Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2022 | Oct. 27, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 814-00061 | |
Entity Registrant Name | CAPITAL SOUTHWEST CORPORATION | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-1072796 | |
Entity Address, Address Line One | 8333 Douglas Avenue | |
Entity Address, Address Line Two | Suite 1100 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75225 | |
City Area Code | 214 | |
Local Phone Number | 238-5700 | |
Title of 12(b) Security | Common Stock, $0.25 par value per share | |
Trading Symbol | CSWC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,520,066 | |
Entity Central Index Key | 0000017313 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | ||
Assets | ||||
Investments at fair value | $ 1,056,931 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Cash and cash equivalents | 30,238 | 11,431 | ||
Receivables: | ||||
Dividends and interest | 14,686 | 12,106 | ||
Escrow | 363 | 1,344 | ||
Other | 893 | 2,238 | ||
Income tax receivable | 158 | 158 | ||
Debt issuance costs (net of accumulated amortization of $5,090 and $4,573, respectively) | 4,044 | 4,038 | ||
Other assets | 5,858 | 6,028 | ||
Total assets | 1,113,171 | 973,957 | ||
Liabilities | ||||
Credit facility | 240,000 | 205,000 | ||
Other liabilities | 22,434 | 14,808 | ||
Accrued restoration plan liability | 2,628 | 2,707 | ||
Income tax payable | 258 | 1,240 | ||
Deferred tax liability | 8,798 | 5,747 | ||
Total liabilities | 637,447 | 553,090 | ||
Commitments and contingencies (Note 10) | ||||
Net Assets | ||||
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 31,121,574 shares at September 30, 2022 and 27,298,032 shares at March 31, 2022 | 7,780 | 6,825 | ||
Additional paid-in capital | 521,072 | 448,235 | ||
Total distributable (loss) earnings | (29,191) | (10,256) | ||
Treasury stock - at cost, 2,339,512 shares | (23,937) | (23,937) | ||
Total net assets | 475,724 | 420,867 | ||
Total liabilities and net assets | $ 1,113,171 | $ 973,957 | ||
Net asset value per share (in usd per share) | $ 16.53 | $ 16.86 | ||
SBA Debentures | ||||
Receivables: | ||||
SBA Debentures (Par value: $80,000 and $40,000, respectively) | $ 77,553 | $ 38,352 | ||
January 2026 Notes | ||||
Receivables: | ||||
Notes | 138,883 | 138,714 | ||
October 2026 Notes | ||||
Receivables: | ||||
Notes | 146,893 | 146,522 | ||
Non-control/Non-affiliate investments | ||||
Assets | ||||
Investments at fair value | 859,250 | [3],[7] | 747,132 | [6],[8] |
Affiliate investments | ||||
Assets | ||||
Investments at fair value | 146,784 | [3],[9] | 131,879 | [6],[10] |
Control investments | ||||
Assets | ||||
Investments at fair value | $ 50,897 | [3],[11] | $ 57,603 | [6],[12] |
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]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 readily 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. Refer to Note 4 for further discussion.[4]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[5]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[6]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 readily 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. Refer to Note 4 for further discussion.[7]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At September 30, 2022, approximately 81.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 180.6%.[8]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.[9]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2022, approximately 13.9% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.[10]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.[11]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2022, approximately 4.8% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 10.7%.[12]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | ||
Cost | $ 1,064,644 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] |
Accumulated amortization | $ 5,090 | $ 4,573 | ||
Common stock, par value (in dollars per share) | $ 0.25 | $ 0.25 | ||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | ||
Common stock, shares issued (in shares) | 31,121,574 | 27,298,032 | ||
Treasury stock, cost (in share) | 2,339,512 | 2,339,512 | ||
Common stock, shares outstanding (in shares) | 28,782,062 | 24,958,520 | ||
SBA Debentures | ||||
Par value | $ 80,000 | $ 40,000 | ||
January 2026 Notes | ||||
Par value | 140,000 | 140,000 | ||
October 2026 Notes | ||||
Par value | 150,000 | 150,000 | ||
Non-control/Non-affiliate investments | ||||
Cost | 835,452 | [2],[4],[9] | 721,392 | [6],[8],[10] |
Affiliate investments | ||||
Cost | 153,192 | [2],[4],[11] | 140,911 | [6],[8],[12] |
Control investments | ||||
Cost | $ 76,000 | [2],[4],[13] | $ 76,000 | [6],[8],[14] |
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of September 30, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $58.9 million; cumulative gross unrealized depreciation for federal income tax purposes is $62.8 million. Cumulative net unrealized depreciation is $3.9 million, based on a tax cost of $1,060.8 million.[3]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[4]Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[5]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[6]As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.[7]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[8]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At September 30, 2022, approximately 81.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 180.6%.[10]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.[11]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2022, approximately 13.9% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.[12]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.[13]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2022, approximately 4.8% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 10.7%.[14]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fee income: | ||||
Other income | $ 18 | $ 4 | $ 20 | $ 7 |
Total investment income | 26,799 | 20,296 | 49,342 | 38,875 |
Compensation | 2,254 | 2,298 | 3,796 | 3,730 |
Share-based compensation expense | 1,060 | 923 | 1,881 | 1,999 |
Interest | 6,629 | 5,405 | 12,113 | 10,360 |
Professional fees | 810 | 648 | 1,659 | 1,349 |
General and administrative | 1,068 | 982 | 2,285 | 1,958 |
Total operating expenses | 11,821 | 10,256 | 21,734 | 19,396 |
Total investment income | 14,978 | 10,040 | 27,608 | 19,479 |
Federal income, excise and other taxes | 178 | 15 | 251 | 215 |
Deferred taxes | 356 | 299 | 475 | 495 |
Total income tax provision (benefit) | 534 | 314 | 726 | 710 |
Net investment income | 14,444 | 9,726 | 26,882 | 18,769 |
Realized (loss) gain | ||||
Net realized gain (loss) on investments | 79 | 0 | (165) | 0 |
Total net realized (loss) gain on investments, net of tax | (8,635) | 3,496 | (6,315) | 2,544 |
Net unrealized appreciation (depreciation) on investments | ||||
Income tax provision | (1,494) | (1,027) | (2,575) | (1,462) |
Total net unrealized appreciation (depreciation) on investments, net of tax | 3,649 | (691) | (8,599) | 6,360 |
Net realized and unrealized (losses) gains on investments | (4,986) | 2,805 | (14,914) | 8,904 |
Realized loss on extinguishment of debt | 0 | (17,087) | 0 | (17,087) |
Net increase (decrease) in net assets from operations | $ 9,458 | $ (4,556) | $ 11,968 | $ 10,586 |
Pre-tax net investment income per share - basic (in usd per share) | $ 0.54 | $ 0.45 | $ 1.03 | $ 0.89 |
Pre-tax net investment income per share - diluted (in usd per share) | 0.54 | 0.45 | 1.03 | 0.89 |
Net investment income per share – basic (in usd per share) | 0.52 | 0.43 | 1.01 | 0.86 |
Net investment income per share – diluted (in usd per share) | 0.52 | 0.43 | 1.01 | 0.86 |
Net increase in net assets from operations – basic (in usd per share) | 0.34 | (0.20) | 0.45 | 0.48 |
Net increase in net assets from operations – diluted (in usd per share) | $ 0.34 | $ (0.20) | $ 0.45 | $ 0.48 |
Weighted average shares outstanding – basic (in share) | 27,987,699 | 22,534,443 | 26,757,376 | 21,871,805 |
Weighted average shares outstanding – diluted (in share) | 27,987,699 | 22,534,443 | 26,757,376 | 21,871,805 |
Non-control/Non-affiliate investments | ||||
Interest income: | ||||
Interest income | $ 19,632 | $ 14,752 | $ 35,380 | $ 28,068 |
Payment-in-kind interest income: | ||||
Payment-in-kind interest income | 550 | 466 | 966 | 1,103 |
Dividend income: | ||||
Dividend income | 527 | 510 | 1,077 | 1,570 |
Fee income: | ||||
Fee income | 567 | 1,138 | 1,857 | 1,415 |
Realized (loss) gain | ||||
Realized (loss) gain | (2,396) | 3,496 | 153 | 2,544 |
Net unrealized appreciation (depreciation) on investments | ||||
Unrealized gain (loss) | 2,609 | 2,363 | (1,942) | 9,393 |
Affiliate investments | ||||
Interest income: | ||||
Interest income | 2,487 | 1,348 | 4,999 | 2,658 |
Payment-in-kind interest income: | ||||
Payment-in-kind interest income | 834 | 413 | 1,105 | 751 |
Dividend income: | ||||
Dividend income | 0 | 0 | 101 | 0 |
Fee income: | ||||
Fee income | 134 | 105 | 252 | 146 |
Realized (loss) gain | ||||
Realized (loss) gain | (6,318) | 0 | (6,303) | 0 |
Net unrealized appreciation (depreciation) on investments | ||||
Unrealized gain (loss) | 3,338 | (393) | 2,624 | (851) |
Control investments | ||||
Dividend income: | ||||
Dividend income | 2,000 | 1,560 | 3,535 | 3,157 |
Fee income: | ||||
Fee income | 50 | 0 | 50 | 0 |
Net unrealized appreciation (depreciation) on investments | ||||
Unrealized gain (loss) | $ (804) | $ (1,634) | $ (6,706) | $ (720) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | |
Investment Company, Net Assets [Roll Forward] | ||||
Net assets, beginning balance | $ 452,985 | $ 420,867 | $ 368,095 | $ 336,251 |
Operations: | ||||
Net investment income | 14,444 | 12,438 | 9,726 | 9,043 |
Total net realized (loss) gain on investments, net of tax | (8,635) | 2,320 | 3,496 | (952) |
Net unrealized depreciation (appreciation) on investments | 3,649 | (12,248) | (691) | 7,051 |
Realized loss on extinguishment of debt | 0 | (17,087) | ||
Net increase (decrease) in net assets from operations | 9,458 | 2,510 | (4,556) | 15,142 |
Dividends to shareholders | (14,287) | (16,615) | (12,401) | (11,528) |
Capital share transactions: | ||||
Change in restoration plan liability | 8 | 8 | 9 | 9 |
Issuance of common stock | 26,500 | 46,035 | 29,880 | 27,686 |
Share-based compensation expense | 1,060 | 821 | 923 | 1,076 |
Common stock withheld for payroll taxes upon vesting of restricted stock | 0 | (641) | (5) | (541) |
Increase in net assets | 22,739 | 32,118 | 13,850 | 31,844 |
Net assets, ending balance | $ 475,724 | $ 452,985 | $ 381,945 | $ 368,095 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends to shareholders (in usd per share) | $ 0.50 | $ 0.63 | $ 0.54 | $ 0.53 | $ 1.13 | $ 1.07 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net increase (decrease) in net assets from operations | $ 11,968 | $ 10,586 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||
Purchases and originations of investments | (216,823) | (189,529) |
Proceeds from sales and repayments of debt investments in portfolio companies | 84,873 | 66,844 |
Proceeds from sales and return of capital of equity investments in portfolio companies | 1,749 | 5,371 |
Payment of accreted original issue discounts | 1,273 | 1,313 |
Payment of accrued payment-in-kind interest | 286 | 320 |
Depreciation and amortization | 1,328 | 1,087 |
Net pension benefit | (62) | (66) |
Realized loss on extinguishment of debt | 0 | 17,103 |
Realized loss (gain) on investments before income tax | 6,333 | (2,252) |
Net unrealized depreciation (appreciation) on investments before income tax | 6,024 | (7,822) |
Accretion of discounts on investments | (1,811) | (1,419) |
Payment-in-kind interest | (1,976) | (2,684) |
Share-based compensation expense | 1,881 | 1,999 |
Deferred income taxes | 3,050 | 1,957 |
Changes in other assets and liabilities: | ||
Increase in dividend and interest receivable | (2,642) | (1,641) |
Decrease in escrow receivables | 756 | 209 |
Decrease in tax receivable | 0 | 5 |
Decrease (increase) in other receivables | 1,345 | (2,156) |
Decrease (increase) in other assets | 202 | (471) |
(Decrease) increase in taxes payable | (982) | 66 |
Increase (decrease) in other liabilities | 7,670 | (2,609) |
Net cash used in operating activities | (95,558) | (103,789) |
Cash flows from investing activities | ||
Acquisition of fixed assets | (156) | 0 |
Net cash used in investing activities | (156) | 0 |
Cash flows from financing activities | ||
Proceeds from common stock offering | 72,561 | 57,586 |
Borrowings under credit facility | 95,000 | 190,000 |
Repayments of credit facility | (60,000) | (95,000) |
Debt issuance costs paid | (523) | (3,390) |
Proceeds from issuance of SBA Debentures | 39,026 | 17,074 |
Proceeds from issuance of October 2026 Notes | 0 | 97,418 |
Redemption of October 2024 Notes | 0 | (125,000) |
Payment for debt extinguishment costs | 0 | (15,196) |
Dividends to shareholders | (30,902) | (23,930) |
Common stock withheld for payroll taxes upon vesting of restricted stock | (641) | (546) |
Net cash provided by financing activities | 114,521 | 99,016 |
Net increase (decrease) in cash and cash equivalents | 18,807 | (4,773) |
Cash and cash equivalents at beginning of period | 11,431 | 31,613 |
Cash and cash equivalents at end of period | 30,238 | 26,840 |
Supplemental cash flow disclosures: | ||
Cash paid for income taxes | 1,400 | 150 |
Cash paid for interest | $ 7,964 | $ 12,618 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 1,064,644 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | |
Investments at fair value | 1,056,931 | [1],[3],[9] | 936,614 | [5],[7],[10] | |
Non-control/Non-affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 835,452 | [2],[4],[11] | 721,392 | [6],[8],[12] | |
Investments at fair value | 859,250 | [9],[11] | 747,132 | [10],[12] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 153,192 | [2],[4],[13] | 140,911 | [6],[8],[14] | |
Investments at fair value | 146,784 | [9],[13] | 131,879 | [10],[14] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 76,000 | [2],[4],[15] | 76,000 | [6],[8],[16] | |
Investments at fair value | 50,897 | [9],[15] | 57,603 | [10],[16] | |
360 QUOTE TOPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 25,597 | |||
Investments at fair value | [9] | 25,584 | |||
AAC NEW HOLDCO INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,301 | [2],[4] | 12,636 | [6],[8] | |
Investments at fair value | 11,682 | [9] | 12,333 | [10] | |
ACCELERATION, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 28,971 | |||
Investments at fair value | [9] | 29,501 | |||
ACCELERATION PARTNERS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,576 | [2],[4] | 12,600 | [6],[8] | |
Investments at fair value | 16,028 | [9] | 13,028 | [10] | |
ALLIANCE SPORTS GROUP, L.P. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 2,673 | [2],[4] | 2,673 | [6],[8] | |
Investments at fair value | 3,688 | [9] | 4,176 | [10] | |
AMERICAN NUTS OPERATIONS LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 27,665 | [2],[4] | 27,776 | [6],[8] | |
Investments at fair value | 28,703 | [9] | 29,095 | [10] | |
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,742 | [2],[4] | 5,748 | [6],[8] | |
Investments at fair value | 324 | [9] | 318 | [10] | |
ARBORWORKS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,539 | [2],[4] | 12,704 | [6],[8] | |
Investments at fair value | 12,883 | [9] | 12,757 | [10] | |
ATS OPERATING, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,130 | [2],[4] | 20,094 | [6],[8],[17] | |
Investments at fair value | 19,204 | [9] | 20,094 | [10],[17] | |
BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,387 | [2],[4] | 11,135 | [6],[8] | |
Investments at fair value | 11,437 | [9] | 10,877 | [10] | |
CADMIUM, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,930 | [2],[4] | 7,615 | [6],[8] | |
Investments at fair value | 7,728 | [9] | 7,616 | [10] | |
FLIP ELECTRONICS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 20,839 | [2],[4] | 19,387 | [6],[8] | |
Investments at fair value | 37,489 | [9] | 24,128 | [10] | |
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,647 | [2],[4] | 7,635 | [6],[8] | |
Investments at fair value | 7,773 | [9] | 7,780 | [10] | |
GULF PACIFIC ACQUISITION, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 3,553 | |||
Investments at fair value | [9] | 3,588 | |||
INFOLINKS MEDIA BUYCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,131 | [2],[4] | 8,154 | [6],[8] | |
Investments at fair value | 8,636 | [9] | 8,203 | [10] | |
ISI ENTERPRISES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 6,685 | [2],[4] | 6,672 | [6],[8] | |
Investments at fair value | 6,800 | [9] | 6,800 | [10] | |
KMS, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4],[18] | 17,962 | |||
Investments at fair value | [9],[18] | 16,701 | |||
LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,517 | [2],[4] | 10,369 | [6],[8] | |
Investments at fair value | 10,527 | [9] | 10,404 | [10] | |
LGM PHARMA, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,601 | [2],[4] | 15,497 | [6],[8] | |
Investments at fair value | 14,121 | [9] | 13,703 | [10] | |
LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 23,455 | |||
Investments at fair value | [9] | 23,461 | |||
MAKO STEEL LP | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,626 | [2],[4] | 8,813 | [6],[8] | |
Investments at fair value | 8,689 | [9] | 8,661 | [10] | |
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,408 | [2],[4] | 15,461 | [6],[8] | |
Investments at fair value | 16,920 | [9] | 16,997 | [10] | |
MICROBE FORMULAS LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 12,219 | |||
Investments at fair value | [9] | 12,281 | |||
MUENSTER MILLING COMPANY, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,683 | [2],[4] | 11,646 | [6],[8] | |
Investments at fair value | 12,000 | [9] | 12,000 | [10] | |
NATIONAL CREDIT CARE, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 21,696 | [2],[4] | 24,070 | [6],[8] | |
Investments at fair value | 21,906 | [9] | 24,342 | [10] | |
NEUROPSYCHIATRIC HOSPITALS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,008 | [2],[4] | 18,892 | [6],[8] | |
Investments at fair value | 17,656 | [9] | 18,868 | [10] | |
NINJATRADER, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 24,750 | [2],[4] | 24,670 | [6],[8] | |
Investments at fair value | 33,069 | [9] | 32,716 | [10] | |
NWN PARENT HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,586 | [2],[4] | 13,234 | [6],[8] | |
Investments at fair value | 13,257 | [9] | 13,230 | [10] | |
OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 12,345 | |||
Investments at fair value | [9] | 12,345 | |||
PIPELINE TECHNIQUE LTD. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4],[19] | 9,739 | |||
Investments at fair value | [9],[19] | 9,804 | |||
ROOF OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 21,939 | [2],[4] | 18,143 | [6],[8] | |
Investments at fair value | 21,821 | [9] | 18,369 | [10] | |
RTIC SUBSIDIARY HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,704 | [2],[4] | 8,227 | [6],[8] | |
Investments at fair value | 7,194 | [9] | 8,303 | [10] | |
SCRIP INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,579 | [2],[4] | 17,521 | [6],[8] | |
Investments at fair value | 17,710 | [9] | 18,351 | [10] | |
SHEARWATER RESEARCH, INC.9 | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,470 | [2],[4],[19] | 14,505 | [6],[8],[20] | |
