[2],[3],[4] | 77,016 | [6],[7],[8],[15] | |
Investment Date | Sep. 26, 2022 | [1],[2],[3],[4] | Sep. 26, 2022 | [6],[7],[8],[15],[17] | |
Cost | $ 88 | [1],[2],[3],[4] | $ 88 | [6],[7],[8],[15] | |
Fair Value | 143 | [1],[2],[3],[4] | $ 143 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 | |||||
Variable Index Spread | [6],[7],[8],[14],[15] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[14],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[15] | 12.30% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[15] | 0% | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Oct. 06, 2021 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 | |||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 1,000 | |||
Variable Index Spread | [1],[2],[3],[4],[5] | 7.50% | |||
Variable Index Floor | [1],[2],[3],[4],[5] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[5] | 12.60% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[5] | 0% | |||
Investment Date | [1],[2],[3],[4],[5] | Oct. 06, 2021 | |||
Maturity | [1],[2],[3],[4],[5] | Oct. 06, 2026 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021 | |||||
Investment in number of shares or units | 150,000 | [1],[2],[3],[4],[18] | 150,000 | [6],[7],[8],[15],[19] | |
Investment Date | Oct. 06, 2021 | [1],[2],[3],[4],[18] | Oct. 06, 2021 | [6],[7],[8],[15],[17],[19] | |
Cost | $ 129 | [1],[2],[3],[4],[18] | $ 129 | [6],[7],[8],[15],[19] | |
Fair Value | 132 | [1],[2],[3],[4],[18] | 130 | [6],[7],[8],[10],[15],[19] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing | |||||
Cost | 17,763 | [1],[2],[4] | 14,777 | [6],[7],[8] | |
Fair Value | $ 18,016 | [1],[2],[4] | $ 15,029 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 4% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021 | |||||
Investment in number of shares or units | 549 | [1],[2],[4] | 549 | [6],[7],[8] | |
Investment Date | Jun. 11, 2021 | [1],[2],[4] | Jun. 11, 2021 | [6],[7],[8],[17] | |
Cost | $ 593 | [1],[2],[4] | $ 593 | [6],[7],[8] | |
Fair Value | $ 766 | [1],[2],[4] | $ 779 | [6],[7],[8],[10] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L +5.88%) Variable Index Floor (0.50%) Rate Cash 10.63% Rate PIK 0.00% Investment date 6/11/2021 Maturity 6/11/2026 | |||||
Variable Index Spread | [6],[7],[8] | 5.88% | |||
Variable Index Floor | [6],[7],[8] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 10.63% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Jun. 11, 2021 | |||
Maturity | [6],[7],[8] | Jun. 11, 2026 | |||
Principal Amount | [6],[7],[8] | $ 14,250 | |||
Cost | [6],[7],[8] | 14,184 | |||
Fair Value | [6],[7],[8],[10] | $ 14,250 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (S + 5.88%) Variable Index Floor (1.50%) Rate Cash 11.03% Rate PIK 0.00% Investment date 6/11/2021 Maturity 6/11/2026 | |||||
Variable Index Spread | [1],[2],[4],[42] | 5.88% | |||
Variable Index Floor | [1],[2],[4],[42] | (1.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[42] | 11.03% | |||
Investment interest rate, PIK | [1],[2],[4],[42] | 0% | |||
Investment Date | [1],[2],[4],[42] | Jun. 11, 2021 | |||
Maturity | [1],[2],[4],[42] | Jun. 11, 2026 | |||
Principal Amount | [1],[2],[4],[42] | $ 17,250 | |||
Cost | [1],[2],[4],[42] | 17,170 | |||
Fair Value | [1],[2],[4],[42] | $ 17,250 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/2017 | |||||
Investment in number of shares or units | 570,636 | [1],[2],[3],[4],[16] | 570,636 | [6],[7],[8],[13],[15] | |
Investment Date | Jul. 21, 2017 | [1],[2],[3],[4],[16] | Jul. 21, 2017 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 637 | [1],[2],[3],[4],[16] | $ 637 | [6],[7],[8],[13],[15] | |
Fair Value | $ 152 | [1],[2],[3],[4],[16] | $ 98 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 12.50% Rate PIK 2.25% Investment date 3/2/2020 Maturity 9/2/2026 | |||||
Investment, Interest Rate, Paid in Cash | 12.50% | [1],[2],[4],[24] | 12.50% | [6],[7],[8],[9],[25] | |
Investment interest rate, PIK | 2.25% | [1],[2],[4],[24] | 2.25% | [6],[7],[8],[9],[25] | |
Investment Date | Mar. 02, 2020 | [1],[2],[4],[24] | Mar. 02, 2020 | [6],[7],[8],[17],[25] | |
Maturity | Sep. 02, 2026 | [1],[2],[4],[24] | Sep. 02, 2026 | [6],[7],[8],[25] | |
Principal Amount | $ 10,345 | [1],[2],[4],[24] | $ 10,345 | [6],[7],[8],[25] | |
Cost | 10,281 | [1],[2],[4],[24] | 10,281 | [6],[7],[8],[25] | |
Fair Value | 8,742 | [1],[2],[4],[24] | 8,144 | [6],[7],[8],[10],[25] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings | |||||
Cost | 10,940 | [1],[2],[4] | 10,940 | [6],[7],[8] | |
Fair Value | $ 8,949 | [1],[2],[4] | $ 8,297 | [6],[7],[8],[10] | |
Percent of Net Assets | 2% | [1],[2],[4] | 2% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021 | |||||
Investment in number of shares or units | 39,443 | [1],[2],[3],[4],[16] | 39,443 | [6],[7],[8],[13],[15] | |
Investment Date | Nov. 24, 2021 | [1],[2],[3],[4],[16] | Nov. 24, 2021 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 22 | [1],[2],[3],[4],[16] | $ 22 | [6],[7],[8],[13],[15] | |
Fair Value | $ 55 | [1],[2],[3],[4],[16] | 55 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AmeriWater LLC Component Manufacturing First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 10.84% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027 | |||||
Variable Index Spread | [1],[2],[4],[43] | 6.25% | |||
Variable Index Floor | [1],[2],[4],[43] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[43] | 10.84% | |||
Investment interest rate, PIK | [1],[2],[4],[43] | 0% | |||
Investment Date | [1],[2],[4],[43] | Jul. 08, 2022 | |||
Maturity | [1],[2],[4],[43] | Jul. 08, 2027 | |||
Principal Amount | [1],[2],[4],[43] | $ 7,704 | |||
Cost | [1],[2],[4],[43] | 7,664 | |||
Fair Value | [1],[2],[4],[43] | 7,704 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries | |||||
Cost | 22,028 | [1],[2],[4] | 21,677 | [6],[7],[8] | |
Fair Value | $ 22,324 | [1],[2],[4] | $ 21,917 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 5% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt ($2,500 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 10.90% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026 | |||||
Unfunded commitment | [1],[2],[3],[4],[44],[45] | $ 2,500 | |||
Variable Index Spread | [1],[2],[3],[4],[44],[45] | 6.50% | |||
Variable Index Floor | [1],[2],[3],[4],[44],[45] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[44],[45] | 10.90% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[44],[45] | 0% | |||
Investment Date | [1],[2],[3],[4],[44],[45] | Jun. 28, 2021 | |||
Maturity | [1],[2],[3],[4],[44],[45] | Jun. 28, 2026 | |||
Principal Amount | [1],[2],[3],[4],[44],[45] | $ 20,908 | |||
Cost | [1],[2],[3],[4],[44],[45] | 20,680 | |||
Fair Value | [1],[2],[3],[4],[44],[45] | $ 20,908 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +3.75%) Variable Index Floor (1.00%) Rate Cash 7.42% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[46] | 3.75% | |||
Variable Index Floor | [6],[7],[8],[15],[46] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[46] | 7.42% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[46] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[46] | Jun. 28, 2021 | |||
Maturity | [6],[7],[8],[15],[46] | Jun. 28, 2026 | |||
Principal Amount | [6],[7],[8],[15],[46] | $ 330 | |||
Cost | [6],[7],[8],[15],[46] | 330 | |||
Fair Value | [6],[7],[8],[10],[15],[46] | $ 325 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (L +6.15%) Variable Index Floor (1.00%) Rate Cash 9.82% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[47] | 6.15% | |||
Variable Index Floor | [6],[7],[8],[15],[47] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[47] | 9.82% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[47] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[47] | Jun. 28, 2021 | |||
Maturity | [6],[7],[8],[15],[47] | Jun. 28, 2026 | |||
Principal Amount | [6],[7],[8],[15],[47] | $ 20,500 | |||
Cost | [6],[7],[8],[15],[47] | 20,329 | |||
Fair Value | [6],[7],[8],[10],[15],[47] | $ 20,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt Variable Index Spread (S + 4.00%) Variable Index Floor (1.00%) Rate Cash 8.73% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[16],[48] | 4% | |||
Variable Index Floor | [1],[2],[3],[4],[16],[48] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[16],[48] | 8.73% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[16],[48] | 0% | |||
Investment Date | [1],[2],[3],[4],[16],[48] | Jun. 28, 2021 | |||
Maturity | [1],[2],[3],[4],[16],[48] | Jun. 28, 2026 | |||
Principal Amount | [1],[2],[3],[4],[16],[48] | $ 330 | |||
Cost | [1],[2],[3],[4],[16],[48] | 330 | |||
Fair Value | [1],[2],[3],[4],[16],[48] | $ 326 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/2020 | |||||
Investment in number of shares or units | 141 | [1],[2],[3],[4],[16] | 141 | [6],[7],[8],[13],[15] | |
Investment Date | Nov. 02, 2020 | [1],[2],[3],[4],[16] | Nov. 02, 2020 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 171 | [1],[2],[3],[4],[16] | $ 171 | [6],[7],[8],[13],[15] | |
Fair Value | $ 180 | [1],[2],[3],[4],[16] | $ 180 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/2019 | |||||
Investment in number of shares or units | 207 | [1],[2],[3],[4],[16] | 207 | [6],[7],[8],[13],[15] | |
Investment Date | Aug. 06, 2019 | [1],[2],[3],[4],[16] | Aug. 06, 2019 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 250 | [1],[2],[3],[4],[16] | $ 250 | [6],[7],[8],[13],[15] | |
Fair Value | $ 263 | [1],[2],[3],[4],[16] | $ 264 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/2018 | |||||
Investment in number of shares or units | 500 | [1],[2],[3],[4],[16] | 500 | [6],[7],[8],[13],[15] | |
Investment Date | May 31, 2018 | [1],[2],[3],[4],[16] | May 31, 2018 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 500 | [1],[2],[3],[4],[16] | $ 500 | [6],[7],[8],[13],[15] | |
Fair Value | $ 546 | [1],[2],[3],[4],[16] | $ 547 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/2021 | |||||
Investment in number of shares or units | 74 | [1],[2],[3],[4],[16] | 74 | [6],[7],[8],[13],[15] | |
Investment Date | Dec. 29, 2021 | [1],[2],[3],[4],[16] | Dec. 29, 2021 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 97 | [1],[2],[3],[4],[16] | $ 97 | [6],[7],[8],[13],[15] | |
Fair Value | 101 | [1],[2],[3],[4],[16] | 101 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing | |||||
Cost | 10,761 | [1],[2],[4] | 10,722 | [6],[7],[8] | |
Fair Value | $ 10,618 | [1],[2],[4] | $ 10,722 | [6],[7],[8],[10] | |
Percent of Net Assets | 2% | [1],[2],[4] | 2% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022 | |||||
Investment in number of shares or units | 1,000 | [1],[2],[3],[4],[16] | 1,000 | [6],[7],[8],[13],[15] | |
Investment Date | Jul. 08, 2022 | [1],[2],[3],[4],[16] | Jul. 08, 2022 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 1,000 | [1],[2],[3],[4],[16] | $ 1,000 | [6],[7],[8],[13],[15] | |
Fair Value | $ 808 | [1],[2],[3],[4],[16] | $ 1,000 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 9.81% Rate PIK 0.00% Investment date 7/8/2022 Maturity 7/8/2027 | |||||
Variable Index Spread | [6],[7],[8],[49] | 6.25% | |||
Variable Index Floor | [6],[7],[8],[49] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[49] | 9.81% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[49] | 0% | |||
Investment Date | [6],[7],[8],[17],[49] | Jul. 08, 2022 | |||
Maturity | [6],[7],[8],[49] | Jul. 08, 2027 | |||
Principal Amount | [6],[7],[8],[49] | $ 7,704 | |||
Cost | [6],[7],[8],[49] | 7,662 | |||
Fair Value | [6],[7],[8],[10],[49] | $ 7,662 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Subordinated Debt Rate Cash 7.00% Rate PIK 7.00% Investment date 7/8/2022 Maturity 1/8/2028 | |||||
Investment, Interest Rate, Paid in Cash | 7% | [1],[2],[3],[4] | 7% | [6],[7],[8],[9],[15] | |
Investment interest rate, PIK | 7% | [1],[2],[3],[4] | 7% | [6],[7],[8],[9],[15] | |
Investment Date | Jul. 08, 2022 | [1],[2],[3],[4] | Jul. 08, 2022 | [6],[7],[8],[15],[17] | |
Maturity | Jan. 08, 2028 | [1],[2],[3],[4] | Jan. 08, 2028 | [6],[7],[8],[15] | |
Principal Amount | $ 2,106 | [1],[2],[3],[4] | $ 2,069 | [6],[7],[8],[15] | |
Cost | 2,097 | [1],[2],[3],[4] | 2,060 | [6],[7],[8],[15] | |
Fair Value | 2,106 | [1],[2],[3],[4] | 2,060 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services | |||||
Cost | [6],[7],[8] | 20,167 | |||
Fair Value | [6],[7],[8],[10] | $ 20,834 | |||
Percent of Net Assets | [6],[7],[8] | 5% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services | |||||
Cost | [1],[2],[4] | 20,175 | |||
Fair Value | [1],[2],[4] | $ 20,889 | |||
Percent of Net Assets | [1],[2],[4] | 5% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020 | |||||
Investment in number of shares or units | [6],[7],[8] | 24 | |||
Investment Date | [1],[2],[4] | Nov. 06, 2020 | |||
Cost | [1],[2],[4] | $ 66 | |||
Fair Value | [1],[2],[4] | $ 496 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 10/1/20201 | |||||
Cost | [6],[7],[8],[15] | $ 500 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 471 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity Investment date 11/6/2020 | |||||
Investment Date | [6],[7],[8],[17] | Nov. 06, 2020 | |||
Cost | [6],[7],[8] | $ 66 | |||
Fair Value | [6],[7],[8],[10] | $ 465 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (P +5.50%) Variable Index Floor (3.25%) Rate Cash 13.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[50] | 13% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S + 6.25%) Variable Index Floor (1.50%) Rate Cash 11.00% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025 | |||||
Variable Index Spread | [1],[2],[4],[21],[51] | 6.25% | |||
Variable Index Floor | [1],[2],[4],[21],[51] | (1.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21],[51] | 11.10% | |||
Investment interest rate, PIK | [1],[2],[4],[21],[51] | 0% | |||
Investment Date | [1],[2],[4],[21],[51] | Nov. 06, 2020 | |||
Maturity | [1],[2],[4],[21],[51] | Nov. 06, 2025 | |||
Principal Amount | [1],[2],[4],[21],[51] | $ 19,005 | |||
Cost | [1],[2],[4],[21],[51] | 18,924 | |||
Fair Value | [1],[2],[4],[21],[51] | $ 19,005 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services First Lien Debt Variable Index Spread (S +6.25%) Variable Index Floor (1.50%) Rate Cash 10.07% Rate PIK 0.00% Investment date 11/6/2020 Maturity 11/6/2025 | |||||
Variable Index Spread | [6],[7],[8],[28],[52] | 6.25% | |||
Variable Index Floor | [6],[7],[8],[28],[52] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28],[52] | 10.07% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28],[52] | 0% | |||
Investment Date | [6],[7],[8],[17],[28],[52] | Nov. 06, 2020 | |||
Maturity | [6],[7],[8],[28],[52] | Nov. 06, 2025 | |||
Principal Amount | [6],[7],[8],[28],[52] | $ 19,005 | |||
Cost | [6],[7],[8],[28],[52] | 18,916 | |||
Fair Value | [6],[7],[8],[10],[28],[52] | $ 19,005 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020 | |||||
Investment in number of shares or units | 1,184,711 | [1],[2],[4] | 1,184,711 | [6],[7],[8] | |
Investment Date | [1],[2],[4] | Nov. 06, 2020 | |||
Cost | [1],[2],[4] | $ 1,185 | |||
Fair Value | [1],[2],[4] | 1,388 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity Investment date 11/6/2020 | |||||
Investment Date | [6],[7],[8],[17] | Nov. 06, 2020 | |||
Cost | [6],[7],[8] | $ 1,185 | |||
Fair Value | [6],[7],[8],[10] | 1,364 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services | |||||
Cost | [1],[2],[4] | 8,648 | |||
Fair Value | [1],[2],[4] | $ 8,669 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity | |||||
Cost | [6],[7],[8] | 8,609 | |||
Fair Value | [6],[7],[8],[10] | $ 8,639 | |||
Percent of Net Assets | [6],[7],[8] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021 | |||||
Investment in number of shares or units | 500 | [1],[2],[3],[4] | 500 | [6],[7],[8],[15] | |
Investment Date | [1],[2],[3],[4] | Oct. 01, 2021 | |||
Cost | [1],[2],[3],[4] | $ 500 | |||
Fair Value | [1],[2],[3],[4] | $ 466 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity Investment date 10/1/2021 | |||||
Investment Date | [6],[7],[8],[15],[17] | Oct. 01, 2021 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services First Lien Debt Variable Index Spread (P +5.50%) Variable Index Floor (3.25%) Rate Cash 13.00% Rate PIK 0.85% Investment date 10/1/2021 Maturity 10/1/2026 | |||||
Variable Index Spread | [6],[7],[8],[50] | 5.50% | |||
Variable Index Floor | [6],[7],[8],[50] | 3.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[50] | 0.85% | |||
Investment Date | [6],[7],[8],[17],[50] | Oct. 01, 2021 | |||
Maturity | [6],[7],[8],[50] | Oct. 01, 2026 | |||
Principal Amount | [6],[7],[8],[50] | $ 7,581 | |||
Cost | [6],[7],[8],[50] | 7,525 | |||
Fair Value | [6],[7],[8],[10],[50] | $ 7,581 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 12.75% Investment date 10/1/2021 Maturity 12/31/2026 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 0% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 12.75% | |||
Investment Date | [6],[7],[8],[17] | Oct. 01, 2021 | |||
Maturity | [6],[7],[8] | Dec. 31, 2026 | |||
Principal Amount | [6],[7],[8] | $ 587 | |||
Cost | [6],[7],[8] | 584 | |||
Fair Value | [6],[7],[8],[10] | 587 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Subordinated Debt Rate Cash 0.00% Rate PIK 14.50% Investment date 10/1/2021 Maturity 12/31/2026 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 0% | |||
Investment interest rate, PIK | [1],[2],[4] | 14.50% | |||
Investment Date | [1],[2],[4] | Oct. 01, 2021 | |||
Maturity | [1],[2],[4] | Dec. 31, 2026 | |||
Principal Amount | [1],[2],[4] | $ 606 | |||
Cost | [1],[2],[4] | 603 | |||
Fair Value | [1],[2],[4] | $ 606 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BCM One Group Holdings, Inc. Information Technology Services Subordinated Debt Rate Cash 10.25% Rate PIK 00.00% Investment date 11/17/2021 Maturity 11/17/2028 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 10.25% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Nov. 17, 2021 | |||
Maturity | [1],[2],[3],[4] | Nov. 17, 2028 | |||
Principal Amount | [1],[2],[3],[4] | $ 11,333 | |||
Cost | [1],[2],[3],[4] | 11,281 | |||
Fair Value | [1],[2],[3],[4] | $ 11,333 | |||
Percent of Net Assets | [1],[2],[3],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Real | |||||
Cost | [1],[2],[4] | $ 20,548 | |||
Fair Value | [1],[2],[4] | $ 21,193 | |||
Percent of Net Assets | [1],[2],[4] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Real Common Equity (1000 units) Investment date 9/13/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 1,000 | |||
Investment Date | [1],[2],[3],[4] | Sep. 13, 2022 | |||
Cost | [1],[2],[3],[4] | $ 960 | |||
Fair Value | [1],[2],[3],[4] | $ 1,193 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Real First Lien Debt Variable Index Spread (S + 5.75%) Variable Index Floor (1.50%) Rate Cash 10.34% Rate PIK 0.00% Investment date 9/13/2022 Maturity 9/13/2027 | |||||
Variable Index Spread | [1],[2],[3],[4],[53] | 5.75% | |||
Variable Index Floor | [1],[2],[3],[4],[53] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[53] | 10.34% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[53] | 0% | |||
Investment Date | [1],[2],[3],[4],[53] | Sep. 13, 2022 | |||
Maturity | [1],[2],[3],[4],[53] | Sep. 13, 2027 | |||
Principal Amount | [1],[2],[3],[4],[53] | $ 20,000 | |||
Cost | [1],[2],[3],[4],[53] | 19,588 | |||
Fair Value | [1],[2],[3],[4],[53] | 20,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail | |||||
Cost | [6],[7],[8] | 20,564 | |||
Fair Value | [6],[7],[8],[10] | $ 20,564 | |||
Percent of Net Assets | [6],[7],[8] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 1,000 | |||
Investment Date | [6],[7],[8],[15],[17] | Sep. 13, 2022 | |||
Cost | [6],[7],[8],[15] | $ 1,000 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail First Lien Debt Variable Index Spread Variable Index Spread (S +5.75%) Variable Index Floor (1.50%) Rate Cash 9.31% Rate PIK 0.00% Investment date 9/13/2022 Maturity 9/13/2027 | |||||
Variable Index Spread | [6],[7],[8],[15],[54] | 5.75% | |||
Variable Index Floor | [6],[7],[8],[15],[54] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[54] | 9.31% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[54] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[54] | Sep. 13, 2022 | |||
Maturity | [6],[7],[8],[15],[54] | Sep. 13, 2027 | |||
Principal Amount | [6],[7],[8],[15],[54] | $ 20,000 | |||
Cost | [6],[7],[8],[15],[54] | 19,564 | |||
Fair Value | [6],[7],[8],[10],[15],[54] | $ 19,564 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Information Technology Services Speciality Distribution Maturity 3/12/2019 | |||||
Cost | [1],[2],[3],[4],[16] | 484 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 513 | |||
Percent of Net Assets | [1],[2],[3],[4],[16] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Speciality Distribution Common Equity(500,000 units)Maturity 3/12/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 500,000 | |||
Investment Date | [1],[2],[3],[4],[16] | Mar. 12, 2019 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 500,000 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Mar. 12, 2019 | |||
Cost | [6],[7],[8],[13],[15] | $ 484 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 486 | |||
Percent of Net Assets | [6],[7],[8],[13],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants | |||||
Cost | [1],[2],[4] | $ 570 | |||
Fair Value | [1],[2],[4] | $ 262 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/03/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[55] | 14,201 | |||
Investment Date | [1],[2],[3],[4],[55] | Nov. 03, 2022 | |||
Cost | [1],[2],[3],[4],[55] | $ 521 | |||
Fair Value | [1],[2],[3],[4],[55] | $ 17 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787unts) Investment date 11/03/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[55] | 9,787 | |||
Investment Date | [1],[2],[3],[4],[55] | Nov. 03, 2022 | |||
Cost | [1],[2],[3],[4],[55] | $ 49 | |||
Fair Value | [1],[2],[3],[4],[55] | 245 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services | |||||
Cost | 14,473 | [1],[2],[4] | $ 14,434 | [6],[7],[8] | |
Fair Value | $ 15,297 | [1],[2],[4] | $ 15,029 | [6],[7],[8],[10] | |
Percent of Net Assets | 3% | [1],[2],[4] | 3% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022 | |||||
Investment in number of shares or units | 563 | [1],[2],[3],[4] | 563 | [6],[7],[8],[15] | |
Investment Date | [1],[2],[3],[4] | Mar. 03, 2022 | |||
Cost | [1],[2],[3],[4] | $ 400 | |||
Fair Value | [1],[2],[3],[4] | $ 642 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity Investment date 3/3/2022 | |||||
Investment Date | [6],[7],[8],[15],[17] | Mar. 03, 2022 | |||
Cost | [6],[7],[8],[15] | $ 400 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 425 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services First Lien Debt Variable Index Spread Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/2028 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28] | 10% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28] | 1% | |||
Investment Date | [6],[7],[8],[17],[28] | Mar. 03, 2022 | |||
Maturity | [6],[7],[8],[28] | Mar. 03, 2028 | |||
Principal Amount | [6],[7],[8],[28] | $ 13,751 | |||
Cost | [6],[7],[8],[28] | 13,634 | |||
Fair Value | [6],[7],[8],[10],[28] | $ 13,751 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022 | |||||
Investment in number of shares or units | 563 | [1],[2],[3],[4] | 563 | [6],[7],[8],[15] | |
Investment Date | Mar. 03, 2022 | [1],[2],[3],[4] | Mar. 03, 2022 | [6],[7],[8],[15],[17] | |
Cost | $ 400 | [1],[2],[3],[4] | $ 400 | [6],[7],[8],[15] | |
Fair Value | $ 869 | [1],[2],[3],[4] | $ 853 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Subordinated Debt Rate Cash 10.00% Rate PIK 1.00% Investment date 3/3/2022 Maturity 3/3/2028 | |||||
Variable Index Spread | [1],[2],[4],[21] | 10% | |||
Investment interest rate, PIK | [1],[2],[4],[21] | 1% | |||
Investment Date | [1],[2],[4],[21] | Mar. 03, 2022 | |||
Maturity | [1],[2],[4],[21] | Mar. 03, 2028 | |||
Principal Amount | [1],[2],[4],[21] | $ 13,786 | |||
Cost | [1],[2],[4],[21] | 13,673 | |||
Fair Value | [1],[2],[4],[21] | $ 13,786 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (Class A Units) (574,929 units) Investment date 6/28/2022 | |||||
Investment in number of shares or units | 574,929 | [1],[2],[3],[4],[16] | 574,929 | [6],[7],[8],[13],[15] | |
Investment Date | [1],[2],[4] | Jun. 28, 2022 | |||
Cost | [1],[2],[4] | $ 271 | |||
Fair Value | [1],[2],[4] | $ 206 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity Investment date 6/28/2022 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Jun. 28, 2022 | |||
Cost | [6],[7],[8],[13],[15] | $ 272 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 212 | |||
Percent of Net Assets | [6],[7],[8],[13],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services | |||||
Cost | [1],[2],[4] | $ 10,223 | |||
Fair Value | [1],[2],[4] | $ 10,223 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023 | |||||
Investment in number of shares or units | [1],[2],[4] | 400,000 | |||
Investment Date | [1],[2],[4] | Feb. 28, 2023 | |||
Cost | [1],[2],[4] | $ 400 | |||
Fair Value | [1],[2],[4] | $ 400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services First Lien Debt Variable Index Spread (S + 6.75%) Variable Index Floor (1.00%) Rate Cash 11.79% Rate PIK 0.00% Investment date 2/28/2023 Maturity 11/30/2026 | |||||
Variable Index Spread | [1],[2],[4] | 6.75% | |||
Variable Index Floor | [1],[2],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 11.79% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Feb. 28, 2023 | |||
Maturity | [1],[2],[4] | Nov. 30, 2026 | |||
Principal Amount | [1],[2],[4] | $ 8,000 | |||
Cost | [1],[2],[4] | 7,844 | |||
Fair Value | [1],[2],[4] | $ 7,844 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Subordinated Debt Rate Cash 11.50% Rate PIK 2.00% Investment date 2/28/2023 Maturity 11/30/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 11.50% | |||
Investment interest rate, PIK | [1],[2],[4] | 2% | |||
Investment Date | [1],[2],[4] | Feb. 28, 2023 | |||
Maturity | [1],[2],[4] | Nov. 30, 2027 | |||
Principal Amount | [1],[2],[4] | $ 2,004 | |||
Cost | [1],[2],[4] | 1,979 | |||
Fair Value | [1],[2],[4] | 1,979 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services | |||||
Cost | 12,703 | [1],[2],[4] | $ 12,735 | [6],[7],[8] | |
Fair Value | $ 12,806 | [1],[2],[4] | $ 12,851 | [6],[7],[8],[10] | |
Percent of Net Assets | 3% | [1],[2],[4] | 3% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021 | |||||
Investment in number of shares or units | 495 | [1],[2],[3],[4] | 495 | [6],[7],[8],[15] | |
Investment Date | [6],[7],[8],[15],[17] | Aug. 10, 2021 | |||
Cost | [6],[7],[8],[15] | $ 125 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 33 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread (L + 6.50%) Variable Index Floor (0.75%) Rate Cash 11.25% Rate PIK 0.00% Investment date 8/10/2021 Maturity 8/10/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[56] | 6.50% | |||
Variable Index Floor | [1],[2],[3],[4],[56] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[56] | 11.25% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[56] | 0% | |||
Investment Date | [1],[2],[3],[4],[56] | Aug. 10, 2021 | |||
Maturity | [1],[2],[3],[4],[56] | Aug. 10, 2026 | |||
Principal Amount | [1],[2],[3],[4],[56] | $ 12,506 | |||
Cost | [1],[2],[3],[4],[56] | 12,453 | |||
Fair Value | [1],[2],[3],[4],[56] | $ 12,506 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (L +6.50%) Variable Index Floor (0.75%) Rate Cash 10.24% Rate PIK 0.00% Investment date 0810/2021 Maturity 8/10/2026 | |||||
Variable Index Spread | [6],[7],[15],[57],[58] | 6.50% | |||
Variable Index Floor | [6],[7],[8],[15],[57] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[57] | 10.24% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[57] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[57] | Aug. 10, 2021 | |||
Maturity | [6],[7],[8],[15],[57] | Aug. 10, 2026 | |||
Principal Amount | [6],[7],[8],[15],[57] | $ 12,541 | |||
Cost | [6],[7],[8],[15],[57] | 12,485 | |||
Fair Value | [6],[7],[8],[10],[15],[57] | $ 12,541 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/2021 | |||||
Investment in number of shares or units | 495 | [1],[2],[3],[4] | 495 | [6],[7],[8],[15] | |
Investment Date | Aug. 10, 2021 | [1],[2],[3],[4] | Aug. 10, 2021 | [6],[7],[8],[15],[17] | |
Cost | $ 125 | [1],[2],[3],[4] | $ 125 | [6],[7],[8],[15] | |
Fair Value | 284 | [1],[2],[3],[4] | 277 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants | |||||
Cost | [6],[7],[8] | 617 | |||
Fair Value | [6],[7],[8],[10] | $ 310 | |||
Percent of Net Assets | [6],[7],[8] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants Common Equity (14,201 units) Investment date 11/3/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15],[30] | 14,201 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants Common Equity Investment date 11/3/2022 | |||||
Investment Date | [6],[7],[8],[15],[17],[30] | Nov. 03, 2022 | |||
Cost | [6],[7],[8],[15],[30] | $ 521 | |||
Fair Value | [6],[7],[8],[10],[15],[30] | $ 18 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15],[30] | 9,787 | |||
Investment Date | [6],[7],[8],[15],[17],[30] | Nov. 03, 2022 | |||
Cost | [6],[7],[8],[15],[30] | $ 96 | |||
Fair Value | [6],[7],[8],[10],[15],[30] | 292 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services | |||||
Cost | 8,462 | [1],[2],[4] | 8,460 | [6],[7],[8] | |
Fair Value | $ 8,500 | [1],[2],[4] | $ 8,500 | [6],[7],[8],[10] | |
Percent of Net Assets | 2% | [1],[2],[4] | 2% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread (S + 7.25%) Variable Index Floor (1.00%) Rate Cash 12.09% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027 | |||||
Variable Index Spread | [1],[2],[4] | 7.25% | |||
Variable Index Floor | [1],[2],[4] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 12.09% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Apr. 01, 2022 | |||
Maturity | [1],[2],[4] | Apr. 01, 2027 | |||
Principal Amount | [1],[2],[4] | $ 8,500 | |||
Cost | [1],[2],[4] | 8,462 | |||
Fair Value | [1],[2],[4] | $ 8,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services First Lien Debt Variable Index Spread Variable Index Spread (S +7.25%) Variable Index Floor (1.00%) Rate Cash 11.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.25% | |||
Variable Index Floor | [6],[7],[8],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.06% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Apr. 01, 2022 | |||
Maturity | [6],[7],[8],[15] | Apr. 01, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 8,500 | |||
Cost | [6],[7],[8],[15] | 8,460 | |||
Fair Value | [6],[7],[8],[10],[15] | 8,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S + 6.25%) Variable Index Floor (1.00%) Rate Cash 11.09% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027 | |||||
Variable Index Spread | [1],[2],[3],[4],[5] | 6.25% | |||
Variable Index Floor | [1],[2],[3],[4],[5] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[5] | 11.09% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[5] | 0% | |||
Investment Date | [1],[2],[3],[4],[5] | Apr. 01, 2022 | |||
Maturity | [1],[2],[3],[4],[5] | Apr. 01, 2027 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027 | |||||
Unfunded commitment | [6],[7],[8],[14],[15] | $ 1,000 | |||
Variable Index Spread | [6],[7],[8],[14],[15] | 6.25% | |||
Variable Index Floor | [6],[7],[8],[14],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[15] | 10.06% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[15] | 0% | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Apr. 01, 2022 | |||
Maturity | [6],[7],[8],[14],[15] | Apr. 01, 2027 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing | |||||
Cost | [1],[2],[4] | $ 8,159 | |||
Fair Value | [1],[2],[4] | $ 8,189 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L + 11.00%) Variable Index Floor (2.00%) Rate Cash 18.75% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Variable Index Spread | [1],[2],[4] | 11% | |||
Variable Index Floor | [1],[2],[4] | (2.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 18.75% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Jan. 31, 2020 | |||
Maturity | [1],[2],[4] | Jan. 31, 2025 | |||
Principal Amount | [1],[2],[4] | $ 3,862 | |||
Cost | [1],[2],[4] | 3,841 | |||
Fair Value | [1],[2],[4] | $ 3,862 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread (L + 11.00%) Variable Index Floor (2.00%) Rate Cash 18.75% Rate PIK 0.00% Investment date 12/22/2022 Maturity 2/15/2023 | |||||
Variable Index Spread | [1],[2],[4] | 11% | |||
Variable Index Floor | [1],[2],[4] | (2.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 18.75% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Dec. 22, 2022 | |||
Maturity | [1],[2],[4] | Feb. 15, 2023 | |||
Principal Amount | [1],[2],[4] | $ 489 | |||
Cost | [1],[2],[4] | 489 | |||
Fair Value | [1],[2],[4] | 489 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L + 10.00%) Variable Index Floor (2.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Unfunded commitment | [1],[2],[3],[4],[59] | $ 162 | |||
Variable Index Spread | [1],[2],[3],[4],[59] | 10% | |||
Variable Index Floor | [1],[2],[3],[4],[59] | 2% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[59] | 17.75% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[59] | 0% | |||
Investment Date | [1],[2],[3],[4],[59] | Jan. 31, 2020 | |||
Maturity | [1],[2],[3],[4],[59] | Jan. 31, 2025 | |||
Principal Amount | [1],[2],[3],[4],[59] | $ 3,838 | |||
Cost | [1],[2],[3],[4],[59] | 3,829 | |||
Fair Value | [1],[2],[3],[4],[59] | $ 3,838 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing | |||||
Cost | [6],[7],[8] | $ 9,169 | |||
Fair Value | [6],[7],[8],[10] | $ 9,203 | |||
Percent of Net Assets | [6],[7],[8] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 17.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Variable Index Spread | [6],[7],[8] | 11% | |||
Variable Index Floor | [6],[7],[8] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 17.74% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Jan. 31, 2020 | |||
Maturity | [6],[7],[8] | Jan. 31, 2025 | |||
Principal Amount | [6],[7],[8] | $ 4,890 | |||
Cost | [6],[7],[8] | 4,866 | |||
Fair Value | [6],[7],[8],[10] | $ 4,890 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing First Lien Debt Variable Index Spread Rate Variable Index Spread Variable Index Spread (L +11.00%) Variable Index Floor (2.00%) Cash 18.75% Rate PIK 0.00% Investment date 12/22/2022 Maturity 2/15/2023 | |||||
Variable Index Spread | [6],[7],[8] | 11% | |||
Variable Index Floor | [6],[7],[8] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 18.75% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Dec. 22, 2022 | |||
Maturity | [6],[7],[8] | Feb. 15, 2023 | |||
Principal Amount | [6],[7],[8] | $ 475 | |||
Cost | [6],[7],[8] | 475 | |||
Fair Value | [6],[7],[8],[10] | 475 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L +10.00%) Variable Index Floor (2.00%) Rate Cash 16.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Unfunded commitment | [6],[7],[8],[15],[29] | $ 162 | |||
Variable Index Spread | [6],[7],[8],[15],[29] | 10% | |||
Variable Index Floor | [6],[7],[8],[15],[29] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[29] | 16.74% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[29] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[29] | Jan. 31, 2020 | |||
Maturity | [6],[7],[8],[15],[29] | Jan. 31, 2025 | |||
Principal Amount | [6],[7],[8],[15],[29] | $ 3,838 | |||
Cost | [6],[7],[8],[15],[29] | 3,828 | |||
Fair Value | [6],[7],[8],[10],[15],[29] | $ 3,838 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment date 12/11/2020 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[4] | 1,000,000 | [6],[7],[8] | |
Investment Date | [1],[2],[4] | Dec. 11, 2020 | |||
Cost | [1],[2],[4] | $ 627 | |||
Fair Value | [1],[2],[4] | $ 1,342 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity Investment date 12/11/2020 | |||||
Investment Date | [6],[7],[8],[17] | Dec. 11, 2020 | |||
Cost | [6],[7],[8] | $ 627 | |||
Fair Value | [6],[7],[8],[10] | $ 1,143 | |||
Percent of Net Assets | [6],[7],[8] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services | |||||
Cost | $ 22,371 | [1],[2],[4] | $ 22,212 | [6],[7],[8] | |
Fair Value | $ 21,674 | [1],[2],[4] | $ 21,283 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 5% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020 | |||||
Investment in number of shares or units | 909 | [1],[2],[3],[4] | 909 | [6],[7],[8],[15] | |
Investment Date | [1],[2],[3],[4] | Dec. 31, 2020 | |||
Cost | [1],[2],[3],[4] | $ 1,500 | |||
Fair Value | [1],[2],[3],[4] | $ 803 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity Investment date 12/31/2020 | |||||
Investment Date | [6],[7],[8],[15],[17] | Dec. 31, 2020 | |||
Cost | [6],[7],[8],[15] | $ 1,500 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 569 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Rate Cash 11.00% Rate PIK 3.00% Investment date 12/30/2022 Maturity 11/23/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 11% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 3% | |||
Investment Date | [1],[2],[3],[4] | Dec. 30, 2022 | |||
Maturity | [1],[2],[3],[4] | Nov. 23, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 20,918 | |||
Cost | [1],[2],[3],[4] | 20,871 | |||
Fair Value | [1],[2],[3],[4] | 20,871 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Subordinated Debt Variable Index Cash 11.00% Rate PIK 3.00% Investment date 12/30/2022 Maturity 12/31/2020 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 3% | |||
Investment Date | [6],[7],[8],[15],[17] | Dec. 30, 2022 | |||
Maturity | [6],[7],[8],[15] | Nov. 23, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 20,763 | |||
Cost | [6],[7],[8],[15] | 20,712 | |||
Fair Value | [6],[7],[8],[10],[15] | 20,714 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services | |||||
Cost | 24,604 | [1],[2],[4] | 24,593 | [6],[7],[8] | |
Fair Value | $ 25,068 | [1],[2],[4] | $ 25,257 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 5% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 573 | |||
Investment Date | [1],[2],[3],[4],[16] | Feb. 07, 2019 | |||
Cost | [1],[2],[3],[4],[16] | $ 552 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 913 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity Investment date 2/7/2019 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Feb. 07, 2019 | |||
Cost | [6],[7],[8],[13],[15] | $ 552 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 1,102 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 11.35% Rate PIK 0.00% Investment date 2/7/2019 Maturity 9/30/2025 | |||||
Variable Index Spread | [1],[2],[4],[21],[60] | 6.50% | |||
Variable Index Floor | [1],[2],[4],[21],[60] | 1% | |||
Investment interest rate, PIK | [1],[2],[4],[21],[60] | 0% | |||
Investment Date | [1],[2],[4],[21],[60] | Feb. 07, 2019 | |||
Maturity | [1],[2],[4],[21],[60] | Sep. 30, 2025 | |||
Principal Amount | [1],[2],[4],[21],[60] | $ 24,155 | |||
Cost | [1],[2],[4],[21],[60] | 24,052 | |||
Fair Value | [1],[2],[4],[21],[60] | $ 24,155 | |||
Investment interest rate, Cash | [1],[2],[4],[21],[60] | 11.35% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services First Lien Debt Variable Index Spread Variable Index Spread (S +6.50%) Variable Index Floor (1.00%) Cash 10.32% Rate PIK 0.00% Investment date 2/7/2019 Maturity 2/7/2024 | |||||
Variable Index Spread | [6],[7],[8],[28],[61] | 6.50% | |||
Variable Index Floor | [6],[7],[8],[28],[61] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28],[61] | 10.32% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28],[61] | 0% | |||
Investment Date | [6],[7],[8],[17],[28],[61] | Feb. 07, 2019 | |||
Maturity | [6],[7],[8],[28],[61] | Feb. 07, 2024 | |||
Principal Amount | [6],[7],[8],[28],[61] | $ 24,155 | |||
Cost | [6],[7],[8],[28],[61] | 24,041 | |||
Fair Value | [6],[7],[8],[10],[28],[61] | $ 24,155 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Diversified Search LLC Common Equity (573 units) Investment date 2/7/2019 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 573 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 shares) Investment date 4/30/2020 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 1,000,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 units) Investment date 4/30/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 1,000,000 | |||
Investment Date | [1],[2],[3],[4],[16] | Apr. 30, 2020 | |||
Cost | [1],[2],[3],[4],[16] | $ 221 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 2,169 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity Investment date 4/30/2020 | |||||
Investment Date | [6],[7],[8],[13],[15],[17] | Apr. 30, 2020 | |||
Cost | [6],[7],[8],[13],[15] | $ 221 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 1,633 | |||
Percent of Net Assets | [6],[7],[8],[13],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 12.75% | |||
Investment Date | [6],[7],[8],[17] | Oct. 31, 2022 | |||
Maturity | [6],[7],[8] | Oct. 29, 2027 | |||
Principal Amount | [6],[7],[8] | $ 6,000 | |||
Cost | [6],[7],[8] | 5,971 | |||
Fair Value | [6],[7],[8],[10] | $ 5,971 | |||
Percent of Net Assets | [6],[7],[8] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Rate Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 12.75% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Oct. 31, 2022 | |||
Maturity | [1],[2],[4] | Oct. 29, 2027 | |||
Principal Amount | [1],[2],[4] | $ 6,000 | |||
Cost | [1],[2],[4] | 5,972 | |||
Fair Value | [1],[2],[4] | $ 5,972 | |||
Percent of Net Assets | [1],[2],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Education Incites, LLC (dba Acceleration Academies) Business Services Second Lien Debt Variable Index Cash 12.75% Rate PIK 0.00% Investment date 10/31/2022 Maturity 10/29/2027 | |||||
Investment interest rate, PIK | [6],[7],[8],[9],[62] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Business Services | |||||