Investments at fair value | 15,641 | [9],[19] | 14,557 | [10],[20] | |
SIB HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 12,312 | [2],[4] | 7,852 | [6],[8] | |
Investments at fair value | 12,537 | [9] | 7,869 | [10] | |
SOUTH COAST TERMINALS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,585 | [2],[4] | 17,640 | [6],[8] | |
Investments at fair value | 17,929 | [9] | 17,749 | [10] | |
SPOTLIGHT AR, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,091 | [2],[4] | 8,072 | [6],[8] | |
Investments at fair value | 8,472 | [9] | 8,108 | [10] | |
STUDENT RESOURCE CENTER, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 20,499 | [2],[4] | 20,466 | [6],[8] | |
Investments at fair value | 14,771 | [9] | 20,416 | [10] | |
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 9,014 | [2],[4] | 9,635 | [6],[8] | |
Investments at fair value | 9,016 | [9] | 9,653 | [10] | |
THE PRODUCTO GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 18,824 | [2],[4] | 13,901 | [6],[8] | |
Investments at fair value | 20,869 | [9] | 13,891 | [10] | |
TRAFERA, LLC (FKA TRINITY 3, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 11,022 | |||
Investments at fair value | [9] | 12,064 | |||
US COURTSCRIPT HOLDINGS, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 7,596 | |||
Investments at fair value | [9] | 7,859 | |||
VERSICARE MANAGEMENT LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 13,137 | |||
Investments at fair value | [9] | 13,235 | |||
WALL STREET PREP, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,538 | [2],[4] | 11,653 | [6],[8] | |
Investments at fair value | 11,521 | [9] | 11,656 | [10] | |
WELL-FOAM, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,450 | [2],[4] | 17,500 | [6],[8] | |
Investments at fair value | 19,820 | [9] | 17,910 | [10] | |
WINTER SERVICES OPERATIONS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,547 | [2],[4] | 21,945 | [6],[8] | |
Investments at fair value | 20,000 | [9] | 21,906 | [10] | |
ZENFOLIO INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 20,732 | [2],[4] | 19,781 | [6],[8] | |
Investments at fair value | 20,091 | [9] | 19,815 | [10] | |
ZIPS CAR WASH, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,574 | [2],[4] | 15,850 | [6],[8] | |
Investments at fair value | 19,612 | [9] | 15,850 | [10] | |
AIR CONDITIONING SPECIALIST, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,260 | [2],[4] | 13,141 | [6],[8] | |
Investments at fair value | 15,767 | [9] | 13,169 | [10] | |
CATBIRD NYC, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,870 | [2],[4] | 17,033 | [6],[8] | |
Investments at fair value | 17,725 | [9] | 17,677 | [10] | |
CENTRAL MEDICAL SUPPLY LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,756 | [2],[4] | 8,736 | [6],[8] | |
Investments at fair value | 8,359 | [9] | 8,288 | [10] | |
DELPHI BEHAVIORAL HEALTH GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,005 | [2],[4] | 7,414 | [6],[8] | |
Investments at fair value | 5,305 | [9] | 5,860 | [10] | |
DYNAMIC COMMUNITIES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,849 | [2],[4] | 13,796 | [6],[8] | |
Investments at fair value | 9,762 | [9] | 12,247 | [10] | |
GRAMMATECH, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,099 | [2],[4] | 12,418 | [6],[8] | |
Investments at fair value | 9,405 | [9] | 10,487 | [10] | |
ITA HOLDINGS GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 25,976 | [2],[4] | 20,660 | [6],[8] | |
Investments at fair value | 29,941 | [9] | 25,190 | [10] | |
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,003 | [2],[4] | 10,403 | [6],[8] | |
Investments at fair value | 6,586 | [9] | 7,884 | [10] | |
OUTERBOX, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 11,118 | |||
Investments at fair value | [9] | 11,138 | |||
ROSELAND MANAGEMENT, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,201 | [2],[4] | 16,102 | [6],[8] | |
Investments at fair value | 15,285 | [9] | 16,605 | [10] | |
STATINMED, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 13,055 | |||
Investments at fair value | [9] | 13,055 | |||
BINSWANGER HOLDING CORP. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 11,005 | |||
Investments at fair value | [10] | 11,045 | |||
CITYVET, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 13,156 | |||
Investments at fair value | [10] | 15,004 | |||
FAST SANDWICH, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 3,240 | |||
Investments at fair value | [10] | 3,277 | |||
GS OPERATING, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 10,923 | |||
Investments at fair value | [10] | 11,457 | |||
KLEIN HERSH, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 23,402 | |||
Investments at fair value | [10] | 24,298 | |||
KMS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 15,732 | |||
Investments at fair value | [10] | 15,920 | |||
TRAFERA, LLC (FKA TRINITY 3, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 11,053 | |||
Investments at fair value | [10] | 12,919 | |||
SIMR, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 19,208 | |||
Investments at fair value | [10] | 10,588 | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [21] | 25,000 | |||
Cost | [2],[4],[21] | 24,643 | |||
Investments at fair value | [9],[21] | $ 24,600 | |||
Investment interest rate | [21],[22] | 10.20% | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 1,000 | |||
Cost | [2],[4],[23] | 954 | |||
Investments at fair value | [9],[23] | $ 984 | |||
Investment interest rate | [22],[23] | 10.20% | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [6],[8] | 1,785 | |||
Investments at fair value | [10] | 1,785 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,318 | 8,653 | |||
Cost | 9,318 | [2],[4] | 8,653 | [6],[8] | |
Investments at fair value | 9,132 | [9] | $ 8,350 | [10] | |
Investment interest rate | [24] | 10% | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 1,785 | |||
Investments at fair value | [9] | 1,143 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | $ 0 | |||
Cost | 2,198 | [2],[4] | 2,198 | [6],[8] | |
Investments at fair value | 1,407 | [9] | 2,198 | [10] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 0 | |||
Investments at fair value | [9],[19],[25] | 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | 0 | |||
Cost | [6],[8],[17],[20] | 0 | |||
Investments at fair value | [10],[17],[20] | 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 14,875 | [26] | 11,875 | [27] | |
Cost | 14,576 | [2],[4],[26] | 11,600 | [6],[8],[27] | |
Investments at fair value | $ 14,875 | [9],[26] | $ 11,875 | [10],[27] | |
Investment interest rate | 9.99% | [22],[26] | 9.17% | [24],[27] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 1,000 | [2],[4],[19],[25] | 1,000 | [6],[8],[17],[20] | |
Investments at fair value | 1,153 | [9],[19],[25] | 1,153 | [10],[17],[20] | |
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 107 | |||
Investments at fair value | [9],[19],[25] | 153 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 0 | |||
Cost | [2],[4],[23] | (48) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment interest rate | [22] | 9.84% | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment interest rate | [22] | 10.84% | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment interest rate | [22] | 11.84% | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | $ 0 | |||
Cost | [2],[4],[19],[25] | 893 | |||
Investments at fair value | [9],[19],[25] | 1,273 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 750 | |||
Cost | [2],[4],[23] | 656 | |||
Investments at fair value | [9],[23] | $ 739 | |||
Investment interest rate | [22],[23] | 10.84% | |||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Principal | [18] | $ 7,823 | |||
Cost | [2],[4],[18] | 7,774 | |||
Investments at fair value | [9],[18] | $ 7,017 | |||
Investment interest rate | [18],[22] | 14.24% | |||
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [28] | 7,948 | |||
Cost | [6],[8],[28] | 7,881 | |||
Investments at fair value | [10],[28] | $ 7,765 | |||
Investment interest rate | [24],[28] | 10.50% | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 14,808 | $ 12,778 | |||
Cost | 14,548 | [2],[4] | 12,535 | [6],[8] | |
Investments at fair value | $ 14,808 | [9] | $ 12,535 | [10] | |
Investment interest rate | 9.59% | [22] | 8.25% | [24] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 728 | [2],[4],[19],[25] | 624 | [6],[8],[17],[20] | |
Investments at fair value | 959 | [9],[19],[25] | 634 | [10],[17],[20] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (16) | [2],[4],[23] | (18) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 2,500 | |||
Investments at fair value | [9] | 3,417 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [6],[8] | 2,500 | |||
Investments at fair value | [10] | 3,681 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note | |||||
Schedule of Investments [Line Items] | |||||
Principal | 173 | ||||
Cost | [2],[4] | 173 | |||
Investments at fair value | [9] | 271 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | 173 | ||||
Cost | [6],[8] | 173 | |||
Investments at fair value | [10] | 495 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,388 | 12,450 | |||
Cost | 12,333 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 12,264 | [9] | $ 12,450 | [10] | |
Investment interest rate | 8.98% | [22] | 7.75% | [24] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 12,388 | $ 12,450 | |||
Cost | 12,332 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 12,264 | [9] | $ 12,450 | [10] | |
Investment interest rate | 10.98% | [22] | 9.75% | [24] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 3,000 | [2],[4],[19],[25] | 3,000 | [6],[8],[17],[20] | |
Investments at fair value | 4,175 | [9],[19],[25] | 4,195 | [10],[17],[20] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 4,899 | [30] | 4,899 | [31] | |
Cost | 4,858 | [2],[4],[30] | 4,858 | [6],[8],[31] | |
Investments at fair value | $ 274 | [9],[30] | $ 269 | [10],[31] | |
Investment interest rate | 9% | [22],[30] | 9% | [24],[31] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 892 | [23],[30] | $ 899 | [29],[31] | |
Cost | 884 | [2],[4],[23],[30] | 890 | [6],[8],[29],[31] | |
Investments at fair value | $ 50 | [9],[23],[30] | $ 49 | [10],[29],[31] | |
Investment interest rate | 9% | [22],[23],[30] | 9% | [24],[29],[31] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 17,358 | $ 16,376 | |||
Cost | 17,355 | [2],[4] | 16,375 | [6],[8] | |
Investments at fair value | $ 17,358 | [9] | $ 16,376 | [10] | |
Investment interest rate | 11.09% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | ||
Cost | 100 | [2],[4],[19],[25] | 100 | [6],[8] | |
Investments at fair value | 43 | [9],[19],[25] | 100 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,708 | 12,903 | |||
Cost | 12,489 | [2],[4] | 12,660 | [6],[8] | |
Investments at fair value | $ 11,094 | [9] | $ 12,657 | [10] | |
Investment interest rate | 9.87% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | [23] | $ 0 | [29] | |
Cost | 1,950 | [2],[4],[23] | (56) | [6],[8],[29] | |
Investments at fair value | $ 1,746 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 9.82% | |||
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | 0 | [17],[20] | |
Cost | 801 | [2],[4],[19],[25] | 801 | [6],[8],[17],[20] | |
Investments at fair value | 584 | [9],[19],[25] | 584 | [10],[17],[20] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 1,000 | |||
Investments at fair value | [9],[19],[25] | 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,250 | 9,250 | |||
Cost | 9,087 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment interest rate | 7.84% | [22] | 6.50% | [24] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,250 | $ 9,250 | |||
Cost | 9,086 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment interest rate | 9.84% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | $ 0 | |||
Cost | [6],[8],[17],[20] | 1,000 | |||
Investments at fair value | [10],[17],[20] | 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | 1,000 | [29] | |
Cost | (43) | [2],[4],[23] | 952 | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | $ 952 | [10],[29] | |
Investment interest rate | [24],[29] | 7.50% | |||
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,121 | ||||
Cost | [6],[8] | 10,105 | |||
Investments at fair value | [10] | $ 10,121 | |||
Investment interest rate | [24] | 9.50% | |||
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | $ 0 | |||
Cost | 900 | [2],[4] | 900 | [6],[8] | |
Investments at fair value | 572 | [9] | 924 | [10] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,246 | [18] | 9,064 | [28] | |
Cost | 9,207 | [2],[4],[18] | 9,005 | [6],[8],[28] | |
Investments at fair value | $ 9,246 | [9],[18] | $ 8,793 | [10],[28] | |
Investment interest rate | 16.33% | [18],[22] | 15% | [24],[28] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,192 | [18] | $ 2,149 | [28] | |
Cost | 2,180 | [2],[4],[18] | 2,130 | [6],[8],[28] | |
Investments at fair value | $ 2,191 | [9],[18] | $ 2,084 | [10],[28] | |
Investment interest rate | 16.33% | [18],[22] | 15% | [24],[28] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 1,132 | [2],[4] | 1,132 | [6],[8] | |
Investments at fair value | 1,762 | [9] | 1,420 | [10] | |
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,385 | 7,385 | |||
Cost | 7,320 | [2],[4] | 7,313 | [6],[8] | |
Investments at fair value | $ 7,134 | [9] | $ 7,314 | [10] | |
Investment interest rate | 10.67% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 615 | $ 308 | [29] | ||
Cost | 610 | [2],[4] | 302 | [6],[8],[29] | |
Investments at fair value | $ 594 | [9] | $ 302 | [10],[29] | |
Investment interest rate | 10.67% | [22] | 8% | [24],[29] | |
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 1,317 | [2],[4] | 1,317 | [6],[8] | |
Investments at fair value | 1,009 | [9] | 2,090 | [10] | |
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,722 | 5,752 | |||
Cost | 5,678 | [2],[4] | 5,702 | [6],[8] | |
Investments at fair value | $ 5,681 | [9] | $ 5,700 | [10] | |
Investment interest rate | 9.62% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25],[32] | $ 0 | [17],[20] | |
Cost | 1,000 | [2],[4],[19],[25],[32] | 1,000 | [6],[8],[17],[20] | |
Investments at fair value | 1,396 | [9],[19],[25],[32] | 1,221 | [10],[17],[20] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[23],[25],[32] | 0 | [17],[20],[29] | |
Cost | 500 | [2],[4],[19],[23],[25],[32] | 500 | [6],[8],[17],[20],[29] | |
Investments at fair value | 629 | [9],[19],[23],[25],[32] | 572 | [10],[17],[20],[29] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 15,700 | 15,900 | |||
Cost | 15,435 | [2],[4] | 15,606 | [6],[8] | |
Investments at fair value | $ 15,700 | [9] | $ 15,884 | [10] | |
Investment interest rate | 9.28% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (65) | [2],[4],[23] | (73) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 100 | [23] | 100 | ||
Cost | 84 | [2],[4],[23] | 81 | [6],[8] | |
Investments at fair value | $ 98 | [9],[23] | $ 97 | [10] | |
Investment interest rate | 11.28% | [22],[23] | 10.75% | [24] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,500 | $ 7,500 | |||
Cost | 7,412 | [2],[4] | 7,398 | [6],[8] | |
Investments at fair value | $ 7,327 | [9] | $ 7,260 | [10] | |
Investment interest rate | 11.28% | [22] | 10.75% | [24] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 976 | [2],[4],[19],[25] | 976 | [6],[8],[17],[20] | |
Investments at fair value | 641 | [9],[19],[25] | 641 | [10],[17],[20] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 300 | [23] | 300 | [29] | |
Cost | 284 | [2],[4],[23] | 281 | [6],[8],[29] | |
Investments at fair value | $ 293 | [9],[23] | $ 290 | [10],[29] | |
Investment interest rate | 11.28% | [22],[23] | 10.75% | [24],[29] | |
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 1,500 | [2],[4],[19],[25] | 1,500 | [6],[8],[17],[20] | |
Investments at fair value | 2,435 | [9],[19],[25] | 924 | [10],[17],[20] | |
Investment, Identifier [Axis]: CITYVET, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | 0 | |||
Cost | [6],[8],[17],[20] | 500 | |||
Investments at fair value | [10],[17],[20] | 1,757 | |||
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 13,000 | |||
Cost | [6],[8],[29] | 12,656 | |||
Investments at fair value | [10],[29] | $ 13,247 | |||
Investment interest rate | [24],[29] | 7.50% | |||
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 15,000 | [26] | $ 10,000 | [27] | |
Cost | 14,886 | [2],[4],[26] | 9,921 | [6],[8],[27] | |
Investments at fair value | $ 15,000 | [9],[26] | $ 10,000 | [10],[27] | |
Investment interest rate | 11.22% | [22],[26] | 7.21% | [24],[27] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 3,615 | [2],[4] | 3,615 | [6],[8] | |
Investments at fair value | 1,337 | [9] | 2,460 | [10] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Principal | 1,649 | ||||
Cost | [2],[4] | 1,649 | |||
Investments at fair value | [9] | $ 1,501 | |||
Investment interest rate | [22] | 13.27% | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 1,829 | 1,732 | |||
Cost | 1,829 | [2],[4] | 1,732 | [6],[8] | |
Investments at fair value | $ 1,555 | [9] | $ 1,472 | [10] | |
Investment interest rate | 11.67% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 1,541 | ||||
Cost | [6],[8] | 1,541 | |||
Investments at fair value | [10] | $ 1,402 | |||
Investment interest rate | [24] | 10.50% | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 912 | $ 526 | |||
Cost | 912 | [2],[4] | 526 | [6],[8] | |
Investments at fair value | $ 912 | [9] | $ 526 | [10] | |
Investment interest rate | 15.05% | [22] | 12.50% | [24] | |
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,000 | ||||
Cost | [6],[8] | 2,984 | |||
Investments at fair value | [10] | $ 2,208 | |||
Investment interest rate | [24] | 10.25% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,221 | ||||
Cost | [6],[8] | 11,147 | |||
Investments at fair value | [10] | $ 10,323 | |||
Investment interest rate | [24] | 9.51% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,611 | ||||
Cost | [2],[4] | 5,580 | |||
Investments at fair value | [9] | $ 5,611 | |||
Investment interest rate | [22] | 10.61% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | [30] | $ 5,611 | |||
Cost | [2],[4],[30] | 5,579 | |||
Investments at fair value | [9],[30] | $ 4,151 | |||
Investment interest rate | [22],[30] | 12.61% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 2,000 | [2],[4],[19],[25] | 2,000 | [6],[8],[17],[20] | |
Investments at fair value | 0 | [9],[19],[25] | 1,274 | [10],[17],[20] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (1) | [2],[4],[23] | (1) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
Principal | 691 | 650 | |||
Cost | 691 | [2],[4] | 650 | [6],[8] | |
Investments at fair value | 0 | [9] | 650 | [10] | |
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 8,708 | 8,938 | |||
Cost | 8,633 | [2],[4] | 8,853 | [6],[8] | |
Investments at fair value | $ 8,708 | [9] | $ 8,848 | [10] | |
Investment interest rate | 11.12% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,277 | ||||
Cost | [6],[8] | 3,262 | |||
Investments at fair value | [10] | $ 3,277 | |||
Investment interest rate | [24] | 10% | |||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 0 | |||
Cost | [6],[8],[29] | (22) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25],[32] | 0 | [17],[20],[33] | |
Cost | 2,000 | [2],[4],[19],[25],[32] | 2,000 | [6],[8],[17],[20],[33] | |