Fair Value | [1],[2],[4] | $ 400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products | |||||
Cost | 3,000 | [1],[2],[4] | $ 3,245 | [6],[7],[8] | |
Fair Value | $ 3,025 | [1],[2],[4] | $ 3,275 | [6],[7],[8],[10] | |
Percent of Net Assets | 1% | [1],[2],[4] | 1% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 12.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Dec. 31, 2020 | |||
Maturity | [6],[7],[8] | Jun. 30, 2024 | |||
Principal Amount | [6],[7],[8] | $ 1,775 | |||
Cost | [6],[7],[8] | 1,755 | |||
Fair Value | [6],[7],[8],[10] | $ 1,775 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products First Lien Debt Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 12.25% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Dec. 31, 2020 | |||
Maturity | [1],[2],[4] | Jun. 30, 2024 | |||
Principal Amount | [1],[2],[4] | $ 1,525 | |||
Cost | [1],[2],[4] | 1,508 | |||
Fair Value | [1],[2],[4] | $ 1,525 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Dec. 31, 2020 | |||
Maturity | [6],[7],[8],[15] | Jun. 30, 2024 | |||
Principal Amount | [6],[7],[8],[15] | $ 1,500 | |||
Cost | [6],[7],[8],[15] | 1,490 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 1,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Elements Brands, LLC Consumer Products Revolving Loan Rate Cash 12.25% Rate PIK 0.00% Investment date 12/31/2020 Maturity 6/30/2024 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.25% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Dec. 31, 2020 | |||
Maturity | [1],[2],[3],[4] | Jun. 30, 2024 | |||
Principal Amount | [1],[2],[3],[4] | $ 1,500 | |||
Cost | [1],[2],[3],[4] | 1,492 | |||
Fair Value | [1],[2],[3],[4] | $ 1,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.57% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027 | |||||
Variable Index Spread | [1],[2],[4] | 7.75% | |||
Variable Index Floor | [1],[2],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 12.57% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Mar. 25, 2022 | |||
Maturity | [1],[2],[4] | Mar. 25, 2027 | |||
Principal Amount | [1],[2],[4] | $ 14,391 | |||
Cost | [1],[2],[4] | 14,305 | |||
Fair Value | [1],[2],[4] | $ 14,391 | |||
Percent of Net Assets | [1],[2],[4] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Fishbowl Solutions, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 12.57% Rate PIK 0.00% Investment date 3/25/2022 Maturity 3/25/2027 | |||||
Variable Index Spread | [6],[7],[8],[63] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[63] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[63] | 12.57% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[63] | 0% | |||
Investment Date | [6],[7],[8],[17],[63] | Mar. 25, 2022 | |||
Maturity | [6],[7],[8],[63] | Mar. 25, 2027 | |||
Principal Amount | [6],[7],[8],[63] | $ 14,428 | |||
Cost | [6],[7],[8],[63] | 14,335 | |||
Fair Value | [6],[7],[8],[10],[63] | $ 14,427 | |||
Percent of Net Assets | [6],[7],[8],[63] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing | |||||
Cost | [1],[2],[4] | $ 11,423 | |||
Fair Value | [1],[2],[4] | $ 11,316 | |||
Percent of Net Assets | [1],[2],[4] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing | |||||
Cost | [6],[7],[8] | $ 11,415 | |||
Fair Value | [6],[7],[8],[10] | $ 11,313 | |||
Percent of Net Assets | [6],[7],[8] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/2021 | |||||
Investment in number of shares or units | 515,625 | [1],[2],[3],[4],[16] | 515,625 | [6],[7],[8],[13],[15] | |
Investment Date | Jan. 22, 2021 | [1],[2],[3],[4],[16] | Jan. 22, 2021 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 516 | [1],[2],[3],[4],[16] | $ 516 | [6],[7],[8],[13],[15] | |
Fair Value | $ 316 | [1],[2],[3],[4],[16] | $ 313 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing First Lien Debt Variable Index Spread (L +7.25%) Variable Index Floor (1.00%) Rate Cash 12.20% Rate PIK 0.00% Investment date 1/22/2021 Maturity 1/22/2026 | |||||
Variable Index Spread | [1],[2],[4],[64] | 7.25% | |||
Variable Index Floor | [1],[2],[4],[64] | (1.00%) | |||
Investment interest rate, PIK | [1],[2],[4],[64] | 0% | |||
Investment Date | [1],[2],[4],[64] | Jan. 22, 2021 | |||
Maturity | [1],[2],[4],[64] | Jan. 22, 2026 | |||
Principal Amount | [1],[2],[4],[64] | $ 11,000 | |||
Cost | [1],[2],[4],[64] | 10,907 | |||
Fair Value | [1],[2],[4],[64] | $ 11,000 | |||
Investment interest rate, Cash | [1],[2],[4],[64] | 12.20% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (1.00%) Rate Cash 13.01% Rate PIK 0.00% Investment date 1/22/2021 Maturity 1/22/2026 | |||||
Variable Index Spread | [6],[7],[8],[65] | 8.25% | |||
Variable Index Floor | [6],[7],[8],[65] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[65] | 13.01% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[65] | 0% | |||
Investment Date | [6],[7],[8],[17],[65] | Jan. 22, 2021 | |||
Maturity | [6],[7],[8],[65] | Jan. 22, 2026 | |||
Principal Amount | [6],[7],[8],[65] | $ 11,000 | |||
Cost | [6],[7],[8],[65] | 10,899 | |||
Fair Value | [6],[7],[8],[10],[65] | $ 11,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing | |||||
Cost | [1],[2],[4] | $ 234 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018 | |||||
Investment in number of shares or units | 947 | [1],[2],[3],[4] | 947 | [6],[7],[8],[15] | |
Investment Date | Sep. 21, 2018 | [1],[2],[3],[4] | Sep. 21, 2018 | [6],[7],[8],[15],[17] | |
Cost | $ 52 | [1],[2],[3],[4] | $ 52 | [6],[7],[8],[15] | |
Fair Value | $ 218 | [1],[2],[3],[4] | $ 283 | [6],[7],[8],[10],[15] | |
Percent of Net Assets | [6],[7],[8],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Services First Lien Debt Rate Cash 0.00% Rate PIK 18.80% Investment date 3/25/2022 Maturity 3/25/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 0% | |||
Principal Amount | [1],[2],[3],[4] | $ 182 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Subordinated Debt Rate Cash 0.00% Rate PIK 18.80% Investment date 3/31/2023 Maturity 3/18/2024 | |||||
Investment interest rate, PIK | [1],[2],[3],[4] | 18.80% | |||
Investment Date | [1],[2],[3],[4] | Mar. 31, 2023 | |||
Maturity | [1],[2],[3],[4] | Mar. 18, 2024 | |||
Cost | [1],[2],[3],[4] | $ 182 | |||
Fair Value | [1],[2],[3],[4] | $ 182 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (L +13.00%) Variable Index Floor (0.00%) Rate Cash 17.98% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024 | |||||
Variable Index Spread | [1],[2],[3],[4] | 13% | |||
Variable Index Floor | [1],[2],[3],[4] | 0% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Dec. 17, 2021 | |||
Maturity | [1],[2],[3],[4] | Dec. 17, 2024 | |||
Principal Amount | [1],[2],[3],[4] | $ 13,000 | |||
Cost | [1],[2],[3],[4] | 12,958 | |||
Fair Value | [1],[2],[3],[4] | $ 13,000 | |||
Percent of Net Assets | [1],[2],[4] | 3% | |||
Investment interest rate, Cash | [1],[2],[3],[4] | 17.98% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Green Cubes Technology, LLC (dba Green Cubes) Information Technology Services First Lien Debt Variable Index Spread (L +13.00%) Variable Index Floor (1.00%) Rate Cash 17.77% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024 | |||||
Variable Index Spread | [6],[7],[8],[15] | 13% | |||
Variable Index Floor | [6],[7],[8],[15] | 0% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 17.77% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Dec. 17, 2021 | |||
Maturity | [6],[7],[8],[15] | Dec. 17, 2024 | |||
Principal Amount | [6],[7],[8],[15] | $ 13,000 | |||
Cost | [6],[7],[8],[15] | 12,952 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 13,000 | |||
Percent of Net Assets | [6],[7],[8],[15] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017 | |||||
Investment in number of shares or units | 3 | [1],[2],[4] | 3 | [6],[7],[8] | |
Investment Date | Dec. 19, 2017 | [1],[2],[4] | Dec. 19, 2017 | [6],[7],[8],[17] | |
Cost | $ 605 | [1],[2],[4] | $ 605 | [6],[7],[8] | |
Fair Value | $ 2,609 | [1],[2],[4] | $ 2,381 | [6],[7],[8],[10] | |
Percent of Net Assets | 1% | [1],[2],[4] | 0% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc Healthcare Services First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (2.00%) Rate Cash 13.41% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024 | |||||
Variable Index Spread | [1],[2],[4],[66] | 8.25% | |||
Variable Index Floor | [1],[2],[4],[66] | 2% | |||
Investment interest rate, PIK | [1],[2],[4],[66] | 0% | |||
Investment Date | [1],[2],[4],[66] | Oct. 11, 2019 | |||
Maturity | [1],[2],[4],[66] | Oct. 11, 2024 | |||
Principal Amount | [1],[2],[4],[66] | $ 5,378 | |||
Cost | [1],[2],[4],[66] | 5,365 | |||
Fair Value | [1],[2],[4],[66] | $ 5,378 | |||
Investment interest rate, Cash | [1],[2],[4],[66] | 13.41% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services | |||||
Cost | $ 5,995 | [1],[2],[4] | $ 5,993 | [6],[7],[8] | |
Fair Value | $ 5,710 | [1],[2],[4] | $ 5,793 | [6],[7],[8],[10] | |
Percent of Net Assets | 1% | [1],[2],[4] | 1% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019 | |||||
Investment in number of shares or units | 630 | [1],[2],[3],[4],[16] | 630 | [6],[7],[8],[13],[15] | |
Investment Date | Oct. 11, 2019 | [1],[2],[4] | Oct. 11, 2019 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 630 | [1],[2],[3],[4],[16] | $ 630 | [6],[7],[8],[13],[15] | |
Fair Value | 332 | [1],[2],[3],[4],[16] | $ 415 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (2.00%) Rate Cash 12.98% Rate PIK 0.00% Investment date 10/11/2019 Maturity 10/11/2024 | |||||
Variable Index Spread | [6],[7],[8],[62] | 8.25% | |||
Variable Index Floor | [6],[7],[8],[62] | 2% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[62] | 12.98% | |||
Investment Date | [6],[7],[8],[17],[62] | Oct. 11, 2019 | |||
Maturity | [6],[7],[8],[62] | Oct. 11, 2024 | |||
Principal Amount | [6],[7],[8],[62] | $ 5,378 | |||
Cost | [6],[7],[8],[62] | 5,363 | |||
Fair Value | [6],[7],[8],[10],[62] | 5,378 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services | |||||
Cost | 9,056 | [1],[2],[4] | 9,073 | [6],[7],[8] | |
Fair Value | $ 11,530 | [1],[2],[4] | $ 11,878 | [6],[7],[8],[10] | |
Percent of Net Assets | 2% | [1],[2],[4] | 3% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020 | |||||
Investment in number of shares or units | 750,000 | [1],[2],[3],[4] | 750,000 | [6],[7],[8],[15] | |
Investment Date | Dec. 04, 2020 | [1],[2],[4] | Dec. 04, 2020 | [6],[7],[8],[15],[17] | |
Cost | $ 750 | [1],[2],[3],[4] | $ 750 | [6],[7],[8],[15] | |
Fair Value | $ 3,189 | [1],[2],[3],[4] | $ 3,517 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +7.25%) Variable Index Floor (1.50%) Rate Cash 10.99% Rate PIK 0.00% Investment date 12/4/2020 Maturity 12/4/2025 | |||||
Variable Index Spread | [6],[7],[8],[15],[67] | 7.25% | |||
Variable Index Floor | [6],[7],[8],[15],[67] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[67] | 10.99% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[67] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[67] | Dec. 04, 2020 | |||
Maturity | [6],[7],[8],[15],[67] | Dec. 04, 2025 | |||
Principal Amount | [6],[7],[8],[15],[67] | $ 8,361 | |||
Cost | [6],[7],[8],[15],[67] | 8,323 | |||
Fair Value | [6],[7],[8],[10],[15],[67] | $ 8,361 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services First Lien Debt Variable Index Spread (L +7.25%) Variable Index Floor (1.50%) Rate Cash 12.00% Rate PIK 0.00% Investment date 12/4/2020 Maturity 12/4/2025 | |||||
Variable Index Spread | [1],[2],[3],[4],[68] | 7.25% | |||
Variable Index Floor | [1],[2],[3],[4],[68] | 1.50% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[68] | 0% | |||
Investment Date | [1],[2],[3],[4],[68] | Dec. 04, 2020 | |||
Maturity | [1],[2],[3],[4],[68] | Dec. 04, 2025 | |||
Principal Amount | [1],[2],[3],[4],[68] | $ 8,341 | |||
Cost | [1],[2],[3],[4],[68] | 8,306 | |||
Fair Value | [1],[2],[3],[4],[68] | $ 8,341 | |||
Investment interest rate, Cash | [1],[2],[3],[4],[68] | 12% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020 | |||||
Investment in number of shares or units | 197,980 | [1],[2],[4] | 197,980 | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity Investment date 11/13/2020 | |||||
Investment Date | Nov. 13, 2020 | [1],[2],[4] | Nov. 13, 2020 | [6],[7],[8],[17] | |
Cost | $ 748 | [1],[2],[4] | $ 748 | [6],[7],[8] | |
Fair Value | $ 1,443 | [1],[2],[4] | $ 1,376 | [6],[7],[8],[10] | |
Percent of Net Assets | 0% | [1],[2],[4] | 0% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products | |||||
Cost | $ 25,283 | [1],[2],[4] | $ 25,220 | [6],[7],[8] | |
Fair Value | $ 26,036 | [1],[2],[4] | $ 25,932 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 5% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016 | |||||
Investment in number of shares or units | 3,750 | [1],[2],[4] | 3,750 | [6],[7],[8] | |
Investment Date | Mar. 23, 2016 | [1],[2],[4] | Mar. 23, 2016 | [6],[7],[8],[17] | |
Cost | $ 62 | [1],[2],[4] | $ 62 | [6],[7],[8] | |
Fair Value | $ 760 | [1],[2],[4] | $ 708 | [6],[7],[8],[10] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020 | |||||
Investment in number of shares or units | 868 | [1],[2],[3],[4] | 868 | [6],[7],[8],[15] | |
Investment Date | Oct. 16, 2020 | [1],[2],[3],[4] | Oct. 16, 2020 | [6],[7],[8],[15],[17] | |
Cost | $ 153 | [1],[2],[3],[4] | $ 153 | [6],[7],[8],[15] | |
Fair Value | $ 208 | [1],[2],[3],[4] | $ 218 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Cash 12.50% Rate PIK 1.00% Investment date 3/23/2016 Maturity 12/15/2023 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28] | 12.50% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28] | 1% | |||
Investment Date | [6],[7],[8],[17],[28] | Mar. 23, 2016 | |||
Maturity | [6],[7],[8],[28] | Dec. 15, 2023 | |||
Principal Amount | [6],[7],[8],[28] | $ 25,007 | |||
Cost | [6],[7],[8],[28] | 25,005 | |||
Fair Value | [6],[7],[8],[10],[28] | $ 25,006 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 3/23/2016 Maturity 12/15/2023 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21] | 12.50% | |||
Investment interest rate, PIK | [1],[2],[4],[21] | 1% | |||
Investment Date | [1],[2],[4],[21] | Mar. 23, 2016 | |||
Maturity | [1],[2],[4],[21] | Dec. 15, 2023 | |||
Principal Amount | [1],[2],[4],[21] | $ 25,069 | |||
Cost | [1],[2],[4],[21] | 25,068 | |||
Fair Value | [1],[2],[4],[21] | $ 25,068 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018 | |||||
Investment in number of shares or units | 150,000 | [1],[2],[4] | 150,000 | [6],[7],[8] | |
Investment Date | Jun. 20, 2018 | [1],[2],[4] | Jun. 20, 2018 | [6],[7],[8],[17] | |
Fair Value | $ 27 | [1],[2],[4] | $ 346 | [6],[7],[8],[10] | |
Percent of Net Assets | 0% | [1],[2],[4] | 0% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services | |||||
Cost | $ 25,205 | [1],[2],[4] | $ 25,600 | [6],[7],[8] | |
Fair Value | $ 25,278 | [1],[2],[4] | $ 25,835 | [6],[7],[8],[10] | |
Percent of Net Assets | 5% | [1],[2],[4] | 5% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021 | |||||
Investment in number of shares or units | 256,964 | [1],[2],[3],[4],[16] | 256,964 | [6],[7],[8],[13],[15] | |
Investment Date | Apr. 05, 2021 | [1],[2],[3],[4],[16] | Apr. 05, 2021 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 500 | [1],[2],[3],[4],[16] | $ 500 | [6],[7],[8],[13],[15] | |
Fair Value | $ 509 | [1],[2],[3],[4],[16] | $ 666 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L +7.50%) Variable Index Floor (0.50%) Rate Cash 11.17% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[69] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[15],[69] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[69] | 11.17% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[69] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[69] | Apr. 05, 2021 | |||
Maturity | [6],[7],[8],[15],[69] | Apr. 05, 2026 | |||
Principal Amount | [6],[7],[8],[15],[69] | $ 12,175 | |||
Cost | [6],[7],[8],[15],[69] | 12,106 | |||
Fair Value | [6],[7],[8],[10],[15],[69] | $ 12,175 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L +7.50%) Variable Index Floor (0.50%) Rate Cash 11.17% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/2026 | |||||
Variable Index Spread | [6],[7],[8],[15],[70] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[15],[70] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[70] | 11.17% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[70] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[70] | Jun. 30, 2021 | |||
Maturity | [6],[7],[8],[15],[70] | Apr. 05, 2026 | |||
Principal Amount | [6],[7],[8],[15],[70] | $ 12,994 | |||
Cost | [6],[7],[8],[15],[70] | 12,994 | |||
Fair Value | [6],[7],[8],[10],[15],[70] | 12,994 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L+7.50%) Variable Index Floor (0.50%) Rate Cash 12.23% Rate PIK 0.00% Investment date 4/5/2021 Maturity 4/5/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[71] | 7.50% | |||
Variable Index Floor | [1],[2],[3],[4],[71] | (0.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[71] | 12.23% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[71] | 0% | |||
Investment Date | [1],[2],[3],[4],[71] | Apr. 05, 2021 | |||
Maturity | [1],[2],[3],[4],[71] | Apr. 05, 2026 | |||
Principal Amount | [1],[2],[3],[4],[71] | $ 11,991 | |||
Cost | [1],[2],[3],[4],[71] | 11,927 | |||
Fair Value | [1],[2],[3],[4],[71] | $ 11,991 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services First Lien Debt Variable Index Spread (L+7.50%) Variable Index Floor (0.50%) Rate Cash 12.23% Rate PIK 0.00% Investment date 6/30/2021 Maturity 4/5/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[72] | 7.50% | |||
Variable Index Floor | [1],[2],[3],[4],[72] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[72] | 12.23% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[72] | 0% | |||
Investment Date | [1],[2],[3],[4],[72] | Jun. 30, 2021 | |||
Maturity | [1],[2],[3],[4],[72] | Apr. 05, 2026 | |||
Principal Amount | [1],[2],[3],[4],[72] | $ 12,778 | |||
Cost | [1],[2],[3],[4],[72] | 12,778 | |||
Fair Value | [1],[2],[3],[4],[72] | 12,778 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services | |||||
Cost | 19,687 | [1],[2],[4] | 19,765 | [6],[7],[8] | |
Fair Value | $ 20,653 | [1],[2],[4] | $ 20,796 | [6],[7],[8],[10] | |
Percent of Net Assets | 4% | [1],[2],[4] | 4% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.00%) Variable Index Floor (1.00%) Rate Cash 11.69% Rate PIK 1.00% Investment date 6/30/2020 Maturity 7/28/2025 | |||||
Variable Index Spread | [6],[7],[8],[15],[50],[73] | 7% | |||
Variable Index Floor | [6],[7],[8],[15],[50],[73] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[50],[73] | 11.69% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[50],[73] | 1% | |||
Investment Date | [6],[7],[8],[15],[17],[50],[73] | Jun. 30, 2020 | |||
Maturity | [6],[7],[8],[15],[50],[73] | Jul. 28, 2025 | |||
Principal Amount | [6],[7],[8],[15],[50],[73] | $ 19,773 | |||
Cost | [6],[7],[8],[15],[50],[73] | 19,083 | |||
Fair Value | [6],[7],[8],[10],[15],[50],[73] | $ 19,773 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services First Lien Debt Variable Index Spread (S+7.00%) Variable Index Floor (1.00%) Rate Cash 11.78% Rate PIK 1.00% Investment date 6/30/2020 Maturity 7/28/2025 | |||||
Variable Index Spread | [1],[2],[4] | 7% | |||
Variable Index Floor | [1],[2],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 11.78% | |||
Investment interest rate, PIK | [1],[2],[4] | 1% | |||
Investment Date | [1],[2],[4] | Jun. 30, 2020 | |||
Maturity | [1],[2],[4] | Jul. 28, 2025 | |||
Principal Amount | [1],[2],[4] | $ 19,630 | |||
Cost | [1],[2],[4] | 19,005 | |||
Fair Value | [1],[2],[4] | $ 19,630 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021 | |||||
Investment in number of shares or units | 682,075 | [1],[2],[3],[4] | 682,075 | [6],[7],[8],[15] | |
Investment Date | Jul. 28, 2021 | [1],[2],[3],[4] | Jul. 28, 2021 | [6],[7],[8],[15],[17] | |
Cost | $ 682 | [1],[2],[3],[4] | $ 682 | [6],[7],[8],[15] | |
Fair Value | $ 1,023 | [1],[2],[3],[4] | $ 1,023 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) (n) Industrial Cleaning & Coatings Second Lien Debt Cash 0.00% Rate PIK 10.00% Investment date 1/28/2019 Maturity 1/28/2025 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[25],[27] | 0% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[25],[27] | 10% | |||
Investment Date | [6],[7],[8],[15],[17],[25],[27] | Jan. 28, 2019 | |||
Maturity | [6],[7],[8],[15],[25],[27] | Jan. 28, 2025 | |||
Principal Amount | [6],[7],[8],[15],[25],[27] | $ 2,368 | |||
Cost | [6],[7],[8],[15],[25],[27] | 2,368 | |||
Fair Value | [6],[7],[8],[10],[15],[25],[27] | $ 2,123 | |||
Percent of Net Assets | [6],[7],[8],[15],[25],[27] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) Industrial Cleaning & Coatings Second Lien Debt Rate Cash 0.00% Rate PIK 10.00% Investment date 1/28/2019 Maturity 1/28/2025 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[24] | 0% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[24] | 10% | |||
Investment Date | [1],[2],[3],[4],[24] | Jan. 28, 2019 | |||
Maturity | [1],[2],[3],[4],[24] | Jan. 28, 2025 | |||
Principal Amount | [1],[2],[3],[4],[24] | $ 2,368 | |||
Cost | [1],[2],[3],[4],[24] | 2,368 | |||
Fair Value | [1],[2],[3],[4],[24] | $ 2,123 | |||
Percent of Net Assets | [1],[2],[3],[4],[24] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Les Business Services First Lien Debt Variable Index Spread (L+6.75%) Variable Index Floor (0.50%) Rate Cash 11.50% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [1],[2],[4] | 6.75% | |||
Variable Index Floor | [1],[2],[4] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 11.50% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Apr. 01, 2021 | |||
Maturity | [1],[2],[4] | Apr. 01, 2026 | |||
Principal Amount | [1],[2],[4] | $ 5,131 | |||
Cost | [1],[2],[4] | 5,106 | |||
Fair Value | [1],[2],[4] | 5,131 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services | |||||
Cost | 6,106 | [1],[2],[4] | $ 6,138 | [6],[7],[8] | |
Fair Value | $ 6,516 | [1],[2],[4] | $ 6,428 | [6],[7],[8],[10] | |
Percent of Net Assets | 1% | [1],[2],[4] | 1% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[3],[4] | 1,000,000 | [6],[7],[8],[15] | |
Investment Date | Apr. 01, 2021 | [1],[2],[3],[4] | Apr. 01, 2021 | [6],[7],[8],[15],[17] | |
Cost | $ 1,000 | [1],[2],[3],[4] | $ 1,000 | [6],[7],[8],[15] | |
Fair Value | 1,385 | [1],[2],[3],[4] | $ 1,263 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services First Lien Debt Variable Index Spread (L +6.75%) Variable Index Floor (0.50%) Rate Cash 10.49% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [6],[7],[8] | 6.75% | |||
Variable Index Floor | [6],[7],[8] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 10.49% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Apr. 01, 2021 | |||
Maturity | [6],[7],[8] | Apr. 01, 2026 | |||
Principal Amount | [6],[7],[8] | $ 5,165 | |||
Cost | [6],[7],[8] | 5,138 | |||
Fair Value | [6],[7],[8],[10] | 5,165 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products | |||||
Cost | 16,950 | [1],[2],[4] | 16,946 | [6],[7],[8] | |
Fair Value | $ 15,270 | [1],[2],[4] | $ 16,023 | [6],[7],[8],[10] | |
Percent of Net Assets | 3% | [1],[2],[4] | 3% | [6],[7],[8] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 100 | |||
Investment Date | Mar. 19, 2021 | [1],[2],[3],[4] | Mar. 19, 2021 | [6],[7],[8],[15],[17] | |
Cost | $ 1,000 | [1],[2],[3],[4] | $ 1,000 | [6],[7],[8],[15] | |
Fair Value | $ 646 | [1],[2],[3],[4] | $ 605 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 0.00% Investment date 3/19/2021 Maturity 9/19/2026 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.50% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Mar. 19, 2021 | |||
Maturity | [6],[7],[8],[15] | Sep. 19, 2026 | |||
Principal Amount | [6],[7],[8],[15] | $ 16,000 | |||
Cost | [6],[7],[8],[15] | 15,946 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 15,418 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Subordinated Debt Rate Cash 11.50% Rate PIK 10.00% Investment date 3/19/2021 Maturity 9/19/2026 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 11.50% | |||
Investment interest rate, PIK | [1],[2],[4] | 0% | |||
Investment Date | [1],[2],[4] | Mar. 19, 2021 | |||
Maturity | [1],[2],[4] | Sep. 19, 2026 | |||
Principal Amount | [1],[2],[4] | $ 16,000 | |||
Cost | [1],[2],[4] | 15,950 | |||
Fair Value | [1],[2],[4] | $ 14,624 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S +8.50%) Variable Index Floor (1.50%) Rate Cash 13.34% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026 | |||||
Variable Index Spread | [6],[7],[8],[15] | 8.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 13.34% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Sep. 29, 2022 | |||
Maturity | [6],[7],[8],[15] | Sep. 28, 2026 | |||
Principal Amount | [6],[7],[8],[15] | $ 27,000 | |||
Cost | [6],[7],[8],[15] | 26,873 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 26,873 | |||
Percent of Net Assets | [6],[7],[8],[15] | 6% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments MBS Opco, LLC (dba Marketron) Information Technology Services First Lien Debt Variable Index Spread (S+8.50%) Variable Index Floor (1.50%) Rate Cash 13.66% Rate PIK 0.00% Investment date 9/29/2022 Maturity 9/28/2026 | |||||
Variable Index Spread | [1],[2],[3],[4] | 8.50% | |||
Variable Index Floor | [1],[2],[3],[4] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 13.66% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Sep. 29, 2022 | |||
Maturity | [1],[2],[3],[4] | Sep. 28, 2026 | |||
Principal Amount | [1],[2],[3],[4] | $ 27,000 | |||
Cost | [1],[2],[3],[4] | 26,881 | |||
Fair Value | [1],[2],[3],[4] | $ 27,000 | |||
Percent of Net Assets | [1],[2],[3],[4] | 6% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (L +8.25%) Variable Index Floor (0.75%) Rate Cash 12.98% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029 | |||||
Variable Index Spread | [6],[7],[8],[15] | 8.25% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.98% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Jul. 19, 2022 | |||
Maturity | [6],[7],[8],[15] | Jul. 27, 2029 | |||
Principal Amount | [6],[7],[8],[15] | $ 7,182 | |||
Cost | [6],[7],[8],[15] | 6,809 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 7,126 | |||
Percent of Net Assets | [6],[7],[8],[15] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Magenta Buyer LLC (dba Trellix) Information Technology Services Second Lien Debt Variable Index Spread (L+8.25%) Variable Index Floor (0.75%) Rate Cash 12.66% Rate PIK 0.00% Investment date 7/19/2022 Maturity 7/27/2029 | |||||
Variable Index Spread | [1],[2],[3],[4] | 8.25% | |||
Variable Index Floor | [1],[2],[3],[4] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.66% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Jul. 19, 2022 | |||
Maturity | [1],[2],[3],[4] | Jul. 27, 2029 | |||
Principal Amount | [1],[2],[3],[4] | $ 7,182 | |||
Cost | [1],[2],[3],[4] | 6,822 | |||
Fair Value | [1],[2],[3],[4] | $ 7,125 | |||
Percent of Net Assets | [1],[2],[3],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing | |||||
Cost | $ 12,599 | [1],[2],[4] | $ 12,594 | [6],[7],[8],[15] | |
Fair Value | $ 14,717 | [1],[2],[4] | $ 14,396 | [6],[7],[8],[10],[15] | |
Percent of Net Assets | 3% | [1],[2],[4] | 3% | [6],[7],[8],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 14,400 | |||
Investment Date | [1],[2],[3],[4] | Feb. 17, 2022 | |||
Cost | [1],[2],[3],[4] | $ 1,440 | |||
Fair Value | [1],[2],[3],[4] | $ 3,494 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 units) Investment date 2/17/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 14,400 | |||
Investment Date | [6],[7],[8],[15],[17] | Feb. 17, 2022 | |||
Cost | [6],[7],[8],[15] | $ 1,440 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 3,173 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S +5.50%) Variable Index Floor (0.50%) Rate Cash 9.32% Rate PIK 0.00% Investment date 2/17/2022 Maturity 2/17/2027 | |||||
Variable Index Spread | [6],[7],[8],[15] | 5.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 9.32% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Feb. 17, 2022 | |||
Maturity | [6],[7],[8],[15] | Feb. 17, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 11,223 | |||
Cost | [6],[7],[8],[15] | 11,154 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 11,223 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing First Lien Debt Variable Index Spread (S+5.50%) Variable Index Floor (0.50%) Rate Cash 9.32% Rate PIK 0.00% Investment date 9/17/2022 Maturity 2/17/2027 | |||||
Variable Index Spread | [1],[2],[4],[21],[74] | 5.50% | |||
Variable Index Floor | [1],[2],[4],[21],[74] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21],[74] | 9.32% | |||
Investment interest rate, PIK | [1],[2],[4],[21],[74] | 0% | |||
Investment Date | [1],[2],[4],[21],[74] | Feb. 17, 2022 | |||
Maturity | [1],[2],[4],[21],[74] | Feb. 17, 2027 | |||
Principal Amount | [1],[2],[4],[21],[74] | $ 11,223 | |||
Cost | [1],[2],[4],[21],[74] | 11,159 | |||
Fair Value | [1],[2],[4],[21],[74] | $ 11,223 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Mobilewalla, Inc. Information Technology Services First Lien Debt Variable Index Spread (L +11.50%) Variable Index Floor (0.50%) Rate Cash 16.26% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024 | |||||
Variable Index Spread | [6],[7],[8],[15] | 11.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 16.26% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Dec. 17, 2021 | |||
Maturity | [6],[7],[8],[15] | Dec. 17, 2024 | |||
Principal Amount | [6],[7],[8],[15] | $ 5,715 | |||
Cost | [6],[7],[8],[15] | 5,696 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 5,715 | |||
Percent of Net Assets | [6],[7],[8],[15] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Mobilewalla, Inc. Information Technology Services First Lien Debt Variable Index Spread (S+11.50%) Variable Index Floor (0.50%) Rate Cash 16.67%% Rate PIK 0.00% Investment date 12/17/2021 Maturity 12/17/2024 | |||||
Variable Index Spread | [1],[2],[3],[4] | 11.50% | |||
Variable Index Floor | [1],[2],[3],[4] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 16.67% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Dec. 17, 2021 | |||
Maturity | [1],[2],[3],[4] | Dec. 17, 2024 | |||
Principal Amount | [1],[2],[3],[4] | $ 5,715 | |||
Cost | [1],[2],[3],[4] | 5,699 | |||
Fair Value | [1],[2],[3],[4] | $ 5,715 | |||
Percent of Net Assets | [1],[2],[3],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NGT Acquisition Holdings, LLC (dba Techniks Industries) Component Manufacturing Common Equity (378 units) Investment date 5/24/2017 | |||||
Investment in number of shares or units | 378 | [1],[2],[3],[4] | 378 | [6],[7],[8],[15] | |
Investment Date | May 24, 2017 | [1],[2],[3],[4] | May 24, 2017 | [6],[7],[8],[15],[17] | |
Cost | $ 500 | [1],[2],[3],[4] | $ 500 | [6],[7],[8],[15] | |
Fair Value | $ 109 | [1],[2],[3],[4] | $ 121 | [6],[7],[8],[10],[15] | |
Percent of Net Assets | 0% | [1],[2],[3],[4] | 0% | [6],[7],[8],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 | |||||
Unfunded commitment | [6],[7],[8],[14],[15] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025 | |||||
Unfunded commitment | [6],[7],[8],[14],[28],[75] | $ 3,300 | |||
Variable Index Spread | [6],[7],[8],[14],[28],[75] | 4% | |||
Variable Index Floor | [6],[7],[8],[14],[28],[75] | 3.25% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[28],[75] | 11.50% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[28],[75] | 0% | |||
Investment Date | [6],[7],[8],[14],[17],[28],[75] | Nov. 18, 2021 | |||
Maturity | [6],[7],[8],[14],[28],[75] | Nov. 18, 2025 | |||
Principal Amount | [6],[7],[8],[14],[28],[75] | $ 16,708 | |||
Cost | [6],[7],[8],[14],[28],[75] | 16,618 | |||
Fair Value | [6],[7],[8],[10],[14],[28],[75] | $ 16,852 | |||
Percent of Net Assets | [6],[7],[8],[14],[28],[75] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 12.00% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025 | |||||
Unfunded commitment | [1],[2],[4],[5],[21],[76] | $ 3,300 | |||
Variable Index Spread | [1],[2],[4],[5],[21],[76] | 4% | |||
Variable Index Floor | [1],[2],[4],[5],[21],[76] | 3.25% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[5],[21],[76] | 12% | |||
Investment interest rate, PIK | [1],[2],[4],[5],[21],[76] | 0% | |||
Investment Date | [1],[2],[4],[5],[21],[76] | Nov. 18, 2021 | |||
Maturity | [1],[2],[4],[5],[21],[76] | Nov. 18, 2025 | |||
Principal Amount | [1],[2],[4],[5],[21],[76] | $ 16,708 | |||
Cost | [1],[2],[3],[4],[21],[76] | 16,626 | |||
Fair Value | [1],[2],[3],[4],[21],[76] | $ 16,708 | |||
Percent of Net Assets | [1],[2],[3],[4],[21],[76] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services | |||||
Cost | $ 11,426 | [1],[2],[4] | $ 11,422 | [6],[7],[8],[15] | |
Fair Value | $ 11,710 | [1],[2],[4] | $ 11,422 | [6],[7],[8],[10],[15] | |
Percent of Net Assets | 2% | [1],[2],[4] | 3% | [6],[7],[8],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022 | |||||
Investment in number of shares or units | 732,542 | [1],[2],[3],[4] | 732,542 | [6],[7],[8],[15] | |
Investment Date | Sep. 30, 2022 | [1],[2],[3],[4] | Sep. 30, 2022 | [6],[7],[8],[15],[17] | |
Cost | $ 500 | [1],[2],[3],[4] | $ 500 | [6],[7],[8],[15] | |
Fair Value | $ 710 | [1],[2],[3],[4] | $ 500 | [6],[7],[8],[10],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (1.00%) Rate Cash 12.08% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 12.08% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Sep. 30, 2022 | |||
Maturity | [6],[7],[8],[15] | Sep. 30, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 11,000 | |||
Cost | [6],[7],[8],[15] | 10,922 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 10,922 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S+17.50%) Variable Index Floor (1.00%) Rate Cash 12.40%% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.50% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Common Equity (499 units) Industry Retail Investment date 11/3/2016 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 499 | |||
Investment Date | [1],[2],[3],[4] | Nov. 03, 2016 | |||
Cost | [1],[2],[3],[4] | $ 265 | |||
Fair Value | [1],[2],[3],[4] | $ 590 | |||
Percent of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 499 | |||
Investment Date | [6],[7],[8],[15],[17] | Nov. 03, 2016 | |||
Cost | [6],[7],[8],[15] | $ 265 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 453 | |||
Percent of Net Assets | [6],[7],[8],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Oil & Gas Services Subordinated Debt Rate Cash 9.00% Rate PIK 0.00% Investment date 6/30/2022 Maturity 6/30/2027 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 9% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Jun. 30, 2022 | |||
Maturity | [6],[7],[8],[15] | Jun. 30, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 13,000 | |||
Cost | [6],[7],[8],[15] | 12,933 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 13,000 | |||
Percent of Net Assets | [6],[7],[8],[15] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pinnergy, Ltd. Subordinated Debt Industry Oil & Gas Services Rate Cash/PIK 12.40%% Rate PIK 9.00%/0.00% Investment date 6/30/2022 Maturity 6/30/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 9% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Jun. 30, 2022 | |||
Maturity | [1],[2],[3],[4] | Jun. 30, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 13,000 | |||
Cost | [1],[2],[3],[4] | 12,936 | |||
Fair Value | [1],[2],[3],[4] | $ 13,000 | |||
Percent of Net Assets | [1],[2],[3],[4] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 15,000 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Oct. 28, 2020 | |||
Cost | [6],[7],[8],[13],[15] | $ 549 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 4,835 | |||
Percent of Net Assets | [6],[7],[8],[13],[15] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. | |||||
Cost | $ 18,617 | [1],[2],[4] | $ 18,591 | [6],[7],[8],[15] | |
Fair Value | $ 21,113 | [1],[2],[4] | $ 20,211 | [6],[7],[8],[10],[15] | |
Percent of Net Assets | 4% | [1],[2],[4] | 4% | [6],[7],[8],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Common Equity (10,622 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 10,622 | |||
Investment Date | [1],[2],[3],[4] | Apr. 12, 2018 | |||
Cost | [1],[2],[3],[4] | $ 462 | |||
Fair Value | [1],[2],[3],[4] | $ 2,637 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (392 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 392 | |||
Investment Date | [1],[2],[3],[4] | Apr. 12, 2018 | |||
Cost | [1],[2],[3],[4] | $ 392 | |||
Fair Value | [1],[2],[3],[4] | $ 640 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (48 shares) Industry Specialty Distribution Investment date 12/2/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 48 | |||
Investment Date | [1],[2],[3],[4] | Dec. 02, 2019 | |||
Cost | [1],[2],[3],[4] | $ 48 | |||
Fair Value | [1],[2],[3],[4] | $ 79 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.00%/0.50% Investment date 4/12/2018 Maturity 12/2/2025 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21] | 11% | |||
Investment interest rate, PIK | [1],[2],[4],[21] | 0.50% | |||
Investment Date | [1],[2],[4],[21] | Apr. 12, 2018 | |||
Maturity | [1],[2],[4],[21] | Dec. 02, 2025 | |||
Principal Amount | [1],[2],[4],[21] | $ 17,757 | |||
Cost | [1],[2],[4],[21] | 17,715 | |||
Fair Value | [1],[2],[4],[21] | 17,757 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 10,622 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 392 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 48 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Second Lien Debt Cash 11.00% Rate PIK 0.50% Investment date 4/12/2018 Maturity 12/2/2025 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 14.23% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Utilities: Services Second Lien Debt Cash 14.23% Rate PIK 0.00% Investment date 9/21/2021 Maturity 3/21/2029 | |||||
Variable Index Spread | [6],[7],[8],[15] | 9.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 1% | |||
Investment Date | [6],[7],[8],[15],[17] | Sep. 21, 2021 | |||
Maturity | [6],[7],[8],[15] | Mar. 21, 2029 | |||
Principal Amount | [6],[7],[8],[15] | $ 10,831 | |||
Cost | [6],[7],[8],[15] | 10,786 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 10,831 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC | |||||
Cost | [1],[2],[4] | 11,323 | |||
Fair Value | [1],[2],[4] | $ 11,591 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 5,341 | |||
Investment Date | [1],[2],[3],[4],[16] | Sep. 21, 2021 | |||
Cost | [1],[2],[3],[4],[16] | $ 534 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 760 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Second Lien Debt Industry Utilities: Services Variable Index Spread / Floor (L + 9.50%) / (1.00%) Rate Cash/PIK 14.66%/0.00% Investment date 9/21/2021 Maturity 3/21/2029 | |||||
Variable Index Spread | [1],[2],[3],[4] | 9.50% | |||
Variable Index Floor | [1],[2],[3],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 14.66% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Sep. 21, 2021 | |||
Maturity | [1],[2],[3],[4] | Mar. 21, 2029 | |||
Principal Amount | [1],[2],[3],[4] | $ 10,831 | |||
Cost | [1],[2],[3],[4] | 10,789 | |||
Fair Value | [1],[2],[3],[4] | 10,831 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 5,341 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. | |||||
Cost | [1],[2],[4] | 6,669 | |||
Fair Value | [1],[2],[4] | $ 6,204 | |||
Percent of Net Assets | [1],[2],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 900,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. First Lien Debt Industry Business Services Variable Index Spread / Floor (S + 6.75%) / (2.00%) Rate Cash/PIK 11.90%/0.00% Investment date 11/25/2019 Maturity 11/25/2024 | |||||
Variable Index Spread | [1],[2],[3],[4],[77] | 6.75% | |||
Variable Index Floor | [1],[2],[3],[4],[77] | (2.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[77] | 11.90% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[77] | 0% | |||
Investment Date | [1],[2],[3],[4],[77] | Nov. 25, 2019 | |||
Maturity | [1],[2],[3],[4],[77] | Nov. 25, 2024 | |||
Principal Amount | [1],[2],[3],[4],[77] | $ 5,833 | |||
Cost | [1],[2],[3],[4],[77] | 5,769 | |||
Fair Value | [1],[2],[3],[4],[77] | $ 5,833 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 900,000 | |||
Investment Date | [1],[2],[3],[4] | Nov. 25, 2019 | |||
Cost | [1],[2],[3],[4] | $ 900 | |||
Fair Value | [1],[2],[3],[4] | 371 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime Quest Software US Holdings Inc. Information Technology Services Second Lien Debt Variable Index Spread (S +7.50%) Variable Index Floor (0.50%) Rate Cash 11.79% Rate PIK 0.00% Investment date 3/1/2022 Maturity 2/1/2030 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.50% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.79% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Mar. 01, 2022 | |||
Maturity | [6],[7],[8],[15] | Feb. 01, 2030 | |||
Principal Amount | [6],[7],[8],[15] | $ 20,000 | |||
Cost | [6],[7],[8],[15] | 19,360 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 15,002 | |||
Percent of Net Assets | [6],[7],[8],[15] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. | |||||
Cost | [1],[2],[4] | 18,637 | |||
Fair Value | [1],[2],[4] | $ 18,637 | |||
Percent of Net Assets | [1],[2],[4] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Common Equity (140 shares) Industry Component Manufacturing Investment date 2/28/2023 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 140 | |||
Investment Date | [1],[2],[4] | Feb. 28, 2023 | |||
Cost | [1],[2],[4] | $ 1,402 | |||
Fair Value | [1],[2],[4] | $ 1,402 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. First Lien Debt Industry Component Manufacturing Variable Index Spread / Floor (S + 6.00%) / (1.50%) Rate Cash/PIK 10.91%/0.50% Investment date 3/1/2023 Maturity 3/1/2028 | |||||
Variable Index Spread | [1],[2],[4],[78] | 6% | |||
Variable Index Floor | [1],[2],[4],[78] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[78] | 10.91% | |||