Investments at fair value | 18,325 | [9],[19],[25],[32] | 6,373 | [10],[17],[20],[33] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 1,409 | [23] | 0 | [29] | |
Cost | 1,361 | [2],[4],[23] | (56) | [6],[8],[29] | |
Investments at fair value | $ 1,409 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 9.73% | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 17,755 | 17,755 | |||
Cost | 17,478 | [2],[4] | 17,443 | [6],[8] | |
Investments at fair value | $ 17,755 | [9] | $ 17,755 | [10] | |
Investment interest rate | 11.19% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 750 | [2],[4],[19],[25] | 750 | [6],[8],[17],[20] | |
Investments at fair value | 743 | [9],[19],[25] | 750 | [10],[17],[20] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 2,030 | |||
Cost | [6],[8],[29] | 1,971 | |||
Investments at fair value | [10],[29] | $ 2,030 | |||
Investment interest rate | [24],[29] | 7.50% | |||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,030 | $ 5,000 | |||
Cost | 6,897 | [2],[4] | 4,914 | [6],[8] | |
Investments at fair value | $ 7,030 | [9] | $ 5,000 | [10] | |
Investment interest rate | 8.78% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | 674 | [9] | 674 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 169 | [2],[4] | 56 | [6],[8] | |
Investments at fair value | 114 | [9] | 38 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,031 | 11,500 | |||
Cost | 9,948 | [2],[4] | 11,384 | [6],[8] | |
Investments at fair value | $ 8,617 | [9] | $ 9,775 | [10] | |
Investment interest rate | 11.73% | [22] | 11.50% | [24] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (18) | [2],[4],[23] | (22) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 2,516 | |||
Cost | [6],[8],[29] | 2,406 | |||
Investments at fair value | [10],[29] | $ 2,566 | |||
Investment interest rate | [24],[29] | 6.75% | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 8,534 | ||||
Cost | [6],[8] | 8,367 | |||
Investments at fair value | [10] | $ 8,704 | |||
Investment interest rate | [24] | 6.75% | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 183 | |||
Cost | [6],[8],[29] | 150 | |||
Investments at fair value | [10],[29] | $ 187 | |||
Investment interest rate | [24],[29] | 6.75% | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 0 | |||
Cost | [2],[4],[23] | (15) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 3,661 | ||||
Cost | [2],[4] | 3,588 | |||
Investments at fair value | [9] | $ 3,588 | |||
Investment interest rate | [22] | 9.70% | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (20) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 15,750 | [18] | $ 15,750 | [28] | |
Cost | 15,500 | [2],[4],[18] | 15,473 | [6],[8],[28] | |
Investments at fair value | $ 15,057 | [9],[18] | $ 15,246 | [10],[28] | |
Investment interest rate | 10.59% | [18],[22] | 9.25% | [24],[28] | |
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[23],[32] | $ 0 | |||
Cost | [2],[4],[19],[23],[32] | 76,000 | |||
Investments at fair value | [9],[19],[23],[32] | 50,897 | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [20],[29],[33] | $ 0 | |||
Cost | [6],[8],[20],[29],[33] | 76,000 | |||
Investments at fair value | [10],[20],[29],[33] | 57,603 | |||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (18) | [2],[4],[23] | (21) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,692 | 7,731 | |||
Cost | 7,561 | [2],[4] | 7,587 | [6],[8] | |
Investments at fair value | $ 7,692 | [9] | $ 7,615 | [10] | |
Investment interest rate | 9.42% | [22] | 7.01% | [24] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[23],[25] | $ 0 | [17],[20],[29] | |
Cost | 588 | [2],[4],[19],[23],[25] | 588 | [6],[8],[17],[20],[29] | |
Investments at fair value | 944 | [9],[19],[23],[25] | 588 | [10],[17],[20],[29] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,000 | 5,000 | |||
Cost | 4,917 | [2],[4] | 4,908 | [6],[8] | |
Investments at fair value | $ 5,000 | [9] | $ 5,000 | [10] | |
Investment interest rate | 9.28% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 800 | [23] | $ 800 | [29] | |
Cost | 768 | [2],[4],[23] | 764 | [6],[8],[29] | |
Investments at fair value | $ 800 | [9],[23] | $ 800 | [10],[29] | |
Investment interest rate | 9.12% | [22],[23] | 8% | [24],[29] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | 1,000 | [9] | 1,000 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[25] | 0 | [17],[20],[33] | |
Cost | 1,500 | [2],[4],[19],[25] | 1,500 | [6],[8],[17],[20],[33] | |
Investments at fair value | 2,885 | [9],[19],[25] | 3,063 | [10],[17],[20],[33] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 3,108 | 2,959 | |||
Cost | 2,997 | [2],[4] | 2,721 | [6],[8] | |
Investments at fair value | 3,037 | [9] | 2,959 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
Principal | 123 | 117 | |||
Cost | 123 | [2],[4] | 117 | [6],[8] | |
Investments at fair value | 120 | [9] | 117 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,038 | 5,036 | |||
Cost | 5,027 | [2],[4] | 5,010 | [6],[8] | |
Investments at fair value | $ 5,038 | [9] | $ 5,061 | [10] | |
Investment interest rate | 15.21% | [22] | 12% | [24] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,076 | $ 10,071 | |||
Cost | 10,074 | [2],[4] | 10,041 | [6],[8] | |
Investments at fair value | $ 10,056 | [9] | $ 10,041 | [10] | |
Investment interest rate | 12.21% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,800 | [23] | $ 750 | [29] | |
Cost | 5,717 | [2],[4],[23] | 733 | [6],[8],[29] | |
Investments at fair value | $ 5,788 | [9],[23] | $ 750 | [10],[29] | |
Investment interest rate | 13.21% | [22],[23] | 10% | [24],[29] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | $ 0 | |||
Cost | [6],[8],[17],[20] | 538 | |||
Investments at fair value | [10],[17],[20] | 3,199 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | $ 0 | |||
Cost | [2],[4],[19],[25] | 538 | |||
Investments at fair value | [9],[19],[25] | 3,017 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,589 | ||||
Cost | [6],[8] | 6,558 | |||
Investments at fair value | [10] | $ 6,589 | |||
Investment interest rate | [24] | 8% | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,360 | ||||
Cost | [2],[4] | 6,337 | |||
Investments at fair value | [9] | $ 6,360 | |||
Investment interest rate | [22] | 9.62% | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 23,821 | ||||
Cost | [6],[8] | 23,415 | |||
Investments at fair value | [10] | $ 24,298 | |||
Investment interest rate | [24] | 7.85% | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 0 | |||
Cost | [6],[8],[29] | (13) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [18],[23] | $ 2,274 | |||
Cost | [2],[4],[18],[23] | 2,215 | |||
Investments at fair value | [9],[18],[23] | $ 2,092 | |||
Investment interest rate | [18],[22],[23] | 10.94% | |||
Investment, Identifier [Axis]: KMS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [18] | $ 15,880 | |||
Cost | [2],[4],[18] | 15,747 | |||
Investments at fair value | [9],[18] | $ 14,609 | |||
Investment interest rate | [18],[22] | 10.94% | |||
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (41) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: KMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [28] | 15,920 | |||
Cost | [6],[8],[28] | 15,773 | |||
Investments at fair value | [10],[28] | $ 15,920 | |||
Investment interest rate | [24],[28] | 8.25% | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 4,154 | |||
Cost | [6],[8],[29] | 4,034 | |||
Investments at fair value | [10],[29] | $ 4,063 | |||
Investment interest rate | [24],[29] | 8.01% | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,585 | $ 6,484 | |||
Cost | 10,347 | [2],[4] | 6,345 | [6],[8] | |
Investments at fair value | $ 10,352 | [9] | $ 6,341 | [10] | |
Investment interest rate | 11.17% | [22] | 8.01% | [24] | |
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 179 | [23] | $ 0 | [29] | |
Cost | 170 | [2],[4],[23] | (10) | [6],[8],[29] | |
Investments at fair value | $ 175 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 10.08% | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,500 | 2,488 | |||
Cost | 2,483 | [2],[4] | 2,463 | [6],[8] | |
Investments at fair value | $ 2,445 | [9] | $ 2,388 | [10] | |
Investment interest rate | 13.56% | [22] | 13% | [24] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,478 | $ 11,422 | |||
Cost | 11,418 | [2],[4] | 11,346 | [6],[8] | |
Investments at fair value | $ 11,019 | [9] | $ 10,851 | [10] | |
Investment interest rate | 12.06% | [22] | 11.50% | [24] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 1,600 | [2],[4],[19],[25] | 1,600 | [6],[8],[17],[20] | |
Investments at fair value | 557 | [9],[19],[25] | 376 | [10],[17],[20] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 100 | |||
Cost | [2],[4],[19],[25] | 100 | |||
Investments at fair value | [9],[19],[25] | 100 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | 88 | |||
Cost | [6],[8],[17],[20] | 88 | |||
Investments at fair value | [10],[17],[20] | 88 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[25] | 0 | [17],[20] | |
Cost | 0 | [2],[4],[19],[25] | 0 | [6],[8],[17],[20] | |
Investments at fair value | 0 | [9],[19],[25] | 0 | [10],[17],[20] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,169 | 5,195 | |||
Cost | 5,170 | [2],[4] | 5,195 | [6],[8] | |
Investments at fair value | $ 4,389 | [9] | $ 4,780 | [10] | |
Investment interest rate | 7.50% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 625 | [23] | $ 0 | [29] | |
Cost | 625 | [2],[4],[23] | 0 | [6],[8],[29] | |
Investments at fair value | $ 530 | [9],[23] | $ 0 | [10],[29] | |
Investment interest rate | 7.50% | [22],[23] | 7.50% | [24],[29] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,208 | [30] | $ 5,208 | [31] | |
Cost | 5,208 | [2],[4],[30] | 5,208 | [6],[8],[31] | |
Investments at fair value | 1,667 | [9],[30] | 3,104 | [10],[31] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[25] | 0 | [17],[20] | |
Cost | 0 | [2],[4],[19],[25] | 0 | [6],[8],[17],[20] | |
Investments at fair value | 0 | [9],[19],[25] | 0 | [10],[17],[20] | |
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 23,003 | ||||
Cost | [2],[4] | 22,566 | |||
Investments at fair value | [9] | $ 22,543 | |||
Investment interest rate | [22] | 8.60% | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | $ 0 | |||
Cost | [2],[4],[19],[25] | 600 | |||
Investments at fair value | [9],[19],[25] | 600 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 324 | |||
Cost | [2],[4],[23] | 289 | |||
Investments at fair value | [9],[23] | $ 318 | |||
Investment interest rate | [22],[23] | 8.60% | |||
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,890 | [18] | 10,945 | [28] | |
Cost | 10,689 | [2],[4],[18] | 10,723 | [6],[8],[28] | |
Investments at fair value | $ 10,738 | [9],[18] | $ 10,671 | [10],[28] | |
Investment interest rate | 11.28% | [18],[22] | 10% | [24],[28] | |
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,919 | $ 8,032 | |||
Cost | 7,803 | [2],[4] | 7,900 | [6],[8] | |
Investments at fair value | $ 7,848 | [9] | $ 7,751 | [10] | |
Investment interest rate | 11.09% | [22] | 8.38% | [24] | |
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 849 | [23] | $ 943 | [29] | |
Cost | 823 | [2],[4],[23] | 913 | [6],[8],[29] | |
Investments at fair value | $ 841 | [9],[23] | $ 910 | [10],[29] | |
Investment interest rate | 10.17% | [22],[23] | 8.23% | [24],[29] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 12,406 | $ 12,469 | |||
Cost | 12,190 | [2],[4] | 12,232 | [6],[8] | |
Investments at fair value | $ 12,171 | [9] | $ 12,232 | [10] | |
Investment interest rate | 10.28% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,275 | $ 3,292 | |||
Cost | 3,218 | [2],[4] | 3,229 | [6],[8] | |
Investments at fair value | $ 3,213 | [9] | $ 3,229 | [10] | |
Investment interest rate | 13.28% | [22] | 12% | [24] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 0 | [2],[4],[19],[25] | 0 | [6],[8],[17],[20] | |
Investments at fair value | 1,536 | [9],[19],[25] | 1,536 | [10],[17],[20] | |
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,481 | ||||
Cost | [2],[4] | 12,249 | |||
Investments at fair value | [9] | $ 12,281 | |||
Investment interest rate | [22] | 9% | |||
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (30) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (46) | [2],[4],[23] | (52) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,000 | 12,000 | |||
Cost | 11,806 | [2],[4] | 11,785 | [6],[8] | |
Investments at fair value | $ 12,000 | [9] | $ 12,000 | [10] | |
Investment interest rate | 9.03% | [22] | 8.25% | [24] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (77) | [2],[4],[23] | (87) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[25] | 0 | [17],[20] | |
Cost | 2,000 | [2],[4],[19],[25] | 2,000 | [6],[8],[17],[20] | |
Investments at fair value | 2,000 | [9],[19],[25] | 2,000 | [10],[17],[20] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,023 | 11,250 | |||
Cost | 9,848 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,953 | [9] | $ 11,171 | [10] | |
Investment interest rate | 8.78% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,023 | $ 11,250 | |||
Cost | 9,848 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,953 | [9] | $ 11,171 | [10] | |
Investment interest rate | 9.78% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (72) | [2],[4],[23] | (82) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 14,982 | 14,913 | |||
Cost | 14,753 | [2],[4] | 14,657 | [6],[8] | |
Investments at fair value | $ 13,648 | [9] | $ 14,569 | [10] | |
Investment interest rate | 10.28% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 4,400 | [23] | $ 4,400 | [29] | |
Cost | 4,327 | [2],[4],[23] | 4,317 | [6],[8],[29] | |
Investments at fair value | $ 4,008 | [9],[23] | $ 4,299 | [10],[29] | |
Investment interest rate | 10.28% | [22],[23] | 9% | [24],[29] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (37) | [2],[4],[23] | (45) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 23,150 | 23,150 | |||
Cost | 22,790 | [2],[4] | 22,719 | [6],[8] | |
Investments at fair value | $ 23,150 | [9] | $ 23,150 | [10] | |
Investment interest rate | 8.53% | [22] | 7.25% | [24] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20],[33] | $ 0 | |||
Cost | [6],[8],[17],[20],[33] | 2,000 | |||
Investments at fair value | [10],[17],[20],[33] | 9,566 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25],[32] | $ 0 | |||
Cost | [2],[4],[19],[25],[32] | 2,000 | |||
Investments at fair value | [9],[19],[25],[32] | 9,919 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (3) | [2],[4],[23] | (4) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,999 | 13,066 | |||
Cost | 12,802 | [2],[4] | 12,844 | [6],[8] | |
Investments at fair value | $ 12,479 | [9] | $ 12,818 | [10] | |
Investment interest rate | 9.37% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 810 | [23] | $ 420 | [29] | |
Cost | 784 | [2],[4],[23] | 390 | [6],[8],[29] | |
Investments at fair value | $ 778 | [9],[23] | $ 412 | [10],[29] | |
Investment interest rate | 9.27% | [22],[23] | 7.50% | [24],[29] | |
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,167 | ||||
Cost | [2],[4] | 9,077 | |||
Investments at fair value | [9] | $ 9,077 | |||
Investment interest rate | [22] | 9.57% | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 333 | |||
Cost | [2],[4],[23] | 325 | |||
Investments at fair value | [9],[23] | $ 325 | |||
Investment interest rate | [22],[23] | 9.57% | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,000 | ||||
Cost | [2],[4] | 2,736 | |||
Investments at fair value | [9] | $ 2,736 | |||
Investment interest rate | [22] | 12.50% | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029) | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | [2],[4] | 207 | |||
Investments at fair value | [9] | 207 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 500 | |||
Investments at fair value | [9],[19],[25] | 500 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,800 | ||||
Cost | [2],[4] | 10,646 | |||
Investments at fair value | [9] | $ 10,638 | |||
Investment interest rate | [22] | 9.09% | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (28) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19] | 10,000 | |||
Cost | [2],[4],[19] | 9,804 | |||
Investments at fair value | [9],[19] | $ 9,804 | |||
Investment interest rate | [19],[22] | 10.27% | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[23] | $ 0 | |||
Cost | [2],[4],[19],[23] | (65) | |||
Investments at fair value | [9],[19],[23] | 0 | |||
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,500 | $ 10,500 | |||
Cost | 10,113 | [2],[4] | 10,066 | [6],[8] | |
Investments at fair value | $ 9,310 | [9] | $ 10,217 | [10] | |
Investment interest rate | 12.84% | [22] | 10.50% | [24] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | $ 0 | |||
Cost | [2],[4],[19],[25] | 750 | |||
Investments at fair value | [9],[19],[25] | 750 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 7,578 | |||
Cost | [6],[8],[29] | 7,394 | |||
Investments at fair value | [10],[29] | $ 7,578 | |||
Investment interest rate | [24],[29] | 7% | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 21,633 | $ 11,000 | |||
Cost | 21,237 | [2],[4] | 10,802 | [6],[8] | |
Investments at fair value | $ 21,071 | [9] | $ 10,791 | [10] | |
Investment interest rate | 10.28% | [22] | 7% | [24] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (48) | [2],[4],[23] | (53) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 1,517 | [2],[4] | 1,517 | [6],[8] | |
Investments at fair value | 1,123 | [9] | 1,905 | [10] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 66 | |||
Investments at fair value | [9] | 49 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 14,126 | 14,125 | |||
Cost | 14,051 | [2],[4] | 14,021 | [6],[8] | |
Investments at fair value | $ 13,561 | [9] | $ 14,125 | [10] | |
Investment interest rate | 12.23% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 575 | [23] | $ 575 | [29] | |
Cost | 567 | [2],[4],[23] | 564 | [6],[8],[29] | |
Investments at fair value | $ 552 | [9],[23] | $ 575 | [10],[29] | |
Investment interest rate | 12.23% | [22],[23] | 9% | [24],[29] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 6,755 | $ 6,933 | |||
Cost | 6,701 | [2],[4] | 6,870 | [6],[8] | |
Investments at fair value | $ 6,255 | [9] | $ 6,933 | [10] | |
Investment interest rate | 10.31% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 1,014 | [23] | $ 1,370 | ||
Cost | 1,003 | [2],[4],[23] | 1,357 | [6],[8] | |
Investments at fair value | $ 939 | [9],[23] | $ 1,370 | [10] | |
Investment interest rate | 10.39% | [22],[23] | 9% | [24] | |
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [26] | $ 16,750 | |||
Cost | [2],[4],[26] | 16,579 | |||
Investments at fair value | [9],[26] | $ 16,650 | |||
Investment interest rate | [22],[26] | 12.28% | |||
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | 1,060 | [9] | 1,601 | [10] | |
Investment, Identifier [Axis]: SCRIP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [27] | 16,750 | |||
Cost | [6],[8],[27] | 16,521 | |||
Investments at fair value | [10],[27] | $ 16,750 | |||
Investment interest rate | [24],[27] | 11.43% | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19] | $ 0 | [20] | |
Cost | 33 | [2],[4],[19] | 33 | [6],[8],[20] | |
Investments at fair value | 62 | [9],[19] | 33 | [10],[20] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19] | 0 | [20] | |
Cost | 978 | [2],[4],[19] | 978 | [6],[8],[20] | |
Investments at fair value | 1,855 | [9],[19] | 979 | [10],[20] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[23] | 0 | [20],[29] | |
Cost | (23) | [2],[4],[19],[23] | (27) | [6],[8],[20],[29] | |
Investments at fair value | 0 | [9],[19],[23] | 0 | [10],[20],[29] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 13,724 | [19] | 13,794 | [20] | |
Cost | 13,517 | [2],[4],[19] | 13,561 | [6],[8],[20] | |
Investments at fair value | $ 13,724 | [9],[19] | $ 13,545 | [10],[20] | |
Investment interest rate | 9.03% | [19],[22] | 7.25% | [20],[24] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[23] | $ 0 | [20],[29] | |
Cost | (35) | [2],[4],[19],[23] | (40) | [6],[8],[20],[29] | |
Investments at fair value | 0 | [9],[19],[23] | 0 | [10],[20],[29] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 500 | |||
Investments at fair value | [9],[19],[25] | 720 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | 0 | |||
Cost | [6],[8],[17],[20] | 500 | |||
Investments at fair value | [10],[17],[20] | 500 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (9) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 11,600 | 7,427 | |||
Cost | 11,436 | [2],[4] | 7,324 | [6],[8] | |
Investments at fair value | $ 11,438 | [9] | $ 7,323 | [10] | |
Investment interest rate | 9.33% | [22] | 7% | [24] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 384 | [23] | $ 47 | [29] | |
Cost | 376 | [2],[4],[23] | 37 | [6],[8],[29] | |
Investments at fair value | $ 379 | [9],[23] | $ 46 | [10],[29] | |
Investment interest rate | 9.33% | [22],[23] | 7% | [24],[29] | |
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | [6],[8] | 6,107 | |||
Investments at fair value | [10] | 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, Class W Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [6],[8] | 0 | |||
Investments at fair value | [10] | 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [31] | 13,235 | |||
Cost | [6],[8],[31] | 13,101 | |||
Investments at fair value | [10],[31] | $ 10,588 | |||
Investment interest rate | [24],[31] | 19% | |||
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 500 | [2],[4],[19],[25] | 500 | [6],[8],[17],[20] | |
Investments at fair value | 2,021 | [9],[19],[25] | 2,960 | [10],[17],[20] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 17,929 | 18,019 | |||
Cost | 17,618 | [2],[4] | 17,676 | [6],[8] | |
Investments at fair value | $ 17,929 | [9] | $ 17,749 | [10] | |
Investment interest rate | 8.74% | [22] | 7.25% | [24] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (33) | [2],[4],[23] | (36) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 13,135 | ||||
Cost | [2],[4] | 12,882 | |||
Investments at fair value | [9] | $ 12,882 | |||
Investment interest rate | [22] | 9.78% | |||
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | 0 | [17],[20] | |
Cost | 750 | [2],[4],[19],[25] | 750 | [6],[8],[17],[20] | |
Investments at fair value | 972 | [9],[19],[25] | 750 | [10],[17],[20] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,500 | 7,500 | |||
Cost | 7,373 | [2],[4] | 7,359 | [6],[8] | |
Investments at fair value | $ 7,500 | [9] | $ 7,358 | [10] | |
Investment interest rate | 9.03% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (32) | [2],[4],[23] | (37) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 4,838 | |||
Investments at fair value | [9] | 4,838 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 1,400 | |||
Investments at fair value | [9] | 1,400 | |||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,817 | ||||
Cost | [2],[4] | 6,817 | |||
Investments at fair value | [9] | $ 6,817 | |||
Investment interest rate | [22] | 12.21% | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 18,823 | ||||
Cost | [6],[8] | 18,489 | |||
Investments at fair value | [10] | $ 18,597 | |||
Investment interest rate | [24] | 9.01% | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20] | $ 0 | |||
Cost | [6],[8],[17],[20] | 2,000 | |||
Investments at fair value | [10],[17],[20] | 1,819 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (23) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,111 | ||||
Cost | [2],[4] | 10,936 | |||
Investments at fair value | [9] | $ 11,111 | |||
Investment interest rate | [22] | 10.74% | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | [30] | $ 7,712 | |||
Cost | [2],[4],[30] | 7,583 | |||
Investments at fair value | [9],[30] | $ 3,278 | |||
Investment interest rate | [22],[30] | 13.18% | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | $ 0 | |||
Cost | [2],[4],[19],[25] | 2,000 | |||
Investments at fair value | [9],[19],[25] | 382 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 0 | |||
Cost | [2],[4],[23] | (20) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (21) | [2],[4],[23] | (25) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,000 | 9,000 | |||
Cost | 8,864 | [2],[4] | 8,844 | [6],[8] | |
Investments at fair value | $ 8,820 | [9] | $ 8,820 | [10] | |
Investment interest rate | 9.78% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 200 | [23] | $ 850 | [29] | |
Cost | 171 | [2],[4],[23] | 816 | [6],[8],[29] | |
Investments at fair value | $ 196 | [9],[23] | $ 833 | [10],[29] | |
Investment interest rate | 9.78% | [22],[23] | 8.50% | [24],[29] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | $ 0 | [17],[20] | |
Cost | 1,500 | [2],[4],[19],[25] | 1,500 | [6],[8],[17],[20] | |
Investments at fair value | 3,214 | [9],[19],[25] | 1,500 | [10],[17],[20] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 17,655 | 12,644 | |||
Cost | 17,324 | [2],[4] | 12,401 | [6],[8] | |
Investments at fair value | $ 17,655 | [9] | $ 12,391 | [10] | |
Investment interest rate | 12.15% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25],[32] | $ 0 | [17],[20],[33] | |
Cost | 1,205 | [2],[4],[19],[25],[32] | 1,205 | [6],[8],[17],[20],[33] | |
Investments at fair value | 2,151 | [9],[19],[25],[32] | 3,000 | [10],[17],[20],[33] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,825 | [18] | 9,875 | [28] | |
Cost | 9,729 | [2],[4],[18] | 9,764 | [6],[8],[28] | |
Investments at fair value | $ 9,825 | [9],[18] | $ 9,835 | [10],[28] | |
Investment interest rate | 11.03% | [18],[22] | 8.75% | [24],[28] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 88 | [19] | $ 84 | [17],[20] | |
Cost | 88 | [2],[4],[19] | 84 | [6],[8],[17],[20] | |
Investments at fair value | 88 | [9],[19] | 84 | [10],[17],[20] | |
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 1,000 | |||
Investments at fair value | [9],[19],[25] | 1,168 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 0 | |||
Cost | [2],[4],[23] | (92) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,800 | ||||
Cost | [2],[4] | 6,688 | |||
Investments at fair value | [9] | $ 6,691 | |||
Investment interest rate | [22] | 7.79% | |||
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,556 | 11,614 | |||
Cost | 11,409 | [2],[4] | 11,451 | [6],[8] | |
Investments at fair value | $ 11,556 | [9] | $ 11,614 | [10] | |
Investment interest rate | 8.87% | [22] | 6.75% | [24] | |
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (49) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 13,500 | ||||
Cost | [2],[4] | 13,235 | |||
Investments at fair value | [9] | $ 13,235 | |||
Investment interest rate | [22] | 11.06% | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (49) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | $ 0 | |||
Cost | 1,874 | [2],[4] | 1,874 | [6],[8] | |
Investments at fair value | 9,273 | [9] | 9,273 | [10] | |
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 1,598 | [2],[4] | 1,598 | [6],[8] | |
Investments at fair value | 2,436 | [9] | 2,082 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | 1,000 | [9] | 1,000 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,725 | 10,863 | |||
Cost | 10,553 | [2],[4] | 10,670 | [6],[8] | |
Investments at fair value | $ 10,521 | [9] | $ 10,656 | [10] | |
Investment interest rate | 9.28% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (15) | [2],[4],[23] | (17) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 17,820 | 17,910 | |||
Cost | 17,524 | [2],[4] | 17,583 | [6],[8] | |
Investments at fair value | $ 17,820 | [9] | $ 17,910 | [10] | |
Investment interest rate | 10.78% | [22] | 9.50% | [24] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | [23] | $ 0 | [29] | |
Cost | 1,926 | [2],[4],[23] | (83) | [6],[8],[29] | |
Investments at fair value | $ 2,000 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22] | 11.69% | |||
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | 0 | [29] | |
Cost | (37) | [2],[4],[23] | (41) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 20,000 | 20,000 | |||
Cost | 19,658 | [2],[4] | 19,624 | [6],[8] | |
Investments at fair value | $ 20,000 | [9] | $ 19,520 | [10] | |
Investment interest rate | 9.23% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 2,444 | [29] | |
Cost | (74) | [2],[4],[23] | 2,362 | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | $ 2,386 | [10],[29] | |
Investment interest rate | [24],[29] | 8% | |||
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 18,820 | $ 18,915 | |||
Cost | 18,735 | [2],[4] | 18,785 | [6],[8] | |
Investments at fair value | $ 18,161 | [9] | $ 18,820 | [10] | |
Investment interest rate | 11.28% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | $ 1,000 | [29] | ||
Cost | 1,997 | [2],[4] | 996 | [6],[8],[29] | |
Investments at fair value | $ 1,930 | [9] | $ 995 | [10],[29] | |
Investment interest rate | 11.28% | [22] | 10% | [24],[29] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 15,920 | $ 16,000 | |||
Cost | 15,651 | [2],[4] | 15,691 | [6],[8] | |
Investments at fair value | $ 15,681 | [9] | $ 15,691 | [10] | |
Investment interest rate | 10.40% | [22] | 8.25% | [24] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,990 | $ 199 | [29] | ||
Cost | 3,923 | [2],[4] | 159 | [6],[8],[29] | |
Investments at fair value | $ 3,931 | [9] | $ 159 | [10],[29] | |
Investment interest rate | 10.25% | [22] | 8.26% | [24],[29] | |
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of September 30, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $58.9 million; cumulative gross unrealized depreciation for federal income tax purposes is $62.8 million. Cumulative net unrealized depreciation is $3.9 million, based on a tax cost of $1,060.8 million.[3]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[4]Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[5]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[6]As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.[7]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[8]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]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 readily 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. Refer to Note 4 for further discussion.[10]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 readily 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. Refer to Note 4 for further discussion.[11]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At September 30, 2022, approximately 81.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 180.6%.[12]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.[13]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2022, approximately 13.9% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.[14]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.[15]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2022, approximately 4.8% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 10.7%.[16]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.[17]Investment is held through a wholly-owned taxable subsidiary.[18]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[19]Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2022, approximately 12.9% of the Company's assets are non-qualifying assets.[20]Indicates assets that are considered "non-qualifying assets” under section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.[21]The investment is structured as a first lien first out term loan.[22]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at September 30, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[23]The investment has an unfunded commitment as of September 30, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.[24]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[25]Investment is held through a wholly-owned taxable subsidiary.[26]The investment is structured as a first lien last out term loan.[27]The investment is structured as a first lien last out term loan.[28]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[29]The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.[30]Investment is on non-accrual status as of September 30, 2022, meaning the Company has ceased to recognize interest income on the investment.[31]Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.[32]Income producing through dividends or distributions.[33]Income producing through dividends or distributions. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 222.20% | [1],[2] | 222.50% | ||
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 30.90% | [3] | 31.30% | [4] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 10.70% | [5] | 13.70% | [6] | |
Non-control/Non-affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 180.60% | [7] | 177.50% | ||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [8],[9] | 6.50% | |||
Floor | [8],[9] | 1% | |||
Investment interest rate | [8],[9] | 10.20% | |||
Principal | [8] | $ 25,000 | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.50% | |||
Floor | [9],[10] | 1% | |||
Investment interest rate | [9],[10] | 10.20% | |||
Principal | [10] | $ 1,000 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11] | 374,543 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | [9] | 8% | [12] | |
Investment interest rate | [12] | 10% | |||
Principal | $ 9,318 | $ 8,653 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13] | 374,543 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 1,000 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17] | 1,000 | |||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.76% | [9],[18] | 8.17% | [12],[19] | |
Floor | 1% | [9],[18] | 1% | [12],[19] | |
Investment interest rate | 9.99% | [9],[18] | 9.17% | [12],[19] | |
Principal | $ 14,875 | [18] | $ 11,875 | [19] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000 | [13],[14],[15] | 1,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 1,611.22 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 8.50% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 7.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9.84% | |||
Principal | $ 9,298 | ||||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 8.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 10.84% | |||
Principal | $ 9,298 | ||||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 9.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 11.84% | |||
Principal | $ 9,298 | ||||
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 13,451.22 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 8.50% | |||
Floor | [9],[10] | 1% | |||
Investment interest rate | [9],[10] | 10.84% | |||
Principal | [10] | $ 750 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[20] | 10.50% | |||
Floor | [9],[20] | 2% | |||
Investment interest rate | [9],[20] | 14.24% | |||
Principal | [20] | $ 7,823 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[21] | 8.50% | |||
Floor | [12],[21] | 2% | |||
Investment interest rate | [12],[21] | 10.50% | |||
Principal | [21] | $ 7,948 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9] | 7.25% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.59% | [9] | 8.25% | [12] | |
Principal | $ 14,808 | $ 12,778 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 727,749.85 | [13],[14],[15] | 623,693.55 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9],[10] | 7.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | ALLIANCE SPORTS GROUP, L.P. | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | [13] | 3.88% | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | ALLIANCE SPORTS GROUP, L.P. | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | [11] | 3.88% | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [9] | 6% | |||
Principal | $ 173 | ||||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12] | 6% | |||
Principal | $ 173 | ||||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9] | 6.75% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.98% | [9] | 7.75% | [12] | |
Principal | $ 12,388 | $ 12,450 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.75% | [9] | 8.75% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.98% | [9] | 9.75% | [12] | |
Principal | $ 12,388 | $ 12,450 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 3,000,000 | [13],[14],[15] | 3,000,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [9],[23] | 5.50% | [12],[24] | |
Floor | [9],[23] | 2% | |||
Investment interest rate | 9% | [9],[23] | 9% | [12],[24] | |
Principal | $ 4,899 | [23] | $ 4,899 | [24] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [9],[10],[23] | 5.50% | [12],[22],[24] | |
Floor | [9],[10],[23] | 2% | |||
Investment interest rate | 9% | [9],[10],[23] | 9% | [12],[22],[24] | |
Principal | $ 892 | [10],[23] | $ 899 | [22],[24] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.09% | [9] | 10% | [12] | |
Principal | $ 17,358 | $ 16,376 | |||
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [13],[14],[15] | 100 | [11] | |
Principal | $ 0 | [14],[15] | $ 0 | ||
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.87% | [9] | 8% | [12] | |
Principal | $ 12,708 | $ 12,903 | |||
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [9],[10] | 9.82% | |||
Principal | $ 2,000 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,156 | [13],[14],[15] | 2,156 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 1,000,000 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [9] | 5.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 7.84% | [9] | 6.50% | [12] | |
Principal | $ 9,250 | $ 9,250 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9] | 7.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.84% | [9] | 8.50% | [12] | |
Principal | $ 9,250 | $ 9,250 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17] | 1,000,000 | |||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9],[10] | 6.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [12],[22] | 7.50% | |||
Principal | $ 0 | [10] | $ 1,000 | [22] | |
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 8.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.50% | |||
Principal | $ 10,121 | ||||
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 900,000 | [13] | 900,000 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [9],[20] | 11% | [12],[21] | |
Floor | 1% | [9],[20] | 1% | [12],[21] | |
PIK | 3% | [9],[20] | 3% | [12],[21] | |
Investment interest rate | 16.33% | [9],[20] | 15% | [12],[21] | |
Principal | $ 9,246 | [20] | $ 9,064 | [21] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [9],[20] | 11% | [12],[21] | |
Floor | 1% | [9],[20] | 1% | [12],[21] | |
PIK | 3% | [9],[20] | 3% | [12],[21] | |
Investment interest rate | 16.33% | [9],[20] | 15% | [12],[21] | |
Principal | $ 2,192 | [20] | $ 2,149 | [21] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,131,579 | [13] | 1,131,579 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.67% | [9] | 8% | [12] | |
Principal | $ 7,385 | $ 7,385 | |||
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12],[22] | |
Floor | 1% | [9] | 1% | [12],[22] | |