Investment interest rate, PIK | [1],[2],[4],[78] | 0.50% | |||
Investment Date | [1],[2],[4],[78] | Mar. 01, 2023 | |||
Maturity | [1],[2],[4],[78] | Mar. 01, 2028 | |||
Principal Amount | [1],[2],[4],[78] | $ 17,363 | |||
Cost | [1],[2],[4],[78] | 17,235 | |||
Fair Value | [1],[2],[4],[78] | $ 17,235 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Quest Software US Holdings Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (S + 7.50%) / (0.50%) Rate Cash/PIK 12.33%/0.00% Investment date 3/1/2022 Maturity 2/1/2030 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.50% | |||
Variable Index Floor | [1],[2],[3],[4] | 0.50% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.33% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Mar. 01, 2022 | |||
Maturity | [1],[2],[3],[4] | Feb. 01, 2030 | |||
Principal Amount | [1],[2],[3],[4] | $ 20,000 | |||
Cost | [1],[2],[3],[4] | 19,382 | |||
Fair Value | [1],[2],[3],[4] | $ 15,649 | |||
Percent of Net Assets | [1],[2],[4] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) | |||||
Cost | $ 7,640 | ||||
Fair Value | $ 7,640 | ||||
Percent of Net Assets | 2% | ||||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 280,000 | |||
Unfunded commitment | [1],[2],[3],[4] | $ 70 | |||
Investment Date | [1],[2],[4] | Dec. 30, 2022 | |||
Cost | [1],[2],[4] | $ 280 | |||
Fair Value | [1],[2],[4] | 280 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($1,740 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 11.11%/0.00% Investment date 12/30/2022 Maturity 12/30/2028 | |||||
Unfunded commitment | [1],[2],[3],[4],[59] | $ 1,740 | |||
Variable Index Spread | [1],[2],[3],[4],[59] | 6.25% | |||
Variable Index Floor | [1],[2],[3],[4],[59] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[59] | 11.11% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[59] | 0% | |||
Investment Date | [1],[2],[3],[4],[59] | Dec. 30, 2022 | |||
Maturity | [1],[2],[3],[4],[59] | Dec. 30, 2028 | |||
Principal Amount | [1],[2],[3],[4],[59] | $ 6,260 | |||
Cost | [1],[2],[3],[4],[59] | 6,054 | |||
Fair Value | [1],[2],[3],[4],[59] | 6,054 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029 | |||||
Unfunded commitment | [1],[2],[3],[4],[59] | $ 417 | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[59] | 8.75% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[59] | 5% | |||
Investment Date | [1],[2],[3],[4],[59] | Dec. 30, 2022 | |||
Maturity | [1],[2],[3],[4],[59] | Jun. 30, 2029 | |||
Principal Amount | [1],[2],[3],[4],[59] | $ 1,350 | |||
Cost | [1],[2],[3],[4],[59] | 1,306 | |||
Fair Value | [1],[2],[3],[4],[59] | 1,306 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services | |||||
Fair Value | [6],[7],[8],[10] | $ 6,876 | |||
Percent of Net Assets | [6],[7],[8] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) ($70 unfunded commitment) Investment date 12/30/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 280,000 | |||
Unfunded commitment | [6],[7],[8],[15] | $ 70 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($2,489 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.83% Rate PIK 0.00% Investment date 12/30/2022 | |||||
Unfunded commitment | [6],[7],[8],[15],[29] | 2,489 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt ($417 unfunded commitment) Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022 | |||||
Unfunded commitment | [6],[7],[8],[15],[29] | 417 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC | |||||
Cost | [1],[2],[4] | 16,232 | |||
Fair Value | [1],[2],[4] | $ 18,258 | |||
Percent of Net Assets | [1],[2],[4] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class A Units) (10,915 units) Industry Specialty Distribution Investment date 8/11/2017 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 10,915 | |||
Investment Date | [3],[16] | Aug. 11, 2017 | |||
Cost | [3],[16] | $ 1,125 | |||
Fair Value | [3],[16] | $ 2,924 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 710 | |||
Investment Date | [3],[16] | Dec. 10, 2020 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Preferred Equity (Units N/A) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment Date | [3],[16] | Dec. 10, 2020 | |||
Cost | [3],[16] | $ 268 | |||
Fair Value | [3],[16] | $ 483 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Second Lien Debt Industry Specialty Distribution Rate Cash/PIK 11.50%/0.00% Investment date 8/11/2017 Maturity 2/11/2026 | |||||
Investment interest rate, PIK | [21] | 0% | |||
Investment Date | [21] | Aug. 11, 2017 | |||
Maturity | [21] | Feb. 11, 2026 | |||
Principal Amount | [21] | $ 14,851 | |||
Cost | [21] | 14,839 | |||
Fair Value | [21] | $ 14,851 | |||
Investment interest rate, Cash | [21] | 11.50% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution | |||||
Cost | [6],[7],[8] | 16,230 | |||
Fair Value | [6],[7],[8],[10] | $ 17,537 | |||
Percent of Net Assets | [6],[7],[8] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 10,915 | |||
Cost | [6],[7],[8],[13],[15] | $ 1,125 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. | |||||
Cost | [1],[2],[4] | $ 22,514 | |||
Fair Value | [1],[2],[4] | $ 23,476 | |||
Percent of Net Assets | [1],[2],[4] | 6% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (113 units) Industry Business Services Investment date 2/3/2023 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 113 | |||
Investment Date | [1],[2],[3],[4] | Feb. 03, 2023 | |||
Cost | [1],[2],[3],[4] | $ 500 | |||
Fair Value | [1],[2],[3],[4] | $ 588 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018 | |||||
Investment in number of shares or units | [1],[2],[4] | 779 | |||
Investment Date | [1],[2],[4] | Sep. 18, 2018 | |||
Cost | [1],[2],[4] | $ 1,120 | |||
Fair Value | [1],[2],[4] | $ 1,934 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Second Lien Debt Industry Business Services Rate Cash/PIK 11.25%/2.50% Investment date 9/18/2018 Maturity 9/18/2025 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21] | 11.25% | |||
Investment interest rate, PIK | [1],[2],[4],[21] | 2.50% | |||
Investment Date | [1],[2],[4],[21] | Sep. 18, 2018 | |||
Maturity | [1],[2],[4],[21] | Sep. 18, 2025 | |||
Principal Amount | [1],[2],[4],[21] | $ 20,954 | |||
Cost | [1],[2],[4],[21] | 20,894 | |||
Fair Value | [1],[2],[4],[21] | $ 20,954 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Sonicwall US Holdings, Inc. Second Lien Debt Industry Information Technology Services Variable Index Spread / Floor (L + 7.50%) / (0.00%) Rate Cash/PIK 12.46%/0.00% Investment date 9/6/2022 Maturity 5/18/2026 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.50% | |||
Variable Index Floor | [1],[2],[3],[4] | 0% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.46% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Sep. 06, 2022 | |||
Maturity | [1],[2],[3],[4] | May 18, 2026 | |||
Principal Amount | [1],[2],[3],[4] | $ 4,774 | |||
Cost | [1],[2],[3],[4] | 4,527 | |||
Fair Value | [1],[2],[3],[4] | $ 4,733 | |||
Percent of Net Assets | [1],[2],[3],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC | |||||
Cost | [1],[2],[4] | $ 16,741 | |||
Fair Value | [1],[2],[4] | $ 9,642 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 19,099 | |||
Investment Date | [1],[2],[3],[4],[16] | Dec. 01, 2021 | |||
Cost | [1],[2],[3],[4],[16] | $ 808 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 7,500 | |||
Cost | [6],[7],[8],[13],[15] | $ 750 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 12 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Second Lien Debt Industry Information Technology Services Rate Cash/PIK 0.00%/14.00% Investment date 10/29/2021 Maturity 6/1/2028 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[24] | 0% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[24] | 14% | |||
Investment Date | [1],[2],[3],[4],[24] | Oct. 29, 2021 | |||
Maturity | [1],[2],[3],[4],[24] | Jun. 01, 2028 | |||
Principal Amount | [1],[2],[3],[4],[24] | $ 16,000 | |||
Cost | [1],[2],[3],[4],[24] | 15,933 | |||
Fair Value | [1],[2],[3],[4],[24] | 9,642 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Product Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 1,000 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Mar. 04, 2022 | |||
Cost | [6],[7],[8],[13],[15] | $ 1,000 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | 1,792 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Delayed Draw Commitment ($3,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027 | |||||
Unfunded commitment | [6],[7],[8],[15],[29] | $ 3,000 | |||
Variable Index Spread | [6],[7],[8],[15],[29] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[15],[29] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15],[29] | 11.57% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15],[29] | 0% | |||
Investment Date | [6],[7],[8],[15],[17],[29] | Mar. 04, 2022 | |||
Maturity | [6],[7],[8],[15],[29] | Mar. 04, 2027 | |||
Cost | [6],[7],[8],[15],[29] | $ 14 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products First Lien Debt Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.57% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Mar. 04, 2022 | |||
Maturity | [6],[7],[8],[15] | Mar. 04, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 15,600 | |||
Cost | [6],[7],[8],[15] | 15,527 | |||
Fair Value | [6],[7],[8],[10],[15] | 15,600 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027 | |||||
Unfunded commitment | [6],[7],[8],[14],[15] | $ 2,400 | |||
Variable Index Spread | [6],[7],[8],[14],[15] | 7.75% | |||
Variable Index Floor | [6],[7],[8],[14],[15] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[15] | 11.57% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[15] | 0% | |||
Investment Date | [6],[7],[8],[14],[15],[17] | Mar. 04, 2022 | |||
Maturity | [6],[7],[8],[14],[15] | Mar. 04, 2027 | |||
Principal Amount | [6],[7],[8],[14],[15] | $ 1,600 | |||
Cost | [6],[7],[8],[14],[15] | 1,581 | |||
Fair Value | [6],[7],[8],[10],[14],[15] | $ 1,600 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Subordinated Debt Cash 7.25% Rate PIK 7.25% Investment date 03/04/2022 Maturity 09/04/2027 | |||||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 7.25% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 7.25% | |||
Investment Date | [6],[7],[8],[15],[17] | Mar. 04, 2022 | |||
Maturity | [6],[7],[8],[15] | Sep. 04, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 2,656 | |||
Cost | [6],[7],[8],[15] | 2,643 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 3,750 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. | |||||
Cost | [1],[2],[4] | 19,223 | |||
Fair Value | [1],[2],[4] | $ 20,126 | |||
Percent of Net Assets | [1],[2],[4] | 4% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products First Lien Debt Variable Index Spread (S + 7.75%) Variable Index Floor (1.00%) Rate Cash 12.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7.75% | |||
Variable Index Floor | [1],[2],[3],[4] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.60% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Mar. 04, 2022 | |||
Maturity | [1],[2],[3],[4] | Mar. 04, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 15,600 | |||
Cost | [1],[2],[3],[4] | 15,531 | |||
Fair Value | [1],[2],[3],[4] | $ 15,600 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Preferred Equity (Series A) (1,000 units) Investment date 3/4/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 1,000 | |||
Investment Date | [1],[2],[3],[4] | Mar. 04, 2022 | |||
Cost | [1],[2],[3],[4] | $ 1,000 | |||
Fair Value | [1],[2],[3],[4] | 1,535 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Revolving Loan ($2,400 unfunded commitment) Rate Cash 12.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027 | |||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 2,400 | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[5] | 12.60% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[5] | 0% | |||
Investment Date | [1],[2],[3],[4],[5] | Mar. 04, 2022 | |||
Maturity | [1],[2],[3],[4],[5] | Mar. 04, 2027 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Subordinated Debt Rate Cash 7.25% Rate PIK 7.25% Investment date 3/4/2022 Maturity 9/4/2027 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 7.25% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 7.25% | |||
Investment Date | [1],[2],[3],[4] | Mar. 04, 2022 | |||
Maturity | [1],[2],[3],[4] | Sep. 04, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 2,704 | |||
Cost | [1],[2],[3],[4] | 2,692 | |||
Fair Value | [1],[2],[3],[4] | $ 2,991 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017 | |||||
Investment in number of shares or units | 855 | [1],[2],[3],[4] | 855 | [6],[7],[8],[15] | |
Investment Date | Dec. 08, 2017 | [1],[2],[3],[4] | Dec. 08, 2017 | [6],[7],[8],[15],[17] | |
Cost | $ 933 | [1],[2],[3],[4] | $ 933 | [6],[7],[8],[15] | |
Fair Value | [6],[7],[8],[10],[15] | $ 110 | |||
Percent of Net Assets | 0% | [1],[2],[3],[4] | 0% | [6],[7],[8],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tiger Calcium Services Inc. Industry Transportation services Second Lien Debt Rate Cash 12.50% Rate PIK 0.00% Investment date 12/21/2022 Maturity 5/31/2025 | |||||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[55],[79] | 12.50% | |||
Investment interest rate, PIK | [1],[2],[3],[4],[55],[79] | 0% | |||
Investment Date | [1],[2],[3],[4],[55],[79] | Dec. 21, 2022 | |||
Maturity | [1],[2],[3],[4],[55],[79] | May 31, 2025 | |||
Principal Amount | [1],[2],[3],[4],[55],[79] | $ 12,500 | |||
Cost | [1],[2],[3],[4],[55],[79] | 12,445 | |||
Fair Value | [1],[2],[3],[4],[55],[79] | $ 12,445 | |||
Percent of Net Assets | [1],[2],[3],[4],[55],[79] | 3% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 705,000 | |||
Investment Date | [1],[2],[3],[4],[16] | Apr. 03, 2018 | |||
Cost | [1],[2],[3],[4],[16] | $ 655 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 2,101 | |||
Percent of Net Assets | [1],[2],[3],[4],[16] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC | |||||
Cost | [1],[2],[4] | $ 10,902 | |||
Fair Value | [1],[2],[4] | $ 10,902 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services Common Equity (Units N/A) Investment date 2/21/2023 | |||||
Investment Date | [1],[2],[3],[4] | Feb. 21, 2023 | |||
Cost | [1],[2],[3],[4] | $ 1,000 | |||
Fair Value | [1],[2],[3],[4] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments USG AS Holdings, LLC Industry Utilities: Services First Lien Debt Variable Index Spread (S + 8.50%) Variable Index Floor (2.50%) Rate Cash 13.48% Rate PIK 0.00% Investment date 2/23/2023 Maturity 2/23/2028 | |||||
Variable Index Spread | [1],[2],[3],[4] | 8.50% | |||
Variable Index Floor | [1],[2],[3],[4] | (2.50%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 13.48% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Feb. 23, 2023 | |||
Maturity | [1],[2],[3],[4] | Feb. 23, 2028 | |||
Principal Amount | [1],[2],[3],[4] | $ 10,000 | |||
Cost | [1],[2],[3],[4] | 9,902 | |||
Fair Value | [1],[2],[3],[4] | 9,902 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. | |||||
Cost | [1],[2],[4] | $ 1,574 | |||
Percent of Net Assets | [1],[2],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 98,377 | |||
Investment Date | [1],[2],[3],[4],[16] | Apr. 01, 2012 | |||
Cost | [1],[2],[3],[4],[16] | $ 1,008 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[18] | 57,469 | |||
Investment Date | [1],[2],[3],[4],[18] | Mar. 05, 2012 | |||
Cost | [1],[2],[3],[4],[18] | $ 566 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 17 | |||
Investment Date | [1],[2],[3],[4] | Dec. 19, 2014 | |||
Cost | [1],[2],[3],[4] | $ 79 | |||
Fair Value | [1],[2],[3],[4] | $ 933 | |||
Percent of Net Assets | [1],[2],[3],[4] | 0% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virtex Enterprises, LP Industry Component Manufacturing Second Lien Debt Variable Index Spread (S + 9.75%) Variable Index Floor (1.00%) Rate Cash 14.80% Rate PIK 0.00% Investment date 4/13/2022 Maturity 10/13/2027 | |||||
Variable Index Spread | [1],[2],[4] | 9.75% | |||
Variable Index Floor | [1],[2],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 14.80% | |||
Investment Date | [1],[2],[4] | Apr. 13, 2022 | |||
Principal Amount | [1],[2],[4] | $ 11,002 | |||
Cost | [1],[2],[4] | 10,911 | |||
Fair Value | [1],[2],[4] | $ 6,092 | |||
Percent of Net Assets | [1],[2],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC | |||||
Cost | [6],[7],[8],[15] | $ 10,345 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 10,413 | |||
Percent of Net Assets | [6],[7],[8],[15] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC Delayed Draw Commitment ($2,702 unfunded commitment) Consumer Products Variable Index Spread/Floor(S + 5.00%)/(1.50%) Rate Cash /PIK 9.71%/ 0.00% Investment date 6/29/2022 Maturity 12/23/2024 | |||||
Unfunded commitment | [6],[7],[8],[14],[15],[80] | $ 2,702 | |||
Variable Index Spread | [6],[7],[8],[14],[15],[80] | 5% | |||
Variable Index Floor | [6],[7],[8],[14],[15],[80] | 1.50% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[14],[15],[80] | 9.71% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[14],[15],[80] | 0% | |||
Investment Date | [6],[7],[8],[14],[15],[17],[80] | Jun. 29, 2022 | |||
Maturity | [6],[7],[8],[14],[15],[80] | Dec. 23, 2024 | |||
Principal Amount | [6],[7],[8],[14],[15],[80] | $ 798 | |||
Cost | [6],[7],[8],[14],[15],[80] | 791 | |||
Fair Value | [6],[7],[8],[10],[14],[15],[80] | 798 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution | |||||
Cost | [1],[2],[4] | $ 10,882 | |||
Fair Value | [1],[2],[4] | $ 11,000 | |||
Percent of Net Assets | [1],[2],[4] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 12.00%) Variable Index Floor (1.00%) Rate Cash 17.16% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [1],[2],[3],[4],[81] | 12% | |||
Variable Index Floor | [1],[2],[3],[4],[81] | (1.00%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4],[81] | 17.16% | |||
Investment Date | [1],[2],[3],[4],[81] | Apr. 01, 2021 | |||
Maturity | [1],[2],[3],[4],[81] | Apr. 01, 2026 | |||
Principal Amount | [1],[2],[3],[4],[81] | $ 4,000 | |||
Cost | [1],[2],[3],[4],[81] | 3,914 | |||
Fair Value | [1],[2],[3],[4],[81] | $ 4,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Industry Specialty Distribution First Lien Debt Variable Index Spread (L + 13.00%) Variable Index Floor (1.00%) Rate Cash 18.16% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [1],[2],[4] | 13% | |||
Variable Index Floor | [1],[2],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4] | 18.16% | |||
Investment Date | [1],[2],[4] | Apr. 01, 2021 | |||
Maturity | [1],[2],[4] | Apr. 01, 2026 | |||
Principal Amount | [1],[2],[4] | $ 7,000 | |||
Cost | [1],[2],[4] | 6,968 | |||
Fair Value | [1],[2],[4] | $ 7,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution | |||||
Cost | [6],[7],[8] | 10,873 | |||
Fair Value | [6],[7],[8],[10] | $ 11,000 | |||
Percent of Net Assets | [6],[7],[8] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Winona Foods, Inc. Specialty Distribution First Lien Debt Variable Index Spread (L + 13.00%) Variable Index Floor (1.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 4/1/2021 Maturity 4/1/2026 | |||||
Variable Index Spread | [6],[7],[8] | 13% | |||
Variable Index Floor | [6],[7],[8] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9] | 17.75% | |||
Investment interest rate, PIK | [6],[7],[8],[9] | 0% | |||
Investment Date | [6],[7],[8],[17] | Apr. 01, 2021 | |||
Maturity | [6],[7],[8] | Apr. 01, 2026 | |||
Principal Amount | [6],[7],[8] | $ 7,000 | |||
Cost | [6],[7],[8] | 6,966 | |||
Fair Value | [6],[7],[8],[10] | $ 7,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Industry Information Technology Services First Lien Debt Variable Index Spread (L + 7.25%) Variable Index Floor (1.00%) Rate Cash 11.97% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026 | |||||
Variable Index Spread | [1],[2],[4],[21],[82] | 7.25% | |||
Variable Index Floor | [1],[2],[4],[21],[82] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[4],[21],[82] | 11.97% | |||
Investment Date | [1],[2],[4],[21],[82] | Feb. 10, 2021 | |||
Maturity | [1],[2],[4],[21],[82] | Feb. 09, 2026 | |||
Principal Amount | [1],[2],[4],[21],[82] | $ 8,316 | |||
Cost | [1],[2],[4],[21],[82] | 8,282 | |||
Fair Value | [1],[2],[4],[21],[82] | $ 8,268 | |||
Percent of Net Assets | [1],[2],[4],[21],[82] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Wonderware Holdings, LLC (dba CORE Business Technologies) Information Technology Services First Lien Debt Variable Index Spread (L + 7.25%) Variable Index Floor (1.00%) Rate Cash 11.97% Rate PIK 0.00% Investment date 2/10/2021 Maturity 2/9/2026 | |||||
Variable Index Spread | [6],[7],[8],[28],[83] | 7.25% | |||
Variable Index Floor | [6],[7],[8],[28],[83] | 1% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[28],[83] | 11.97% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[28],[83] | 0% | |||
Investment Date | [6],[7],[8],[17],[28],[83] | Feb. 10, 2021 | |||
Maturity | [6],[7],[8],[28],[83] | Feb. 09, 2026 | |||
Principal Amount | [6],[7],[8],[28],[83] | $ 8,316 | |||
Cost | [6],[7],[8],[28],[83] | 8,279 | |||
Fair Value | [6],[7],[8],[10],[28],[83] | $ 8,316 | |||
Percent of Net Assets | [6],[7],[8],[28],[83] | 2% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC | |||||
Cost | [1],[2],[4] | $ 27,458 | |||
Fair Value | [1],[2],[4] | $ 28,776 | |||
Percent of Net Assets | [1],[2],[4] | 6% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 752,380 | |||
Investment Date | [1],[2],[3],[4],[16] | Jul. 26, 2021 | |||
Cost | [1],[2],[3],[4],[16] | $ 225 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 792 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 795,000 | |||
Investment Date | [1],[2],[3],[4] | Jul. 21, 2021 | |||
Cost | [1],[2],[3],[4] | $ 795 | |||
Fair Value | [1],[2],[3],[4] | $ 1,037 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Second Lien Debt Variable Index Spread (S + 7.00%) Variable Index Floor (0.75%) Rate Cash 12.16% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029 | |||||
Variable Index Spread | [1],[2],[3],[4] | 7% | |||
Variable Index Floor | [1],[2],[3],[4] | (0.75%) | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.16% | |||
Investment Date | [1],[2],[3],[4] | Aug. 02, 2021 | |||
Maturity | [1],[2],[3],[4] | Jul. 26, 2029 | |||
Principal Amount | [1],[2],[3],[4] | $ 27,497 | |||
Cost | [1],[2],[3],[4] | 26,438 | |||
Fair Value | [1],[2],[3],[4] | 26,947 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services | |||||
Cost | [6],[7],[8] | $ 27,418 | |||
Fair Value | [6],[7],[8],[10] | $ 28,368 | |||
Percent of Net Assets | [6],[7],[8] | 6% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 752,380 | |||
Investment Date | [6],[7],[8],[13],[15],[17] | Jul. 26, 2021 | |||
Cost | [6],[7],[8],[13],[15] | $ 225 | |||
Fair Value | [6],[7],[8],[10],[13],[15] | $ 892 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021 | |||||
Investment in number of shares or units | [6],[7],[8],[15] | 795,000 | |||
Investment Date | [6],[7],[8],[15],[17] | Jul. 21, 2021 | |||
Cost | [6],[7],[8],[15] | $ 795 | |||
Fair Value | [6],[7],[8],[10],[15] | $ 942 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Second Lien Debt Variable Index Spread (L + 7.00%) Variable Index Floor (0.75%) Rate Cash 11.73% Rate PIK 0.00% Investment date 8/2/2021 Maturity 7/26/2029 | |||||
Variable Index Spread | [6],[7],[8],[15] | 7% | |||
Variable Index Floor | [6],[7],[8],[15] | 0.75% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 11.73% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Aug. 02, 2021 | |||
Maturity | [6],[7],[8],[15] | Jul. 26, 2029 | |||
Principal Amount | [6],[7],[8],[15] | $ 27,497 | |||
Cost | [6],[7],[8],[15] | 26,398 | |||
Fair Value | [6],[7],[8],[10],[15] | 26,534 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC | |||||
Cost | [1],[2],[4] | 4,987 | |||
Fair Value | [1],[2],[4] | $ 5,038 | |||
Percent of Net Assets | [1],[2],[4] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing | |||||
Cost | [6],[7],[8] | 4,976 | |||
Fair Value | [6],[7],[8],[10] | $ 4,618 | |||
Percent of Net Assets | [6],[7],[8] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022 | |||||
Investment in number of shares or units | [6],[7],[8],[13],[15] | 4,987 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.76% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027 | |||||
Variable Index Floor | [6],[7],[8],[15] | 1% | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 4,987 | |||
Investment Date | Mar. 18, 2022 | [1],[2],[3],[4],[16] | Mar. 18, 2022 | [6],[7],[8],[13],[15],[17] | |
Cost | $ 169 | [1],[2],[3],[4],[16] | $ 169 | [6],[7],[8],[13],[15] | |
Fair Value | $ 92 | [1],[2],[3],[4],[16] | $ 8 | [6],[7],[8],[10],[13],[15] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.76% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027 | |||||
Variable Index Spread | [6],[7],[8],[15] | 10% | |||
Investment, Interest Rate, Paid in Cash | [6],[7],[8],[9],[15] | 15.76% | |||
Investment interest rate, PIK | [6],[7],[8],[9],[15] | 0% | |||
Investment Date | [6],[7],[8],[15],[17] | Mar. 18, 2022 | |||
Maturity | [6],[7],[8],[15] | Mar. 18, 2027 | |||
Principal Amount | [6],[7],[8],[15] | $ 5,000 | |||
Cost | [6],[7],[8],[15] | 4,807 | |||
Fair Value | [6],[7],[8],[10],[15] | 4,610 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing First Lien Debt Variable Index Spread (L + 10.00%) Variable Index Floor (1.00%) Rate Cash 15.96% Rate PIK 0.00% Investment date 3/18/2022 Maturity 3/18/2027 | |||||
Variable Index Spread | [1],[2],[3],[4] | 10% | |||
Variable Index Floor | [1],[2],[3],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 15.96% | |||
Investment Date | [1],[2],[3],[4] | Mar. 18, 2022 | |||
Maturity | [1],[2],[3],[4] | Mar. 18, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 5,000 | |||
Cost | [1],[2],[3],[4] | 4,818 | |||
Fair Value | [1],[2],[3],[4] | $ 4,946 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate InvestmentsOnePath Systems, LLC Information Technology Services First Lien Debt Variable Index Spread (S+17.50%) Variable Index Floor (1.00%) Rate Cash 12.40%% Rate PIK 0.00% Investment date 9/30/2022 Maturity 9/30/2027 | |||||
Variable Index Floor | [1],[2],[3],[4] | 1% | |||
Investment, Interest Rate, Paid in Cash | [1],[2],[3],[4] | 12.40% | |||
Investment interest rate, PIK | [1],[2],[3],[4] | 0% | |||
Investment Date | [1],[2],[3],[4] | Sep. 30, 2022 | |||
Maturity | [1],[2],[3],[4] | Sep. 30, 2027 | |||
Principal Amount | [1],[2],[3],[4] | $ 11,000 | |||
Cost | [1],[2],[3],[4] | 10,926 | |||
Fair Value | [1],[2],[3],[4] | $ 11,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate InvestmentsPool & Electrical Products, LLC Common Equity (18,298 units) Industry Specialty Distribution Investment date 10/28/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[16] | 18,298 | |||
Investment Date | [1],[2],[3],[4],[16] | Oct. 28, 2020 | |||
Cost | [1],[2],[3],[4],[16] | $ 549 | |||
Fair Value | [1],[2],[3],[4],[16] | $ 4,608 | |||
Percent of Net Assets | [1],[2],[3],[4],[16] | 1% | |||
Investment, Identifier [Axis]: Total Affiliate Investments | |||||
Cost | $ 55,740 | [1],[2],[4],[5] | 55,804 | [6],[7],[8],[14] | |
Fair Value | $ 99,037 | [1],[2],[4],[5] | $ 101,590 | [6],[7],[8],[10],[14] | |
Percent of Net Assets | 20% | [1],[2],[4],[5] | 21% | [6],[7],[8],[14] | |
Investment, Identifier [Axis]: Total Control Investments | |||||
Cost | $ 17,915 | [1],[2],[4],[23],[26] | $ 17,915 | [6],[7],[8],[22] | |
Percent of Net Assets | 0% | [1],[2],[4],[23],[26] | 0% | [6],[7],[8],[22] | |
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). See Note 3 to the consolidated financial statements for portfolio composition by geographic location. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 0.50 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. (e) Rate includes the cash interest or dividend rate and paid-in-kind interest or dividend rate, if any, as of December 31, 2022. Generally, payment-in-kind interest can be paid-in-kind or all in cash. (g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs. Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.25 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (h) Investment is held by a taxable subsidiary of the Company. (i) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 0.50 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. (j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). Investment is held by a taxable subsidiary of the Company. (f) Investment date represents the date of the initial investment in the security. Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. (m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.86 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). (t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25 % or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements. As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25 % or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements. Investment was on non-accrual status as of March 31, 2023. (y) Investment was on non-accrual status as of December 31, 2022. Investment in portfolio company that has sold its operations and is in the process of winding down. (n) Investment in portfolio company that has sold its operations and is in the process of winding down. (k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). (ac) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 1.00 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment. (ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 1.36 % of the Company's total assets calculated in accordance with the 1940 Act. (ab) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.77 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (am) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.72 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (ad) This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements. This investment is classified as a Level 1 investment. For further detail on the fair value measurements, see Note 4 to the consolidated financial statements. (at) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.21 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (aa) The Company sold a participating interest of approximately $ 4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.21 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The Company sold a participating interest of approximately $ 4.0 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.73 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (av) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.50 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.22 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.29 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.35 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 0.75 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. (o) The Company sold a participating interest of approximately $ 0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. (p) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.76 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The Company sold a participating interest of approximately $ 0.3 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. (af) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.28 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (au) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.26 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.10 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (v) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.11 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.18 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (al) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.62 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the Company's total assets. As of March 31, 2023, total non-qualifying assets at fair value represented 1.34 % of the Company's total assets calculated in accordance with the 1940 Act. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.63 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (ah) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 1.63 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (d) Variable rate investments bear interest at a rate indexed to LIBOR (L), Prime (P) or SOFR (S), which are reset monthly, bimonthly, quarterly, or semi-annually. Certain variable rate investments also include a LIBOR, Prime or SOFR interest rate floor. For each investment, the Company has provided the spread over the reference rate and the LIBOR, Prime or SOFR floor, if any, as of December 31, 2022. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 1.00 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.16 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (r) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.24 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (x) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.73 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (ar) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.72 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.90 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (w) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.11 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 2.71 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (ae) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 3.53 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (aj) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (an) The Company sold a participating interest of approximately $ 13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.11 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The Company sold a participating interest of approximately $ 13.5 million in aggregate principal amount of the portfolio company’s first lien senior secured term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company recorded a corresponding secured borrowing in the Consolidated Statements of Assets and Liabilities. (u) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.93 % and PIK interest amount of 0.98 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.73 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 7.72 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 2.00 % and PIK interest amount of 0.50 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The headquarters of this portfolio company is located in Canada. (ax) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.75 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.37 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.40 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (z) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 4.45 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | ||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 1,000 | |||
Secured borrowings | $ 16,634 | $ 16,880 | |||
Interest earning on unfunded balance commitment | 0.50% | 0.50% | |||
Non-control/Non-affiliate Investments | |||||
Interest earning on unfunded balance commitment | 1% | ||||
Control Investments | |||||
Ownership percentage of outstanding voting securities in portfolio investment | 25% | 25% | |||
First Lien Debt | |||||
Secured borrowings | $ 300 | $ 300 | |||
First Lien Debt | Environmental Industries | American AllWaste LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.76% | ||||
First Lien Debt | Specialty Distribution | Bedford Precision Parts L L C | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.24% | ||||
First Lien Debt | Specialty Distribution | Winona Foods Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.37% | 5.72% | |||
First Lien Debt | Business Services | Diversified Search LLC Member | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.16% | 2.32% | |||
First Lien Debt | Business Services | Prime AE Group, Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 7.72% | ||||
First Lien Debt | Business Services | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.11% | 4.11% | |||
First Lien Debt | Business Services | Level Education Group LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.83% | 4.83% | |||
First Lien Debt | Information Technology Services | OnePath Systems, LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2.28% | ||||
First Lien Debt | Information Technology Services | Ipro Tech, LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2.90% | 2.93% | |||
Additional interest rate on investments, PIK | 0.97% | 0.98% | |||
First Lien Debt | Information Technology Services | Applied Data Corporation | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.10% | 3.11% | |||
First Lien Debt | Information Technology Services | Wonderware Holdings, LLC dba CORE Business Technologies | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.40% | 4.45% | |||
First Lien Debt | Information Technology Services | Two K Direct Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2.21% | 2.21% | |||
First Lien Debt | Information Technology Services | Cardback Intermediate L L C | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 1.63% | 1.63% | |||
First Lien Debt | Information Technology Services | Netbase Solutions Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 1.25% | ||||
First Lien Debt | Information Technology Services | Aom Intermediate Holdco Llc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.73% | 4.68% | |||
First Lien Debt | Information Technology Services | Fishbowl Solutions Llc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2.72% | 2.72% | |||
First Lien Debt | Information Technology Services | Auto Crm Llc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.25% | 3.26% | |||
First Lien Debt | Component Manufacturing | QED Technologies International, Inc. | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2% | ||||
Additional interest rate on investments, PIK | 0.50% | ||||
First Lien Debt | Component Manufacturing | Garlock Printing And Converting Operations LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.90% | 7.11% | |||
First Lien Debt | Component Manufacturing | Ameriwater LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.29% | 3.28% | |||
First Lien Debt | Component Manufacturing | UPG Company, LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.62% | ||||
First Lien Debt | Component Manufacturing | Micronics Filtration Holdings Inc Dba Micronics Engineered Filtration Group Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.73% | 4.76% | |||
First Lien Debt | Healthcare Services | Haematologic Technologies Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 2.71% | 2.73% | |||
First Lien Debt | Healthcare Services | Hallmark Health Care Solutions Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.53% | 3.53% | |||
First Lien Debt | Consumer Products Sector | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 1.77% | ||||
First Lien Debt | Aerospace And Defense Manufacturing | Spectra A&D Acquisition, Inc. | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 4.86% | 4.54% | |||
First Lien Debt | Aerospace And Defense Manufacturing | Aeronix Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.22% | 4.65% | |||
First Lien Debt | Building Products Manufacturing | Apm Intermediate Holdings Llc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 3.50% | 3.50% | |||
First Lien Debt | Retail | BP Thrift Buyer, LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.18% | ||||
First Lien Debt One | Environmental Industries | American AllWaste LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.35% | ||||
Interest earning on unfunded balance commitment | 0.75% | ||||
First Lien Debt One | Business Services | Isi Psg Holdings LLC | Non-control/Non-affiliate Investments | |||||
Secured borrowings | $ 13,500 | $ 13,500 | |||
First Lien Debt One | Information Technology Services | Two K Direct Inc | Non-control/Non-affiliate Investments | |||||
Secured borrowings | $ 4,000 | $ 4,000 | |||
Warrants Notes | Transportation Services | Midwest Transit Equipment, Inc. | Non-control/Non-affiliate Investments | |||||
Warrant or rights percentage of outstanding debt principal to purchase | 4.79% | ||||
Delayed Draw Commitment Two | Healthcare Products | Tedia Company LLC | Non-control/Non-affiliate Investments | |||||
Interest earning on unfunded balance commitment | 1% | ||||
Delayed Draw Commitment Four | Consumer Products Sector | Westerns Smokehouse LLC | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 5.75% | ||||
Common And Preferred Equity Units | Restaurants Member | BurgerFi International, LLC [Member] | Non-control/Non-affiliate Investments | |||||
Percentage of non-qualifying assets fair value | 1.34% | ||||
Percentage of minimum qualifying assets to purchase non qualifying assets | 70% | ||||
Common And Preferred Equity Units | Restaurants Member | Cardboard Box Llc Dba Anthonys Coal Fired Pizza | Non-control/Non-affiliate Investments | |||||
Percentage of non-qualifying assets fair value | 1.36% | ||||
Percentage of minimum qualifying assets to purchase non qualifying assets | 70% | ||||
First Lien Debt Six | Information Technology Services | Netbase Solutions Inc | Non-control/Non-affiliate Investments | |||||
Additional interest rate on investments | 1.25% | ||||
Minimum | |||||
Ownership percentage of outstanding voting securities in portfolio investment | 5% | 5% | |||
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (2,012 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 2,012 | [1],[2],[3],[4],[5],[6] | 2,012 | [7],[8],[9],[10],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (5,690 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 5,690 | [1],[2],[3],[4],[5],[6] | 5,690 | [7],[8],[9],[10],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Applegate Greenfiber Intermediate Inc ( fka US GreenFiber LLC) Building Products Manufacturing Common Equity (7,113 units) Investment date 12/31/2021 | |||||
Investment in number of shares or units | 7,113 | [1],[2],[3],[4],[5],[6] | 7,113 | [7],[8],[9],[10],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Preferred Equity (84,997 units) Investment date 4/12/2011 | |||||