Investment interest rate | 10.67% | [9] | 8% | [12],[22] | |
Principal | $ 615 | $ 308 | [22] | ||
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 48,423 | [13] | 48,423 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9] | 6.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.62% | [9] | 7.50% | [12] | |
Principal | $ 5,722 | $ 5,752 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [13],[14],[15],[25] | 1,000,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15],[25] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [10],[13],[14],[15],[25] | 500,000 | [11],[16],[17],[22] | |
Principal | $ 0 | [10],[14],[15],[25] | $ 0 | [16],[17],[22] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.28% | [9] | 8% | [12] | |
Principal | $ 15,700 | $ 15,900 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9],[10] | 9% | [12] | |
Floor | 1.75% | [9],[10] | 1.75% | [12] | |
Investment interest rate | 11.28% | [9],[10] | 10.75% | [12] | |
Principal | $ 100 | [10] | $ 100 | ||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12] | |
Floor | 1.75% | [9] | 1.75% | [12] | |
Investment interest rate | 11.28% | [9] | 10.75% | [12] | |
Principal | $ 7,500 | $ 7,500 | |||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,380,500 | [13],[14],[15] | 1,380,500 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9],[10] | 9% | [12],[22] | |
Floor | 1.75% | [9],[10] | 1.75% | [12],[22] | |
Investment interest rate | 11.28% | [9],[10] | 10.75% | [12],[22] | |
Principal | $ 300 | [10] | $ 300 | [22] | |
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [13],[14],[15] | 1,500,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: CITYVET, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17] | 271,739 | |||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6.50% | |||
Floor | [12],[22] | 1% | |||
Investment interest rate | [12],[22] | 7.50% | |||
Principal | [22] | $ 13,000 | |||
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.22% | [9],[18] | 6.21% | [12],[19] | |
Floor | 1% | [9],[18] | 1% | [12],[19] | |
Investment interest rate | 11.22% | [9],[18] | 7.21% | [12],[19] | |
Principal | $ 15,000 | [18] | $ 10,000 | [19] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,681.04 | [13] | 1,681.04 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 11% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 13.27% | |||
Principal | $ 1,649 | ||||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.67% | [9] | 10% | [12] | |
Principal | $ 1,829 | $ 1,732 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.50% | |||
Principal | $ 1,541 | ||||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 12.43% | [9] | 11.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 15.05% | [9] | 12.50% | [12] | |
Principal | $ 912 | $ 526 | |||
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9.25% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.25% | |||
Principal | $ 3,000 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 8.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.51% | |||
Principal | $ 11,221 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 7.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 10.61% | |||
Principal | $ 5,611 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[23] | 9.50% | |||
Floor | [9],[23] | 1% | |||
Investment interest rate | [9],[23] | 12.61% | |||
Principal | [23] | $ 5,611 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,000,000 | [13],[14],[15] | 2,000,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [9],[10] | 8.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | 25% | [9] | 25% | [12] | |
Principal | $ 691 | $ 650 | |||
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9] | 8% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.12% | [9] | 9% | [12] | |
Principal | $ 8,708 | $ 8,938 | |||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10% | |||
Principal | $ 3,277 | ||||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 9% | |||
Floor | [12],[22] | 1% | |||
Principal | [22] | $ 0 | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,000,000 | [13],[14],[15],[25] | 2,000,000 | [11],[16],[17],[26] | |
Principal | $ 0 | [14],[15],[25] | $ 0 | [16],[17],[26] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9],[10] | 7.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [9],[10] | 9.73% | |||
Principal | $ 1,409 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9] | 7.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.19% | [9] | 8.50% | [12] | |
Principal | $ 17,755 | $ 17,755 | |||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 75,000 | [13],[14],[15] | 75,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6.50% | |||
Floor | [12],[22] | 1% | |||
Investment interest rate | [12],[22] | 7.50% | |||
Principal | [22] | $ 2,030 | |||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9] | 6.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.78% | [9] | 7.50% | [12] | |
Principal | $ 7,030 | $ 5,000 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000 | [13] | 1,000 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 168.776 | [13] | 56.259 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [9] | 9.50% | [12] | |
Floor | 2% | [9] | 2% | [12] | |
Investment interest rate | 11.73% | [9] | 11.50% | [12] | |
Principal | $ 10,031 | $ 11,500 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [9],[10] | 9.50% | [12],[22] | |
Floor | 2% | [9],[10] | 2% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6% | |||
Floor | [12],[22] | 0.75% | |||
Investment interest rate | [12],[22] | 6.75% | |||
Principal | [22] | $ 2,516 | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6% | |||
Floor | [12] | 0.75% | |||
Investment interest rate | [12] | 6.75% | |||
Principal | $ 8,534 | ||||
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6% | |||
Floor | [12],[22] | 0.75% | |||
Investment interest rate | [12],[22] | 6.75% | |||
Principal | [22] | $ 183 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9.70% | |||
Principal | $ 3,661 | ||||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.25% | [9],[20] | 8.25% | [12],[21] | |
Floor | 1% | [9],[20] | 1% | [12],[21] | |
Investment interest rate | 10.59% | [9],[20] | 9.25% | [12],[21] | |
Principal | $ 15,750 | [20] | $ 15,750 | [21] | |
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal | [10],[14],[25] | $ 0 | |||
Investment, Identifier [Axis]: I-45 SLF LLC | I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [10],[13],[14],[25] | 80% | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [16],[22],[26] | $ 0 | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 80% | 80% | [11],[16],[22],[26] | ||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [9],[10] | 6% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [9] | 6% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.42% | [9] | 7.01% | [12] | |
Principal | $ 7,692 | $ 7,731 | |||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [10],[14],[15] | $ 0 | [16],[17],[22] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | INFOLINKS MEDIA BUYCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | 1.68% | [10],[13],[14],[15] | 1.68% | [11],[16],[17],[22] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.28% | [9] | 8% | [12] | |
Principal | $ 5,000 | $ 5,000 | |||
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | 9.12% | [9],[10] | 8% | [12],[22] | |
Principal | $ 800 | [10] | $ 800 | [22] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [13] | 1,000,000 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [14],[15] | $ 0 | [16],[17],[26] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | ITA Holdings Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | 9.25% | [13],[14],[15] | 9.25% | [11],[16],[17],[26] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | ITA Holdings Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | 9.25% | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [9] | 10% | [12] | |
Principal | $ 3,108 | $ 2,959 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [9] | 10% | [12] | |
Principal | $ 123 | $ 117 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [9] | 11% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
PIK | 0.50% | ||||
Investment interest rate | 15.21% | [9] | 12% | [12] | |
Principal | $ 5,038 | $ 5,036 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9] | 8% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
PIK | [9] | 0.50% | |||
Investment interest rate | 12.21% | [9] | 9% | [12] | |
Principal | $ 10,076 | $ 10,071 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9],[10] | 9% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
PIK | [9],[10] | 0.50% | |||
Investment interest rate | 13.21% | [9],[10] | 10% | [12],[22] | |
Principal | $ 5,800 | [10] | $ 750 | [22] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 8% | |||
Principal | $ 6,589 | ||||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9.62% | |||
Principal | $ 6,360 | ||||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7% | |||
Floor | [12] | 0.75% | |||
Investment interest rate | [12] | 7.85% | |||
Principal | $ 23,821 | ||||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 7% | |||
Floor | [12],[22] | 0.75% | |||
Principal | [22] | $ 0 | |||
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10],[20] | 7.25% | |||
Floor | [9],[10],[20] | 1% | |||
Investment interest rate | [9],[10],[20] | 10.94% | |||
Principal | [10],[20] | $ 2,274 | |||
Investment, Identifier [Axis]: KMS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[20] | 7.25% | |||
Floor | [9],[20] | 1% | |||
Investment interest rate | [9],[20] | 10.94% | |||
Principal | [20] | $ 15,880 | |||
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 7.25% | |||
Floor | [12],[22] | 1% | |||
Principal | [22] | $ 0 | |||
Investment, Identifier [Axis]: KMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[21] | 7.25% | |||
Floor | [12],[21] | 1% | |||
Investment interest rate | [12],[21] | 8.25% | |||
Principal | [21] | $ 15,920 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 7% | |||
Floor | [12],[22] | 1% | |||
Investment interest rate | [12],[22] | 8.01% | |||
Principal | [22] | $ 4,154 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.17% | [9] | 8.01% | [12] | |
Principal | $ 10,585 | $ 6,484 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [9],[10] | 10.08% | |||
Principal | $ 179 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 10% | [9] | 10% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
PIK | 1% | 2% | [12] | ||
Investment interest rate | 13.56% | [9] | 13% | [12] | |
Principal | $ 2,500 | $ 2,488 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [9] | 8.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
PIK | 1% | [9] | 2% | [12] | |
Investment interest rate | 12.06% | [9] | 11.50% | [12] | |
Principal | $ 11,478 | $ 11,422 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 142,278.89 | [13],[14],[15] | 142,278.89 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [9],[14],[15] | 25% | |||
Principal | [14],[15] | $ 100 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12],[16],[17] | 25% | |||
Principal | [16],[17] | $ 88 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 203,124.9999 | [13],[14],[15] | 203,124.9999 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 7.50% | [9] | 7.50% | [12] | |
Principal | $ 5,169 | $ 5,195 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 7.50% | [9],[10] | 7.50% | [12],[22] | |
Principal | $ 625 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [9],[23] | 10% | [12],[24] | |
Principal | $ 5,208 | [23] | $ 5,208 | [24] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 208,333.3333 | [13],[14],[15] | 208,333.3333 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 8.60% | |||
Principal | $ 23,003 | ||||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY) | |||||
Schedule of Investments [Line Items] | |||||
Ownership interest | [13],[14],[15] | 0.88% | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.50% | |||
Floor | [9],[10] | 1% | |||
Investment interest rate | [9],[10] | 8.60% | |||
Principal | [10] | $ 324 | |||
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9],[20] | 9% | [12],[21] | |
Floor | 1% | [9],[20] | 1% | [12],[21] | |
Investment interest rate | 11.28% | [9],[20] | 10% | [12],[21] | |
Principal | $ 10,890 | [20] | $ 10,945 | [21] | |
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9] | 7.25% | [12] | |
Floor | 0.75% | [9] | 0.75% | [12] | |
Investment interest rate | 11.09% | [9] | 8.38% | [12] | |
Principal | $ 7,919 | $ 8,032 | |||
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9],[10] | 7.25% | [12],[22] | |
Floor | 0.75% | [9],[10] | 0.75% | [12],[22] | |
Investment interest rate | 10.17% | [9],[10] | 8.23% | [12],[22] | |
Principal | $ 849 | [10] | $ 943 | [22] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9] | 8% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.28% | [9] | 9% | [12] | |
Principal | $ 12,406 | $ 12,469 | |||
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [9] | 11% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 13.28% | [9] | 12% | [12] | |
Principal | $ 3,275 | $ 3,292 | |||
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,089,599 | [13],[14],[15] | 2,089,599 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.25% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9% | |||
Principal | $ 12,481 | ||||
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.25% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9],[10] | 7.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9] | 7.25% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.03% | [9] | 8.25% | [12] | |
Principal | $ 12,000 | $ 12,000 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9],[10] | 7.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 191,049.33 | [13],[14],[15] | 191,049.33 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9] | 6.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.78% | [9] | 7.50% | [12] | |
Principal | $ 10,023 | $ 11,250 | |||
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9] | 7.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.78% | [9] | 8.50% | [12] | |
Principal | $ 10,023 | $ 11,250 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9],[10] | 8% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9] | 8% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.28% | [9] | 9% | [12] | |
Principal | $ 14,982 | $ 14,913 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9],[10] | 8% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | 10.28% | [9],[10] | 9% | [12],[22] | |
Principal | $ 4,400 | [10] | $ 4,400 | [22] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[10] | 6.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9] | 6.25% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.53% | [9] | 7.25% | [12] | |
Principal | $ 23,150 | $ 23,150 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17],[26] | 2,000,000 | |||
Principal | [16],[17],[26] | $ 0 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15],[25] | 2,000,000 | |||
Principal | [14],[15],[25] | $ 0 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[10] | 6.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9] | 6.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.37% | [9] | 7.50% | [12] | |
Principal | $ 12,999 | $ 13,066 | |||
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9],[10] | 6.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | 9.27% | [9],[10] | 7.50% | [12],[22] | |
Principal | $ 810 | [10] | $ 420 | [22] | |
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.50% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9.57% | |||
Principal | $ 9,167 | ||||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.50% | |||
Floor | [9],[10] | 1% | |||
Investment interest rate | [9],[10] | 9.57% | |||
Principal | [10] | $ 333 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [9] | 12.50% | |||
Principal | $ 3,000 | ||||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029) | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 5,000 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.75% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 9.09% | |||
Principal | $ 10,800 | ||||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.75% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[14] | 7.25% | |||
Floor | [9],[14] | 1% | |||
Investment interest rate | [9],[14] | 10.27% | |||
Principal | [14] | $ 10,000 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10],[14] | 7.25% | |||
Floor | [9],[10],[14] | 1% | |||
Principal | [10],[14] | $ 0 | |||
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [9] | 9.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 12.84% | [9] | 10.50% | [12] | |
Principal | $ 10,500 | $ 10,500 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 535,714.29 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6% | |||
Floor | [12],[22] | 1% | |||
Investment interest rate | [12],[22] | 7% | |||
Principal | [22] | $ 7,578 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9] | 6% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.28% | [9] | 7% | [12] | |
Principal | $ 21,633 | $ 11,000 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [9],[10] | 6% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 16,084 | [13] | 16,084 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13] | 1,100 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9] | 7% | [12] | |
Floor | 2% | [9] | 2% | [12] | |
PIK | [9] | 2% | |||
Investment interest rate | 12.23% | [9] | 9% | [12] | |
Principal | $ 14,126 | $ 14,125 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [9],[10] | 7% | [12],[22] | |
Floor | 2% | [9],[10] | 2% | [12],[22] | |
PIK | [9],[10] | 2% | |||
Investment interest rate | 12.23% | [9],[10] | 9% | [12],[22] | |
Principal | $ 575 | [10] | $ 575 | [22] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [9] | 7.75% | [12] | |
Floor | 1.25% | [9] | 1.25% | [12] | |
Investment interest rate | 10.31% | [9] | 9% | [12] | |
Principal | $ 6,755 | $ 6,933 | |||
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [9],[10] | 7.75% | [12] | |
Floor | 1.25% | [9],[10] | 1.25% | [12] | |
Investment interest rate | 10.39% | [9],[10] | 9% | [12] | |
Principal | $ 1,014 | [10] | $ 1,370 | ||
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[18] | 9.14% | |||
Floor | [9],[18] | 2% | |||
Investment interest rate | [9],[18] | 12.28% | |||
Principal | [18] | $ 16,750 | |||
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [13] | 100 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: SCRIP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[19] | 9.43% | |||
Floor | [12],[19] | 2% | |||
Investment interest rate | [12],[19] | 11.43% | |||
Principal | [19] | $ 16,750 | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 40,000 | [13],[14] | 40,000 | [11],[16] | |
Principal | $ 0 | [14] | $ 0 | [16] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,200,000 | [13],[14] | 1,200,000 | [11],[16] | |
Principal | $ 0 | [14] | $ 0 | [16] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[10],[14] | 6.25% | [12],[16],[22] | |
Floor | 1% | [9],[10],[14] | 1% | [12],[16],[22] | |
Principal | $ 0 | [10],[14] | $ 0 | [16],[22] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[14] | 6.25% | [12],[16] | |
Floor | 1% | [9],[14] | 1% | [12],[16] | |
Investment interest rate | 9.03% | [9],[14] | 7.25% | [12],[16] | |
Principal | $ 13,724 | [14] | $ 13,794 | [16] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[10],[14] | 6.25% | [12],[16],[22] | |
Floor | 1% | [9],[10],[14] | 1% | [12],[16],[22] | |
Principal | $ 0 | [10],[14] | $ 0 | [16],[22] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 238,095.24 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17] | 238,095.24 | |||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 6% | |||
Floor | [12],[22] | 1% | |||
Principal | [22] | $ 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9] | 6% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.33% | [9] | 7% | [12] | |
Principal | $ 11,600 | $ 7,427 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [9],[10] | 6% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | 9.33% | [9],[10] | 7% | [12],[22] | |
Principal | $ 384 | [10] | $ 47 | [22] | |
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11] | 9,374,510.2 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: SIMR, LLC, Class W Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11] | 904,903.31 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: SIMR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[24] | 10% | |||
Floor | [12],[24] | 2% | |||
PIK | [12],[24] | 7% | |||
Investment interest rate | [12],[24] | 19% | |||
Principal | [24] | $ 13,235 | |||
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [13],[14],[15] | 500,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [9] | 6.25% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.74% | [9] | 7.25% | [12] | |
Principal | $ 17,929 | $ 18,019 | |||
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [9],[10] | 6.25% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 7.50% | |||
Floor | [9] | 2% | |||
Investment interest rate | [9] | 9.78% | |||
Principal | $ 13,135 | ||||
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 750 | [13],[14],[15] | 750 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.03% | [9] | 8% | [12] | |
Principal | $ 7,500 | $ 7,500 | |||
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13] | 4,718.62 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13] | 37,807.58 | |||
Principal | $ 0 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 9.50% | |||
Floor | [9] | 2% | |||
Investment interest rate | [9] | 12.21% | |||
Principal | $ 6,817 | ||||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 8% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.01% | |||
Principal | $ 18,823 | ||||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [11],[16],[17] | 2,000 | |||
Principal | [16],[17] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[22] | 8% | |||
Floor | [12],[22] | 1% | |||
Principal | [22] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 7% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 10.74% | |||
Principal | $ 11,111 | ||||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[23] | 9.44% | |||
Floor | [9],[23] | 1% | |||
Investment interest rate | [9],[23] | 13.18% | |||
Principal | [23] | $ 7,712 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 2,000 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 8% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9],[10] | 7.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9] | 7.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.78% | [9] | 8.50% | [12] | |
Principal | $ 9,000 | $ 9,000 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [9],[10] | 7.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | 9.78% | [9],[10] | 8.50% | [12],[22] | |
Principal | $ 200 | [10] | $ 850 | [22] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [13],[14],[15] | 1,500,000 | [11],[16],[17] | |
Principal | $ 0 | [14],[15] | $ 0 | [16],[17] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 12.15% | [9] | 10% | [12] | |
Principal | $ 17,655 | $ 12,644 | |||
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 896.43 | [13],[14],[15],[25] | 896.43 | [11],[16],[17],[26] | |
Principal | $ 0 | [14],[15],[25] | $ 0 | [16],[17],[26] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.75% | [9],[20] | 7.75% | [12],[21] | |
Floor | 1% | [9],[20] | 1% | [12],[21] | |
Investment interest rate | 11.03% | [9],[20] | 8.75% | [12],[21] | |
Principal | $ 9,825 | [20] | $ 9,875 | [21] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [9],[14] | 10% | [12],[16],[17] | |
Principal | $ 88 | [14] | $ 84 | [16],[17] | |
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [13],[14],[15] | 1,000,000 | |||
Principal | [14],[15] | $ 0 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 6.25% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 6.25% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 7.79% | |||
Principal | $ 6,800 | ||||
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [9] | 5.75% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 8.87% | [9] | 6.75% | [12] | |
Principal | $ 11,556 | $ 11,614 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 8% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9] | 8% | |||
Floor | [9] | 1% | |||
Investment interest rate | [9] | 11.06% | |||
Principal | $ 13,500 | ||||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [9],[10] | 8% | |||
Floor | [9],[10] | 1% | |||
Principal | [10] | $ 0 | |||
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 171,617 | [13] | 171,617 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,597,707 | [13] | 1,597,707 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [13] | 1,000,000 | [11] | |
Principal | $ 0 | $ 0 | |||
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.28% | [9] | 8% | [12] | |
Principal | $ 10,725 | $ 10,863 | |||
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [9] | 8.50% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.78% | [9] | 9.50% | [12] | |
Principal | $ 17,820 | $ 17,910 | |||
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [9],[10] | 8.50% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [9] | 11.69% | |||
Principal | $ 2,000 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Principal | $ 0 | [10] | $ 0 | [22] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9] | 7% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 9.23% | [9] | 8% | [12] | |
Principal | $ 20,000 | $ 20,000 | |||
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [9],[10] | 7% | [12],[22] | |
Floor | 1% | [9],[10] | 1% | [12],[22] | |
Investment interest rate | [12],[22] | 8% | |||
Principal | $ 0 | [10] | $ 2,444 | [22] | |
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 11.28% | [9] | 10% | [12] | |
Principal | $ 18,820 | $ 18,915 | |||
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [9] | 9% | [12],[22] | |
Floor | 1% | [9] | 1% | [12],[22] | |
Investment interest rate | 11.28% | [9] | 10% | [12],[22] | |
Principal | $ 2,000 | $ 1,000 | [22] | ||
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9] | 7.25% | [12] | |
Floor | 1% | [9] | 1% | [12] | |
Investment interest rate | 10.40% | [9] | 8.25% | [12] | |
Principal | $ 15,920 | $ 16,000 | |||
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [9] | 7.25% | [12],[22] | |
Floor | 1% | [9] | 1% | [12],[22] | |
Investment interest rate | 10.25% | [9] | 8.26% | [12],[22] | |
Principal | $ 3,990 | $ 199 | [22] | ||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2022, approximately 13.9% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.[4]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.[5]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2022, approximately 4.8% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 10.7%.[6]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.[7]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At September 30, 2022, approximately 81.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 180.6%.[8]The investment is structured as a first lien first out term loan.[9]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at September 30, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[10]The investment has an unfunded commitment as of September 30, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.[11]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[12]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[13]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[14]Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2022, approximately 12.9% of the Company's assets are non-qualifying assets.[15]Investment is held through a wholly-owned taxable subsidiary.[16]Indicates assets that are considered "non-qualifying assets” under section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.[17]Investment is held through a wholly-owned taxable subsidiary.[18]The investment is structured as a first lien last out term loan.[19]The investment is structured as a first lien last out term loan.[20]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[21]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[22]The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.[23]Investment is on non-accrual status as of September 30, 2022, meaning the Company has ceased to recognize interest income on the investment.[24]Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.[25]Income producing through dividends or distributions.[26]Income producing through dividends or distributions. |
CONSOLIDATED SCHEDULE OF INVE_3
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Parenthetical Footnotes) - USD ($) $ in Millions | Sep. 30, 2022 | Mar. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 222.20% | [1],[2] | 222.50% | |
Contribution percentage in non-qualified assets | 12.90% | 12.80% | ||
Gross unrealized appreciation | $ 58.9 | $ 67.8 | ||
Gross unrealized depreciation | 62.8 | 61.7 | ||
Net unrealized appreciation (depreciation) | (3.9) | 6.1 | ||
Cost of investments | $ 1,060.8 | $ 852.4 | ||
Percent of total assets | 94,900% | 96.20% | ||
Non-control/Non-affiliate investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 81.30% | 79.80% | ||
Percent of net assets | 180.60% | [3] | 177.50% | |
Affiliate investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 13.90% | 14.10% | ||
Percent of net assets | 30.90% | [4] | 31.30% | [5] |
Control investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 4.80% | 6.20% | ||
Percent of net assets | 10.70% | [6] | 13.70% | [7] |
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At September 30, 2022, approximately 81.3% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 180.6%.[4]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At September 30, 2022, approximately 13.9% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.[5]Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.[6]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2022, approximately 4.8% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 10.7%.[7]Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%. |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION References in this Quarterly Report on Form 10-Q to “we,” “our,” “us,” “CSWC,” or the “Company” refer to Capital Southwest Corporation, unless the context requires otherwise. Organization Capital Southwest Corporation is an internally managed investment company that specializes in providing customized financing to middle market companies in a broad range of investment segments located primarily in the United States. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.” CSWC was organized as a Texas corporation on April 19, 1961. On March 30, 1988, CSWC elected to be regulated as a business development company (“BDC”) under the 1940 Act. In order to comply with the 1940 Act requirements for a BDC, we must, among other things, generally invest at least 70% of our assets in eligible portfolio companies and limit the amount of leverage we incur. We have elected, and intend to qualify annually, to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). As such, we generally will not have to pay U.S. federal income tax at corporate rates on any ordinary income or capital gains that we distribute to our shareholders as dividends. To continue to maintain our RIC treatment, we must meet specified source-of-income and asset diversification requirements and timely distribute annually at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year that generated such taxable income. CSWC has a direct wholly-owned subsidiary that has been elected to be a taxable entity (the “Taxable Subsidiary”). The primary purpose of the Taxable Subsidiary is to permit CSWC to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities), and still allow us to satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. The Taxable Subsidiary is taxed at normal corporate tax rates based on its taxable income. We focus on investing in companies with histories of generating revenues and positive cash flow, established market positions and proven management teams with strong operating discipline. Our core business is to target senior debt investments and equity investments in lower middle market (“LMM”) companies. We also opportunistically target first and second lien loans in upper middle market (“UMM”) companies. Our target LMM companies typically have annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) generally between $3.0 million and $20.0 million, and our LMM investments generally range in size from $5.0 million to $35.0 million. Our UMM investments generally include first and second lien loans in companies with EBITDA generally greater than $20.0 million and typically range in size from $5.0 million to $20.0 million. We make available significant managerial assistance to the companies in which we invest as we believe that providing managerial assistance to an investee company is critical to its business development activities. On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“SBIC I”) received a license from the U.S. Small Business Administration (the “SBA”) to operate as a small business investment company ("SBIC") under Section 301(c) of the Small Business Investment Act of 1958, as amended. SBIC I has an investment strategy substantially similar to ours and makes similar types of investments in accordance with SBA regulations. SBIC I and its general partner are consolidated for U.S. GAAP reporting purposes, and the portfolio investments held by it are included in the consolidated financial statements. Basis of Presentation The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). We meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies (“ASC 946”) . Under rules and regulations applicable to investment companies, we are generally precluded from consolidating any entity other than another investment company, subject to certain exceptions. One of the exceptions to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, the consolidated financial statements include the Taxable Subsidiary. The consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of our management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of consolidated financial statements for the interim periods included herein. The results of operations for the three and six months ended September 30, 2022 are not necessarily indicative of the operating results to be expected for the full fiscal year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended March 31, 2022 and 2021. Consolidated financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Portfolio Investment Classification We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are generally defined as investments in which we own more than 25% of the voting securities; “Affiliate Investments” are generally defined as investments in which we own between 5% and 25% of the voting securities, and the investments are not classified as “Control Investments”; and “Non-Control/Non-Affiliate Investments” are generally defined as investments that are neither “Control Investments” nor “Affiliate Investments.” Under the 1940 Act, a BDC must meet certain requirements, including investing at least 70% of its total assets in qualifying assets. As of September 30, 2022, the Company has 87.1% of its assets in qualifying assets. The principal categories of qualifying assets relevant to our business are: (1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company," or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission ("SEC"). (2) Securities of any eligible portfolio company that we control. (3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. (4) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no readily available market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company. (5) Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities. (6) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. Additionally, in order to qualify for RIC tax treatment for U.S. federal income tax purposes, we must, among other things meet the following requirements: (1) Continue to maintain our election as a BDC under the 1940 Act at all times during each taxable year. (2) Derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities. (3) Diversify our holdings in accordance with two Diversification Requirements: (a) Diversify our holdings such that at the end of each quarter of the taxable year at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and such other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (b) Diversify our holdings such that no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain "qualified publicly traded partnerships" (collectively, the "Diversification Requirements"). The two Diversification Requirements must be satisfied quarterly. If a RIC satisfies the Diversification Requirements for one quarter, and then, due solely to fluctuations in market value, fails to meet one of the Diversification Requirements in the next quarter, it retains RIC tax treatment. A RIC that fails to meet the Diversification Requirements as a result of a nonqualified acquisition may be subject to excess taxes unless the nonqualified acquisition is disposed of and the Diversification Requirements are satisfied within 30 days of the close of the quarter in which the Diversification Requirements are failed. For the quarter ended September 30, 2022, we satisfied all RIC requirements and have 9.2% in nonqualified assets according to measurement criteria established in Section 851(d) of the Code. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed in the preparation of the consolidated financial statements of CSWC. Fair Value Measurements We account for substantially all of our financial instruments at fair value in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 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. ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying value of our credit facility approximates fair value (Level 3 input). See Note 4 below for further discussion regarding the fair value measurements and hierarchy. Investments Investments are stated at fair value and are reviewed and approved by our Board of Directors as described in the Notes to the Consolidated Schedule of Investments and Notes 3 and 4 below. Investments are recorded on a trade date basis. Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses. Cash and Cash Equivalents Cash and cash equivalents, which consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase, are carried at cost, which approximates fair value. Cash may be held in a money market fund from time to time, which is a Level 1 security. Cash and cash equivalents includes deposits at financial institutions. We deposit our cash balances in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At September 30, 2022 and March 31, 2022, cash balances totaling $29.0 million and $10.2 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. Segment Information We operate and manage our business in a singular segment. As an investment company, we invest in portfolio companies in various industries and geographic areas as discussed in Note 3. Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of CSWC’s wholly-owned Taxable Subsidiary and SBIC I. All intercompany balances have been eliminated upon consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates. Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2022, investments on non-accrual status represented approximately 0.9% of our total investment portfolio's fair value and approximately 2.3% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost. To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and six months ended September 30, 2022, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and six months ended September 30, 2021, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain payment-in-kind (“PIK”) interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of September 30, 2022 and March 31, 2022, we have not written off any accrued and uncollected PIK interest from prior periods. For the three and six months ended September 30, 2022, we had two investments for which we stopped accruing PIK interest. For the three and six months ended September 30, 2021, we had two investments for which we stopped accruing PIK interest. For the three and six months ended September 30, 2022, approximately 5.2% and 4.2%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. For the three and six months ended September 30, 2021, approximately 4.3% and 4.8%, respectively, of CSWC’s total investment income was attributable to non-cash PIK interest income. Fee Income Fee income, generally collected in advance, includes fees for administration and valuation services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees and amendment fees, as fee income when earned. In addition, the Company may also be entitled to an exit fee that is amortized into income over the life of the loan. Loan exit fees to be paid at the termination of the loan are accreted into fee income over the contractual life of the loan. Warrants In connection with the Company's debt investments, the Company may receive warrants or other equity-related securities from the borrower. 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. Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to CSWC’s senior secured credit facility, its unsecured notes (as discussed further in Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the credit facility have been capitalized and are amortized into interest expense over the term of the credit facility. The costs in connection with the unsecured notes and the SBA Debentures are a direct deduction from the related debt liability and amortized into interest expense over the term of the January 2026 Notes (as defined below), the October 2026 Notes (as defined below) and the SBA Debentures. Deferred Offering Costs Deferred offering costs include registration expenses related to our shelf registration statement and expenses related to the launch of the "at-the-market" ("ATM") program through which we can sell, from time to time, shares of our common stock (the "Equity ATM Program"). These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. These expenses are included in 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 debt issuance costs, respectively. If there are any deferred offering costs remaining at the expiration of the shelf registration statement, these deferred costs are charged to expense. Realized Losses on Extinguishment of Debt Upon the repayment of debt obligations that are deemed to be extinguishments, the difference between the principal amount due at maturity adjusted for any unamortized debt issuance costs is recognized as a loss (i.e., the unamortized debt issuance costs and any "make-whole" premium payment (as discussed in Note 5)) are recognized as a loss upon extinguishment of the underlying debt obligation). Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 10 years. The operating lease is included as an operating lease right-of-use ("ROU") asset and operating lease liability in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases. The ROU asset represents the Company’s right to use an underlying asset for the lease term and the operating lease liability represents the Company’s obligation to make lease payments arising from such lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the remaining lease term. The Company’s lease does not provide an implicit discount rate, and as such the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of the remaining lease payments. Lease expense is recognized on a straight-line basis over the remaining lease term. Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, each year. Investment company taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Investment company taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in investment company taxable income until they are realized. Depending on the level of taxable income or capital gains earned in a tax year, we may choose to carry forward taxable income or capital gains in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income or capital gains must be distributed through a dividend declared on or prior to the later of (1) the filing of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated. In lieu of distributing our net capital gains for a year, we may decide to retain some or all of our net capital gains. We will be required to pay a 21% corporate rate U.S. federal income tax on any such retained net capital gains. We may elect to treat such retained capital gain as a deemed distribution to shareholders. Under such circumstances, shareholders will be required to include their share of such retained capital gain in income, but will receive a credit for the amount of U.S. federal income tax paid at corporate rates with respect to their shares. As an investment company that qualifies as a RIC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31. Any net capital gains actually distributed to shareholders and properly reported by us as capital gain dividends are generally taxable to the shareholders as long-term capital gains. See Note 6 for further discussion. The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is required to pay taxes at the corporate rate of 21%. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. Management evaluates tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the CSWC level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. Management’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company has concluded that it does not have any uncertain tax positions that meet the recognition of measurement criteria of ASC 740, Income Taxes , ("ASC 740") for the current period. Also, we account for interest and, if applicable, penalties for any uncertain tax positions as a component of income tax provision. No interest or penalties expense was recorded during the three and six months ended September 30, 2022 and 2021. Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at our taxable subsidiaries using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. See Note 6 for further discussion. Stock-Based Compensation We account for our share-based compensation using the fair value method, as prescribed by ASC Topic 718, Compensation – Stock Compensation . Accordingly, we recognize share-based compensation cost on a straight-line basis for all share-based payments awards granted to employees. For restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant. For restricted stock awards, we amortize this fair value to share-based compensation expense over the vesting term. We recognize forfeitures as they occur. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are participating securities and are included in the basic and diluted earnings per share calculation. The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Restricted Stock Award Plan (the “2010 Plan”) was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Company’s Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Employee Restricted Stock Award Plan (the "2021 Employee Plan"), which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan. In addition, the Company's Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and covers both employees and non-employee directors of the Board of Directors. Shareholder Distributions Distributions to common shareholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment. Presentation Presentation of certain amounts in the consolidated financial statements for the prior year comparative consolidated financial statements is updated to conform to the current period presentation. Recently Issued or Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The standard is effective as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the six months ended September 30, 2022. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Sep. 30, 2022 | |
Schedule of Investments [Abstract] | |
INVESTMENTS | INVESTMENTS The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: First lien loans 1,2 $ 852,555 80.7 % 179.2 % $ 867,644 81.5 % Second lien loans 2 50,437 4.8 10.6 55,937 5.3 Subordinated debt 3 459 0.0 0.1 1,051 0.1 Preferred equity 52,770 5.0 11.1 34,641 3.3 Common equity & warrants 49,813 4.7 10.5 29,371 2.7 I-45 SLF LLC 4 50,897 4.8 10.7 76,000 7.1 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % March 31, 2022: First lien loans 1,2 $ 739,872 79.0 % 175.8 % $ 745,290 79.4 % Second lien loans 2 52,645 5.6 12.5 55,976 6.0 Subordinated debt 3 1,317 0.1 0.3 994 0.1 Preferred equity 44,663 4.8 10.6 25,544 2.7 Common equity & warrants 40,514 4.3 9.6 34,499 3.7 I-45 SLF LLC 4 57,603 6.2 13.7 76,000 8.1 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of September 30, 2022 and March 31, 2022, the fair value of the first lien last out loans are $46.5 million and $38.6 million, respectively. 2 Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.3 million and $36.4 million, respectively. As of September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $33.5 million and $33.9 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.5 million and $0.7 million as of September 30, 2022 and March 31, 2022, respectively. 4 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: Media, Marketing & Entertainment $ 117,181 11.1 % 24.6 % $ 106,654 10.0 % Healthcare Services 110,388 10.4 23.2 117,493 11.0 Business Services 108,172 10.3 22.8 111,381 10.5 Consumer Products & Retail 89,035 8.4 18.7 86,863 8.1 Consumer Services 79,105 7.5 16.6 78,469 7.4 Healthcare Products 67,572 6.4 14.2 68,855 6.5 Food, Agriculture & Beverage 52,064 4.9 11.0 50,547 4.7 I-45 SLF LLC 1 50,897 4.8 10.7 76,000 7.1 Technology Products & Components 49,553 4.7 10.4 31,861 3.0 Financial Services 39,429 3.7 8.3 31,087 2.9 Transportation & Logistics 38,650 3.7 8.1 34,609 3.3 Distribution 34,632 3.3 7.3 36,217 3.4 Software & IT Services 32,826 3.1 6.9 34,212 3.2 Education 26,292 2.5 5.5 32,037 3.0 Energy Services (Midstream) 22,503 2.1 4.7 23,190 2.2 Industrial Products 20,869 2.0 4.4 18,824 1.8 Energy Services (Upstream) 19,820 1.9 4.2 19,450 1.8 Environmental Services 19,469 1.8 4.1 25,542 2.4 Telecommunications 19,006 1.8 4.0 22,281 2.1 Specialty Chemicals 17,929 1.7 3.8 17,585 1.7 Industrial Services 11,556 1.1 2.4 11,409 1.1 Commodities & Mining 11,437 1.1 2.4 11,387 1.1 Containers & Packaging 10,737 1.0 2.3 10,689 1.0 Aerospace & Defense 6,800 0.6 1.4 6,685 0.6 Restaurants 1,009 0.1 0.2 1,317 0.1 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2022: Business Services $ 123,697 13.2 % 29.4 % $ 124,860 13.3 % Consumer Products & Retail 90,457 9.7 21.5 88,375 9.4 Healthcare Services 88,131 9.4 21.0 96,946 10.3 Consumer Services 71,730 7.7 17.0 71,203 7.6 I-45 SLF LLC 1 57,603 6.2 13.7 76,000 8.1 Distribution 54,798 5.9 13.0 54,035 5.8 Food, Agriculture & Beverage 48,876 5.2 11.6 47,057 5.0 Media, Marketing & Entertainment 43,463 4.6 10.3 33,049 3.5 Financial Services 39,305 4.2 9.3 31,229 3.3 Technology Products & Components 37,047 4.0 8.8 30,440 3.3 Transportation & Logistics 34,038 3.6 8.1 29,513 3.1 Software & IT Services 33,414 3.6 7.9 34,866 3.7 Education 32,072 3.4 7.6 32,119 3.4 Healthcare Products 32,054 3.4 7.6 33,018 3.5 Environmental Services 20,641 2.2 4.9 23,108 2.5 Telecommunications 18,736 2.0 4.5 22,341 2.4 Energy Services (Upstream) 17,910 1.9 4.3 17,500 1.9 Specialty Chemicals 17,749 1.9 4.2 17,640 1.9 Industrial Products 13,891 1.5 3.3 13,901 1.5 Energy Services (Midstream) 13,465 1.4 3.2 13,582 1.5 Industrial Services 11,614 1.2 2.8 11,451 1.2 Commodities & Mining 10,877 1.2 2.6 11,135 1.2 Containers & Packaging 10,671 1.1 2.5 10,723 1.1 Aerospace & Defense 6,800 0.7 1.6 6,672 0.7 Restaurants 5,367 0.6 1.3 4,556 0.5 Paper & Forest Products 2,208 0.2 0.5 2,984 0.3 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies in I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: West $ 220,070 20.8 % 46.3 % $ 212,026 19.9 % Northeast 215,895 20.4 45.4 217,375 20.4 Southwest 201,142 19.0 42.3 196,002 18.5 Southeast 201,022 19.0 42.3 196,389 18.4 Midwest 142,460 13.6 29.9 142,643 13.4 I-45 SLF LLC 1 50,897 4.8 10.7 76,000 7.1 International 25,445 2.4 5.3 24,209 2.3 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % March 31, 2022: Northeast $ 225,578 24.1 % 53.6 % $ 221,780 23.6 % Southwest 206,057 22.0 49.0 204,443 21.8 West 163,924 17.5 38.9 153,292 16.3 Southeast 136,588 14.6 32.5 138,929 14.9 Midwest 132,308 14.1 31.4 129,354 13.8 I-45 SLF LLC 1 57,603 6.1 13.7 76,000 8.1 International 14,556 1.6 3.4 14,505 1.5 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of geographic regions, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Investment Valuation Process The valuation process is led by the finance department in conjunction with the investment team. The process includes a quarterly review of each investment by our executive officers and investment team. Valuations of each portfolio security are prepared quarterly by the finance department using updated financial and other operational information collected by the investment team. Each investment valuation is then subject to review by the executive officers and investment team. In conjunction with the internal valuation process, we have also engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews of certain investments. The third-party valuation firms provide a range of values for selected investments, which is presented to CSWC’s executive officers and then subsequently to the Board of Directors. CSWC also uses a standard internal investment rating system in connection with its investment oversight, portfolio management, and investment valuation procedures for its debt portfolio. This system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein. There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. While management believes our valuation methodologies are appropriate and consistent with market participants, the recorded fair values of our investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. The Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of CSWC’s investments in accordance with the 1940 Act. Fair Value Hierarchy CSWC has established and documented processes for determining the fair values of portfolio company investments on a recurring basis in accordance with the 1940 Act and ASC 820. As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). CSWC conducts reviews of fair value hierarchy classifications on a quarterly basis. We also use judgment and consider factors specific to the investment in determining the significance of an input to a fair value measurement. The three levels of valuation inputs established by ASC 820 are as follows: • Level 1: Investments whose values are based on unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2: Investments whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3: Investments whose values are based on unobservable inputs that are significant to the overall fair value measurement. As of September 30, 2022 and March 31, 2022, 100% of the CSWC investment portfolio consisted of privately held debt and equity instruments for which inputs falling within the categories of Level 1 and Level 2 are generally not readily available. Therefore, CSWC determines the fair value of its investments (excluding investments for which fair value is measured at net asset value ("NAV") in good faith using Level 3 inputs, pursuant to CSWC's valuation policy and procedures that are established by the management of CSWC, with assistance from multiple third-party valuation advisors and approved by our Board of Directors. Investment Valuation Inputs ASC 820 defines fair value in terms of the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date excluding transaction costs. Under ASC 820, the fair value measurement also assumes that the transaction to sell an asset occurs in the principal market for the asset or, in the absence of a principal market, the most advantageous market for the asset. The principal market is the market in which the reporting entity would sell or transfer the asset with the greatest volume and level of activity for the asset. In determining the principal market for an asset or liability under ASC 820, it is assumed that the reporting entity has access to the market as of the measurement date. The Level 3 inputs to CSWC’s valuation process reflect our best estimate of the assumptions that would be used by market participants in pricing the investment in a transaction in the principal or most advantageous market for the asset. The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs: • Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers; • Current and projected financial condition of the portfolio company; • Current and projected ability of the portfolio company to service its debt obligations; • Type and amount of collateral, if any, underlying the investment; • Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment; • Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio); • Indicative dealer quotations from brokers, banks, and other market participants; • Market yields on other securities of similar risk; • Pending debt or capital restructuring of the portfolio company; • Projected operating results of the portfolio company; • Current information regarding any offers to purchase the investment; • Current ability of the portfolio company to raise any additional financing as needed; • Changes in the economic environment which may have a material impact on the operating results of the portfolio company; • Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company; • Qualitative assessment of key management; • Contractual rights, obligations or restrictions associated with the investment; and • Other factors deemed relevant. CSWC uses several different valuation approaches depending on the security type including the Market Approach, the Income Approach, the Enterprise Value Waterfall Approach, and the NAV Valuation Method. Market Approach Market Approach is a qualitative and quantitative analysis of the aforementioned unobservable inputs. It is a combination of the Enterprise Value Waterfall Approach and Income Approach as described in detail below. For investments recently originated (within a quarterly