Investment in number of shares or units | 84,997 | [1],[2],[3],[4],[5],[6] | 84,997 | [7],[8],[9],[10],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Medsurant Holding LLC Healthcare Services Warrant (252,588 units) Investment date 4/12/2011 | |||||
Investment in number of shares or units | 252,588 | [1],[2],[3],[4],[5],[6],[13] | 252,588 | [7],[8],[9],[10],[11],[12],[14] | |
Investment, Identifier [Axis]: Affiliate Investments Pfanstiehl Inc Health Products Common Equity (2,550 units) Investment date 3/29/2013 | |||||
Investment in number of shares or units | 2,550 | [1],[2],[3],[4],[5] | 2,550 | [7],[8],[9],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (12,035 units) Investment date 8/25/2021 | |||||
Investment in number of shares or units | 12,035 | [1],[2],[3],[4],[5] | 12,035 | [7],[8],[9],[11],[12] | |
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (38,493 units) Investment date 12/16/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[11],[12] | 38,493 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition Inc (fka FDS Avionics Corp) Aerospace & Defense Manufacturing Common Equity (4,633 units) Investment date 9/16/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[11],[12] | 4,663 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (4,921 units) Investment date 9/16/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[5] | 4,921 | |||
Investment, Identifier [Axis]: Affiliate Investments Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) Aerospace & Defense Manufacturing Common Equity (41,290 units) Investment date 12/16/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[5] | 41,290 | |||
Investment, Identifier [Axis]: Affiliate Investments Steward Holding LLC (dba Steward Advanced Materials) Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment Date 11/12/2015 | |||||
Investment in number of shares or units | 1,000,000 | 1,000,000 | [7],[8],[9],[11] | ||
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 10/3/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12],[15] | 375 | |||
Unfunded commitment | $ 375 | [1],[2],[3],[4] | $ 375 | [7],[8],[9],[12],[15] | |
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (375 units) ($375 unfunded commitment) Investment Date 7/13/2017 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 375 | |||
Investment, Identifier [Axis]: Control Investments EBL LLC (EbLens) Retail Common Equity (75,000 units) Investment Date 7/13/2017 | |||||
Investment in number of shares or units | 75,000 | [1],[2],[3],[4] | 75,000 | [7],[8],[9],[12],[15] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (1,022,813 units) Investment Date 7/1/2020 | |||||
Investment in number of shares or units | 1,022,813 | [1],[2],[3],[4],[6] | 1,022,813 | [7],[8],[9],[12],[15],[16] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (2,522 units) Investment Date 7/3/2014 | |||||
Investment in number of shares or units | 2,522 | [1],[2],[3],[4],[6],[17] | 2,522 | [7],[8],[9],[10],[12],[15],[16] | |
Investment, Identifier [Axis]: Control Investments US GreenFiber LLC Building Products Manufacturing Common Equity (425,508 units) Investment Date 8/30/2019 | |||||
Investment in number of shares or units | 425,508 | [1],[2],[3],[4] | 425,508 | [7],[8],[9],[12],[15],[16] | |
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 100 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 710 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018 | |||||
Investment in number of shares or units | [7],[8],[9] | 779 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 705,000 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 98,377 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012 | |||||
Investment in number of shares or units | [7],[8],[9],[12],[14] | 57,469 | |||
Investment, Identifier [Axis]: Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 17 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments 2KDirect Inc (dba iPromote) Information Technology Services Common Equity (1,000,000 units) Investment date 6/25/2021 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[4] | 1,000,000 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments AOM Intermediate Holdco, LLC (dbaAllOver Media) Information Technology Services Common Equity Investment date 2/1/2022 | |||||
Investment in number of shares or units | 750 | [1],[2],[3],[4],[6] | 750 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc. Building Products Manufacturing Common Equity (1,200 units) Investment date 11/8/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 1,200 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments APM Intermediate Holdings, LLC (dba Artistic Paver Manufacturing, Inc.) Building Products Manufacturing Common Equity Investment date 11/8/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 1,200 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Common Equity (500,000 shares) Investment date 10/6/2021 | |||||
Investment in number of shares or units | 500,000 | [1],[2],[3],[4] | 500,000 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Preferred Equity (77,016 shares) Investment date 9/26/2022 | |||||
Investment in number of shares or units | 77,016 | [1],[2],[3],[4] | 77,016 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (0.50%) Rate Cash 12.30% Rate PIK 0.00% Investment date 10/6/2021 Maturity 10/6/2026 | |||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Acendre Midco Inc Information Technology Services Warrant (150,000 shares) Investment date 10/6/2021 | |||||
Investment in number of shares or units | 150,000 | [1],[2],[3],[4],[13] | 150,000 | [7],[8],[9],[12],[14] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Aeronix Inc Aerospace & Defense Manufacturing Common Equity (549 units) Investment Date 6/11/2021 | |||||
Investment in number of shares or units | 549 | [1],[2],[4] | 549 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC (fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (570,636 units) Investment date 7/21/2017 | |||||
Investment in number of shares or units | 570,636 | [1],[2],[3],[4],[6] | 570,636 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Allredi LLC(fka Macro Group International OpCo. LLC) Industrial Cleaning & Coatings Common Equity (39,443 units) Investment date 11/24/2021 | |||||
Investment in number of shares or units | 39,443 | [1],[2],[3],[4],[6] | 39,443 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries First Lien Debt ($2,500 unfunded commitment) Variable Index Spread (S + 6.50%) Variable Index Floor (1.00%) Rate Cash 10.90% Rate PIK 0.00% Investment date 6/28/2021 Maturity 6/28/2026 | |||||
Unfunded commitment | [1],[2],[3],[4],[18],[19] | $ 2,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (141 units) Investment Date 11/2/2020 | |||||
Investment in number of shares or units | 141 | [1],[2],[3],[4],[6] | 141 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (207 units) Investment Date 8/6/2019 | |||||
Investment in number of shares or units | 207 | [1],[2],[3],[4],[6] | 207 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (500 units) Investment Date 5/31/2018 | |||||
Investment in number of shares or units | 500 | [1],[2],[3],[4],[6] | 500 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments American AllWaste LLC (dba WasteWater Transport Services) Environmental Industries Preferred Equity (74 units) Investment Date 12/29/2021 | |||||
Investment in number of shares or units | 74 | [1],[2],[3],[4],[6] | 74 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ameriwater LLC Component Manufacturing Common Equity (1,000 units) Investment date 7/8/2022 | |||||
Investment in number of shares or units | 1,000 | [1],[2],[3],[4],[6] | 1,000 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Common Equity (24 units) Investment date 11/6/2020 | |||||
Investment in number of shares or units | [7],[8],[9] | 24 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Applied Data Corporation Information Technology Services Preferred Equity (1,184,711 units) Investment date 11/6/2020 | |||||
Investment in number of shares or units | 1,184,711 | [1],[2],[4] | 1,184,711 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Auto CRM LLC (dba Dealer Holdings) Information Technology Services Common Equity (500 units) Investment date 10/1/2021 | |||||
Investment in number of shares or units | 500 | [1],[2],[3],[4] | 500 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Real Common Equity (1000 units) Investment date 9/13/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BP Thrift Buyer, LLC (dba myUnique and Ecothrift) Retail Common Equity (1000 units) Investment date 9/13/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Speciality Distribution Common Equity(500,000 units)Maturity 3/12/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 500,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Bedford Precision Parts LLC Specialty Distribution Common Equity (500,000 units) Investment date 3/12/2019 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 500,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Common Equity (14,201 units) Investment date 11/03/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[20] | 14,201 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments BurgerFi International, LLC (dba BurgerFi) Restaurants Preferred Equity (9,787unts) Investment date 11/03/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[20] | 9,787 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Common Equity (563 shares) Investment date 3/3/2022 | |||||
Investment in number of shares or units | 563 | [1],[2],[3],[4] | 563 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CIH Intermediate, LLC Business Services Preferred Equity (563 shares) Investment date 3/3/2022 | |||||
Investment in number of shares or units | 563 | [1],[2],[3],[4] | 563 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CRS Solutions Holdings, LLC (dba CRS Texas) Business Services Common Equity (Class A Units) (574,929 units) Investment date 6/28/2022 | |||||
Investment in number of shares or units | 574,929 | [1],[2],[3],[4],[6] | 574,929 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments CTM Group, Inc. Business Services Common Equity (400,000 units) Investment date 2/28/2023 | |||||
Investment in number of shares or units | [1],[2],[4] | 400,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Common Equity (495 shares) Investment date 8/10/2021 | |||||
Investment in number of shares or units | 495 | [1],[2],[3],[4] | 495 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardback Intermediate, LLC (dba Chargeback Gurus) Information Technology Services Preferred Equity (495 shares) Investment date 8/10/2021 | |||||
Investment in number of shares or units | 495 | [1],[2],[3],[4] | 495 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants Common Equity (14,201 units) Investment date 11/3/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12],[21] | 14,201 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Cardboard Box LLC (dba Anthony's Coal Fired Pizza) (ad) Restaurants Preferred Equity (9,787 units) Investment date 11/3/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12],[21] | 9,787 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) Information Technology Services Revolving Loan ($1,000 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.06% Rate PIK 0.00% Investment date 4/1/2022 Maturity 4/1/2027 | |||||
Unfunded commitment | [7],[8],[9],[11],[12] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L + 10.00%) Variable Index Floor (2.00%) Rate Cash 17.75% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Unfunded commitment | [1],[2],[3],[4],[22] | $ 162 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Combined Systems, Inc. Aerospace & Defense Manufacturing Revolving Loan ($162 unfunded commitment) Variable Index Spread (L +10.00%) Variable Index Floor (2.00%) Rate Cash 16.74% Rate PIK 0.00% Investment date 1/31/2020 Maturity 1/31/2025 | |||||
Unfunded commitment | [7],[8],[9],[12],[23] | $ 162 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Comply365, LLC Aerospace & Defense Manufacturing Common Equity (1,000,000 units) Investment date 12/11/2020 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[4] | 1,000,000 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Dataguise, Inc. Information Technology Services Common Equity (909 shares) Investment date 12/31/2020 | |||||
Investment in number of shares or units | 909 | [1],[2],[3],[4] | 909 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Business Services Common Equity (573 units) Investment date 2/7/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 573 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Diversified Search LLC Diversified Search LLC Common Equity (573 units) Investment date 2/7/2019 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 573 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 shares) Investment date 4/30/2020 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 1,000,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ECM Industries, LLC Component Manufacturing Common Equity (1,000,000 units) Investment date 4/30/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 1,000,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments GP&C Operations, LLC (dba Garlock Printing and Converting) Component Manufacturing Common Equity (515,625 units) Investment date 1/22/2021 | |||||
Investment in number of shares or units | 515,625 | [1],[2],[3],[4],[6] | 515,625 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Global Plasma Solutions, Inc. Component Manufacturing Common Equity (947 shares) Investment date 9/21/2018 | |||||
Investment in number of shares or units | 947 | [1],[2],[3],[4] | 947 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Gurobi Optimization, LLC Information Technology Services Common Equity (3 shares) Investment date 12/19/2017 | |||||
Investment in number of shares or units | 3 | [1],[2],[4] | 3 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Haematologic Technologies, Inc. Healthcare Services Common Equity (630 units) Investment date 10/11/2019 | |||||
Investment in number of shares or units | 630 | [1],[2],[3],[4],[6] | 630 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hallmark Health Care Solutions, Inc. Healthcare Services Common Equity (750,000 units) Investment date 12/4/2020 | |||||
Investment in number of shares or units | 750,000 | [1],[2],[3],[4] | 750,000 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Healthfuse, LLC Healthcare Services Preferred Equity (197,980 units) Investment date 11/13/2020 | |||||
Investment in number of shares or units | 197,980 | [1],[2],[4] | 197,980 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Common Equity (3,750 units) Investment date 3/23/2016 | |||||
Investment in number of shares or units | 3,750 | [1],[2],[4] | 3,750 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Hub Acquisition Sub, LLC (dba Hub Pen) Promotional products Preferred Equity (868 units) Investment date 10/16/2020 | |||||
Investment in number of shares or units | 868 | [1],[2],[3],[4] | 868 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments IBH Holdings, LLC (fka Inflexxion, Inc.) Business Services Common Equity (150,000 units) Investment date 6/20/2018 | |||||
Investment in number of shares or units | 150,000 | [1],[2],[4] | 150,000 | [7],[8],[9] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments ISI PSG Holdings, LLC (dba Incentive Solutions, Inc.) Business Services Common Equity (256,964 units) Investment date 4/5/2021 | |||||
Investment in number of shares or units | 256,964 | [1],[2],[3],[4],[6] | 256,964 | [7],[8],[9],[10],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Ipro Tech, LLC Information Technology Services Preferred Equity (682,075 units) Investment date 7/28/2021 | |||||
Investment in number of shares or units | 682,075 | [1],[2],[3],[4] | 682,075 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Level Education Group, LLC (dba CE4Less) Business Services Common Equity (1,000,000 units) Investment date 4/1/2021 | |||||
Investment in number of shares or units | 1,000,000 | [1],[2],[3],[4] | 1,000,000 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments LifeSpan Biosciences, Inc. Healthcare Products Common Equity (100 shares) Investment date 3/19/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 100 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 shares) Investment date 2/17/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 14,400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Micronics Filtration Holdings, Inc. (dba Micronics Engineered Filtration Group, Inc.) Component Manufacturing Common Equity (14,400 units) Investment date 2/17/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 14,400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments NGT Acquisition Holdings, LLC (dba Techniks Industries) Component Manufacturing Common Equity (378 units) Investment date 5/24/2017 | |||||
Investment in number of shares or units | 378 | [1],[2],[3],[4] | 378 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 | |||||
Unfunded commitment | [7],[8],[9],[11],[12] | $ 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P +4.00%) Variable Index Floor (3.25%) Rate Cash 11.50% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025 | |||||
Unfunded commitment | [7],[8],[9],[11],[24],[25] | $ 3,300 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Netbase Solutions, Inc. (dba Netbase Quid) Information Technology Services First Lien Debt ($3,300 unfunded commitment) Variable Index Spread (P+4.00%) Variable Index Floor (3.25%) Rate Cash 12.00% Rate PIK 0.00% Investment date 11/18/2021 Maturity 11/18/2025 | |||||
Unfunded commitment | [1],[2],[4],[5],[26],[27] | $ 3,300 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments OnePath Systems, LLC Information Technology Services Common Equity (732,542 shares) Investment date 9/30/2022 | |||||
Investment in number of shares or units | 732,542 | [1],[2],[3],[4] | 732,542 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Common Equity (499 units) Industry Retail Investment date 11/3/2016 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 499 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Palmetto Moon, LLC Retail Common Equity (499 units) Investment date 11/3/2016 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 499 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Pool & Electrical Products, LLC Specialty Distribution Common Equity (15,000 units) Investment date 10/28/2020 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 15,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Common Equity (10,622 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 10,622 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (392 shares) Industry Specialty Distribution Investment date 4/12/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 392 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Preferred Equity (48 shares) Industry Specialty Distribution Investment date 12/2/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 48 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Common Equity (10,622 shares) Investment date 4/12/2018 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 10,622 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (392 shares) Investment date 4/12/2018 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 392 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Power Grid Components, Inc. Specialty Distribution Preferred Equity (48 shares) Investment date 12/2/2019 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 48 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Common Equity (5,341 units) Industry Utilities: Services Investment date 9/21/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 5,341 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments PowerGrid Services Acquisition, LLC Utilities: Services Common Equity (5,341 units) Investment date 9/21/2021 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 5,341 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Business Services Preferred Equity (900,000 shares) Investment date 11/25/2019 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 900,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Prime AE Group, Inc. Preferred Equity (900,000 shares) Industry Business Services Investment date 11/25/2019 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 900,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments QED Technologies International, Inc. Common Equity (140 shares) Industry Component Manufacturing Investment date 2/28/2023 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 140 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Common Equity (280,000 units) ($70 unfunded commitment) Industry Transportation services Investment date 12/30/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 280,000 | |||
Unfunded commitment | [1],[2],[3],[4] | $ 70 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) First Lien Debt ($1,740 unfunded commitment) Industry Transportation services Variable Index Spread / Floor (S + 6.25%) / (1.00%) Rate Cash/PIK 11.11%/0.00% Investment date 12/30/2022 Maturity 12/30/2028 | |||||
Unfunded commitment | [1],[2],[3],[4],[22] | 1,740 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Subordinated Debt ($417 unfunded commitment) Industry Transportation services Rate Cash/PIK 8.75%/5.00% Investment date 12/30/2022 Maturity 6/30/2029 | |||||
Unfunded commitment | [1],[2],[3],[4],[22] | $ 417 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Common Equity (280,000 units) ($70 unfunded commitment) Investment date 12/30/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 280,000 | |||
Unfunded commitment | [7],[8],[9],[12] | $ 70 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services First Lien Debt ($2,489 unfunded commitment) Variable Index Spread (S +6.25%) Variable Index Floor (1.00%) Rate Cash 10.83% Rate PIK 0.00% Investment date 12/30/2022 | |||||
Unfunded commitment | [7],[8],[9],[12],[23] | 2,489 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments R1 Holdings, LLC (dba RoadOne IntermodaLogistics) Transportation services Subordinated Debt ($417 unfunded commitment) Cash 8.75% Rate PIK 5.00% Investment date 12/30/2022 | |||||
Unfunded commitment | [7],[8],[9],[12],[23] | $ 417 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class A Units) (10,915 units) Industry Specialty Distribution Investment date 8/11/2017 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 10,915 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Common Equity (Class F Units) (710 units) Industry Specialty Distribution Investment date 12/10/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 710 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Rhino Assembly Company, LLC Specialty Distribution Common Equity (Class A Units) (10,915 units) Investment date 08/11/2017 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 10,915 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (113 units) Industry Business Services Investment date 2/3/2023 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 113 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Road Safety Services, Inc. Common Equity (779 units) Industry Business Services Investment date 9/18/2018 | |||||
Investment in number of shares or units | [1],[2],[4] | 779 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Common Equity (19,099 units) Industry Information Technology Services Investment date 12/1/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 19,099 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Suited Connector LLC Information Technology Services Common Equity (7,500 units) Investment date 12/01/2021 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 7,500 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Product Preferred Equity (Series A) (1,000 units) Investment date 03/04/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Delayed Draw Commitment ($3,000 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027 | |||||
Unfunded commitment | [7],[8],[9],[12],[23] | $ 3,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC Healthcare Products Revolving Loan ($2,400 unfunded commitment) Variable Index Spread (S +7.75%) Variable Index Floor (1.00%) Rate Cash 11.57% Rate PIK 0.00% Investment date 03/04/2022 Maturity 03/04/2027 | |||||
Unfunded commitment | [7],[8],[9],[11],[12] | $ 2,400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Preferred Equity (Series A) (1,000 units) Investment date 3/4/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 1,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Tedia Company, LLC. Industry Healthcare Products Revolving Loan ($2,400 unfunded commitment) Rate Cash 12.60% Rate PIK 0.00% Investment date 3/4/2022 Maturity 3/4/2027 | |||||
Unfunded commitment | [1],[2],[3],[4],[5] | $ 2,400 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments The Kyjen Company, LLC (dba Outward Hound) Consumer Products Common Equity (855 shares) Investment date 12/8/2017 | |||||
Investment in number of shares or units | 855 | [1],[2],[3],[4] | 855 | [7],[8],[9],[12] | |
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments UBEO, LLC. Industry Business Services Common Equity (705,000 units) Investment date 4/3/2018 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 705,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Preferred Equity (98,377 units) Investment date 4/1/2012 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 98,377 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments United Biologics, LLC. Industry Healthcare Services Warrant (57,469 units) Investment date 3/5/2012 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[13] | 57,469 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Virginia Tile Company, LLC Industry Specialty Distribution Common Equity (17 units) Investment date 12/19/2014 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 17 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Western's Smokehouse, LLC Delayed Draw Commitment ($2,702 unfunded commitment) Consumer Products Variable Index Spread/Floor(S + 5.00%)/(1.50%) Rate Cash /PIK 9.71%/ 0.00% Investment date 6/29/2022 Maturity 12/23/2024 | |||||
Unfunded commitment | [7],[8],[9],[11],[12],[28] | $ 2,702 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (752,380 units) Investment date 7/26/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 752,380 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Industry Transportation services Common Equity (795,000units) Investment date 7/21/2021 | |||||
Investment in number of shares or units | [1],[2],[3],[4] | 795,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (752,380units) Investment date 7/26/2021 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 752,380 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Worldwide Express Operations, LLC Transportation services Common Equity (795,000units) Investment date 7/21/2021 | |||||
Investment in number of shares or units | [7],[8],[9],[12] | 795,000 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022 | |||||
Investment in number of shares or units | [7],[8],[9],[10],[12] | 4,987 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate Investments Zonkd, LLC Industry Component Manufacturing Common Equity (4,987 units) Investment date 3/18/2022 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 4,987 | |||
Investment, Identifier [Axis]: Non-control/Non-affiliate InvestmentsPool & Electrical Products, LLC Common Equity (18,298 units) Industry Specialty Distribution Investment date 10/28/2020 | |||||
Investment in number of shares or units | [1],[2],[3],[4],[6] | 18,298 | |||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). See Note 3 to the consolidated financial statements for portfolio composition by geographic location. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 0.50 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. Investment is held by a taxable subsidiary of the Company. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. (h) Investment is held by a taxable subsidiary of the Company. (i) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 0.50 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. (j) Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. (m) Warrants entitle the Company to purchase a predetermined number of shares or units of common equity, and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date, if any. (t) As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” of and “Control” this portfolio company because it owns 25 % or more of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company. Transactions in which the issuer was both an Affiliated Person and a portfolio company that the Company is deemed to Control are detailed in Note 3 to the consolidated financial statements. (n) Investment in portfolio company that has sold its operations and is in the process of winding down. Investment in portfolio company that has sold its operations and is in the process of winding down. In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.35 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 0.75 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the Company's total assets. As of March 31, 2023, total non-qualifying assets at fair value represented 1.34 % of the Company's total assets calculated in accordance with the 1940 Act. (ao) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, the Company can not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70 % of the Company's total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 1.36 % of the Company's total assets calculated in accordance with the 1940 Act. The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 1.00 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment. (ac) The disclosed commitment represents the unfunded amount as of December 31, 2022. The Company is earning 1.00 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate earned on the outstanding, funded balance of the commitment. (ap) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. (k) The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional cash interest amount of 1.25 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The portion of the investment not held by the Funds is pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). (ax) In addition to the interest earned based on the stated interest rate of this security, the Company is entitled to receive an additional interest amount of 5.75 % on its “last out” tranche of the portfolio company’s senior term debt, which was previously syndicated into “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder. |
N-2
N-2 - USD ($) $ in Millions | 3 Months Ended | ||
Oct. 08, 2021 | Dec. 23, 2020 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001513363 | ||
Amendment Flag | false | ||
Securities Act File Number | 814-00861 | ||
Document Type | 10-Q | ||
Entity Registrant Name | Fidus Investment Corporation | ||
Entity Address, Address Line One | 1603 Orrington Avenue, Suite 1005 | ||
Entity Address, City or Town | Evanston | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60201 | ||
City Area Code | 847 | ||
Local Phone Number | 859-3940 | ||
Entity Emerging Growth Company | false | ||
General Description of Registrant [Abstract] | |||
Investment Objectives and Practices [Text Block] | Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Our investment strategy includes partnering with business owners, management teams and financial sponsors by providing customized financing for ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. We seek to maintain a diversified portfolio of investments in order to help mitigate the potential effects of adverse economic events related to particular companies, regions or industries. Investments We seek to create a diversified investment portfolio that primarily includes debt investments and, to a lesser extent, equity securities. Our investments typically range between $5.0 million to $35.0 million per portfolio company, although this investment size may vary proportionately with the size of our capital base. Our investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. We may invest in the equity securities of our portfolio companies, such as preferred stock, common stock, warrants and other equity interests, either directly or in conjunction with our debt investments. First Lien Debt . We structure some of our investments as senior secured or first lien debt investments. First lien debt investments are secured by a first priority lien on existing and future assets of the borrower and may take the form of term loans or revolving lines of credit. First lien debt is typically senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second lien lenders in those assets. Our first lien debt may include stand-alone first lien loans, “last out” first lien loans, or “unitranche” loans. Stand-alone first lien loans are traditional first lien loans. All lenders in the facility have equal rights to the collateral that is subject to the first-priority security interest. “Last out” first lien loans have a secondary priority behind super-senior “first out” first lien loans in the collateral securing the loans in certain circumstances. The arrangements for a “last out” first lien loan are set forth in an “agreement among lenders,” which provides lenders with “first out” and “last out” payment streams based on a single lien on the collateral. Since the “first out” lenders generally have priority over the “last out” lenders for receiving payment under certain specified events of default, or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second lien lenders often are subject. Many of our debt investments also include excess cash flow sweep features, whereby principal repayment may be required before maturity if the portfolio company achieves certain defined operating targets. Additionally, our debt investments typically have principal prepayment penalties in the early years of the debt investment. The majority of our debt investments provide for a variable interest rate, generally with a LIBOR or SOFR floor. Second Lien Debt. Some of our debt investments take the form of second lien debt, which includes senior subordinated notes. Second lien debt investments obtain security interests in the assets of the portfolio company as collateral in support of the repayment of such loans. Second lien debt typically is senior on a lien basis to other liabilities in the issuer’s capital structure and has the benefit of a security interest over assets of the issuer, though ranking junior to first lien debt secured by those assets. First lien lenders and second lien lenders typically have separate liens on the collateral, and an intercreditor agreement provides the first lien lenders with priority over the second lien lenders’ liens on the collateral. These loans typically provide for no contractual loan amortization, with all amortization deferred until loan maturity, and may include payment-in-kind (“PIK”) interest, which increases the principal balance over the term and, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan. Subordinated Debt. These investments are typically structured as unsecured, subordinated notes. Structurally, subordinated debt usually ranks subordinate in priority of payment to first lien and second lien debt and may not have the benefit of financial covenants common in first lien and second lien debt. Subordinated debt may rank junior as it relates to proceeds in certain liquidations where it does not have the benefit of a lien in specific collateral held by creditors (typically first lien and/or second lien) who have a perfected security interest in such collateral. However, subordinated debt ranks senior to common and preferred equity in an issuer’s capital structure. These loans typically have relatively higher fixed interest rates (often representing a combination of cash pay and PIK interest) and amortization of principal deferred to maturity. The PIK feature (meaning a feature allowing for the payment of interest in the form of additional principal amount of the loan instead of in cash), which effectively operates as negative amortization of loan principal, coupled with the deferred principal payment provision, increases credit risk exposure over the life of the loan. Equity Securities . Our equity investments typically consist of either a direct minority equity investment in common or preferred stock or membership/partnership interests of a portfolio company, or we may receive warrants to buy a minority equity interest in a portfolio company in connection with a debt investment. Warrants we receive with our debt investments typically require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, we may achieve additional investment return from this equity interest. Our equity investments are typically not control-oriented investments, and in many cases, we acquire equity securities as part of a group of private equity investors in which we are not the lead investor. We may structure such equity investments to include provisions protecting our rights as a minority-interest holder, as well as a “put,” or right to sell such securities back to the issuer, upon the occurrence of specified events. In many cases, we may also seek to obtain registration rights in connection with these equity interests, which may include demand and “piggyback” registration rights. Our equity investments typically are made in connection with debt investments to the same portfolio companies. | ||
Risk Factors [Table Text Block] | Item 1A. Risk Factors . Except for the risk factor set forth below, there have been no material changes to the risk factors previously disclosed under "Item 1A. Risk Factors” previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on March 2, 2023, which are incorporated herein by reference. The risk factors therein could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||
Long Term Debt [Table Text Block] | Notes On December 23, 2020, we closed the offering of $ 125.0 million in aggregate principal amount of our 4.75% notes due 2026, or the “ January 2026 Notes ”. The total net proceeds to us from the January 2026 Notes, based on a public offering price of 100.00% of par, after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.4 million, were approximately $122.1 million. The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. We do not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. As of March 31, 2023, the outstanding principal balance of the January 2026 Notes was approximately $125.0 million. On October 8, 2021, we closed the offering of $ 125.0 million in aggregate principal amount of our 3.50% notes due 2026, or the “ November 2026 Notes ” (collectively with the January 2026 Notes, the “Notes”). The total net proceeds to us from the November 2026 Notes, based on a public offering price of 99.996% of par, after deducting underwriting discounts of $2.5 million and estimated offering expenses of approximately $0.3 million, were approximately $122.2 million. The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. As of March 31, 2023, the outstanding principal balance of the November 2026 Notes was approximately $125.0 million. Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility. | ||
Long Term Debt, Rights Limited by Other Securities [Text Block] | Each of the Notes are unsecured obligations and rank pari passu with our existing and future unsecured indebtedness; effectively subordinated to all of our existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities we may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility. | ||
January 2026 Notes | |||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||
Long Term Debt, Title [Text Block] | January 2026 Notes | ||
Long Term Debt, Principal | $ 125 | ||
Long Term Debt, Structuring [Text Block] | The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75%. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. | ||
November 2026 Notes | |||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||
Long Term Debt, Title [Text Block] | November 2026 Notes | ||
Long Term Debt, Principal | $ 125 | ||
Long Term Debt, Structuring [Text Block] | The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50%. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. We do not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. |
Organization and Nature of Busi
Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | N ote 1. Organization and Nature of Business Fidus Investment Corporation (“FIC,” and together with its subsidiaries, the “Company”), a Maryland corporation, operates as an externally managed, closed-end, non-diversified business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). FIC completed its initial public offering, or IPO, in June 2011. In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company provides customized debt and equity financing solutions to lower middle-market companies, and may make investments directly or through its two wholly-owned investment company subsidiaries, Fidus Mezzanine Capital II, L.P. (“Fund II”) and Fidus Mezzanine Capital III, L.P. (“Fund III”) (collectively, Fund II and Fund III are referred to as the “Funds”). The Funds are licensed by the U.S. Small Business Administration (the “SBA”) as small business investment companies (“SBIC”). The SBIC licenses allow the Funds to obtain leverage by issuing SBA-guaranteed debentures (“SBA debentures”), subject to the issuance of leverage commitments by the SBA and other customary procedures. As SBICs, the Funds are subject to regulations of and oversight by the SBA under the Small Business Investment Act of 1958, as amended (the “SBIC Act”), concerning, among other things, the size and nature of the companies in which they may invest and the structure of those investments. We believe that utilizing both FIC and the Funds as investment vehicles provides us with access to a broader array of investment opportunities. Given our access to lower cost capital through the SBA’s SBIC debenture program, we expect that we will continue to make investments through the Funds until the earlier of the end of the Funds' investment period, if applicable, or the Funds reach their borrowing limit under the program. For two or more SBICs under common control, the maximum amount of outstanding SBA debentures cannot exceed $ 350,000 . Fund II and Fund III are not registered under the 1940 Act and rely on the exclusion from the definition of investment company contained in Section 3(c)(7) of the 1940 Act. The Company pays a quarterly base management fee and an incentive fee to Fidus Investment Advisors, LLC, our investment advisor (the “Investment Advisor” or “Fidus Investment Advisors”) under an investment advisory agreement (the “Investment Advisory Agreement”). |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-Q, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 or 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period’s results of operation are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2022. During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation. Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated. Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following: • Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities. • Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities. • Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market). • Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument. • Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date. • Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details. Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy. Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25 % of the voting securities of such company or has rights to maintain greater than 50 % of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5 % and 25 % of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments. Segments: In accordance with ASC Topic 280 — Segment Reporting , the Company has determined that it has a single reporting segment and operating unit structure. Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk. Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities. Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity, adjusted for any unamortized deferred financing costs, is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation). Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer its securities, from time to time, in one or more offerings. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense. Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments. Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company. PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC, even though the Company has not yet collected the cash. Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current. Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income. Warrants : In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income. Fee income : Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned. Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations. Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company generally is required to timely distribute to its stockholders at least 90 % of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4 % excise tax if it does not distribute at least 98 % of the current year’s ordinary taxable income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to U.S. federal excise tax if it does not distribute at least 98.2 % of its net capital gains realized, computed for any one year period ending October 31. In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC. The Company has certain wholly-owned subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations. U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible U.S. federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at March 31, 2023 and December 31, 2022 . The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination. Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment. The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions. Earnings and net asset value per share: The earnings per share calculations for the three months ended March 31, 2023 and 2022 , are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period. Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $ 5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did no t make any repurchases of common stock during the three months ended March 31, 2023 and 2022 . Refer to Note 8 for additional information concerning stock repurchases. Recent accounting pronouncement: In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements. |
Portfolio Company Investments
Portfolio Company Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Portfolio Company Investments | Note 3. Portfolio Company Investments The Company’s portfolio investments principally consist of secured and unsecured debt, equity warrants and direct equity investments primarily in privately held companies. The debt investments may or may not be secured by either a first or second lien on the assets of the portfolio company. The debt investments generally bear interest at fixed rates or variable rates, and generally mature between five and seven years from the original investment. In connection with a debt investment, the Company also may receive nominally priced equity warrants and/or make a direct equity investment in the portfolio company. The Company’s warrants or equity investments may be investments in a holding company related to the portfolio company. In addition, the Company makes equity investments in portfolio companies organized as LLCs or other forms of pass-through entities through Taxable Subsidiaries. In both situations, the investment is generally reported under the name of the operating company on the consolidated schedules of investments. As of March 31, 2023, the Company had active investments in 78 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $ 897,324 and the weighted average effective yield on the Company’s debt investments was 14.3 % as of such date. As of March 31, 2023, the Company held equity investments in 76.3 % of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 3.9 % . As of December 31, 2022, the Company had active investments in 76 portfolio companies and residual investments in two portfolio companies that have sold their underlying operations. The aggregate fair value of the total portfolio was $ 860,329 and the weighted average effective yield on the Company’s debt investments was 13.8 % as of such date. As of December 31, 2022, the Company held equity investments in 74.4 % of its portfolio companies and the average fully diluted equity ownership in those portfolio companies was 4.0 % . The weighted average yield of the Company’s debt investments is not the same as a return on investment for its stockholders but, rather, relates to a portion of the Company’s investment portfolio and is calculated before the payment of all of the Company’s and its subsidiaries’ fees and expenses. The weighted average yields were computed using the effective interest rates for debt investments at cost as of March 31, 2023 and December 31, 2022, including accretion of OID and debt investment origination fees, but excluding investments on non-accrual status and investments recorded as a secured borrowing, if any. Purchases of debt and equity investments for the three months ended March 31, 2023 and 2022 totaled $ 51,521 and $ 114,428 , respectively. Proceeds from sales and repayments, including principal, return of capital distributions and realized gains, of portfolio investments for the three months ended March 31, 2023 and 2022 totaled $ 15,918 and $ 23,185 , respectively. Investments by type with corresponding percentage of total portfolio investments consisted of the following: Fair Value Cost March 31, December 31, March 31, December 31, 2023 2022 2023 2022 First Lien Debt (1) $ 481,547 53.6 % $ 456,105 53.0 % $ 478,893 55.4 % $ 453,585 54.7 % Second Lien Debt 188,931 21.1 182,948 21.3 218,939 25.3 213,654 25.8 Subordinated Debt 102,386 11.4 101,456 11.8 103,130 11.9 100,634 12.1 Equity 122,103 13.6 117,741 13.7 61,066 7.1 57,868 7.0 Warrants 2,357 0.3 2,079 0.2 2,952 0.3 2,952 0.4 Total $ 897,324 100.0 % $ 860,329 100.0 % $ 864,980 100.0 % $ 828,693 100.0 % (1) Includes unitranche investments, which account for 41.4 % and 42.7 % of our portfolio on a fair value and cost basis as of March 31, 2023, respectively. Includes unitranche investments, which account for 42.1 % and 43.4 % of our portfolio on a fair value and cost basis as of December 31, 2022, respectively. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. Fair Value Cost March 31, December 31, March 31, December 31, 2023 2022 2023 2022 United States Midwest $ 173,676 19.4 % $ 180,556 21.0 % $ 125,969 14.6 % $ 132,177 16.0 % Southeast 279,940 31.1 265,902 31.0 271,839 31.5 258,373 31.1 Northeast 155,837 17.4 127,427 14.8 163,512 18.9 134,897 16.3 West 150,203 16.7 151,487 17.6 162,072 18.7 161,935 19.5 Southwest 125,223 14.0 122,519 14.2 129,143 14.9 128,873 15.6 Canada 12,445 1.4 12,438 1.4 12,445 1.4 12,438 1.5 Total $ 897,324 100.0 % $ 860,329 100.0 % $ 864,980 100.0 % $ 828,693 100.0 % The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets. By Type By Geographic Region March 31, December 31, March 31, December 31, 2023 2022 2023 2022 First Lien Debt 99.4 % 95.0 % United States Second Lien Debt 39.0 38.1 Midwest 35.8 % 37.6 % Subordinated Debt 21.1 21.1 Southeast 57.8 55.4 Equity 25.2 24.5 Northeast 32.2 26.5 Warrants 0.5 0.4 West 31.0 31.5 Total 185.2 % 179.1 % Southwest 25.8 25.5 Canada 2.6 2.6 Total 185.2 % 179.1 % As of March 31, 2023 and December 31, 2022 , the Company had no portfolio company investments that represented more than 10% of the total investment portfolio on a fair value or cost basis. As of March 31, 2023 and December 31, 2022, the Company's investment in Pfans tiehl, Inc. totaled $ 50,975 and $ 51,992 or 5.4 % a nd 5.6 % of total assets, respectively. As of March 31, 2023 and December 31, 2022, the Company had debt investments in five and four portfolio companies, respectively, on non-accrual status. March 31, 2023 December 31, 2022 Fair Fair Portfolio Company Value Cost Value Cost EBL, LLC (EbLens) $ — $ 9,332 $ — $ 9,332 US GreenFiber, LLC — 5,223 — 5,223 K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) 2,123 2,368 2,123 2,368 Allredi, LLC (fka Marco Group International OpCo, LLC) 8,742 10,281 8,144 10,281 Suited Connector LLC 9,642 15,933 — (1) — (1) Total $ 20,507 $ 43,137 $ 10,267 $ 27,204 (1) Debt investment in portfolio company was not on non-accrual status as of December 31, 2022. Consolidated Schedule of Investments In and Advances To Affiliates The table below represents the fair value of control and affiliate investments as of December 31, 2022 and any additions and reductions made to such investments during the three months ended March 31, 2023, the ending fair value as of March 31, 2023, and the total investment income earned on such investments during the period. Year Ended March 31, 2023 Portfolio Company (1) March 31, 2023 Principal Amount - Debt Investments December 31, 2022 Gross Additions (2) Gross Reductions (3) March 31, 2023 Fair Value Net Realized Gains (Losses) (4) Net Change in Unrealized Appreciation (Depreciation) Interest Income Payment-in-kind Interest Income Dividend Income Fee Income Control Investments EBL, LLC (EbLens) $ 9,350 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — US GreenFiber, LLC 5,226 — — — — — — — — — — Total Control Investments $ 14,576 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Affiliate Investments Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) $ 9,602 $ 23,168 $ 377 $ — $ 23,545 $ — 378 $ 240 $ — $ — $ — Medsurant Holdings, LLC — 2,540 407 ( 73 ) 2,874 — 407 — — — — Pfanstiehl, Inc. 10,000 51,992 2 ( 1,019 ) 50,975 — ( 1,021 ) 249 — 348 — Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) 15,000 19,118 6 ( 2,978 ) 16,146 — ( 2,978 ) 561 — — 5 Steward Holding LLC (dba Steward Advanced Materials) — 4,772 725 — 5,497 — 725 — — — — Total Affiliate Investments $ 34,602 $ 101,590 $ 1,517 $ ( 4,070 ) $ 99,037 $ — $ ( 2,489 ) $ 1,050 $ — $ 348 $ 5 (1) The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable. (4) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities. The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the year ended December 31, 2022 , including the total investment income earned on such investments during the period. Year Ended December 31, 2022 Portfolio Company (1) December 31, 2022 Principal Amount - Debt Investments December 31, 2021 Gross Additions (2) Gross Reductions (3) December 31, 2022 Fair Value Net Realized Gains (Losses) (4) Net Change in Unrealized Appreciation (Depreciation) Interest Income Payment-in-kind Interest Income Dividend Income Fee Income Control Investments EBL, LLC (EbLens) (5) $ 9,350 $ — $ 19,628 $ ( 19,628 ) $ — $ — $ ( 11,083 ) $ — $ — $ — $ — Hilco Plastics Holdings, LLC (dba Hilco Technologies) — — 353 ( 353 ) $ — ( 352 ) — — — — — Mesa Line Services, LLC — 2,151 193 ( 2,344 ) — 194 ( 2,150 ) — — — — US GreenFiber, LLC 5,226 — — — — — — — — — — Total Control Investments $ 14,576 $ 2,151 $ 20,174 $ ( 22,325 ) $ — $ ( 158 ) $ ( 13,233 ) $ — $ — $ — $ — Affiliate Investments Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) $ 9,602 $ 22,405 $ 13,566 $ ( 12,803 ) $ 23,168 $ — 763 $ 973 $ — $ — $ — FAR Research Inc. — 28 — ( 28 ) — — ( 28 ) — — — — Medsurant Holdings, LLC — 3,662 — ( 1,122 ) 2,540 — ( 1,122 ) — — — — Mirage Trailers LLC — 10,675 355 ( 11,030 ) — 324 ( 1,694 ) 248 29 — 132 Pfanstiehl, Inc. 10,000 57,639 34,335 ( 39,982 ) 51,992 24,330 ( 15,432 ) 421 — — 150 Pinnergy, Ltd. (6) — 21,178 15,300 ( 36,478 ) — 15,300 ( 18,177 ) — — 656 — Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) 15,000 18,359 5,487 ( 4,728 ) 19,118 ( 121 ) ( 1,723 ) 1,822 — — 175 Steward Holding LLC (dba Steward Advanced Materials) — 3,338 1,434 — 4,772 — 1,434 — 1 69 — Total Affiliate Investments $ 34,602 $ 137,284 $ 70,477 $ ( 106,171 ) $ 101,590 $ 39,833 $ ( 35,979 ) $ 3,464 $ 30 $ 725 $ 457 (1) The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable. (4) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities. (5) Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022. (6) Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements Investments The Board has established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring basis in accordance with ASC Topic 820 and consistent with the requirements of the 1940 Act. Fair value is the price, determined at the measurement date, that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available or reliable, valuation techniques described below are applied. Under ASC Topic 820, portfolio investments recorded at fair value in the consolidated financial statements are classified within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value, as defined below: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets as of the measurement date. Level 2 — Inputs include quoted prices for similar assets in active markets, or that are quoted prices for identical or similar assets in markets that are not active and inputs that are observable, either directly or indirectly, for substantially the full term, if applicable, of the investment. Level 3 — Inputs include those that are both unobservable and significant to the overall fair value measurement. An investment’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available, with the exception of money market funds and one portfolio company, which are valued using Level 1 inputs as of March 31, 2023. Therefore, the Company values such portfolio investments at fair value, as determined in good faith by the Board, using Level 3 inputs, with the exception of money market funds and one portfolio company that was valued using Level 1 inputs as of March 31, 2023. The degree of judgment exercised by the Board in determining fair value is greatest for investments classified as Level 3 inputs. Due to the inherent uncertainty of determining the fair values of investments that do not have readily available market quotations, the Board’s estimate of fair values may differ significantly from the values that would have been used had a ready market for the securities existed, and those differences may be material. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the amounts ultimately realized on these investments to be materially different than the valuations currently assigned. With respect to investments for which market quotations are not readily available, the Board undertakes a multi-step valuation process each quarter, as described below: • the quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Investment Advisor responsible for the portfolio investment; • preliminary valuation conclusions are then documented and discussed with the investment committee of the Investment Advisor; • the Board engages one or more independent valuation firm(s) to conduct independent appraisals of a selection of our portfolio investments for which market quotations are not readily available. Each portfolio company investment is generally appraised by the valuation firm(s) at least once every calendar year and each new portfolio company investment is appraised at least once in the twelve-month period following the initial investment. In certain instances, the Company may determine that it is not cost-effective, and as a result it is not in the Company’s stockholders’ best interest, to request the independent appraisal of certain portfolio company investments. Such instances include, but are not limited to, situations where the Company determines that the fair value of the portfolio company investment is relatively insignificant to the fair value of the total portfolio. • the audit committee of the Board reviews the preliminary valuations of the Investment Advisor and of the independent valuation firm(s) and responds and supplements the valuation recommendations to reflect any comments; and • the Board discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Investment Advisor, the independent valuation firm(s) and the audit committee. In making the good faith determination of the value of portfolio investments, the Board starts with the cost basis of the security. The transaction price is typically the best estimate of fair value at inception. When evidence supports a subsequent change to the carrying value from the original transaction price, adjustments are made to reflect the expected exit values. The Board consulted with the independent third-party valuation firm(s) in arriving at our determination of fair value for 16 and 18 of our portfolio company investments representing 27.6 % and 21.4 % of the total portfolio investments at fair value (exclusive of new portfolio company investments made during the three months ended March 31, 2023 and 2022, respectively) as of three months ended March 31, 2023 and 2022, respectively. Consistent with the policies and methodologies adopted by the Board, the Company performs detailed valuations of its debt and equity investments, including an analysis on the Company’s unfunded debt investment commitments, using both the market and income approaches as appropriate. Under the market approach, the Company typically uses the enterprise value methodology to determine the fair value of an investment. There is no one methodology to estimate enterprise value and, in fact, for any one portfolio company, enterprise value is generally best expressed as a range of values, from which the Company derives a single estimate of enterprise value. Under the income approach, the Company typically prepares and analyzes discounted cash flow models to estimate the present value of future cash flows of either an individual debt investment or of the underlying portfolio company itself. The Company evaluates investments in portfolio companies using the most recent portfolio company financial statements and forecasts. The Company also consults with the portfolio company’s senior management to obtain further updates on the portfolio company’s performance, including information such as industry trends, new product development and other operational issues. For the Company’s debt investments the primary valuation technique used to estimate the fair value is the discounted cash flow method. However, if there is deterioration in credit quality or a debt investment is in workout status, the Company may consider other methods in determining the fair value, including the value attributable to the debt investment from the enterprise value of the portfolio company or the proceeds that would be received in a liquidation analysis. The Company’s discounted cash flow models estimate a range of fair values by applying an appropriate discount rate to the future cash flow streams of its debt investments, based on future interest and principal payments as set forth in the associated debt investment agreements. The Company prepares a weighted average cost of capital for use in the discounted cash flow model for each investment, based on factors including, but not limited to: current pricing and credit metrics for similar proposed or executed investment transactions of private companies; the portfolio company’s historical financial results and outlook; and the portfolio company’s current leverage and credit quality as compared to leverage and credit quality as of the date the investment was made. The Company may also consider the following factors when determining the fair value of debt investments: the portfolio company’s ability to make future scheduled payments; prepayment penalties and other fees; estimated remaining life; the nature and realizable value of any collateral securing such debt investment; and changes in the interest rate environment and the credit markets that generally may affect the price at which similar investments may be made. The Company estimates the remaining life of its debt investments to generally be the legal maturity date of the instrument, as the Company generally intends to hold its debt investments to maturity. However, if the Company has information available to it that the debt investment is expected to be repaid in the near term, it would use an estimated remaining life based on the expected repayment date. For the Company’s equity investments, including equity securities and warrants, the Company generally uses a market approach, including valuation methodologies consistent with industry practice, to estimate the enterprise value of portfolio companies. Typically, the enterprise value of a private company is based on multiples of EBITDA, net income, revenues, or in limited cases, book value. In estimating the enterprise value of a portfolio company, the Company analyzes various factors consistent with industry practice, including but not limited to original transaction multiples, the portfolio company’s historical and projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the nature and realizable value of any collateral, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. The Company may also utilize an income approach when estimating the fair value of its equity investments, either as a primary methodology if consistent with industry practice or if the market approach is otherwise not applicable, or as a supporting methodology to corroborate the fair value ranges determined by the market approach. The Company typically prepares and analyzes discounted cash flow models based on projections of the future free cash flows (or earnings) of the portfolio company. The Company considers various factors, including, but no t limited to, the portfolio company’s projected financial results, applicable market trading and transaction comparables, applicable market yields and leverage levels, the markets in which the portfolio company does business, and comparisons of financial ratios of peer companies that are public. The following tables present fair value measurements of investments by major class according to the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 481,547 $ 481,547 Second Lien Debt — — 188,931 188,931 Subordinated Debt — — 102,386 102,386 Equity 262 — 121,841 122,103 Warrants — — 2,357 2,357 Money Market Funds 35,380 — — 35,380 Total $ 35,642 $ — $ 897,062 $ 932,704 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 456,105 $ 456,105 Second Lien Debt — — 182,948 182,948 Subordinated Debt — — 101,456 101,456 Equity 310 — 117,431 117,741 Warrants — — 2,079 2,079 Money Market Funds 61,076 — - 61,076 Total $ 61,386 $ — $ 860,019 $ 921,405 The Company reviews the fair value hierarchy classifications on a quarterly basis. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. There were no transfers among Levels 1, 2, and 3 during the three months ended March 31, 2023 and 2022. The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022: First Lien Second Lien Subordinated Debt Debt Debt Equity Warrants Total Balance, December 31, 2021 $ 354,922 $ 158,815 $ 36,064 $ 165,762 $ 3,204 $ 718,767 Net realized gains (losses) on investments — — — 6,868 — 6,868 Net change in unrealized appreciation (depreciation) on investments 823 1,277 ( 5 ) ( 7,590 ) 195 ( 5,300 ) Purchase of investments 76,710 15,795 17,470 4,453 — 114,428 Proceeds from sales and repayments of investments ( 4,027 ) ( 7,106 ) - ( 12,052 ) — ( 23,185 ) Interest and dividend income paid-in-kind 252 254 41 — — 547 Proceeds from loan origination fees ( 602 ) ( 4 ) ( 165 ) — — ( 771 ) Accretion of loan origination fees 238 34 8 — — 280 Accretion of original issue discount 1 22 — — — 23 Balance, March 31, 2022 $ 428,317 $ 169,087 $ 53,413 $ 157,441 $ 3,399 $ 811,657 Balance, December 31, 2022 $ 456,105 $ 182,948 $ 101,456 $ 117,431 $ 2,079 $ 860,019 Net realized gains (losses) on investments — — — 58 — 58 Net change in unrealized appreciation (depreciation) on investments 133 698 ( 1,565 ) 1,165 278 709 Purchase of investments 40,980 5,000 2,182 3,359 — 51,521 Proceeds from sales and repayments of investments ( 15,699 ) - — ( 172 ) — ( 15,871 ) Interest and dividend income paid-in-kind 127 196 314 — — 637 Proceeds from loan origination fees ( 481 ) ( 31 ) ( 25 ) — — ( 537 ) Accretion of loan origination fees 366 25 22 — — 413 Accretion of original issue discount 16 95 2 — — 113 Balance, March 31, 2023 $ 481,547 $ 188,931 $ 102,386 $ 121,841 $ 2,357 $ 897,062 Net change in unrealized appreciation/(depreciation) of $ 793 the three months ended March 31, 2023, was attributable to Level 3 investments held at March 31, 2023. Net change in unrealized appreciation/(depreciation) of $ ( 123 ) for the three months ended March 31, 2022, was attributable to Level 3 investments held at March 31, 2022. The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of March 31, 2023 and December 31, 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. Fair Value at Valuation Unobservable Range March 31, 2023 Techniques Inputs (weighted average) (1) Debt investments: First Lien Debt $ 452,536 Discounted cash flow Weighted average cost of capital 9.5 % - 20.6 % ( 15.8 %) 11,000 Enterprise value Asset Coverage 1.0 x - 1.0 x ( 1.0 x) 14,986 Enterprise value EBITDA multiples 7.3 x - 7.3 x ( 7.3 x) 3,025 Enterprise value Revenue multiples 4.3 x - 4.3 x ( 4.3 x) Second Lien Debt 186,808 Discounted cash flow Weighted average cost of capital 11.5 % - 25.0 % ( 14.8 %) — Enterprise value EBITDA multiples 5.0 x - 5.0 x ( 5.0 x) 2,123 Enterprise value Asset Coverage 0.8 x - 0.8 x ( 0.8 x) Subordinated Debt 102,386 Discounted cash flow Weighted average cost of capital 10.1 % - 23.6 % ( 12.7 %) Equity investments: Equity 115,739 Enterprise value EBITDA multiples 3.5 x - 16.0 x ( 8.3 x) 6,102 Enterprise value Revenue multiples 0.9 x - 7.5 x ( 5.8 x) Warrants 2,225 Enterprise value EBITDA multiples 6.0 x - 6.0 x ( 6.0 x) 132 Enterprise value Revenue multiples 4.5 x - 4.5 x ( 4.5 x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. Fair Value at Valuation Unobservable Range December 31, 2022 Techniques Inputs (weighted average) (1) Debt investments: First Lien Debt $ 441,830 Discounted cash flow Weighted average cost of capital 8.9 % - 21.9 % ( 15.5 %) 11,000 Enterprise value Asset Coverage 1.1 x - 1.1 x ( 1.1 x) 3,275 Enterprise value Revenue multiples 4.3 x - 4.3 x ( 4.3 x) Second Lien Debt 180,825 Discounted cash flow (2) Weighted average cost of capital 11.7 % - 25.0 % ( 14.5 %) - Enterprise value EBITDA multiples 5.0 x - 5.0 x ( 5.0 x) 2,123 Enterprise value Asset Coverage 0.8 x - 0.8 x ( 0.8 x) Subordinated Debt 97,706 Discounted cash flow Weighted average cost of capital 10.0 % - 15.2 % ( 12.5 %) 3,750 Enterprise value EBITDA multiples 8.5 x - 8.5 x ( 8.5 x) Equity investments: Equity 111,808 Enterprise value EBITDA multiples 4.0 x - 16.8 x ( 8.1 x) 5,623 Enterprise value Revenue multiples 0.9 x - 7.8 x ( 6.4 x) Warrants 1,949 Enterprise value EBITDA multiples 6.0 x - 6.0 x ( 6.0 x) 130 Enterprise value Revenue multiples 4.5 x - 4.5 x ( 4.5 x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Includes $ 18.0 million of debt investments which were valued using a trading discount to par. The significant unobservable input used in determining the fair value under the discounted cash flow technique is the weighted average cost of capital of each security. Significant increases (or decreases) in this input would likely result in significantly lower (or higher) fair value estimates. The significant unobservable inputs used in determining fair value under the enterprise value technique are revenue and EBITDA multiples, as well as asset coverage. Significant increases (or decreases) in these inputs could result in significantly higher (or lower) fair value estimates. Other Financial Assets and Liabilities ASC Topic 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. The Company believes that the carrying amounts of its other financial instruments such as cash and cash equivalents, interest receivable and accounts payable and other liabilities approximate the fair value of such items due to the short maturity of such instruments. The Company’s borrowings under the Credit Facility (as defined in Note 6), the SBA debentures, and the Notes (as defined in Note 6) are recorded at their respective carrying values. The following tables summarize the carrying value and fair value of the Company’s debt obligations as of March 31, 2023 and December 31, 2022. March 31, 2023 (5) December 31, 2022 (5) Carrying Value (1) Fair Value Carrying Value (1) Fair Value SBA debentures (2) $ 165,000 $ 165,000 $ 153,000 $ 153,000 Credit Facility borrowings (3) 15,000 15,000 — — January 2026 Notes (4) 125,000 110,759 125,000 111,854 November 2026 Notes (4) 125,000 102,700 125,000 103,963 Total $ 430,000 $ 393,459 $ 403,000 $ 368,817 (1) Carrying value represents the outstanding principal balance of the debt obligation. (2) The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820. (3) The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. (4) The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820. (5) Totals exclude $ 16,634 and $ 16,880 of Secured Borrowings as of March 31, 2023 and December 31, 2022 , respectively. The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of March 31, 2023 and December 31, 2022. Fair Value March 31, December 31, Valuation Inputs 2023 2022 Level 1 $ — $ — Level 2 — — Level 3 393,459 368,817 Total $ 393,459 $ 368,817 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5. Related Party Transactions Investment Advisory Agreement: The Company has entered into an Investment Advisory Agreement with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Investment Advisory Agreement for the period beginning June 20, 2022 through June 20, 2023. Pursuant to the Investment Advisory Agreement and subject to the overall supervision of the Board, the Investment Advisor provides investment advisory services to the Company. For providing these services, the Investment Advisor receives a fee, consisting of two components — a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 1.75 % based on the average value of total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. The Board accepted a voluntary, non-contractual, and unconditional waiver from the Investment Advisor to exclude any investments recorded as secured borrowings as defined under GAAP from the base management fee payable effective April 1, 2021. The base management fee is payable quarterly in arrears. The base management fee under the Investment Advisory Agreement was $ 3,854 and $ 3,343 for the three months ended March 31, 2023 and 2022, respectively. The base management fee waiver was $ 72 and $ 76 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, the base management fee payable (net of the base management fee waiver) was $ 3,782 and $ 3,769 , respectively. The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the quarter. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement (defined below) and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee and excise taxes on realized gains). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK income, preferred stock with PIK dividends and zero-coupon securities), and accrued income the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the incentive fee it receives that was based on accrued interest that the Company never collects. Pre-incentive fee net investment income does not include any realized capital gains, taxes associated with such realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company generates pre-incentive fee net investment income in excess of the hurdle rate (as defined below) for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to a net loss on investments. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed “hurdle rate” of 2.0 % per quarter. Under conditions such as the current rising interest rate environment, the Company may be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s pre-incentive fee net investment income and make it easier for the Investment Advisor to surpass the fixed hurdle rate and receive an incentive fee based on such net investment income. The Company pays the Investment Advisor an incentive fee with respect to pre-incentive fee net investment income in each calendar quarter as follows: • no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 2.0 %; • 100.0 % of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5 % in any calendar quarter. This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 2.5 %) is referred to as the “catch-up” provision. The catch-up is meant to provide the Investment Advisor with 20.0 % of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 2.5 % in any calendar quarter; and • 20.0 % of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 2.5 % in any calendar quarter. The sum of the calculations above equals the income incentive fee. The income incentive fee is appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the calendar quarter. The income incentive fee was $ 3,647 and $ 1,053 for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, the income incentive fee payable was $ 3,647 and $ 3,035 , respectively. The second part of the incentive fee is a capital gains incentive fee that is determined and paid in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0 % of the net capital gains as of the end of the fiscal year. In determining the capital gains incentive fee to be paid in cash to the Investment Advisor, the Company calculates the cumulative aggregate realized capital gains and losses since the Formation Transactions (realized capital gains and losses include realized gains and losses on investments, net of income tax provision from realized gains on investments, and realized losses on extinguishment of debt, but excluding income tax (provision) benefit from deemed distribution of long term capital gains), and the aggregate unrealized capital depreciation on investments as of the date of the calculation. At the end of the applicable year, the amount of capital gains that serves as the basis for the calculation of the capital gains incentive fee to be paid equals the cumulative aggregate realized capital gains on investments, less cumulative aggregate tax (provision) benefit on realized gains (losses), less cumulative aggregate realized capital losses on investments, less aggregate unrealized capital depreciation on investments, and less cumulative aggregate realized losses on extinguishment of debt. If this number is positive at the end of such year, then the capital gains incentive fee to be paid in cash for such year equals 20.0 % of such amount, less the aggregate amount of any capital gains incentive fees paid in all prior years. As of March 31, 2023 and December 31, 2022 , the capital gains incentive fee payable in cash was zero and $ 7,556 , respectively (as cumulative aggregate realized capital gains and losses on investments exceeded aggregate unrealized capital depreciation on investments plus realized losses on extinguishment of debt). The aggregate amount of capital gains incentive fees paid from the IPO through March 31, 2023 was $ 14,040 . In addition, the Company accrues, but does not pay in cash, a capital gains incentive fee in connection with any unrealized capital appreciation on investments, as applicable. If, on a cumulative basis, the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20.0 % of the sum of (i) net realized gains/(losses) on investments plus (ii) net unrealized appreciation/(depreciation) on investments plus (iii) realized losses on extinguishment of debt. The capital gains incentive fee accrued (reversed) during the three months ended March 31, 2023 and 2022 was $ 153 and $ 270 , respectively. As of March 31, 2023 and December 31, 2022, the accrued capital gains incentive fee payable was $ 15,257 and $ 22,659 , respectively. Unless terminated earlier as described below, the Investment Advisory Agreement will continue in effect from year to year if approved annually by the Board or by the affirmative vote of the holders of a majority of the Company’s outstanding voting securities, and, in either case, if also approved by a majority of the directors who are not “interested persons” of the Company, as such term is defined under Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Investment Advisor and may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. The holders of a majority of the Company’s outstanding voting securities may also terminate the Investment Advisory Agreement without penalty. Administration Agreement: The Company also entered into an administration agreement (the “Administration Agreement”) with the Investment Advisor. On June 9, 2022, the Board approved the renewal of the Administration Agreement for the period beginning June 20, 2022 through June 20, 2023. Under the Administration Agreement, the Investment Advisor furnishes the Company with office facilities and equipment, provides clerical, bookkeeping, and record keeping services at such facilities and provides the Company with other administrative services necessary to conduct its day-to-day operations. The Company reimburses the Investment Advisor for the allocable portion of overhead expenses incurred in performing its obligations under the Administration Agreement, including rent and the Company’s allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. Under the Administration Agreement, the Investment Advisor also provides managerial assistance to those portfolio companies on the Company's behalf to those portfolio companies that have accepted the Company's offer to provide such assistance and the Company reimburses the Investment Advisor for fees and expenses incurred with providing such services. In addition, the Company reimburses the Investment Advisor for fees and expenses incurred while performing due diligence on the Company’s prospective portfolio companies, including “dead deal” expenses . Under the Administration Agreement, administrative service expenses for the three months ended March 31, 2023 and 2022 were $ 473 , and $ 422 , respectively. As of March 31, 2023 and December 31, 2022, the accrued administrative service expense payable was $ 461 and $ 700 , resp ectively. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 6. Debt Revolving Credit Facility : On June 16, 2014, FIC entered into a senior secured revolving credit agreement (the "Credit Agreement" and the senior secured revolving credit facility, the “Credit Facility”) with ING Capital LLC (“ING”), as the administrative agent, collateral agent, and lender. The Credit Facility is secured by certain portfolio investments held by the Company, but portfolio investments held by the Funds are not collateral for the Credit Facility. On April 24, 2019, the Company entered into an Amended & Restated Senior Secured Revolving Credit Agreement (the “Amended Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING, as administrative agent. On June 26, 2020, the Company entered into an amendment to the Amended Credit Agreement that, among other changes, modified certain financial covenants. On August 17, 2022, the Company entered into a second amendment to the Amended Credit Agreement ("Second Amendment"). The Second Amendment, among other things: (i) changed the underlying benchmark used to compute interest under the Amended Credit Agreement to SOFR from LIBOR; (ii) reduced the applicable margin from 3.00 % to 2.675 % on SOFR loans prior to satisfying certain step-down conditions, and from 2.675 % to 2.50 % after satisfying certain step-down conditions, with commensurate reductions in the applicable margins for base rate loans; (iii) provided for a loan commitment availability period ending on August 17, 2026; (iv) extended the maturity date to August 17, 2027 from April 24, 2023 ; and (v) amended certain financial covenants, including (a) amending the asset coverage ratio to no less than 1.50 to 1.00 from no less than 2.00 to 1.00 (on a regulatory basis); and (b) requiring the Company to maintain a senior asset coverage ratio of no less than 2.00 to 1.00. The Company pays a commitment fee that varies depending on the size of the unused portion of the Credit Facility: 2.500 % to 2.675 % per annum on the unused portion of the Credit Facility at or below 35 % of the commitments and 0.50 % per annum on any remaining unused portion of the Credit Facility between the total commitments and the 35 % minimum utilization. The Credit Facility is secured by a first priority security interest in all of our assets, excluding the assets of our SBIC subsidiaries. Amounts available to borrow under the Credit Facility are subject to a minimum borrowing/collateral base that applies an advance rate to certain investments held by the Company, excluding investments held by the Funds. The Company is subject to limitations with respect to the investments securing the Credit Facility, including, but not limited to, restrictions on sector concentrations, loan size, payment frequency and status and collateral interests, as well as restrictions on portfolio company leverage, which may also affect the borrowing base and therefore amounts available to borrow. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. As of March 31, 2023 and December 31, 2022, the Company was in compliance in all material respects with the terms of the Credit Agreement. SBA debentures: The Company uses debenture leverage provided through the SBA to fund a portion of its investment purchases. Under the SBA debenture program, the SBA commits to purchase debentures issued by SBICs; such debentures have 10 -year terms with the entire principal balance due at maturity and are guaranteed by the SBA. Interest on SBA debentures is payable semi-annually on March 1 and September 1 . As of March 31, 2023 and December 31, 2022, approved and unused SBA debenture commitments were $ 25,000 and $ 37,000 , respectively. The SBA may limit the amount that may be drawn each year under these commitments, and each issuance of leverage is conditioned on the Company’s full compliance, as determined by the SBA, with the terms and conditions under SBA regulations. As of March 31, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows: Pooling Maturity Fixed March 31, December 31, Date (1) Date Interest Rate 2023 2022 3/25/2015 3/1/2025 3.277 % $ 1,500 $ 1,500 3/23/2016 3/1/2026 3.267 1,500 1,500 3/23/2016 3/1/2026 3.249 2,500 2,500 9/21/2016 9/1/2026 2.793 500 500 9/20/2017 9/1/2027 3.260 1,000 1,000 9/20/2017 9/1/2027 3.190 33,000 33,000 9/25/2019 9/1/2029 2.377 7,500 7,500 3/25/2020 3/1/2030 2.172 6,000 6,000 9/22/2021 9/1/2031 1.398 11,500 11,500 3/23/2022 3/1/2032 3.209 43,500 43,500 9/21/2022 9/1/2032 4.533 17,500 17,500 3/22/2023 3/1/2033 5.439 4,000 4,000 3/22/2023 3/1/2033 5.341 3,000 3,000 3/22/2023 3/1/2033 5.341 3,000 3,000 3/22/2023 3/1/2033 5.439 5,000 5,000 3/22/2023 3/1/2033 5.439 5,000 5,000 3/22/2023 3/1/2033 5.341 7,000 7,000 3/22/2023 3/1/2033 5.341 4,000 — (2) (2) (2) 8,000 — Total outstanding SBA debentures $ 165,000 $ 153,000 (1) The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date. (2) The Company issued $ 8,000 in SBA debentures which will pool in September 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.047 %. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date. Notes: On December 23, 2020, the Company closed the offering of $ 125,000 in aggregate principal amount of its 4.75 % notes due 2026, or the “January 2026 Notes”. The total net proceeds to the Company from the January 2026 Notes, based on a public offering price of 100.00 % of par, after deducting underwriting discounts of $ 2,500 and estimated offering expenses of approximately $ 400 , were approximately $ 122,100 . The January 2026 Notes will mature on January 31, 2026 and bear interest at a rate of 4.75 %. The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. On October 8, 2021, the Company closed the offering of $ 125,000 in aggregate principal amount of its 3.50 % notes due 2026, or the “November 2026 Notes” (collectively with the January 2026 Notes, the “Notes”). The total net proceeds to the Company from the November 2026 Notes, based on a public offering price of 99.996 % of par, after deducting underwriting discounts of $ 2,500 and estimated offering expenses of approximately $ 400 , were approximately $ 122,095 . The November 2026 Notes will mature on November 15, 2026 and bear interest at a rate of 3.50 %. The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. Each of the Notes are unsecured obligations of the Company and rank pari passu with the Company’s existing and future unsecured indebtedness; effectively subordinated to all of the Company’s existing and future secured indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of its subsidiaries, financing vehicles, or similar facilities the Company may form in the future, with respect to claims on the assets of any such subsidiaries, financing vehicles, or similar facilities, including the Credit Facility. Secured Borrowing As of March 31, 2023 and December 31, 2022, the carrying value of secured borrowings totaled $ 16,634 and $ 16,880 , respectively and the fair value of the associated loans included in investments was $ 16,630 and $ 16,875 , respectively. These secured borrowings were created as a result of our completion of partial loan sales of certain unitranche loan assets that did not meet the definition of a “participating interest.” As a result, sale treatment was not permitted and these partial loan sales were treated as secured borrowings. The weighted average interest rate on our secured borrowings was approximately 8.7 % and 7.8 % as of March 31, 2023, and December 31, 2022, respectively. Senior Securities As of March 31, 2023, and December 31, 2022, the aggregate amount outstanding of the senior securities (including secured borrowings) issued by the Company was $ 281,634 and $ 266,880 , respectively, for which our asset coverage was 272.1 % and 280.0 % , respectively. The SBA debentures are not subject to the asset coverage requirements of the 1940 Act as a result of exemptive relief granted to us by the SEC on June 30, 2014. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. Interest and Financing Expenses Interest and fees related to the Company’s debt for the three months ended March 31, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 SBA debentures Credit Facility Secured Borrowings Notes Total SBA debentures Credit Facility Secured Borrowings Notes Total Stated interest expense $ 1,372 $ 330 $ 389 $ 2,578 $ 4,669 $ 739 $ 363 $ 208 $ 2,578 $ 3,888 Amortization of deferred financing costs 168 73 - 275 516 138 112 - 274 524 Total interest and financing expenses $ 1,540 $ 403 $ 389 $ 2,853 $ 5,185 $ 877 $ 475 $ 208 $ 2,852 $ 4,412 Weighted average stated interest rate, period end 3.268 % 7.390 % 8.685 % 4.125 % 4.244 % 2.846 % 3.125 % 4.497 % 4.125 % 3.726 % Unused commitment fee rate, period end N/A 0.970 % N/A N/A 0.970 % N/A 1.375 % N/A N/A 1.375 % Realized Losses on Extinguishment of Debt During the three months ended March 31, 2023 and 2022, the Company prepaid $ 0 and $ 20,000 of SBA debentures, respectively, which were scheduled to mature on dates ranging from 2025 to 2028 . As a result of the prepayments, the Company recognized realized losses on extinguishment of debt of $ 0 and $ 198 , respectively, equal to the write-off of the related unamortized deferred financing costs, during the three months ended March 31, 2023 and 2022. Deferred Financing Costs Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 SBA Credit SBA Credit debentures Facility Notes Total debentures Facility Notes Total SBA debenture commitment fees $ 3,000 $ — $ — $ 3,000 $ 3,000 $ — $ — $ 3,000 SBA debenture leverage fees 6,681 — — 6,681 6,389 — — 6,389 Credit Facility upfront fees — 4,417 — 4,417 — 4,417 — 4,417 Notes underwriting discounts — — 5,005 5,005 — — 5,005 5,005 Notes debt issue costs — — 685 685 — — 685 685 Total deferred financing costs 9,681 4,417 5,690 19,788 9,389 4,417 5,690 19,496 Less: accumulated amortization ( 5,033 ) ( 3,111 ) ( 2,092 ) ( 10,236 ) ( 4,865 ) ( 3,037 ) ( 1,818 ) ( 9,720 ) Unamortized deferred financing costs $ 4,648 $ 1,306 $ 3,598 $ 9,552 $ 4,524 $ 1,380 $ 3,872 $ 9,776 Unamortized deferred financing costs are presented as a direct offset to the SBA debentures, the Credit Facility and the Notes liabilities on the consolidated statements of assets and liabilities. The following table summarizes the outstanding debt net of unamortized deferred financing costs as of March 31, 2023 and December 31, 2022: March 31, 2023 (1) December 31, 2022 (1) SBA Credit SBA Credit debentures Facility Notes Total debentures Facility Notes Total Outstanding debt $ 165,000 $ 15,000 $ 250,000 $ 430,000 $ 153,000 $ — $ 250,000 $ 403,000 Less: unamortized deferred financing costs ( 4,648 ) ( 1,306 ) ( 3,598 ) ( 9,552 ) ( 4,524 ) ( 1,380 ) ( 3,872 ) ( 9,776 ) Debt, net of deferred financing costs $ 160,352 $ 13,694 $ 246,402 $ 420,448 $ 148,476 $ ( 1,380 ) $ 246,128 $ 393,224 (1) Total excludes $ 16,634 and $ 16,880 of Secured Borrowings as of March 31, 2023 and December 31, 2022 , respectively. As of March 31, 2023, the Company’s debt liabilities are scheduled to mature as follows (1) : SBA Credit Secured Year debentures Facility (2) Borrowings Notes Total 2024 $ — $ — $ — $ — $ — 2025 1,500 — — — 1,500 2026 4,500 — 16,634 250,000 271,134 2027 34,000 15,000 — — 49,000 2028 - — — — - Thereafter 125,000 — — — 125,000 Total $ 165,000 $ 15,000 $ 16,634 $ 250,000 $ 446,634 (1) The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments. (2) The Credit Facility matures on August 17, 2027 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 7. Commitments and Contingencies Commitments: The Company had outstanding commitments to portfolio companies to fund various undrawn revolving loans, other debt investments and capital commitments totaling $ 12,964 and $ 16,915 as of March 31, 2023 and December 31, 2022 , respectively. Such outstanding commitments are summarized in the following table: March 31, 2023 December 31, 2022 Total Unfunded Total Unfunded Portfolio Company - Investment Commitment Commitment Commitment Commitment Acendre Midco, Inc. - Revolving Loan $ 1,000 $ 1,000 $ 1,000 $ 1,000 American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt 2,500 2,500 — — Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan 1,000 1,000 1,000 1,000 Combined Systems, Inc. - Revolving Loan 4,000 162 4,000 162 EBL, LLC (EbLens) - Common Equity (Units) 375 375 375 375 Elements Brands, LLC - Revolving Loan 1,500 — 1,500 — Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) 300 300 300 300 Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) 3,000 3,000 3,000 3,000 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt 2,489 1,740 2,489 2,489 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt 417 417 417 417 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity 70 70 70 70 Tedia Company, LLC - Revolving Loan 2,400 2,400 4,000 2,400 Tedia Company, LLC - Delayed Draw Term Loan — — 3,000 3,000 Western's Smokehouse, LLC - Delayed Draw Term Loan — — 3,500 2,702 Total $ 19,051 $ 12,964 $ 24,651 $ 16,915 Additional detail for each of the commitments above is provided in the Company’s consolidated schedules of investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with financial and non-financial covenants, which may limit such borrower's ability to draw on a revolving loan or delayed draw loan. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide indemnifications under certain circumstances. In addition, in connection with the disposition of an investment in a portfolio company, the Company may be required to make representations about the business and financial affairs of such portfolio company typical of those made in connection with the sale of a business. The Company may also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects the risk of future obligation under these indemnifications to be remote. Legal proceedings: In the normal course of business, the Company may be subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While the outcome of any such legal proceedings cannot be predicted with certainty, the Company does not believe any such legal proceedings will have a material adverse effect on the Company’s consolidated financial statements. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Common Stock | Note 8. Common Stock Public Offerings of Common Stock The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011, except for the issuances under the ATM Program as described further below. Period Cumulative Number of Shares Cumulative Gross Proceeds Cumulative Underwriting Fees and Commissions and Offering Costs (1) Weighted Average Offering Price Cumulative since IPO 14,388,414 $ 236,597 $ 8,989 $ 16.44 (1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $ 1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company. Equity ATM Program On November 10, 2022, the Company established the at-the-market program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through Raymond James & Associates, Inc. and B. Riley Securities, Inc., each as sales agents, shares of the Company’s common stock having an aggregate offering price of up to $ 50,000 . The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the three months ended March 31, 2023 and 2022 are as follows: Underwriting Fees and Average Commissions Number of Offering Gross and Offering Net Three Months Ended March 31, 2022 Shares Price Proceeds Costs Proceeds January 1, 2022 through March 31, 2022 - $ - $ - $ - $ - Total - $ - $ - $ - $ - Three Months Ended March 31, 2023 January 1, 2023 through March 31, 2023 260,610 $ 20.68 $ 5,389 $ 83 $ 5,306 Total 260,610 $ 20.68 $ 5,389 $ 83 $ 5,306 Cumulative to date, the Company has sold 550,998 shares of common stock under the ATM Program at a weighted-average price of $ 20.49 , raising $ 11,289 of gross proceeds. Net proceeds were $ 11,120 after commissions to the sales agents on shares sold. As of March 31, 2023, the Company has $ 38,711 available under the ATM Program. Stock Repurchase Program As described in Note 2, the Company has a Stock Repurchase Program under which the Company may acquire up to $ 5,000 of its outstanding common stock. The Company did no t make any repurchases of common stock during the three months ended March 31, 2023 and 2022. Refer to Note 9 for additional information regarding the issuance of shares under the DRIP. The Company had 24,988,398 and 24,727,788 shares of common stock outstanding as of March 31, 2023 and December 31, 2022 , respectively. |
Dividends and Distributions
Dividends and Distributions | 3 Months Ended |
Mar. 31, 2023 | |
Dividends and Distributions [Abstract] | |
Dividends and Distributions | Note 9. Dividends and Distributions The Company’s dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the three months ended March 31, 2023. DRIP DRIP Date Record Payment Amount Total Cash Shares DRIP Share Declared Date Date Per Share Distribution Distribution Value Shares Issue Price Year Ended December 31, 2021: 2/09/2021 3/12/2021 3/26/2021 $ 0.31 $ 7,575 $ 7,575 $ — (3) — (3) — 2/09/2021 (2) 3/12/2021 3/26/2021 0.07 1,711 1,711 — (3) — (3) — 5/03/2021 6/14/2021 6/28/2021 0.31 7,576 7,576 — (3) — (3) — 5/03/2021 (2) 6/14/2021 6/28/2021 0.08 1,955 1,955 — (3) — (3) — 8/02/2021 9/14/2021 9/28/2021 0.32 7820 7820 — (3) — (3) — 8/02/2021 (2) 9/14/2021 9/28/2021 0.06 1,466 1,466 — (3) — (3) — 8/02/2021 (1) 9/14/2021 9/28/2021 0.04 977 977 — (3) — (3) — 11/01/2021 12/3/2021 12/17/2021 0.32 7,820 7,820 — (3) — (3) — 11/01/2021 (2) 12/3/2021 12/17/2021 0.04 978 978 — (3) — (3) — 11/01/2021 (1) 12/3/2021 12/17/2021 0.05 1,222 1,222 — (3) — (3) — $ 1.60 $ 39,100 $ 39,100 $ — — Year Ended December 31, 2022: 2/15/2022 3/11/2022 3/25/2022 $ 0.36 $ 8,797 $ 8,797 $ — (3) — (3) — 2/15/2022 (2) 3/11/2022 3/25/2022 0.17 4,154 4,154 — (3) — (3) — 5/02/2022 6/10/2022 6/24/2022 0.36 8,797 8,797 — (3) — (3) — 5/02/2022 (2) 6/10/2022 6/24/2022 0.07 1,712 1,712 — (3) — (3) — 8/01/2022 9/9/2022 9/23/2022 0.36 8,797 8,797 — (3) — (3) — 8/01/2022 (2) 9/9/2022 9/23/2022 0.07 1,711 1,711 — (3) — (3) — 8/01/2022 12/2/2022 12/16/2022 0.36 8,902 8,902 — (3) — (3) — 8/01/2022 (2) 12/2/2022 12/16/2022 0.07 1,731 1,731 — (3) — (3) — 11/03/2022 (2) 12/2/2022 12/16/2022 0.08 1,978 1,978 — (3) — (3) — 11/03/2022 (1) 12/2/2022 12/16/2022 0.10 2,473 2,473 — (3) — (3) — $ 2.00 $ 49,052 $ 49,052 $ — — Three Months Ended March 31, 2023: 2/15/2023 3/22/2023 3/29/2023 $ 0.41 $ 10,245 $ 10,245 $ — (3) — (3) — 2/15/2023 (2) 3/22/2023 3/29/2023 0.15 3,748 3,748 — (3) — (3) — 2/15/2023 (1) 3/22/2023 3/29/2023 0.10 2,499 2,499 — (3) — (3) — $ 0.66 $ 16,492 $ 16,492 $ — — (1) Special dividend (2) Supplemental dividend (3) During the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows: Number of Shares Average Purchased Price Paid Total Year Ended December 31, 2021: and Reissued Per Share Amount Paid January 1, 2021 through March 31, 2021 15,562 $ 15.62 $ 243 April 1, 2021 through June 30, 2021 17,042 17.20 293 July 1, 2021 through September 30, 2021 18,201 17.82 324 October 1, 2021 through December 31, 2021 18,283 17.42 318 Total 69,088 $ 17.05 $ 1,178 Number of Shares Average Purchased Price Paid Total Year Ended December 31, 2022: and Reissued Per Share Amount Paid January 1, 2022 through March 31, 2022 20,380 $ 20.51 $ 418 April 1, 2022 through June 30, 2022 20,233 17.89 362 July 1, 2022 through September 30, 2022 21,114 17.08 360 October 1, 2022 through December 31, 2022 23,026 18.99 437 Total 84,753 $ 18.61 $ 1,577 Number of Shares Average Purchased Price Paid Total Three Months Ended March 31, 2023: and Reissued Per Share Amount Paid January 1, 2023 through March 31, 2023 25,512 $ 19.22 $ 490 Total 25,512 $ 19.22 $ 490 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | Note 10. Financial Highlights The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Per share data: Net asset value at beginning of period $ 19.43 $ 19.96 Net investment income (1) 0.59 0.42 Net realized gain (loss) on investments, net of tax (provision) (1) - 0.29 Net unrealized appreciation (depreciation) on investments (1) 0.03 ( 0.22 ) Realized losses on extinguishment of debt (1) - ( 0.01 ) Total increase from investment operations (1) 0.62 0.48 Accretive (dilutive) effect of share issuances and repurchases 0.01 - Dividends to stockholders ( 0.66 ) ( 0.53 ) Other (11) ( 0.01 ) - Net asset value at end of period $ 19.39 $ 19.91 Market value at end of period $ 19.07 $ 20.18 Shares outstanding at end of period 24,988,398 24,437,400 Weighted average shares outstanding during the period 24,803,951 24,437,400 Net assets at end of period $ 484,646 $ 486,502 Average net assets (6) $ 482,495 $ 487,133 Ratios to average net assets: Total expenses (2)(4)(10) 11.9 % 8.4 % Net investment income (5) 12.2 % 8.5 % Total return based on market value (3) 2.8 % 15.7 % Total return based on net asset value (8) 3.2 % 2.4 % Portfolio turnover ratio (9) 7.2 % 12.0 % Supplemental Data: Average debt outstanding (7) $ 433,257 $ 385,290 Average debt per share (1) $ 17.47 $ 15.77 (1) Weighted average per share data. (2) Annualized with the exception of income tax (provision) benefit from realized gains on investments. (3) Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor. (4) The total expenses to average net assets ratio is calculated using (i) the “total expenses, net of base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations. (5) The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee. (6) Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end. (7) Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end. (8) Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items. (9) Annualized. (10) The following are schedules of supplemental expense ratios to average net assets: Three Months Ended March 31, Ratio to average net assets: 2023 2022 Expenses other than incentive fee (2) 8.7 % 7.3 % Incentive fee (9) 3.2 % 1.1 % Total expenses (2)(4) 11.9 % 8.4 % Three Months Ended March 31, Ratio to average net assets: 2023 2022 Total expenses, before base management fee waiver (2) 11.9 % 8.5 % Base management fee waiver (9) 0.0 % ( 0.1 %) Total expenses (2)(4) 11.9 % 8.4 % (11) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events On April 4, 2023 , the Company exited its debt and equity investments in Rhino Assembly Company, LLC $ 14,850 on its second lien debt. The Company received a distribution on its common and preferred equity investments for a net realized gain of approximately $ 2,077 . On April 28, 2023 , the Company invested $ 2,500 in first lien debt of Puget Collision, LLC, a multi-unit operator of auto collision repair shops operating in the CARSTAR and Fix Auto franchise systems. On May 1, 2023 , the Board declared a regular quarterly dividend of $ 0.41 per share, a supplemental dividend of $ 0.19 per share, and a special dividend of $ 0.10 per share, payable on June 28, 2023 , to stockholders of record as of June 21, 2023 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) pursuant to the requirements for reporting on Form 10-Q, Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”), and Articles 6 or 10 of Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The current period’s results of operation are not necessarily indicative of results that ultimately may be achieved for the year. Therefore, the unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2022. During fiscal year ended December 31, 2022, the Company elected to change the manner in which it presents residual investments in portfolio companies that have sold their operations and are in the process of winding down. These investments similar to escrow receivables are now included in prepaid expenses and other assets whereas previously they were included as a component of investments, at fair value, on the consolidated statements of assets and liabilities until the security was legally extinguished or relinquished. There is no change in historical net increase in net assets resulting from operations due to this change in presentation. |
Use of Estimates | Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation | Consolidation: Pursuant to Article 6 of Regulation S-X and ASC 946, the Company will generally not consolidate its investments in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. As a result, the consolidated financial statements of the Company include only the accounts of the Company and its wholly-owned subsidiaries, including the Funds. All significant intercompany balances and transactions have been eliminated. |
Investment Risks | Investment risks: The Company’s investments are subject to a variety of risks. These risks may include, but are not limited to the following: • Market risk - In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer as well as general economic factors that influence the financial markets as a whole. The portfolio companies in which the Company invests may be unseasoned, unprofitable and/or have little established operating history or earnings. These companies may also lack technical, marketing, financial, and other resources or may be dependent upon the success of one product or service, a unique distribution channel, or the effectiveness of a manager or management team, as compared to larger, more established entities. The failure of a single product, service or distribution channel, or the loss or the ineffectiveness of a key executive or executives within the management team may have a materially adverse impact on such companies. Furthermore, these companies may be more vulnerable to competition and to overall economic conditions than larger, more established entities. • Credit risk - Credit risk represents the risk that the Company would incur if the counterparties failed to perform pursuant to the terms of their agreements with the Company. Issues of high-yield debt securities in which the Company invests are more likely to default on interest or principal than are issues of investment-grade securities. • Liquidity risk - Liquidity risk represents the possibility that the Company may not be able to sell its investments quickly or at a reasonable price (given the lack of an established market). • Interest rate risk - Interest rate risk represents the likelihood that a change in interest rates could have an adverse impact on the fair value of an interest-bearing financial instrument. • Prepayment risk - Certain of the Company’s debt investments allow for prepayment of principal without penalty. Downward changes in market interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the debt investments and making the instrument less likely to be an income producing instrument through the stated maturity date. • Off-Balance sheet risk - Some of the Company’s financial instruments contain off-balance sheet risk. Generally, these financial instruments represent future commitments to purchase other financial instruments at defined terms at defined future dates. See Note 7 for further details. |
Fair Value of Financial Instruments | Fair value of financial instruments: The Company measures and discloses fair value with respect to substantially all of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. See Note 4 to the consolidated financial statements for further discussion regarding the fair value measurements and hierarchy. |
Investment Classification | Investment classification: The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are defined as investments in those companies where the Company owns more than 25 % of the voting securities of such company or has rights to maintain greater than 50 % of the board representation. Under the 1940 Act, “Affiliate Investments” are defined as investments in those companies where the Company owns between 5 % and 25 % of the voting securities of such company. “Non-Control/Non-Affiliate Investments” are those that neither qualify as Control Investments nor Affiliate Investments. |
Segments | Segments: In accordance with ASC Topic 280 — Segment Reporting , the Company has determined that it has a single reporting segment and operating unit structure. |
Cash and Cash Equivalents | Cash and cash equivalents: Cash and cash equivalents are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company places its cash in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company does not believe its cash balances are exposed to any significant credit risk. |
Deferred Financing Costs | Deferred financing costs: Deferred financing costs consist of fees and expenses paid in connection with the SBA debentures, the Credit Facility and the Notes (as defined in Note 6). Deferred financing costs are capitalized and amortized to interest and financing expenses over the term of the debt agreement using the effective interest method. Unamortized deferred financing costs are presented as an offset to the corresponding debt liabilities on the consolidated statements of assets and liabilities. |
Realized Losses on Extinguishment of Debt | Realized losses on extinguishment of debt: Upon the repayment of debt obligations which are deemed to be extinguishments, the difference between the principal amount due at maturity, adjusted for any unamortized deferred financing costs, is recognized as a loss (i.e., the unamortized deferred financing costs are recognized as a loss upon extinguishment of the underlying debt obligation). |
Deferred Offering Costs | Deferred offering costs: Deferred offering costs include registration expenses related to the shelf registration statement filing pursuant to which the Company may offer its securities, from time to time, in one or more offerings. These expenses primarily consist of U.S. Securities and Exchange Commission (“SEC”) registration fees, legal fees and accounting fees incurred. These expenses are included in prepaid expenses and other assets on the consolidated statements of assets and liabilities. Upon the completion of an equity offering or a debt offering, the deferred expenses are charged to additional paid-in capital or deferred financing costs, respectively. If no offering is completed prior to the expiration of the registration statement, the deferred costs are charged to expense. |
Realized Gains or Losses and Unrealized Appreciation or Depreciation on Investments | Realized gains or losses and unrealized appreciation or depreciation on investments: Realized gains or losses on investments are recorded upon the sale or disposition of a portfolio investment and are calculated as the difference between the net proceeds from the sale or disposition and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on the consolidated statements of operations includes changes in the fair value of investments from the prior period, as determined in good faith by the Company’s board of directors (the “Board”) through the application of the Company’s valuation policy, as well as reclassifications of any prior period unrealized appreciation or depreciation on exited investments to realized gains or losses on investments. |
Interest and Dividend Income | Interest and dividend income: Interest and dividend income are recorded on the accrual basis to the extent that the Company expects to collect such amounts. Interest is accrued daily based on the outstanding principal amount and the contractual terms of the debt. Dividend income is recorded as dividends are declared or at the point an obligation exists for the portfolio company to make a distribution, and is generally recognized when received. Distributions from portfolio companies are evaluated to determine if the distribution is a distribution of earnings or a return of capital. Distributions of earnings are included in dividend income while a return of capital is recorded as a reduction in the cost basis of the investment. Estimates are adjusted as necessary after the relevant tax forms are received from the portfolio company. |
PIK Income | PIK income: Certain of the Company’s investments contain a payment-in-kind (“PIK”) income provision. The PIK income, computed at the contractual rate specified in the applicable investment agreement, is added to the principal balance of the investment, rather than being paid in cash, and recorded as interest or dividend income, as applicable, on the consolidated statements of operations. Generally, PIK can be paid-in-kind or all in cash. The Company stops accruing PIK income when there is reasonable doubt that PIK income will be collected. PIK income that has been contractually capitalized to the principal balance of the investment prior to the non-accrual designation date is not reserved against interest or dividend income, but rather is assessed through the valuation of the investment (with corresponding adjustments to unrealized depreciation, as applicable). PIK income is included in the Company’s taxable income and, therefore, affects the amount the Company is required to pay to shareholders in the form of dividends in order to maintain the Company’s tax treatment as a RIC, even though the Company has not yet collected the cash. |
Non-accrual | Non-accrual: Debt investments or preferred equity investments (for which the Company is accruing PIK dividends) are placed on non-accrual status when principal, interest or dividend payments become materially past due, or when there is reasonable doubt that principal, interest or dividends will be collected. Any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on full non-accrual status. Interest and dividend payments received on non-accrual investments may be recognized as interest or dividend income or may be applied to the investment principal balance based on management’s judgment. Non-accrual investments are restored to accrual status when past due principal, interest or dividends are paid and, in management’s judgment, payments are likely to remain current. |
Origination and Closing Fees | Origination and closing fees: The Company also typically receives debt investment origination or closing fees in connection with such investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on the consolidated statements of assets and liabilities and accreted into interest income over the life of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income. |
Warrants | Warrants : In connection with the Company’s debt investments, the Company will sometimes receive warrants or other equity-related securities from the borrower (“Warrants”). The Company determines the cost basis of Warrants based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and Warrants received. Any resulting difference between the face amount of the debt and its recorded fair value resulting from the assignment of value to the Warrants is treated as original issue discount (“OID”), and accreted into interest income using the effective interest method over the term of the debt investment. Upon the prepayment of a debt investment, any unaccreted OID is accelerated into interest income. |
Fee Income | Fee income : Transaction fees earned in connection with the Company’s investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including structuring and advisory services, provided to portfolio companies. The Company recognizes income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. Upon the prepayment of a debt investment, any prepayment penalties are recorded as fee income when earned. |
Partial Loan and Equity Sales | Partial loan and equity sales: The Company follows the guidance in ASC 860, Transfers and Servicing, when accounting for loan (debt investment) participations, equity assignments and other partial loan sales. Such guidance requires a participation, assignment or other partial loan or equity sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations, assignments or other partial loan or equity sales which do not meet the definition of a participating interest should remain on the Company’s consolidated statements of assets and liabilities and the proceeds recorded as a secured borrowing until the definition is met. For these partial loan sales, the interest earned on the entire loan balance is recorded within “interest income” and the interest earned by the buyer in the partial loan sale is recorded within “interest and financing expenses” in the accompanying consolidated statements of operations. |
Income Taxes | Income taxes: The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to stockholders. To maintain the tax treatment of a RIC, the Company generally is required to timely distribute to its stockholders at least 90 % of “investment company taxable income,” as defined by Subchapter M of the Code, each year. Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year; however, the Company will pay a 4 % excise tax if it does not distribute at least 98 % of the current year’s ordinary taxable income. Any such carryover taxable income must be distributed through a dividend declared prior to the later of the date on which the final tax return related to the year in which the Company generated such taxable income is filed or the 15th day of the 10th month following the close of such taxable year. In addition, the Company will be subject to U.S. federal excise tax if it does not distribute at least 98.2 % of its net capital gains realized, computed for any one year period ending October 31. In the future, the Funds may be limited by provisions of the SBIC Act and SBA regulations governing SBICs from making certain distributions to FIC that may be necessary to enable FIC to make the minimum distributions required to maintain the tax treatment of a RIC. The Company has certain wholly-owned subsidiaries (the “Taxable Subsidiaries”), each of which generally holds one or more of the Company’s portfolio investments listed on the consolidated schedules of investments, that have elected to be treated as corporations for U.S. federal income tax purposes and are thus subject to U.S. federal income tax at corporate rates. The Taxable Subsidiaries are consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investment in the portfolio company investments owned by the Taxable Subsidiaries. The purpose of the Taxable Subsidiaries is to permit the Company to hold equity investments in portfolio companies that are taxed as partnerships for U.S. federal income tax purposes (such as entities organized as limited liability companies (“LLCs”) or other forms of pass through entities) while complying with the “source-of-income” requirements contained in the RIC tax provisions. The Taxable Subsidiaries are not consolidated with the Company for U.S. federal corporate income tax purposes, and each Taxable Subsidiary will be subject to U.S. federal corporate income tax on its taxable income. Any such income or expense is reflected in the consolidated statements of operations. U.S. federal income tax regulations differ from GAAP, and as a result, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized under GAAP. Differences may be permanent or temporary. Permanent differences may arise as a result of, among other items, a difference in the book and tax basis of certain assets and nondeductible U.S. federal income taxes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. ASC Topic 740 — Accounting for Uncertainty in Income Taxes (“ASC Topic 740”) provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be respected by the applicable tax authorities. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits included in the income tax provision, if any. There were no material uncertain income tax positions at March 31, 2023 and December 31, 2022 . The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination. |
Dividends to Stockholders | Dividends to stockholders: Dividends to stockholders are recorded on the record date with respect to such distributions. The amount, if any, to be distributed to stockholders, is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually, although the Company may decide to retain such capital gains for investment. The determination of the tax attributes for the Company’s distributions is made annually, and is based upon the Company’s taxable income and distributions paid to its stockholders for the full year. Ordinary dividend distributions from a RIC do not qualify for the preferential tax rate on qualified dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax characterization of the Company’s distributions generally includes both ordinary income and capital gains but may also include qualified dividends or return of capital. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its stockholders, unless a stockholder has elected to receive dividends in cash. As a result, if the Company declares a cash dividend, the Company’s stockholders who have not “opted out” of the DRIP at least two days prior to the dividend payment date will have their cash dividend automatically reinvested into additional shares of the Company’s common stock. The Company has the option to satisfy the share requirements of the DRIP through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares are valued based upon the final closing price of the Company’s common stock on a date determined by the Board. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator before any associated brokerage or other costs. See Note 9 to the consolidated financial statements regarding dividend declarations and distributions. |
Earnings and Net Asset Value per Share | Earnings and net asset value per share: The earnings per share calculations for the three months ended March 31, 2023 and 2022 , are computed utilizing the weighted average shares outstanding for the period. Net asset value per share is calculated using the number of shares outstanding as of the end of the period. |
Stock Repurchase Program | Stock Repurchase Program: The Company has an open market stock repurchase program (the “Stock Repurchase Program”) under which the Company may acquire up to $ 5,000 of its outstanding common stock. Under the Stock Repurchase Program, the Company may, but is not obligated to, repurchase outstanding common stock in the open market from time to time provided that the Company complies with the prohibitions under its insider trading policies and the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including certain price, market value and timing constraints. The timing, manner, price and amount of any share repurchases will be determined by the Company’s management, in its discretion, based upon the evaluation of economic and market conditions, stock price, capital availability, applicable legal and regulatory requirements and other corporate considerations. On October 31, 2022, the Board extended the Stock Repurchase Program through December 31, 2023, or until the approved dollar amount has been used to repurchase shares. The Stock Repurchase Program does not require the Company to repurchase any specific number of shares and the Company cannot assure that any shares will be repurchased under the Stock Repurchase Program. The Stock Repurchase Program may be suspended, extended, modified or discontinued at any time. The Company did no t make any repurchases of common stock during the three months ended March 31, 2023 and 2022 . Refer to Note 8 for additional information concerning stock repurchases. |
Recent Accounting Pronouncement | Recent accounting pronouncement: In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements. |
Portfolio Company Investments (
Portfolio Company Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments | Investments by type with corresponding percentage of total portfolio investments consisted of the following: Fair Value Cost March 31, December 31, March 31, December 31, 2023 2022 2023 2022 First Lien Debt (1) $ 481,547 53.6 % $ 456,105 53.0 % $ 478,893 55.4 % $ 453,585 54.7 % Second Lien Debt 188,931 21.1 182,948 21.3 218,939 25.3 213,654 25.8 Subordinated Debt 102,386 11.4 101,456 11.8 103,130 11.9 100,634 12.1 Equity 122,103 13.6 117,741 13.7 61,066 7.1 57,868 7.0 Warrants 2,357 0.3 2,079 0.2 2,952 0.3 2,952 0.4 Total $ 897,324 100.0 % $ 860,329 100.0 % $ 864,980 100.0 % $ 828,693 100.0 % (1) Includes unitranche investments, which account for 41.4 % and 42.7 % of our portfolio on a fair value and cost basis as of March 31, 2023, respectively. Includes unitranche investments, which account for 42.1 % and 43.4 % of our portfolio on a fair value and cost basis as of December 31, 2022, respectively. The following table shows portfolio composition by geographic region at fair value and cost and as a percentage of total investments. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. Fair Value Cost March 31, December 31, March 31, December 31, 2023 2022 2023 2022 United States Midwest $ 173,676 19.4 % $ 180,556 21.0 % $ 125,969 14.6 % $ 132,177 16.0 % Southeast 279,940 31.1 265,902 31.0 271,839 31.5 258,373 31.1 Northeast 155,837 17.4 127,427 14.8 163,512 18.9 134,897 16.3 West 150,203 16.7 151,487 17.6 162,072 18.7 161,935 19.5 Southwest 125,223 14.0 122,519 14.2 129,143 14.9 128,873 15.6 Canada 12,445 1.4 12,438 1.4 12,445 1.4 12,438 1.5 Total $ 897,324 100.0 % $ 860,329 100.0 % $ 864,980 100.0 % $ 828,693 100.0 % |
Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value | The following table shows portfolio composition by type and by geographic region at fair value as a percentage of net assets. By Type By Geographic Region March 31, December 31, March 31, December 31, 2023 2022 2023 2022 First Lien Debt 99.4 % 95.0 % United States Second Lien Debt 39.0 38.1 Midwest 35.8 % 37.6 % Subordinated Debt 21.1 21.1 Southeast 57.8 55.4 Equity 25.2 24.5 Northeast 32.2 26.5 Warrants 0.5 0.4 West 31.0 31.5 Total 185.2 % 179.1 % Southwest 25.8 25.5 Canada 2.6 2.6 Total 185.2 % 179.1 % |
Schedule of Debt Investment on Non-Accrual Status | As of March 31, 2023 and December 31, 2022, the Company had debt investments in five and four portfolio companies, respectively, on non-accrual status. March 31, 2023 December 31, 2022 Fair Fair Portfolio Company Value Cost Value Cost EBL, LLC (EbLens) $ — $ 9,332 $ — $ 9,332 US GreenFiber, LLC — 5,223 — 5,223 K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) 2,123 2,368 2,123 2,368 Allredi, LLC (fka Marco Group International OpCo, LLC) 8,742 10,281 8,144 10,281 Suited Connector LLC 9,642 15,933 — (1) — (1) Total $ 20,507 $ 43,137 $ 10,267 $ 27,204 (1) Debt investment in portfolio company was not on non-accrual status as of December 31, 2022. |
Schedule of Consolidated Schedule of Investments in and Advances to Affiliates | The table below represents the fair value of control and affiliate investments as of December 31, 2022 and any additions and reductions made to such investments during the three months ended March 31, 2023, the ending fair value as of March 31, 2023, and the total investment income earned on such investments during the period. Year Ended March 31, 2023 Portfolio Company (1) March 31, 2023 Principal Amount - Debt Investments December 31, 2022 Gross Additions (2) Gross Reductions (3) March 31, 2023 Fair Value Net Realized Gains (Losses) (4) Net Change in Unrealized Appreciation (Depreciation) Interest Income Payment-in-kind Interest Income Dividend Income Fee Income Control Investments EBL, LLC (EbLens) $ 9,350 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — US GreenFiber, LLC 5,226 — — — — — — — — — — Total Control Investments $ 14,576 $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Affiliate Investments Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) $ 9,602 $ 23,168 $ 377 $ — $ 23,545 $ — 378 $ 240 $ — $ — $ — Medsurant Holdings, LLC — 2,540 407 ( 73 ) 2,874 — 407 — — — — Pfanstiehl, Inc. 10,000 51,992 2 ( 1,019 ) 50,975 — ( 1,021 ) 249 — 348 — Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) 15,000 19,118 6 ( 2,978 ) 16,146 — ( 2,978 ) 561 — — 5 Steward Holding LLC (dba Steward Advanced Materials) — 4,772 725 — 5,497 — 725 — — — — Total Affiliate Investments $ 34,602 $ 101,590 $ 1,517 $ ( 4,070 ) $ 99,037 $ — $ ( 2,489 ) $ 1,050 $ — $ 348 $ 5 (1) The investment type, industry, ownership detail for equity investments, interest rate and maturity date for debt investments, and if the investment is income producing is disclosed in the consolidated schedule of investments. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable. (4) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities. The table below represents the fair value of control and affiliate investments as of December 31, 2021 and any additions and reductions made to such investments during the year ended December 31, 2022 , including the total investment income earned on such investments during the period. Year Ended December 31, 2022 Portfolio Company (1) December 31, 2022 Principal Amount - Debt Investments December 31, 2021 Gross Additions (2) Gross Reductions (3) December 31, 2022 Fair Value Net Realized Gains (Losses) (4) Net Change in Unrealized Appreciation (Depreciation) Interest Income Payment-in-kind Interest Income Dividend Income Fee Income Control Investments EBL, LLC (EbLens) (5) $ 9,350 $ — $ 19,628 $ ( 19,628 ) $ — $ — $ ( 11,083 ) $ — $ — $ — $ — Hilco Plastics Holdings, LLC (dba Hilco Technologies) — — 353 ( 353 ) $ — ( 352 ) — — — — — Mesa Line Services, LLC — 2,151 193 ( 2,344 ) — 194 ( 2,150 ) — — — — US GreenFiber, LLC 5,226 — — — — — — — — — — Total Control Investments $ 14,576 $ 2,151 $ 20,174 $ ( 22,325 ) $ — $ ( 158 ) $ ( 13,233 ) $ — $ — $ — $ — Affiliate Investments Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) $ 9,602 $ 22,405 $ 13,566 $ ( 12,803 ) $ 23,168 $ — 763 $ 973 $ — $ — $ — FAR Research Inc. — 28 — ( 28 ) — — ( 28 ) — — — — Medsurant Holdings, LLC — 3,662 — ( 1,122 ) 2,540 — ( 1,122 ) — — — — Mirage Trailers LLC — 10,675 355 ( 11,030 ) — 324 ( 1,694 ) 248 29 — 132 Pfanstiehl, Inc. 10,000 57,639 34,335 ( 39,982 ) 51,992 24,330 ( 15,432 ) 421 — — 150 Pinnergy, Ltd. (6) — 21,178 15,300 ( 36,478 ) — 15,300 ( 18,177 ) — — 656 — Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) 15,000 18,359 5,487 ( 4,728 ) 19,118 ( 121 ) ( 1,723 ) 1,822 — — 175 Steward Holding LLC (dba Steward Advanced Materials) — 3,338 1,434 — 4,772 — 1,434 — 1 69 — Total Affiliate Investments $ 34,602 $ 137,284 $ 70,477 $ ( 106,171 ) $ 101,590 $ 39,833 $ ( 35,979 ) $ 3,464 $ 30 $ 725 $ 457 (1) The investment type, industry, ownership detail for equity investments, interest rate, maturity date, and if the investment is income producing is disclosed in the consolidated schedule of investments. (2) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest and PIK dividend income, accretion of OID and origination fees, and net unrealized appreciation recognized during the period. Gross additions also include transfers of portfolio companies into the control or affiliate classification during the period, as applicable. (3) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and net unrealized (depreciation) recognized during the period. Gross reductions also include transfers of portfolio companies out of the control or affiliate classification during the period, as applicable. (4) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the consolidated statements of operations according to the control classification at the time the investment was exited. Escrow receivables are presented in prepaid expenses and other assets on the consolidated statements of assets and liabilities. (5) Portfolio company was transferred to Control investments from Non-control/Non-affiliate investments during the year ended December 31, 2022. (6) Portfolio company was transferred to Non-control/Non-affiliate investments from Affiliate investments during the year ended December 31, 2022. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments by Major Class According to Fair Value Hierarchy | The following tables present fair value measurements of investments by major class according to the fair value hierarchy: March 31, 2023 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 481,547 $ 481,547 Second Lien Debt — — 188,931 188,931 Subordinated Debt — — 102,386 102,386 Equity 262 — 121,841 122,103 Warrants — — 2,357 2,357 Money Market Funds 35,380 — — 35,380 Total $ 35,642 $ — $ 897,062 $ 932,704 December 31, 2022 Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 456,105 $ 456,105 Second Lien Debt — — 182,948 182,948 Subordinated Debt — — 101,456 101,456 Equity 310 — 117,431 117,741 Warrants — — 2,079 2,079 Money Market Funds 61,076 — - 61,076 Total $ 61,386 $ — $ 860,019 $ 921,405 |
Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments | The following tables present a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022: First Lien Second Lien Subordinated Debt Debt Debt Equity Warrants Total Balance, December 31, 2021 $ 354,922 $ 158,815 $ 36,064 $ 165,762 $ 3,204 $ 718,767 Net realized gains (losses) on investments — — — 6,868 — 6,868 Net change in unrealized appreciation (depreciation) on investments 823 1,277 ( 5 ) ( 7,590 ) 195 ( 5,300 ) Purchase of investments 76,710 15,795 17,470 4,453 — 114,428 Proceeds from sales and repayments of investments ( 4,027 ) ( 7,106 ) - ( 12,052 ) — ( 23,185 ) Interest and dividend income paid-in-kind 252 254 41 — — 547 Proceeds from loan origination fees ( 602 ) ( 4 ) ( 165 ) — — ( 771 ) Accretion of loan origination fees 238 34 8 — — 280 Accretion of original issue discount 1 22 — — — 23 Balance, March 31, 2022 $ 428,317 $ 169,087 $ 53,413 $ 157,441 $ 3,399 $ 811,657 Balance, December 31, 2022 $ 456,105 $ 182,948 $ 101,456 $ 117,431 $ 2,079 $ 860,019 Net realized gains (losses) on investments — — — 58 — 58 Net change in unrealized appreciation (depreciation) on investments 133 698 ( 1,565 ) 1,165 278 709 Purchase of investments 40,980 5,000 2,182 3,359 — 51,521 Proceeds from sales and repayments of investments ( 15,699 ) - — ( 172 ) — ( 15,871 ) Interest and dividend income paid-in-kind 127 196 314 — — 637 Proceeds from loan origination fees ( 481 ) ( 31 ) ( 25 ) — — ( 537 ) Accretion of loan origination fees 366 25 22 — — 413 Accretion of original issue discount 16 95 2 — — 113 Balance, March 31, 2023 $ 481,547 $ 188,931 $ 102,386 $ 121,841 $ 2,357 $ 897,062 |
Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value | The following tables summarize the significant unobservable inputs by valuation technique used to determine the fair value of the Company’s Level 3 debt and equity investments as of March 31, 2023 and December 31, 2022. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. Fair Value at Valuation Unobservable Range March 31, 2023 Techniques Inputs (weighted average) (1) Debt investments: First Lien Debt $ 452,536 Discounted cash flow Weighted average cost of capital 9.5 % - 20.6 % ( 15.8 %) 11,000 Enterprise value Asset Coverage 1.0 x - 1.0 x ( 1.0 x) 14,986 Enterprise value EBITDA multiples 7.3 x - 7.3 x ( 7.3 x) 3,025 Enterprise value Revenue multiples 4.3 x - 4.3 x ( 4.3 x) Second Lien Debt 186,808 Discounted cash flow Weighted average cost of capital 11.5 % - 25.0 % ( 14.8 %) — Enterprise value EBITDA multiples 5.0 x - 5.0 x ( 5.0 x) 2,123 Enterprise value Asset Coverage 0.8 x - 0.8 x ( 0.8 x) Subordinated Debt 102,386 Discounted cash flow Weighted average cost of capital 10.1 % - 23.6 % ( 12.7 %) Equity investments: Equity 115,739 Enterprise value EBITDA multiples 3.5 x - 16.0 x ( 8.3 x) 6,102 Enterprise value Revenue multiples 0.9 x - 7.5 x ( 5.8 x) Warrants 2,225 Enterprise value EBITDA multiples 6.0 x - 6.0 x ( 6.0 x) 132 Enterprise value Revenue multiples 4.5 x - 4.5 x ( 4.5 x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. Fair Value at Valuation Unobservable Range December 31, 2022 Techniques Inputs (weighted average) (1) Debt investments: First Lien Debt $ 441,830 Discounted cash flow Weighted average cost of capital 8.9 % - 21.9 % ( 15.5 %) 11,000 Enterprise value Asset Coverage 1.1 x - 1.1 x ( 1.1 x) 3,275 Enterprise value Revenue multiples 4.3 x - 4.3 x ( 4.3 x) Second Lien Debt 180,825 Discounted cash flow (2) Weighted average cost of capital 11.7 % - 25.0 % ( 14.5 %) - Enterprise value EBITDA multiples 5.0 x - 5.0 x ( 5.0 x) 2,123 Enterprise value Asset Coverage 0.8 x - 0.8 x ( 0.8 x) Subordinated Debt 97,706 Discounted cash flow Weighted average cost of capital 10.0 % - 15.2 % ( 12.5 %) 3,750 Enterprise value EBITDA multiples 8.5 x - 8.5 x ( 8.5 x) Equity investments: Equity 111,808 Enterprise value EBITDA multiples 4.0 x - 16.8 x ( 8.1 x) 5,623 Enterprise value Revenue multiples 0.9 x - 7.8 x ( 6.4 x) Warrants 1,949 Enterprise value EBITDA multiples 6.0 x - 6.0 x ( 6.0 x) 130 Enterprise value Revenue multiples 4.5 x - 4.5 x ( 4.5 x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) Includes $ 18.0 million of debt investments which were valued using a trading discount to par. |
Summary of Carrying Value and Fair Value of Debt Obligations | The following tables summarize the carrying value and fair value of the Company’s debt obligations as of March 31, 2023 and December 31, 2022. March 31, 2023 (5) December 31, 2022 (5) Carrying Value (1) Fair Value Carrying Value (1) Fair Value SBA debentures (2) $ 165,000 $ 165,000 $ 153,000 $ 153,000 Credit Facility borrowings (3) 15,000 15,000 — — January 2026 Notes (4) 125,000 110,759 125,000 111,854 November 2026 Notes (4) 125,000 102,700 125,000 103,963 Total $ 430,000 $ 393,459 $ 403,000 $ 368,817 (1) Carrying value represents the outstanding principal balance of the debt obligation. (2) The fair value of the SBA debentures is estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date and the ability of market participants to prepay the debentures, which are Level 3 inputs under ASC Topic 820. (3) The fair value of borrowings under the Credit Facility, if valued under ASC Topic 820, are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. (4) The fair value of the January 2026 Notes (as defined in Note 6) and the November 2026 Notes (as defined in Note 6) are estimated by discounting the remaining payments using current market rates for similar instruments and considering such factors as the legal maturity date, which are Level 3 inputs under ASC Topic 820. (5) Totals exclude $ 16,634 and $ 16,880 of Secured Borrowings as of March 31, 2023 and December 31, 2022 , respectively. |
Summary of Inputs Used to Value Debt Obligations | The following table summarizes the inputs used to value the Company’s debt obligations if measured at fair value as of March 31, 2023 and December 31, 2022. Fair Value March 31, December 31, Valuation Inputs 2023 2022 Level 1 $ — $ — Level 2 — — Level 3 393,459 368,817 Total $ 393,459 $ 368,817 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Summary of Interest and Fees Related to Debt | Interest and fees related to the Company’s debt for the three months ended March 31, 2023 and 2022 which are included in interest and financing expenses on the consolidated statements of operations, were as follows: Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 SBA debentures Credit Facility Secured Borrowings Notes Total SBA debentures Credit Facility Secured Borrowings Notes Total Stated interest expense $ 1,372 $ 330 $ 389 $ 2,578 $ 4,669 $ 739 $ 363 $ 208 $ 2,578 $ 3,888 Amortization of deferred financing costs 168 73 - 275 516 138 112 - 274 524 Total interest and financing expenses $ 1,540 $ 403 $ 389 $ 2,853 $ 5,185 $ 877 $ 475 $ 208 $ 2,852 $ 4,412 Weighted average stated interest rate, period end 3.268 % 7.390 % 8.685 % 4.125 % 4.244 % 2.846 % 3.125 % 4.497 % 4.125 % 3.726 % Unused commitment fee rate, period end N/A 0.970 % N/A N/A 0.970 % N/A 1.375 % N/A N/A 1.375 % |
Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses | Deferred financing costs are amortized into interest and financing expenses on the consolidated statements of operations, using the effective interest method, over the term of the respective financing instrument. Deferred financing costs related to the SBA debentures, the Credit Facility, and the Notes as of March 31, 2023 and December 31, 2022 were as follows: March 31, 2023 December 31, 2022 SBA Credit SBA Credit debentures Facility Notes Total debentures Facility Notes Total SBA debenture commitment fees $ 3,000 $ — $ — $ 3,000 $ 3,000 $ — $ — $ 3,000 SBA debenture leverage fees 6,681 — — 6,681 6,389 — — 6,389 Credit Facility upfront fees — 4,417 — 4,417 — 4,417 — 4,417 Notes underwriting discounts — — 5,005 5,005 — — 5,005 5,005 Notes debt issue costs — — 685 685 — — 685 685 Total deferred financing costs 9,681 4,417 5,690 19,788 9,389 4,417 5,690 19,496 Less: accumulated amortization ( 5,033 ) ( 3,111 ) ( 2,092 ) ( 10,236 ) ( 4,865 ) ( 3,037 ) ( 1,818 ) ( 9,720 ) Unamortized deferred financing costs $ 4,648 $ 1,306 $ 3,598 $ 9,552 $ 4,524 $ 1,380 $ 3,872 $ 9,776 |
Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs | The following table summarizes the outstanding debt net of unamortized deferred financing costs as of March 31, 2023 and December 31, 2022: March 31, 2023 (1) December 31, 2022 (1) SBA Credit SBA Credit debentures Facility Notes Total debentures Facility Notes Total Outstanding debt $ 165,000 $ 15,000 $ 250,000 $ 430,000 $ 153,000 $ — $ 250,000 $ 403,000 Less: unamortized deferred financing costs ( 4,648 ) ( 1,306 ) ( 3,598 ) ( 9,552 ) ( 4,524 ) ( 1,380 ) ( 3,872 ) ( 9,776 ) Debt, net of deferred financing costs $ 160,352 $ 13,694 $ 246,402 $ 420,448 $ 148,476 $ ( 1,380 ) $ 246,128 $ 393,224 (1) Total excludes $ 16,634 and $ 16,880 of Secured Borrowings as of March 31, 2023 and December 31, 2022 , respectively. |
Scheduled to Mature Debt Liabilities | As of March 31, 2023, the Company’s debt liabilities are scheduled to mature as follows (1) : SBA Credit Secured Year debentures Facility (2) Borrowings Notes Total 2024 $ — $ — $ — $ — $ — 2025 1,500 — — — 1,500 2026 4,500 — 16,634 250,000 271,134 2027 34,000 15,000 — — 49,000 2028 - — — — - Thereafter 125,000 — — — 125,000 Total $ 165,000 $ 15,000 $ 16,634 $ 250,000 $ 446,634 (1) The table above presents scheduled maturities of the Company’s outstanding debt liabilities as of a point in time pursuant to the terms of those instruments. The timing of actual repayments of outstanding debt liabilities may not ultimately correspond with the scheduled maturity dates depending on the terms of the underlying instruments and the potential for earlier prepayments. (2) The Credit Facility matures on August 17, 2027 . |
SBA Debentures | |
Debt Instrument [Line Items] | |
Summary of Issued and Outstanding SBA Debentures | As of March 31, 2023 and December 31, 2022, the Company’s issued and outstanding SBA debentures mature as follows: Pooling Maturity Fixed March 31, December 31, Date (1) Date Interest Rate 2023 2022 3/25/2015 3/1/2025 3.277 % $ 1,500 $ 1,500 3/23/2016 3/1/2026 3.267 1,500 1,500 3/23/2016 3/1/2026 3.249 2,500 2,500 9/21/2016 9/1/2026 2.793 500 500 9/20/2017 9/1/2027 3.260 1,000 1,000 9/20/2017 9/1/2027 3.190 33,000 33,000 9/25/2019 9/1/2029 2.377 7,500 7,500 3/25/2020 3/1/2030 2.172 6,000 6,000 9/22/2021 9/1/2031 1.398 11,500 11,500 3/23/2022 3/1/2032 3.209 43,500 43,500 9/21/2022 9/1/2032 4.533 17,500 17,500 3/22/2023 3/1/2033 5.439 4,000 4,000 3/22/2023 3/1/2033 5.341 3,000 3,000 3/22/2023 3/1/2033 5.341 3,000 3,000 3/22/2023 3/1/2033 5.439 5,000 5,000 3/22/2023 3/1/2033 5.439 5,000 5,000 3/22/2023 3/1/2033 5.341 7,000 7,000 3/22/2023 3/1/2033 5.341 4,000 — (2) (2) (2) 8,000 — Total outstanding SBA debentures $ 165,000 $ 153,000 (1) The SBA has two scheduled pooling dates for debentures (in March and in September). Certain debentures funded during the reporting periods may not be pooled until the subsequent pooling date. (2) The Company issued $ 8,000 in SBA debentures which will pool in September 2023. Until the pooling date, the debentures bear interest at a fixed rate interim interest rate of 6.047 %. The Company expects the current interim interest rate will reset to a higher long-term fixed rate on the pooling date. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of outstanding commitments | Such outstanding commitments are summarized in the following table: March 31, 2023 December 31, 2022 Total Unfunded Total Unfunded Portfolio Company - Investment Commitment Commitment Commitment Commitment Acendre Midco, Inc. - Revolving Loan $ 1,000 $ 1,000 $ 1,000 $ 1,000 American AllWaste LLC (dba WasteWater Transport Services) - First Lien Debt 2,500 2,500 — — Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan 1,000 1,000 1,000 1,000 Combined Systems, Inc. - Revolving Loan 4,000 162 4,000 162 EBL, LLC (EbLens) - Common Equity (Units) 375 375 375 375 Elements Brands, LLC - Revolving Loan 1,500 — 1,500 — Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) 300 300 300 300 Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) 3,000 3,000 3,000 3,000 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt 2,489 1,740 2,489 2,489 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt 417 417 417 417 R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity 70 70 70 70 Tedia Company, LLC - Revolving Loan 2,400 2,400 4,000 2,400 Tedia Company, LLC - Delayed Draw Term Loan — — 3,000 3,000 Western's Smokehouse, LLC - Delayed Draw Term Loan — — 3,500 2,702 Total $ 19,051 $ 12,964 $ 24,651 $ 16,915 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Common Stock | The following table summarizes the cumulative total shares issued, net proceeds received, and weighted average offering price in public offerings of the Company’s common stock since the IPO in June 2011, except for the issuances under the ATM Program as described further below. Period Cumulative Number of Shares Cumulative Gross Proceeds Cumulative Underwriting Fees and Commissions and Offering Costs (1) Weighted Average Offering Price Cumulative since IPO 14,388,414 $ 236,597 $ 8,989 $ 16.44 (1) Fidus Investment Advisors, LLC agreed to bear a cumulative of $ 1,925 of underwriting fees and commissions and offering costs associated with these offerings (such amounts are not included in the number reported above). All such payments made by Fidus Investment Advisors, LLC are not subject to reimbursement by the Company. |
Summary of Equity ATM Program | The gross proceeds raised, the related sales agent commissions and the offering expenses, the net proceeds raised, and the average price at which shares were issued under the ATM Program for the three months ended March 31, 2023 and 2022 are as follows: Underwriting Fees and Average Commissions Number of Offering Gross and Offering Net Three Months Ended March 31, 2022 Shares Price Proceeds Costs Proceeds January 1, 2022 through March 31, 2022 - $ - $ - $ - $ - Total - $ - $ - $ - $ - Three Months Ended March 31, 2023 January 1, 2023 through March 31, 2023 260,610 $ 20.68 $ 5,389 $ 83 $ 5,306 Total 260,610 $ 20.68 $ 5,389 $ 83 $ 5,306 |
Dividends and Distributions (Ta
Dividends and Distributions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Dividends and Distributions [Abstract] | |
Summary of Dividends Paid | The Company’s dividends and distributions are recorded on the record date. The following table summarizes the dividends paid during the last two fiscal years and for the three months ended March 31, 2023. DRIP DRIP Date Record Payment Amount Total Cash Shares DRIP Share Declared Date Date Per Share Distribution Distribution Value Shares Issue Price Year Ended December 31, 2021: 2/09/2021 3/12/2021 3/26/2021 $ 0.31 $ 7,575 $ 7,575 $ — (3) — (3) — 2/09/2021 (2) 3/12/2021 3/26/2021 0.07 1,711 1,711 — (3) — (3) — 5/03/2021 6/14/2021 6/28/2021 0.31 7,576 7,576 — (3) — (3) — 5/03/2021 (2) 6/14/2021 6/28/2021 0.08 1,955 1,955 — (3) — (3) — 8/02/2021 9/14/2021 9/28/2021 0.32 7820 7820 — (3) — (3) — 8/02/2021 (2) 9/14/2021 9/28/2021 0.06 1,466 1,466 — (3) — (3) — 8/02/2021 (1) 9/14/2021 9/28/2021 0.04 977 977 — (3) — (3) — 11/01/2021 12/3/2021 12/17/2021 0.32 7,820 7,820 — (3) — (3) — 11/01/2021 (2) 12/3/2021 12/17/2021 0.04 978 978 — (3) — (3) — 11/01/2021 (1) 12/3/2021 12/17/2021 0.05 1,222 1,222 — (3) — (3) — $ 1.60 $ 39,100 $ 39,100 $ — — Year Ended December 31, 2022: 2/15/2022 3/11/2022 3/25/2022 $ 0.36 $ 8,797 $ 8,797 $ — (3) — (3) — 2/15/2022 (2) 3/11/2022 3/25/2022 0.17 4,154 4,154 — (3) — (3) — 5/02/2022 6/10/2022 6/24/2022 0.36 8,797 8,797 — (3) — (3) — 5/02/2022 (2) 6/10/2022 6/24/2022 0.07 1,712 1,712 — (3) — (3) — 8/01/2022 9/9/2022 9/23/2022 0.36 8,797 8,797 — (3) — (3) — 8/01/2022 (2) 9/9/2022 9/23/2022 0.07 1,711 1,711 — (3) — (3) — 8/01/2022 12/2/2022 12/16/2022 0.36 8,902 8,902 — (3) — (3) — 8/01/2022 (2) 12/2/2022 12/16/2022 0.07 1,731 1,731 — (3) — (3) — 11/03/2022 (2) 12/2/2022 12/16/2022 0.08 1,978 1,978 — (3) — (3) — 11/03/2022 (1) 12/2/2022 12/16/2022 0.10 2,473 2,473 — (3) — (3) — $ 2.00 $ 49,052 $ 49,052 $ — — Three Months Ended March 31, 2023: 2/15/2023 3/22/2023 3/29/2023 $ 0.41 $ 10,245 $ 10,245 $ — (3) — (3) — 2/15/2023 (2) 3/22/2023 3/29/2023 0.15 3,748 3,748 — (3) — (3) — 2/15/2023 (1) 3/22/2023 3/29/2023 0.10 2,499 2,499 — (3) — (3) — $ 0.66 $ 16,492 $ 16,492 $ — — (1) Special dividend (2) Supplemental dividend (3) During the three months ended March 31, 2023 and the years ended December 31, 2022 and 2021, the Company directed the DRIP plan administrator to repurchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock in lieu of issuing new shares. Accordingly, the Company purchased and reissued shares to satisfy the DRIP obligation as follows: Number of Shares Average Purchased Price Paid Total Year Ended December 31, 2021: and Reissued Per Share Amount Paid January 1, 2021 through March 31, 2021 15,562 $ 15.62 $ 243 April 1, 2021 through June 30, 2021 17,042 17.20 293 July 1, 2021 through September 30, 2021 18,201 17.82 324 October 1, 2021 through December 31, 2021 18,283 17.42 318 Total 69,088 $ 17.05 $ 1,178 Number of Shares Average Purchased Price Paid Total Year Ended December 31, 2022: and Reissued Per Share Amount Paid January 1, 2022 through March 31, 2022 20,380 $ 20.51 $ 418 April 1, 2022 through June 30, 2022 20,233 17.89 362 July 1, 2022 through September 30, 2022 21,114 17.08 360 October 1, 2022 through December 31, 2022 23,026 18.99 437 Total 84,753 $ 18.61 $ 1,577 Number of Shares Average Purchased Price Paid Total Three Months Ended March 31, 2023: and Reissued Per Share Amount Paid January 1, 2023 through March 31, 2023 25,512 $ 19.22 $ 490 Total 25,512 $ 19.22 $ 490 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Per share data: Net asset value at beginning of period $ 19.43 $ 19.96 Net investment income (1) 0.59 0.42 Net realized gain (loss) on investments, net of tax (provision) (1) - 0.29 Net unrealized appreciation (depreciation) on investments (1) 0.03 ( 0.22 ) Realized losses on extinguishment of debt (1) - ( 0.01 ) Total increase from investment operations (1) 0.62 0.48 Accretive (dilutive) effect of share issuances and repurchases 0.01 - Dividends to stockholders ( 0.66 ) ( 0.53 ) Other (11) ( 0.01 ) - Net asset value at end of period $ 19.39 $ 19.91 Market value at end of period $ 19.07 $ 20.18 Shares outstanding at end of period 24,988,398 24,437,400 Weighted average shares outstanding during the period 24,803,951 24,437,400 Net assets at end of period $ 484,646 $ 486,502 Average net assets (6) $ 482,495 $ 487,133 Ratios to average net assets: Total expenses (2)(4)(10) 11.9 % 8.4 % Net investment income (5) 12.2 % 8.5 % Total return based on market value (3) 2.8 % 15.7 % Total return based on net asset value (8) 3.2 % 2.4 % Portfolio turnover ratio (9) 7.2 % 12.0 % Supplemental Data: Average debt outstanding (7) $ 433,257 $ 385,290 Average debt per share (1) $ 17.47 $ 15.77 (1) Weighted average per share data. (2) Annualized with the exception of income tax (provision) benefit from realized gains on investments. (3) Total return based on market value equals the change in the market value of the Company’s common stock per share during the period divided by the market value per share at the beginning of the period, and assumes reinvestment of dividends at prices obtained by our dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor. (4) The total expenses to average net assets ratio is calculated using (i) the “total expenses, net of base management waiver”, (ii) the “income tax provision (benefit)”, and (iii) the “income tax (provision) benefit from realized gains on investments” captions, as presented on the consolidated statements of operations. (5) The net investment income to average net assets ratio is calculated using the net investment income caption as presented on the consolidated statements of operations, which includes incentive fee. (6) Average net assets is calculated as the average of the net asset balances as of each quarter end during the fiscal year and the prior year end. (7) Average debt outstanding is calculated as the average of the outstanding debt balances, including secured borrowings, as of each quarter end during the fiscal year and the prior year end. (8) Total return based on net asset value per share equals the change in net asset value per share during the period, plus dividends paid per share during the period, less other non-operating changes during the period, and divided by beginning net asset value per share for the period. Non-operating changes include any items that affect net asset value per share other than increase from investment operations, such as the effects of share issuances and repurchases and other miscellaneous items. (9) Annualized. (10) The following are schedules of supplemental expense ratios to average net assets: Three Months Ended March 31, Ratio to average net assets: 2023 2022 Expenses other than incentive fee (2) 8.7 % 7.3 % Incentive fee (9) 3.2 % 1.1 % Total expenses (2)(4) 11.9 % 8.4 % Three Months Ended March 31, Ratio to average net assets: 2023 2022 Total expenses, before base management fee waiver (2) 11.9 % 8.5 % Base management fee waiver (9) 0.0 % ( 0.1 %) Total expenses (2)(4) 11.9 % 8.4 % (11) Represents the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date, or other rounding. |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Details) $ in Thousands | Jun. 20, 2011 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SBIC debenture program, maximum amount outstanding SBA debentures | $ 350,000 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Segment | Mar. 31, 2022 USD ($) | |
Change in Accounting Estimate [Line Items] | ||
Number of reportable segments | Segment | 1 | |
Number of operating segments | Segment | 1 | |
Percentage of excise tax | 4% | |
Income tax examination, description | The Company’s tax returns are generally subject to examination by U.S. federal and most state tax authorities for a period of three years from the date the respective returns are filed, and, accordingly, the Company’s 2019 through 2021 tax years remain subject to examination. | |
Tax year subject to examination | 2019 2020 2021 | |
Maximum number of common stock purchasable under stock repurchase program | $ | $ 5,000,000 | |
Repurchase of common stock | $ | $ 0 | $ 0 |
Minimum | ||
Change in Accounting Estimate [Line Items] | ||
Percentage of voting securities | 25% | |
Percentage of board representation | 50% | |
Percentage of investment company taxable income | 90% | |
Percentage of taxable income | 98% | |
Percentage of net capital gains realized | 98.20% | |
Minimum | Affiliate Investment | ||
Change in Accounting Estimate [Line Items] | ||
Percentage of voting securities | 5% | |
Maximum | Affiliate Investment | ||
Change in Accounting Estimate [Line Items] | ||
Percentage of voting securities | 25% |
Portfolio Company Investments -
Portfolio Company Investments - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) Investment | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) Investment | |
Investment Holdings [Line Items] | |||
Number of investment portfolio companies | Investment | 78 | 76 | |
Number of residual investment porfolio companies | Investment | 2 | 2 | |
Aggregate fair value of total portfolio | $ | $ 897,324 | $ 860,329 | |
Weighted average effective yield investment percentage | 14.30% | 13.80% | |
Average fully diluted equity ownership percentage | 3.90% | 4% | |
Percentage of equity investments held in portfolio companies | 76.30% | 74.40% | |
Purchases of debt and equity investments | $ | $ 51,521 | $ 114,428 | |
Proceeds from sales and repayments | $ | $ 15,918 | $ 23,185 | |
Number of investments represented more than ten percentage of aggregate investment portfolio | Investment | 0 | 0 | |
Debt investments in portfolio companies on non-accrual status | Investment | 5 | 4 | |
Pfanstiehl, Inc | |||
Investment Holdings [Line Items] | |||
Investment | $ | $ 50,975 | $ 51,992 | |
Investments as percentage of total assets | 5.40% | 5.60% | |
Maximum | |||
Investment Holdings [Line Items] | |||
Investment maturity period | 7 years | ||
Minimum | |||
Investment Holdings [Line Items] | |||
Investment maturity period | 5 years |
Portfolio Company Investments_2
Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 897,324 | [1],[2],[3] | $ 860,329 | [4],[5],[6],[7] |
Percentage of Fair Value | 100% | 100% | ||
Investments at cost | $ 864,980 | [1],[2],[3] | $ 828,693 | [4],[5],[6] |
Percentage of Cost | 100% | 100% | ||
First Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 481,547 | $ 456,105 | ||
Percentage of Fair Value | 53.60% | 53% | ||
Investments at cost | $ 478,893 | $ 453,585 | ||
Percentage of Cost | 55.40% | 54.70% | ||
Second Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 188,931 | $ 182,948 | ||
Percentage of Fair Value | 21.10% | 21.30% | ||
Investments at cost | $ 218,939 | $ 213,654 | ||
Percentage of Cost | 25.30% | 25.80% | ||
Subordinated Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 102,386 | $ 101,456 | ||
Percentage of Fair Value | 11.40% | 11.80% | ||
Investments at cost | $ 103,130 | $ 100,634 | ||
Percentage of Cost | 11.90% | 12.10% | ||
Equity | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 122,103 | $ 117,741 | ||
Percentage of Fair Value | 13.60% | 13.70% | ||
Investments at cost | $ 61,066 | $ 57,868 | ||
Percentage of Cost | 7.10% | 7% | ||
Warrants | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 2,357 | $ 2,079 | ||
Percentage of Fair Value | 0.30% | 0.20% | ||
Investments at cost | $ 2,952 | $ 2,952 | ||
Percentage of Cost | 0.30% | 0.40% | ||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. (g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs. |
Portfolio Company Investments_3
Portfolio Company Investments - Schedule of Investments Type With Corresponding Percentage of Total Portfolio Investments (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | ||
Percentage of Fair Value | 100% | 100% |
Percentage of Cost | 100% | 100% |
Unitranche Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of Fair Value | 41.40% | 42.10% |
Percentage of Cost | 42.70% | 43.40% |
Portfolio Company Investments_4
Portfolio Company Investments - Schedule of Portfolio Composition by Geographic Region at Fair Value and Cost and as Percentage of Total Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 897,324 | [1],[2],[3] | $ 860,329 | [4],[5],[6],[7] |
Percentage of Fair Value | 100% | 100% | ||
Investments at cost | $ 864,980 | [1],[2],[3] | $ 828,693 | [4],[5],[6] |
Percentage of Cost | 100% | 100% | ||
United States Midwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 173,676 | $ 180,556 | ||
Percentage of Fair Value | 19.40% | 21% | ||
Investments at cost | $ 125,969 | $ 132,177 | ||
Percentage of Cost | 14.60% | 16% | ||
United States Southeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 279,940 | $ 265,902 | ||
Percentage of Fair Value | 31.10% | 31% | ||
Investments at cost | $ 271,839 | $ 258,373 | ||
Percentage of Cost | 31.50% | 31.10% | ||
United States Northeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 155,837 | $ 127,427 | ||
Percentage of Fair Value | 17.40% | 14.80% | ||
Investments at cost | $ 163,512 | $ 134,897 | ||
Percentage of Cost | 18.90% | 16.30% | ||
United States West | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 150,203 | $ 151,487 | ||
Percentage of Fair Value | 16.70% | 17.60% | ||
Investments at cost | $ 162,072 | $ 161,935 | ||
Percentage of Cost | 18.70% | 19.50% | ||
United States Southwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 125,223 | $ 122,519 | ||
Percentage of Fair Value | 14% | 14.20% | ||
Investments at cost | $ 129,143 | $ 128,873 | ||
Percentage of Cost | 14.90% | 15.60% | ||
Canada | ||||
Summary of Investment Holdings [Line Items] | ||||
Investments at Fair Value | $ 12,445 | $ 12,438 | ||
Percentage of Fair Value | 1.40% | 1.40% | ||
Investments at cost | $ 12,445 | $ 12,438 | ||
Percentage of Cost | 1.40% | 1.50% | ||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. (g) Except as otherwise noted, the Company’s investment portfolio is comprised of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the board of directors, using significant unobservable Level 3 inputs. |
Portfolio Company Investments_5
Portfolio Company Investments - Schedule of Portfolio Composition by Type And by Geographic Region at Fair Value (Details) | Mar. 31, 2023 | Dec. 31, 2022 | ||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 185.20% | [1],[2],[3] | 179.10% | [4],[5],[6] |
United States Midwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 35.80% | 37.60% | ||
United States Southeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 57.80% | 55.40% | ||
United States Northeast | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 32.20% | 26.50% | ||
United States West | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 31% | 31.50% | ||
United States Southwest | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 25.80% | 25.50% | ||
Canada | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 2.60% | 2.60% | ||
First Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 99.40% | 95% | ||
Second Lien Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 39% | 38.10% | ||
Subordinated Debt | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 21.10% | 21.10% | ||
Equity | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 25.20% | 24.50% | ||
Warrants | ||||
Summary of Investment Holdings [Line Items] | ||||
Total net assets percentage | 0.50% | 0.40% | ||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. |
Portfolio Company Investments_6
Portfolio Company Investments - Schedule of Debt Investment on Non-Accrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 20,507 | $ 10,267 |
Fair Value | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 2,123 | 2,123 |
Fair Value | Allredi, LLC (fka Marco Group International OpCo, LLC) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 8,742 | 8,144 |
Fair Value | Suited Connector LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 9,642 | |
Cost | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 43,137 | 27,204 |
Cost | EBL, LLC (EbLens) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 9,332 | 9,332 |
Cost | US GreenFiber, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 5,223 | 5,223 |
Cost | K2 Merger Agreement Agent, LLC (fka K2 Industrial Services, Inc.) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 2,368 | 2,368 |
Cost | Allredi, LLC (fka Marco Group International OpCo, LLC) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 10,281 | $ 10,281 |
Cost | Suited Connector LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 15,933 |
Portfolio Company Investments_7
Portfolio Company Investments - Schedule of Consolidated Schedule of Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Control Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | $ 14,576 | $ 14,576 |
Fair Value, beginning balance | 2,151 | |
Gross Additions | 20,174 | |
Gross Reductions | (22,325) | |
Net Realized Gain (Losses) | (158) | |
Net Change in Unrealized Appreciation (Depreciation) | (13,233) | |
Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 34,602 | 34,602 |
Fair Value, beginning balance | 101,590 | 137,284 |
Gross Additions | 1,517 | 70,477 |
Gross Reductions | (4,070) | (106,171) |
Fair Value, ending balance | 99,037 | 101,590 |
Net Realized Gain (Losses) | 39,833 | |
Net Change in Unrealized Appreciation (Depreciation) | (2,489) | (35,979) |
Interest Income | 1,050 | 3,464 |
Payment-in-kind Interest Income | 30 | |
Dividend Income | 348 | 725 |
Fee Income | 5 | 457 |
EBL, LLC (EbLens) | Control Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 9,350 | 9,350 |
Gross Additions | 19,628 | |
Gross Reductions | (19,628) | |
Net Change in Unrealized Appreciation (Depreciation) | (11,083) | |
Hilco Plastics Holdings, LLC (dba Hilco Technologies) | Control Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Gross Additions | 353 | |
Gross Reductions | (353) | |
Net Realized Gain (Losses) | (352) | |
Mesa Line Services, LLC | Control Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 2,151 | |
Gross Additions | 193 | |
Gross Reductions | (2,344) | |
Net Realized Gain (Losses) | 194 | |
Net Change in Unrealized Appreciation (Depreciation) | (2,150) | |
US GreenFiber, LLC | Control Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 5,226 | 5,226 |
Applegate Greenfiber Intermediate Inc. (fka US GreenFiber, LLC) | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 9,602 | 9,602 |
Fair Value, beginning balance | 23,168 | 22,405 |
Gross Additions | 377 | 13,566 |
Gross Reductions | (12,803) | |
Fair Value, ending balance | 23,545 | 23,168 |
Net Change in Unrealized Appreciation (Depreciation) | 378 | 763 |
Interest Income | 240 | 973 |
FAR Research Inc. | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 28 | |
Gross Reductions | (28) | |
Net Change in Unrealized Appreciation (Depreciation) | (28) | |
Medsurant Holdings, LLC | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 2,540 | 3,662 |
Gross Additions | 407 | |
Gross Reductions | (73) | (1,122) |
Fair Value, ending balance | 2,874 | 2,540 |
Net Change in Unrealized Appreciation (Depreciation) | 407 | (1,122) |
Mirage Trailers LLC | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 10,675 | |
Gross Additions | 355 | |
Gross Reductions | (11,030) | |
Net Realized Gain (Losses) | 324 | |
Net Change in Unrealized Appreciation (Depreciation) | (1,694) | |
Interest Income | 248 | |
Payment-in-kind Interest Income | 29 | |
Fee Income | 132 | |
Pfanstiehl, Inc | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 10,000 | 10,000 |
Fair Value, beginning balance | 51,992 | 57,639 |
Gross Additions | 2 | 34,335 |
Gross Reductions | (1,019) | (39,982) |
Fair Value, ending balance | 50,975 | 51,992 |
Net Realized Gain (Losses) | 24,330 | |
Net Change in Unrealized Appreciation (Depreciation) | (1,021) | (15,432) |
Interest Income | 249 | 421 |
Dividend Income | 348 | |
Fee Income | 150 | |
Pinnergy, Ltd. | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 21,178 | |
Gross Additions | 15,300 | |
Gross Reductions | (36,478) | |
Net Realized Gain (Losses) | 15,300 | |
Net Change in Unrealized Appreciation (Depreciation) | (18,177) | |
Dividend Income | 656 | |
Spectra A&D Acquisition, Inc. (fka FDS Avionics Corp.) | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Principal Amount - Debt Investments | 15,000 | 15,000 |
Fair Value, beginning balance | 19,118 | 18,359 |
Gross Additions | 6 | 5,487 |
Gross Reductions | (2,978) | (4,728) |
Fair Value, ending balance | 16,146 | 19,118 |
Net Realized Gain (Losses) | (121) | |
Net Change in Unrealized Appreciation (Depreciation) | (2,978) | (1,723) |
Interest Income | 561 | 1,822 |
Fee Income | 5 | 175 |
Steward Holding LLC (dba Steward Advanced Materials) | Affiliate Investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Fair Value, beginning balance | 4,772 | 3,338 |
Gross Additions | 725 | 1,434 |
Fair Value, ending balance | 5,497 | 4,772 |
Net Change in Unrealized Appreciation (Depreciation) | $ 725 | 1,434 |
Payment-in-kind Interest Income | 1 | |
Dividend Income | $ 69 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Measuruments of Investments by Major Class According to Fair Value Hierachy (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 932,704 | $ 921,405 |
First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 481,547 | 456,105 |
Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 188,931 | 182,948 |
Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 102,386 | 101,456 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 122,103 | 117,741 |
Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,357 | 2,079 |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 35,380 | 61,076 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 35,642 | 61,386 |
Level 1 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 262 | 310 |
Level 1 | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 35,380 | 61,076 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 897,062 | 860,019 |
Level 3 | First Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 481,547 | 456,105 |
Level 3 | Second Lien Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 188,931 | 182,948 |
Level 3 | Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 102,386 | 101,456 |
Level 3 | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 121,841 | 117,431 |
Level 3 | Warrants | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 2,357 | $ 2,079 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 |
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 |
Fair value, assets, transfers into level 3, amount | 0 | 0 |
Fair value, assets, transfers out of level 3, amount | $ 0 | $ 0 |
16 and 18 Portfolio Company Investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of portfolio investments at fair value | 27.60% | 21.40% |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net change in unrealized appreciation (depreciation) on investments | $ 793,000 | $ (123,000) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Reconciliation of Beginning and Ending Balances for Fair Valued Investments (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized appreciation (depreciation) on investments | $ 793 | $ (123) |
Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 860,019 | 718,767 |
Net realized gains (losses) on investments | 58 | 6,868 |
Net change in unrealized appreciation (depreciation) on investments | (709) | 5,300 |
Purchase of investments | 51,521 | 114,428 |
Proceeds from sales and repayments of investments | (15,871) | (23,185) |
Interest and dividend income paid-in-kind | 637 | 547 |
Proceeds from loan origination fees | (537) | (771) |
Accretion of loan origination fees | 413 | 280 |
Accretion of original issue discount | 113 | 23 |
Ending Balance | 897,062 | 811,657 |
Subordinated Debt | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 101,456 | 36,064 |
Net change in unrealized appreciation (depreciation) on investments | 1,565 | (5) |
Purchase of investments | 2,182 | 17,470 |
Interest and dividend income paid-in-kind | 314 | 41 |
Proceeds from loan origination fees | (25) | (165) |
Accretion of loan origination fees | 22 | 8 |
Accretion of original issue discount | 2 | |
Ending Balance | 102,386 | 53,413 |
First Lien Debt | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 456,105 | 354,922 |
Net change in unrealized appreciation (depreciation) on investments | (133) | (823) |
Purchase of investments | 40,980 | 76,710 |
Proceeds from sales and repayments of investments | (15,699) | (4,027) |
Interest and dividend income paid-in-kind | 127 | 252 |
Proceeds from loan origination fees | (481) | (602) |
Accretion of loan origination fees | 366 | 238 |
Accretion of original issue discount | 16 | 1 |
Ending Balance | 481,547 | 428,317 |
Second Lien Debt | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 182,948 | 158,815 |
Net change in unrealized appreciation (depreciation) on investments | (698) | (1,277) |
Purchase of investments | 5,000 | 15,795 |
Proceeds from sales and repayments of investments | (7,106) | |
Interest and dividend income paid-in-kind | 196 | 254 |
Proceeds from loan origination fees | (31) | (4) |
Accretion of loan origination fees | 25 | 34 |
Accretion of original issue discount | 95 | 22 |
Ending Balance | 188,931 | 169,087 |
Equity | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 117,431 | 165,762 |
Net realized gains (losses) on investments | 58 | 6,868 |
Net change in unrealized appreciation (depreciation) on investments | (1,165) | 7,590 |
Purchase of investments | 3,359 | 4,453 |
Proceeds from sales and repayments of investments | (172) | (12,052) |
Ending Balance | 121,841 | 157,441 |
Warrant | Fair Value, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 2,079 | 3,204 |
Net change in unrealized appreciation (depreciation) on investments | (278) | 195 |
Ending Balance | $ 2,357 | $ 3,399 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 393,459 | $ 368,817 |
Level 3 | Enterprise Value | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity Fair Value | 115,739 | 111,808 |
Equity Investments, Warrants fair value | $ 2,225 | $ 1,949 |
Level 3 | Enterprise Value | EBITDA Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 3.5 | 4 |
Equity investments, Warrants range | 6 | 6 |
Level 3 | Enterprise Value | EBITDA Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 16 | 16.8 |
Equity investments, Warrants range | 6 | 6 |
Level 3 | Enterprise Value | EBITDA Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 8.3 | 8.1 |
Equity investments, Warrants range | 6 | 6 |
Level 3 | Enterprise Value | Revenue Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity Fair Value | $ 6,102 | $ 5,623 |
Equity Investments, Warrants fair value | $ 132 | $ 130 |
Level 3 | Enterprise Value | Revenue Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 0.9 | 0.9 |
Equity investments, Warrants range | 4.5 | 4.5 |
Level 3 | Enterprise Value | Revenue Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 7.5 | 7.8 |
Equity investments, Warrants range | 4.5 | 4.5 |
Level 3 | Enterprise Value | Revenue Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity Investments, Equity, Range | 5.8 | 6.4 |
Equity investments, Warrants range | 4.5 | 4.5 |
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 102,386 | $ 97,706 |
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.101 | 0.100 |
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.236 | 0.152 |
Level 3 | Subordinated Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.127 | 0.125 |
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 3,750 | |
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 8.5 | |
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 8.5 | |
Level 3 | Subordinated Debt | Enterprise Value | EBITDA Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 8.5 | |
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 452,536 | $ 441,830 |
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.095 | 0.089 |
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.206 | 0.219 |
Level 3 | First Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.158 | 0.155 |
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 11,000 | $ 11,000 |
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 1 | 1.1 |
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 1 | 1.1 |
Level 3 | First Lien Debt | Enterprise Value | Asset Coverage | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 1 | 1.1 |
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 14,986 | |
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 7.3 | |
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 7.3 | |
Level 3 | First Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 7.3 | |
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 3,025 | $ 3,275 |
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 4.3 | 4.3 |
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 4.3 | 4.3 |
Level 3 | First Lien Debt | Enterprise Value | Revenue Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 4.3 | 4.3 |
Level 3 | Second Lien Debt | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 18,000 | |
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 186,808 | $ 180,825 |
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.115 | 0.117 |
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.250 | 0.250 |
Level 3 | Second Lien Debt | Discounted Cash Flow | Weighted Average Cost of Capital | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.148 | 0.145 |
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Fair Value | $ 2,123 | $ 2,123 |
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.8 | 0.8 |
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.8 | 0.8 |
Level 3 | Second Lien Debt | Enterprise Value | Asset Coverage | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 0.8 | 0.8 |
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 5 | 5 |
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 5 | 5 |
Level 3 | Second Lien Debt | Enterprise Value | EBITDA Multiples | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Investments, Range | 5 | 5 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Significant Unobservable Inputs by Valuation Technique to Determine Fair Value (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt investments | $ 393,459 | $ 368,817 |
Level 3 | Second Lien Debt | Discounted Cash Flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt investments | $ 18,000 |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations carrying value | $ 430,000 | $ 403,000 |
Debt obligations fair value | 393,459 | 368,817 |
SBA Debentures | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations carrying value | 165,000 | 153,000 |
Debt obligations fair value | 165,000 | 153,000 |
January 2026 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations carrying value | 125,000 | 125,000 |
Debt obligations fair value | 110,759 | 111,854 |
November 2026 Notes | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations carrying value | 125,000 | 125,000 |
Debt obligations fair value | 102,700 | 103,963 |
Credit Facility Borrowings | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt obligations carrying value | 15,000 | 0 |
Debt obligations fair value | $ 15,000 | $ 0 |
Fair Value Measurements - Sum_5
Fair Value Measurements - Summary of Carrying Value and Fair Value of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Secured Borrowings | $ 16,634 | $ 16,880 |
Fair Value Measurements - Sum_6
Fair Value Measurements - Summary of Inputs Used to Value Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt obligations | $ 393,459 | $ 368,817 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt obligations | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt obligations | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt obligations | $ 393,459 | $ 368,817 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Base management fee payable | $ 3,782 | $ 3,769 | |
Base management fee waiver | 72 | $ 76 | |
Income incentive fee | 3,647 | 1,053 | |
Income Incentive fee payable | $ 3,647 | 3,035 | |
Percentage of net capital gains | 20% | ||
Capital gains incentive fee payable | $ 0 | 7,556 | |
Aggregate amount of capital gains incentive fees | $ 14,040 | ||
Percentage of capital gains incentive fee accrued | 20% | ||
Capital gains incentive fee accrued (reversed). | $ (153) | 270 | |
Accrued capital gains incentive fee payable | $ 15,257 | 22,659 | |
Investment Advisory Agreement | |||
Related Party Transaction [Line Items] | |||
Management fees annual rate | 1.75% | ||
Base management fee | $ 3,854 | 3,343 | |
Base management fee payable | 3,782 | 3,769 | |
Base management fee waiver | $ 72 | 76 | |
Pre-incentive fee fixed hurdle rate | 2% | ||
Incentive fee | $ 0 | ||
Pre-incentive fee net investment income | 100% | ||
Payment percentage of preincentive fees net investment income | 20% | ||
Percentage of amount of pre-incentive fee net investment income | 20% | ||
Written notice period for termination of agreement | 60 days | ||
Investment Advisory Agreement | Maximum | |||
Related Party Transaction [Line Items] | |||
Pre-incentive fee fixed hurdle rate | 2.50% | ||
Administration Agreement | |||
Related Party Transaction [Line Items] | |||
Administrative service expenses | $ 473 | $ 422 | |
Accrued administrative service expense payable | $ 461 | $ 700 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Aug. 17, 2022 | Oct. 08, 2021 | Dec. 23, 2020 | Jun. 26, 2020 | Apr. 24, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||||
Debt instrument asset coverage percentage | 272.10% | 280% | |||||||
Aggregate principal amount | $ 165,000 | $ 153,000 | |||||||
Weighted average interest rate | 4.244% | 3.726% | |||||||
Offering expenses | $ 9,552 | 9,776 | |||||||
Loss on extinguishment of debt | $ (198) | ||||||||
Secured borrowings | 16,634 | 16,880 | |||||||
Aggregate amount of outstanding of senior securities | 281,634 | 266,880 | |||||||
Fair value of loans included in investments | $ 16,630 | 16,875 | |||||||
Credit facility, interest rate per annum | 0.97% | 1.375% | |||||||
SBA Debentures | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 3.268% | 2.846% | |||||||
Offering expenses | $ 4,648 | $ 4,524 | |||||||
Prepayment of debentures | $ 0 | $ 20,000 | |||||||
Debt instrument, maturity year range, start | 2025 | 2025 | |||||||
Debt instrument, maturity year range, end | 2028 | 2028 | |||||||
Loss on extinguishment of debt | $ 0 | $ (198) | |||||||
Debt instrument term | 10 years | ||||||||
Interest rate payment term | semi-annually on March 1 and September 1 | ||||||||
Unused commitments amount | $ 25,000 | $ 37,000 | |||||||
Secured Borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate | 8.685% | 4.497% | 7.80% | ||||||
4.75% Notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Jan. 31, 2026 | ||||||||
Aggregate principal amount | $ 125,000 | ||||||||
Interest rate | 4.75% | ||||||||
Net proceeds from the notes | $ 122,100 | ||||||||
Underwriting discounts | $ 2,500 | ||||||||
Percentage of public offering price | 100% | ||||||||
Offering expenses | $ 400 | ||||||||
Debt instrument, redemption description | The January 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the January 2026 Notes is payable on January 31 and July 31 of each year. The Company does not intend to list the January 2026 Notes on any securities exchange or automated dealer quotation system. | ||||||||
3.50% Notes Due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Nov. 15, 2026 | ||||||||
Aggregate principal amount | $ 125,000 | ||||||||
Interest rate | 3.50% | ||||||||
Net proceeds from the notes | $ 122,095 | ||||||||
Underwriting discounts | $ 2,500 | ||||||||
Percentage of public offering price | 99.996% | ||||||||
Offering expenses | $ 400 | ||||||||
Debt instrument, redemption description | The November 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option subject to a make whole provision if redeemed more than three months prior to maturity and at par thereafter. Interest on the November 2026 Notes is payable on May 15 and November 15 of each year. The Company does not intend to list the November 2026 Notes on any securities exchange or automated dealer quotation system. | ||||||||
Revolving Credit Facility | Credit Agreement | ING Capital LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity date | Aug. 17, 2027 | Apr. 24, 2023 | |||||||
Interest rate after certain conditions satisfied | 2.675% | 2.50% | |||||||
Asset coverage ratio | 1.50% | 2% | |||||||
Senior asset coverage ratio | 2% | ||||||||
Remaining unused portion of Credit Facility commitment percentage | 0.50% | ||||||||
Performing first lien bank loans, minimum percentage | 35% | ||||||||
Revolving Credit Facility | Credit Agreement | ING Capital LLC | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate prior to certain conditions satisfied | 3% | 2.675% | |||||||
Revolving Credit Facility | Credit Agreement | ING Capital LLC | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, interest rate per annum | 2.675% | ||||||||
Credit facility commitment percentage | 35% | ||||||||
Revolving Credit Facility | Credit Agreement | ING Capital LLC | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, interest rate per annum | 2.50% |
Debt - Summary of Issued and Ou
Debt - Summary of Issued and Outstanding SBA Debentures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total outstanding SBA debentures | $ 165,000 | $ 153,000 |
3.277 % Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 25, 2015 | |
Maturity Date | Mar. 01, 2025 | |
Fixed Interest Rate | 3.277% | |
Total outstanding SBA debentures | $ 1,500 | 1,500 |
3.267% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 23, 2016 | |
Maturity Date | Mar. 01, 2026 | |
Fixed Interest Rate | 3.267% | |
Total outstanding SBA debentures | $ 1,500 | 1,500 |
3.249% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 23, 2016 | |
Maturity Date | Mar. 01, 2026 | |
Fixed Interest Rate | 3.249% | |
Total outstanding SBA debentures | $ 2,500 | 2,500 |
2.793% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 21, 2016 | |
Maturity Date | Sep. 01, 2026 | |
Fixed Interest Rate | 2.793% | |
Total outstanding SBA debentures | $ 500 | 500 |
3.260% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 20, 2017 | |
Maturity Date | Sep. 01, 2027 | |
Fixed Interest Rate | 3.26% | |
Total outstanding SBA debentures | $ 1,000 | 1,000 |
3.190% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 20, 2017 | |
Maturity Date | Sep. 01, 2027 | |
Fixed Interest Rate | 3.19% | |
Total outstanding SBA debentures | $ 33,000 | 33,000 |
2.377% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 25, 2019 | |
Maturity Date | Sep. 01, 2029 | |
Fixed Interest Rate | 2.377% | |
Total outstanding SBA debentures | $ 7,500 | 7,500 |
2.172% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 25, 2020 | |
Maturity Date | Mar. 01, 2030 | |
Fixed Interest Rate | 2.172% | |
Total outstanding SBA debentures | $ 6,000 | 6,000 |
1.398% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 22, 2021 | |
Maturity Date | Sep. 01, 2031 | |
Fixed Interest Rate | 1.398% | |
Total outstanding SBA debentures | $ 11,500 | 11,500 |
3.209% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 23, 2022 | |
Maturity Date | Mar. 01, 2032 | |
Fixed Interest Rate | 3.209% | |
Total outstanding SBA debentures | $ 43,500 | 43,500 |
4.533% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Sep. 21, 2022 | |
Maturity Date | Sep. 01, 2032 | |
Fixed Interest Rate | 4.533% | |
Total outstanding SBA debentures | $ 17,500 | 17,500 |
5.439% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.439% | |
Total outstanding SBA debentures | $ 4,000 | 4,000 |
5.341% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.341% | |
Total outstanding SBA debentures | $ 3,000 | 3,000 |
5.341% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.341% | |
Total outstanding SBA debentures | $ 3,000 | 3,000 |
5.439% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.439% | |
Total outstanding SBA debentures | $ 5,000 | 5,000 |
5.439% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.439% | |
Total outstanding SBA debentures | $ 5,000 | 5,000 |
5.341% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.341% | |
Total outstanding SBA debentures | $ 7,000 | $ 7,000 |
5.341% Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Pooling Date | Mar. 22, 2023 | |
Maturity Date | Mar. 01, 2033 | |
Fixed Interest Rate | 5.341% | |
Total outstanding SBA debentures | $ 4,000 | |
6.047% Fixed Interest Rate | SBA Debentures | ||
Debt Instrument [Line Items] | ||
Total outstanding SBA debentures | $ 8,000 |
Debt - Summary of Issued and _2
Debt - Summary of Issued and Outstanding SBA Debentures (Parenthetical) (Details) - SBA Debentures - Forecast - 6.047% Fixed Interest Rate $ in Thousands | Sep. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
Debt instrument issued amount | $ 8,000 |
Debt instrument interim interest rate | 6.047% |
Debt - Summary of Interest and
Debt - Summary of Interest and Fees Related to Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Stated interest expense | $ 4,669 | $ 3,888 | |
Amortization of deferred financing costs | 516 | 524 | |
Total interest and financing expenses | $ 5,185 | $ 4,412 | |
Weighted average stated interest rate, period end | 4.244% | 3.726% | |
Unused commitment fee rate, period end | 0.97% | 1.375% | |
SBA Debentures | |||
Debt Instrument [Line Items] | |||
Stated interest expense | $ 1,372 | $ 739 | |
Amortization of deferred financing costs | 168 | 138 | |
Total interest and financing expenses | $ 1,540 | $ 877 | |
Weighted average stated interest rate, period end | 3.268% | 2.846% | |
Credit Facility | |||
Debt Instrument [Line Items] | |||
Stated interest expense | $ 330 | $ 363 | |
Amortization of deferred financing costs | 73 | 112 | |
Total interest and financing expenses | $ 403 | $ 475 | |
Weighted average stated interest rate, period end | 7.39% | 3.125% | |
Unused commitment fee rate, period end | 0.97% | 1.375% | |
Secured Borrowings | |||
Debt Instrument [Line Items] | |||
Stated interest expense | $ 389 | $ 208 | |
Total interest and financing expenses | $ 389 | $ 208 | |
Weighted average stated interest rate, period end | 8.685% | 4.497% | 7.80% |
Notes | |||
Debt Instrument [Line Items] | |||
Stated interest expense | $ 2,578 | $ 2,578 | |
Amortization of deferred financing costs | 275 | 274 | |
Total interest and financing expenses | $ 2,853 | $ 2,852 | |
Weighted average stated interest rate, period end | 4.125% | 4.125% |
Debt - Summary of Deferred Fina
Debt - Summary of Deferred Financing Costs Amortized into Interest and Financing Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
SBA debenture commitment fees | $ 3,000 | $ 3,000 |
SBA debenture leverage fees | 6,681 | 6,389 |
Credit Facility upfront fees | 4,417 | 4,417 |
Notes underwriting discounts | 5,005 | 5,005 |
Notes debt issue costs | 685 | 685 |
Total deferred financing costs | 19,788 | 19,496 |
Less: accumulated amortization | (10,236) | (9,720) |
Unamortized deferred financing costs | 9,552 | 9,776 |
SBA Debentures | ||
Line of Credit Facility [Line Items] | ||
SBA debenture commitment fees | 3,000 | 3,000 |
SBA debenture leverage fees | 6,681 | 6,389 |
Total deferred financing costs | 9,681 | 9,389 |
Less: accumulated amortization | (5,033) | (4,865) |
Unamortized deferred financing costs | 4,648 | 4,524 |
Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Credit Facility upfront fees | 4,417 | 4,417 |
Total deferred financing costs | 4,417 | 4,417 |
Less: accumulated amortization | (3,111) | (3,037) |
Unamortized deferred financing costs | 1,306 | 1,380 |
Notes | ||
Line of Credit Facility [Line Items] | ||
Notes underwriting discounts | 5,005 | 5,005 |
Notes debt issue costs | 685 | 685 |
Total deferred financing costs | 5,690 | 5,690 |
Less: accumulated amortization | (2,092) | (1,818) |
Unamortized deferred financing costs | $ 3,598 | $ 3,872 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Outstanding debt | $ 430,000 | $ 403,000 |
Less: unamortized deferred financing costs | (9,552) | (9,776) |
Deferred Financing Costs Excluding Secured Borrowings, Total | 420,448 | 393,224 |
SBA Debentures | ||
Debt Instrument [Line Items] | ||
Outstanding debt | 165,000 | 153,000 |
Less: unamortized deferred financing costs | (4,648) | (4,524) |
Deferred Financing Costs Excluding Secured Borrowings, Total | 160,352 | 148,476 |
Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding debt | 15,000 | |
Less: unamortized deferred financing costs | (1,306) | (1,380) |
Debt, net of deferred financing costs | (13,694) | (1,380) |
Notes | ||
Debt Instrument [Line Items] | ||
Outstanding debt | 250,000 | 250,000 |
Less: unamortized deferred financing costs | (3,598) | (3,872) |
Deferred Financing Costs Excluding Secured Borrowings, Total | $ 246,402 | $ 246,128 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt Net of Unamortized Deferred Financing Costs (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Secured Borrowings | $ 16,634 | $ 16,880 |
Debt - Scheduled to Mature Debt
Debt - Scheduled to Mature Debt Liabilities (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2025 | $ 1,500 |
2026 | 271,134 |
2027 | 49,000 |
Thereafter | 125,000 |
Total | 446,634 |
SBA Debentures | |
Debt Instrument [Line Items] | |
2025 | 1,500 |
2026 | 4,500 |
2027 | 34,000 |
Thereafter | 125,000 |
Total | 165,000 |
Credit Facility | |
Debt Instrument [Line Items] | |
2027 | 15,000 |
Total | 15,000 |
Secured Borrowings | |
Debt Instrument [Line Items] | |
2026 | 16,634 |
Total | 16,634 |
Notes | |
Debt Instrument [Line Items] | |
2026 | 250,000 |
Total | $ 250,000 |
Debt - Scheduled to Mature De_2
Debt - Scheduled to Mature Debt Liabilities (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Credit facility maturity date | Aug. 17, 2027 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments outstanding to fund various undrawn revolving loans, other debt investments and capital commitments. | $ 12,964 | $ 16,915 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary Of Outstanding Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total Commitment | $ 19,051 | $ 24,651 |
Unfunded Commitment | 12,964 | 16,915 |
Acendre Midco, Inc. - Revolving Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 1,000 | 1,000 |
Unfunded Commitment | 1,000 | 1,000 |
American Allwaste Llc Dba Waste water Transport Services First Lien Debt [Member] | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 2,500 | |
Unfunded Commitment | 2,500 | |
Choice Technology Solutions, LLC (dba Choice Merchant Solutions, LLC) - Revolving Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 1,000 | 1,000 |
Unfunded Commitment | 1,000 | 1,000 |
Combined Systems, Inc. - Revolving Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 4,000 | 4,000 |
Unfunded Commitment | 162 | 162 |
EBL, LLC (EbLens) - Common Equity (Units) | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 375 | 375 |
Unfunded Commitment | 375 | 375 |
Elements Brands, LLC - Revolving Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 1,500 | 1,500 |
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 300 | 300 |
Unfunded Commitment | 300 | 300 |
Netbase Solutions, Inc. (dba Netbase Quid) - First Lien Debt (last out) | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 3,000 | 3,000 |
Unfunded Commitment | 3,000 | 3,000 |
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - First Lien Debt | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 2,489 | 2,489 |
Unfunded Commitment | 1,740 | 2,489 |
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Senior Subordinated Debt | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 417 | 417 |
Unfunded Commitment | 417 | 417 |
R1 Holdings, LLC (dba RoadOne IntermodaLogistics) - Common Equity | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 70 | 70 |
Unfunded Commitment | 70 | 70 |
Tedia Company, LLC - Revolving Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 2,400 | 4,000 |
Unfunded Commitment | $ 2,400 | 2,400 |
Tedia Company, LLC - Delayed Draw Term Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 3,000 | |
Unfunded Commitment | 3,000 | |
Western's Smokehouse, LLC - Delayed Draw Term Loan | ||
Loss Contingencies [Line Items] | ||
Total Commitment | 3,500 | |
Unfunded Commitment | $ 2,702 |
Common Stock - Summary of Commo
Common Stock - Summary of Common Stock (Details) $ / shares in Units, $ in Thousands | 142 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stockholders' Equity Note [Abstract] | |
Cumulative number of shares | shares | 14,388,414 |
Cumulative gross proceeds from issuance of common stock | $ 236,597 |
Cumulative underwriting fees and commission and offering costs | $ 8,989 |
Weighted average offering Price | $ / shares | $ 16.44 |
Common Stock - Summary of Com_2
Common Stock - Summary of Common Stock (Parenthetical) (Details) $ in Thousands | 142 Months Ended |
Mar. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |
Cumulative Underwriting Fees and Commission and Offering Costs | $ 8,989 |
Fidus Investment Advisors LLC | |
Related Party Transaction [Line Items] | |
Cumulative Underwriting Fees and Commission and Offering Costs | $ 1,925 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 142 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 10, 2022 | |
Class of Stock [Line Items] | |||||
Maximum common stock can be purchased under repurchase program | $ 5,000,000 | $ 5,000,000 | |||
Common Stock, Shares, Outstanding | 24,988,398 | 24,988,398 | 24,727,788 | ||
At-the-Market Offering Program | |||||
Class of Stock [Line Items] | |||||
Weighted-average price | $ 20.49 | ||||
Gross proceeds received | $ 11,289,000 | ||||
Net proceeds from common stock under ATM program | 11,120,000 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Number of Shares Sold | 260,610 | ||||
Maximum aggregate offering price of common stock under at-the-market program | $ 50,000,000 | ||||
Maximum common stock can be purchased under repurchase program | $ 5,000,000 | $ 5,000,000 | |||
Number of shares repurchased under repurchase program | 0 | 0 | |||
Available under ATM program | $ 38,711,000 | ||||
Common Stock | At-the-Market Offering Program | |||||
Class of Stock [Line Items] | |||||
Number of Shares Sold | 550,998 | ||||
Common Stock | Raymond James & Associates, Inc. and Robert W. Baird & Co | |||||
Class of Stock [Line Items] | |||||
Number of Shares Sold | 260,610 | ||||
Weighted-average price | $ 20.68 | ||||
Gross proceeds received | $ 5,389,000 | ||||
Net proceeds from common stock under ATM program | $ 5,306,000 |
Common Stock - Summary of Equit
Common Stock - Summary of Equity ATM Program (Details) - Common Stock $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |
Number of Shares | shares | 260,610 |
Raymond James And Associates Inc And B. Riley Securities Inc | |
Class of Stock [Line Items] | |
Number of Shares | shares | 260,610 |
Average Offering Price | $ / shares | $ 20.68 |
Gross Proceeds | $ 5,389 |
Underwriting Fees and Commissions and Offering Costs | 83 |
Net proceeds | $ 5,306 |
Dividends and Distributions - S
Dividends and Distributions - Summary of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Feb. 15, 2023 | Nov. 03, 2022 | Oct. 03, 2022 | Aug. 01, 2022 | May 02, 2022 | Feb. 15, 2022 | Nov. 01, 2021 | Aug. 02, 2021 | May 03, 2021 | Feb. 09, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||||||||||||
Record Date | Mar. 22, 2023 | Jun. 10, 2022 | Mar. 11, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | Jun. 14, 2021 | Mar. 12, 2021 | ||||||
Payment Date | Mar. 29, 2023 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | Jun. 28, 2021 | Mar. 26, 2021 | ||||||
Amount Per Share | $ 0.41 | $ 0.36 | $ 0.36 | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | $ 0.66 | $ 2 | $ 1.60 | |||
Total Distribution | $ 10,245 | $ 8,797 | $ 8,797 | $ 7,820 | $ 7,820 | $ 7,576 | $ 7,575 | $ 16,492 | $ 49,052 | $ 39,100 | |||
Cash Distribution | $ 10,245 | $ 8,797 | $ 8,797 | $ 7,820 | $ 7,820 | $ 7,576 | $ 7,575 | $ 16,492 | $ 49,052 | $ 39,100 | |||
Special Dividend | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Mar. 22, 2023 | Dec. 02, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | |||||||||
Payment Date | Dec. 16, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | ||||||||||
Amount Per Share | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.04 | |||||||||
Total Distribution | $ 2,499 | $ 2,473 | $ 1,222 | $ 977 | |||||||||
Cash Distribution | $ 2,499 | $ 2,473 | $ 1,222 | $ 977 | |||||||||
Supplemental Dividend | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Mar. 22, 2023 | Dec. 02, 2022 | Jun. 10, 2022 | Mar. 11, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | Jun. 14, 2021 | Mar. 12, 2021 | |||||
Payment Date | Mar. 29, 2023 | Dec. 16, 2022 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | Jun. 28, 2021 | Mar. 26, 2021 | |||||
Amount Per Share | $ 0.15 | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.04 | $ 0.06 | $ 0.08 | $ 0.07 | |||||
Total Distribution | $ 3,748 | $ 1,978 | $ 1,712 | $ 4,154 | $ 978 | $ 1,466 | $ 1,955 | $ 1,711 | |||||
Cash Distribution | $ 3,748 | $ 1,978 | $ 1,712 | $ 4,154 | $ 978 | $ 1,466 | $ 1,955 | $ 1,711 | |||||
Dividend One | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Sep. 09, 2022 | ||||||||||||
Payment Date | Sep. 23, 2022 | ||||||||||||
Amount Per Share | $ 0.36 | ||||||||||||
Total Distribution | $ 8,797 | ||||||||||||
Cash Distribution | $ 8,797 | ||||||||||||
Dividend Two | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Dec. 02, 2022 | ||||||||||||
Payment Date | Dec. 16, 2022 | ||||||||||||
Amount Per Share | $ 0.36 | ||||||||||||
Total Distribution | $ 8,902 | ||||||||||||
Cash Distribution | $ 8,902 | ||||||||||||
Supplemental Dividend One | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Sep. 09, 2022 | ||||||||||||
Payment Date | Sep. 23, 2022 | ||||||||||||
Amount Per Share | $ 0.07 | ||||||||||||
Total Distribution | $ 1,711 | ||||||||||||
Cash Distribution | $ 1,711 | ||||||||||||
Supplemental Dividend Two | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Record Date | Dec. 02, 2022 | ||||||||||||
Payment Date | Dec. 16, 2022 | ||||||||||||
Amount Per Share | $ 0.07 | ||||||||||||
Total Distribution | $ 1,731 | ||||||||||||
Cash Distribution | $ 1,731 |
Dividends and Distributions -_2
Dividends and Distributions - Schedule of Purchased and Reissued Shares to Satisfy the DRIP Obligation (Details) - DRIP - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||||||||||
Number of Shares Purchased and Reissued | 25,512 | 23,026 | 21,114 | 20,233 | 20,380 | 18,283 | 18,201 | 17,042 | 15,562 | 84,753 | 69,088 |
Average Price Paid Per Share | $ 19.22 | $ 18.99 | $ 17.08 | $ 17.89 | $ 20.51 | $ 17.42 | $ 17.82 | $ 17.20 | $ 15.62 | $ 18.61 | $ 17.05 |
Total Amount Paid | $ 490 | $ 437 | $ 360 | $ 362 | $ 418 | $ 318 | $ 324 | $ 293 | $ 243 | $ 1,577 | $ 1,178 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Company, Financial Highlights [Line Items] | ||
Net asset value at beginning of period | $ 19.43 | $ 19.96 |
Net investment income | 0.59 | 0.42 |
Net realized gain (loss) on investments, net of tax (provision) | 0.29 | |
Net unrealized appreciation (depreciation) on investments | 0.03 | (0.22) |
Realized losses on extinguishment of debt | (0.01) | |
Total increase from investment operations | 0.62 | 0.48 |
Accretive (dilutive) effect of share issuances and repurchases | 0.01 | |
Dividends to stockholders | (0.66) | (0.53) |
Other | (0.01) | |
Net asset value at end of period | 19.39 | 19.91 |
Market value at end of period | $ 19.07 | $ 20.18 |
Shares outstanding at end of period | 24,988,398 | 24,437,400 |
Weighted average number of shares outstanding - basic | 24,803,951 | 24,437,400 |
Weighted average number of shares outstanding - diluted | 24,803,951 | 24,437,400 |
Net assets at end of period | $ 484,646 | $ 486,502 |
Average net assets | $ 482,495 | $ 487,133 |
Total expenses | 11.90% | 8.40% |
Net investment income | 12.20% | 8.50% |
Total return based on market value | 2.80% | 15.70% |
Total return based on net asset value | 3.20% | 2.40% |
Portfolio turnover ratio | 7.20% | 12% |
Average debt outstanding | $ 433,257 | $ 385,290 |
Average debt per share | $ 17.47 | $ 15.77 |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | ||
Expenses other than incentive fee | 8.70% | 7.30% |
Incentive fee | 3.20% | 1.10% |
Total expenses | 11.90% | 8.40% |
Total expenses, before base management fee waiver | 11.90% | 8.50% |
Base management fee waiver | 0% | (0.10%) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||||||||||||
May 01, 2023 | Apr. 28, 2023 | Apr. 04, 2023 | Feb. 15, 2023 | Nov. 03, 2022 | May 02, 2022 | Feb. 15, 2022 | Nov. 01, 2021 | Aug. 02, 2021 | May 03, 2021 | Feb. 09, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Subsequent Event [Line Items] | ||||||||||||||||||
Investments at cost | $ 864,980 | [1],[2],[3] | $ 828,693 | [4],[5],[6] | ||||||||||||||
Investment commitment amount | [1],[2],[3],[7],[8] | 1,000 | ||||||||||||||||
Proceeds from sales and repayments of investments | 15,918 | $ 23,185 | ||||||||||||||||
Realized gain (loss) on investment | $ 58 | $ 6,868 | ||||||||||||||||
Dividends to stockholders | $ 0.41 | $ 0.36 | $ 0.36 | $ 0.32 | $ 0.32 | $ 0.31 | $ 0.31 | $ 0.66 | $ 2 | $ 1.60 | ||||||||
Dividend payable date | Mar. 29, 2023 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | Jun. 28, 2021 | Mar. 26, 2021 | |||||||||||
Dividend record date | Mar. 22, 2023 | Jun. 10, 2022 | Mar. 11, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | Jun. 14, 2021 | Mar. 12, 2021 | |||||||||||
Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend declared date | May 01, 2023 | |||||||||||||||||
Dividend payable date | Jun. 28, 2023 | |||||||||||||||||
Dividend record date | Jun. 21, 2023 | |||||||||||||||||
Rhino Assembly Company, LLC | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Investment date | Apr. 04, 2023 | |||||||||||||||||
Realized gain (loss) on investment | $ 2,077 | |||||||||||||||||
Rhino Assembly Company, LLC | Second Lien Debt | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Investments at cost | $ 14,850 | |||||||||||||||||
Puget Collision LLC | First Lien Debt | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Investment date | Apr. 28, 2023 | |||||||||||||||||
Investments at cost | $ 2,500 | |||||||||||||||||
Supplemental Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends to stockholders | $ 0.15 | $ 0.08 | $ 0.07 | $ 0.17 | $ 0.04 | $ 0.06 | $ 0.08 | $ 0.07 | ||||||||||
Dividend payable date | Mar. 29, 2023 | Dec. 16, 2022 | Jun. 24, 2022 | Mar. 25, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | Jun. 28, 2021 | Mar. 26, 2021 | ||||||||||
Dividend record date | Mar. 22, 2023 | Dec. 02, 2022 | Jun. 10, 2022 | Mar. 11, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | Jun. 14, 2021 | Mar. 12, 2021 | ||||||||||
Supplemental Dividend | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends to stockholders | $ 0.19 | |||||||||||||||||
Special Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends to stockholders | $ 0.10 | $ 0.10 | $ 0.05 | $ 0.04 | ||||||||||||||
Dividend payable date | Dec. 16, 2022 | Dec. 17, 2021 | Sep. 28, 2021 | |||||||||||||||
Dividend record date | Mar. 22, 2023 | Dec. 02, 2022 | Dec. 03, 2021 | Sep. 14, 2021 | ||||||||||||||
Special Dividend | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends to stockholders | 0.10 | |||||||||||||||||
Quarterly Dividend | Subsequent Events | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends to stockholders | $ 0.41 | |||||||||||||||||
[1] All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Equity ownership may be held in shares or units of companies related to the portfolio companies. See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (a) See Note 3 to the consolidated financial statements for portfolio composition by geographic location. (b) Equity ownership may be held in shares or units of companies related to the portfolio companies. (c) All debt investments are income producing, unless otherwise indicated. Equity investments are non-income producing unless otherwise noted. Investment pledged as collateral for the Credit Facility and, as a result, is not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company's obligations under the Credit Facility (see Note 6 to the consolidated financial statements). The disclosed commitment represents the unfunded amount as of March 31, 2023. The Company is earning 0.50 % interest on the unfunded balance of the commitment. The interest rate disclosed represents the rate which will be earned if the commitment is funded. |