reporting period) or where the value has not departed significantly from its cost, we generally rely on our cost basis or recent transaction price to determine the fair value, unless a material event has occurred since origination. Income Approach In valuing debt securities, CSWC typically uses an Income Approach model, which considers some or all of the factors listed above. Under the Income Approach, CSWC develops an expectation of the yield that a hypothetical market participant would require when purchasing each debt investment (the “Required Market Yield”). The Required Market Yield is calculated in a two-step process. First, using quarterly market data we estimate the current market yield of similar debt securities. Next, based on the factors described above, we modify the current market yield for each security to produce a unique Required Market Yield for each of our investments. The resulting Required Market Yield is the significant Level 3 input to the Income Approach model. If, with respect to an investment, the unobservable inputs have not fluctuated significantly from the date the investment was made or have not fluctuated significantly from CSWC’s expectations on the date the investment was made, and there have been no significant fluctuations in the market pricing for such investments, we may conclude that the Required Market Yield for that investment is equal to the stated rate on the investment. In instances where CSWC determines that the Required Market Yield is different from the stated rate on the investment, we discount the contractual cash flows on the debt instrument using the Required Market Yield in order to estimate the fair value of the debt security. In addition, under the Income Approach, CSWC also determines the appropriateness of the use of third-party broker quotes, if any, as a significant Level 3 input in determining fair value. In determining the appropriateness of the use of third-party broker quotes, CSWC evaluates the level of actual transactions used by the broker to develop the quote, whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes, the source of the broker quotes, and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. To the extent sufficient observable inputs are available to determine fair value, CSWC may use third-party broker quotes or other independent pricing to determine the fair value of certain debt investments. Fair value measurements using the Income Approach model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in the Required Market Yield for a particular debt security may result in a lower (higher) fair value for that security. A significant increase (decrease) in a third-party broker quote for a particular debt security may result in a higher (lower) value for that security. Enterprise Value Waterfall Approach In valuing equity securities (including warrants), CSWC estimates fair value using an Enterprise Value Waterfall valuation model. CSWC estimates the enterprise value of a portfolio company and then allocates the enterprise value to the portfolio company’s securities in order of their relative liquidation preference. In addition, CSWC assumes that any outstanding debt or other securities that are senior to CSWC’s equity securities are required to be repaid at par. Additionally, we may estimate the fair value of non-performing debt securities using the Enterprise Value Waterfall approach as needed. To estimate the enterprise value of the portfolio company, CSWC uses a weighted valuation model based on public comparable companies, observable transactions and discounted cash flow analyses. A main input into the valuation model is a measure of the portfolio company’s financial performance, which generally is either earnings before interest, taxes, depreciation and amortization, as adjusted (“Adjusted EBITDA”) or revenues. In addition, we consider other factors, including but not limited to (1) offers from third parties to purchase the portfolio company and (2) the implied value of recent investments in the equity securities of the portfolio company. For certain non-performing assets, we may utilize the liquidation or collateral value of the portfolio company's assets in our estimation of its enterprise value. The significant Level 3 inputs to the Enterprise Value Waterfall model are (1) an appropriate multiple derived from the comparable public companies and transactions, (2) discount rate assumptions used in the discounted cash flow model and (3) a measure of the portfolio company’s financial performance, which generally is either Adjusted EBITDA or revenues. Inputs can be based on historical operating results, projections of future operating results or a combination thereof. The operating results of a portfolio company may be unaudited, projected or pro forma financial information and may require adjustments for certain non-recurring items. CSWC also may consult with the portfolio company’s senior management to obtain updates on the portfolio company’s performance, including information such as industry trends, new product development, loss of customers and other operational issues. Fair value measurements using the Enterprise Value Waterfall model can be sensitive to significant changes in one or more of the inputs. A significant increase (decrease) in either the multiple, Adjusted EBITDA or revenues for a particular equity security would result in a higher (lower) fair value for that security. NAV Valuation Method Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, CSWC measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date. However, in determining the fair value of the investment, we may consider whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of our investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, expected future cash flows available to equity holders, or other uncertainties surrounding CSWC’s ability to realize the full NAV of its interests in the investment fund. The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2022 and March 31, 2022 (in thousands): Fair Value Measurements at September 30, 2022 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 852,555 $ — $ — $ 852,555 Second lien loans 50,437 — — 50,437 Subordinated debt 459 — — 459 Preferred equity 52,770 — — 52,770 Common equity & warrants 49,813 — — 49,813 Investments measured at net asset value 1 50,897 — — — Total Investments $ 1,056,931 $ — $ — $ 1,006,034 Fair Value Measurements at March 31, 2022 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 739,872 $ — $ — $ 739,872 Second lien loans 52,645 — — 52,645 Subordinated debt 1,317 — — 1,317 Preferred equity 44,663 — — 44,663 Common equity & warrants 40,514 — — 40,514 Investments measured at net asset value 1 57,603 — — — Total Investments $ 936,614 $ — $ — $ 879,011 1 Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at NAV per share at September 30, 2022 and March 31, 2022, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer. The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at September 30, 2022 and March 31, 2022. Significant Level 3 Inputs were weighted by the relative fair value of the investments. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to our determination of fair value. Fair Value at Significant Valuation September 30, 2022 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 803,645 Discount Rate 7.1% - 62.7% 13.3% Third Party Broker Quote 5.6 - 98 94.8 Market Approach 48,910 Cost 97.6 - 99.0 98.2 Second lien loans Income Approach 36,264 Discount Rate 13.2% - 30.0% 17.8% Third Party Broker Quote 88.7 - 88.7 88.7 Market Approach 14,173 Cost 91.2 - 91.2 91.2 Exit Value 100.0 - 100.0 100.0 Subordinated debt Market Approach 188 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 271 EBITDA Multiple 7.5x - 7.5x 7.5x Discount Rate 21.0% - 21.0% 21.0% Preferred equity Enterprise Value Waterfall Approach 52,020 EBITDA Multiple 3.9x - 17.1x 10.3x Discount Rate 12.6% - 36.2% 18.8% Market Approach 750 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 48,597 EBITDA Multiple 5.4x - 13.0x 10.1x Discount Rate 11.5% - 36.2% 16.8% Market Approach 207 Cost 100.0 - 100.0 100.0 Income Approach 1,009 Third Party Broker Quote 76.6 - 76.6 76.6 Total Level 3 Investments $ 1,006,034 Fair Value at Significant Valuation March 31, 2022 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 645,034 Discount Rate 7.3% - 30.6% 10.7% Third Party Broker Quote 5.5 - 96.5 93.2 Market Approach 94,838 Cost 80.2 - 99.0 98.1 Exit Value 100.0 - 102.0 101.8 Second lien loans Income Approach 49,541 Discount Rate 10.3% - 37.8% 15.4% Third Party Broker Quote 97.3 - 97.3 97.3 Enterprise Value Waterfall Approach 3,104 EBITDA Multiple 8.3x - 8.3x 8.3x Discount Rate 22.1% - 22.1% 22.1% Subordinated debt Income Approach 650 Discount Rate 27.4% - 27.4% 27.4% Market Approach 172 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 495 EBITDA Multiple 8.1x - 8.1x 8.1x Discount Rate 20.5% - 20.5% 20.5 Preferred equity Enterprise Value Waterfall Approach 41,563 EBITDA Multiple 6.9x - 18.8x 10.6x Discount Rate 12.5% - 40.8% 17.8% Market Approach 3,100 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 36,667 EBITDA Multiple 4.2x - 11.4x 8.5x Discount Rate 10.1% - 32.2% 18.1% Market Approach 1,757 Exit Value 351.4 - 351.4 351.4 Income Approach 2,090 Third Party Broker Quote 158.7 - 158.7 158.7 Total Level 3 Investments $ 879,011 Changes in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. During the three and six months ended September 30, 2022 and 2021, we had no transfers between levels. The following tables provide a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2022 and 2021 (in thousands): Fair Value March 31, 2022 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value September 30, 2022 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 739,872 $ (8,608) $ 211,433 $ (85,598) $ 1,694 $ — $ (6,238) $ 852,555 $ (10,824) Second lien loans 52,645 (4,461) 2,862 (142) 225 (692) — 50,437 (2,945) Subordinated debt 1,317 (915) — — 57 — — 459 (914) Preferred equity 44,663 (990) 2,859 — — — 6,238 52,770 (991) Common equity & warrants 40,514 9,568 1,480 — — (1,749) — 49,813 9,576 Total Investments $ 879,011 $ (5,406) $ 218,634 $ (85,740) $ 1,976 $ (2,441) $ — $ 1,006,034 $ (6,098) Fair Value March 31, 2021 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value September 30, 2021 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 524,161 $ (592) $ 167,042 $ (66,868) $ 1,589 $ — $ — $ 625,332 $ (2,203) Second lien loans 36,919 254 15,543 (1,556) 654 (53) — 51,761 290 Subordinated debt 11,534 184 169 — 441 — — 12,328 183 Preferred equity 22,608 609 4,211 — — — — 27,428 610 Common equity & warrants 36,052 10,267 783 — — (5,371) — 41,731 9,288 Total Investments $ 631,274 $ 10,722 $ 187,748 $ (68,424) $ 2,684 $ (5,424) $ — $ 758,580 $ 8,168 1 Includes purchases of new investments, as well as discount accretion on existing investments. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS In accordance with the 1940 Act, with certain limitations, effective April 25, 2019, the Company is only allowed to borrow amounts such that its asset coverage (i.e., the ratio of assets less liabilities not represented by senior securities to senior securities such as borrowings), calculated pursuant to the 1940 Act, is at least 150% after such borrowing. The Board of Directors also approved a resolution which limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account any such issuance, would not be less than 166%, which became effective April 25, 2019. On August 11, 2021, we received an exemptive order from SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of the Company from the definition of senior securities in the asset coverage requirement applicable to the Company under the 1940 Act. As of September 30, 2022, the Company’s asset coverage was 205%. The Company had the following borrowings outstanding as of September 30, 2022 and March 31, 2022 (amounts in thousands): September 30, 2022 Outstanding Balance Unamortized Debt Issuance Costs and Debt Discount/Premium Recorded Value SBA Debentures $ 80,000 $ (2,447) $ 77,553 Credit Facility 240,000 — 240,000 January 2026 Notes 140,000 (1,117) 138,883 October 2026 Notes 150,000 (3,107) 146,893 $ 610,000 $ (6,671) $ 603,329 March 31, 2022 SBA Debentures $ 40,000 $ (1,648) $ 38,352 Credit Facility 205,000 — 205,000 January 2026 Notes 140,000 (1,286) 138,714 October 2026 Notes 150,000 (3,478) 146,522 $ 535,000 $ (6,412) $ 528,588 Credit Facility In August 2016, CSWC entered into a senior secured credit facility (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Facility”) to provide additional liquidity to support its investment and operational activities. On August 9, 2021, CSWC entered into the Second Amended and Restated Senior Secured Revolving Credit Agreement (the "Credit Agreement"). Prior to the Credit Agreement, (1) borrowings under the Credit Facility accrued interest on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.50% with no LIBOR floor, and (2) the total borrowing capacity was $340 million with commitments from a diversified group of eleven lenders. The Credit Agreement (1) decreased the total borrowing capacity under the Credit Facility to $335 million with commitments from a diversified group of ten lenders, (2) reduced the interest rate on borrowings to LIBOR plus 2.15% with no LIBOR floor and removed conditions related thereto as previously set forth in the Amended and Restated Senior Secured Revolving Credit Agreement, and (3) extended the end of the Credit Facility's revolver period from December 21, 2022 to August 9, 2025 and extended the final maturity from December 21, 2023 to August 9, 2026. The Credit Agreement also modified certain covenants in the Credit Facility, including, among other things, to increase the minimum obligors’ net worth test from $180 million to $200 million. On May 11, 2022, CSWC entered into Amendment No. 2 (the "Amendment") to the Credit Agreement. The Amendment changed the benchmark interest rate from LIBOR to Adjusted Term SOFR. In addition, CSWC entered into an Incremental Commitment Agreement, pursuant to which the total commitments under the Credit Agreement increased from $335 million to $380 million. The Credit Facility contains an accordion feature that allows CSWC to increase the total commitments under the Credit Facility up to $400 million from new and existing lenders on the same terms and conditions as the existing commitments. CSWC pays unused commitment fees of 0.50% to 1.00% per annum, based on utilization, on the unused lender commitments under the Credit Facility. The Credit Facility contains certain affirmative and negative covenants, including but not limited to: (1) certain reporting requirements, (2) maintaining RIC and BDC status, (3) maintaining a minimum senior coverage ratio of 2 to 1, (4) maintaining a minimum shareholders’ equity, (5) maintaining a minimum consolidated net worth, (6) maintaining a regulatory asset coverage of not less than 150%, (7) maintaining an interest coverage ratio of at least 2.25 to 1.0, and (8) at any time the outstanding advances exceed 90% of the borrowing base, maintaining a minimum liquidity of not less than 10% of the covered debt amount. The Credit Facility also contains customary events of default, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, bankruptcy, and change of control, with customary cure and notice provisions. If the Company defaults on its obligations under the Credit Facility, the lenders may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests. The Credit Facility is secured by (1) substantially all of the present and future property and assets of the Company and the guarantors and (2) 100% of the equity interests in the Company’s wholly-owned subsidiary. As of September 30, 2022, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I. At September 30, 2022, CSWC had $240.0 million in borrowings outstanding under the Credit Facility. CSWC recognized interest expense related to the Credit Facility, including unused commitment fees and amortization of deferred loan costs, of $2.9 million and $4.8 million for the three and six months ended September 30, 2022, respectively. For the three and six months ended September 30, 2021, CSWC recognized interest expense of $1.5 million and $2.9 million, respectively. The weighted average interest rate on the Credit Facility was 4.46% and 3.86% for the three and six months ended September 30, 2022, respectively. For the three and six months ended September 30, 2021, the weighted average interest rate on the Credit Facility was 2.58% and 2.64%, respectively. Average borrowings for the three and six months ended September 30, 2022 were $214.6 million and $198.8 million, respectively. For the three and six months ended September 30, 2021, average borrowings were $159.6 million and $148.5 million, respectively. As of September 30, 2022, CSWC was in compliance with all financial covenants under the Credit Facility. October 2024 Notes In September 2019, the Company issued $65.0 million in aggregate principal amount of 5.375% Notes due 2024 (the “Existing October 2024 Notes”). In October 2019, the Company issued an additional $10.0 million in aggregate principal amount of the October 2024 Notes (the "Additional October 2024 Notes"). In August 2020, the Company issued an additional $50.0 million in aggregate principal amount of the October 2024 Notes (the "New Notes" together with the Existing October 2024 Notes and the Additional October 2024 Notes, the "October 2024 Notes"). The Additional October 2024 Notes and the New Notes were treated as a single series with the Existing October 2024 Notes under the indenture and had the same terms as the Existing October 2024 Notes. The maturity date of the October 2024 Notes was October 1, 2024 and were redeemable in whole or in part at any time prior to July 1, 2024, at par plus a “make-whole” premium, and thereafter at par. The October 2024 Notes bore interest at a rate of 5.375% per year. On September 24, 2021, the Company redeemed $125,000,000 in aggregate principal amount of the issued and outstanding October 2024 Notes. The October 2024 Notes were redeemed at 100% of their principal amount, plus (i) the accrued and unpaid interest thereon, through, but excluding the redemption date, and (ii) a "make-whole" premium. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs of $1.8 million and the "make-whole" premium of $15.2 million during the three months ended September 30, 2021. For the three and six months ended September 30, 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $1.7 million and $3.6 million, respectively. For the three and six months ended September 30, 2021, average borrowings were $115.5 million and $120.2 million, respectively. The October 2024 Notes had a weighted average effective yield of 5.375%. January 2026 Notes In December 2020, the Company issued $75.0 million in aggregate principal amount of 4.50% Notes due 2026 (the "Existing January 2026 Notes"). The Existing January 2026 Notes were issued at par. In February 2021, the Company issued an additional $65.0 million in aggregate principal amount of the January 2026 Notes (the "Additional January 2026 Notes" together with the Existing January 2026 Notes, the "January 2026 Notes"). The Additional January 2026 Notes were issued at a price of 102.11% of the aggregate principal amount of the Additional January 2026 Notes, resulting in a yield-to-maturity of approximately 4.0% at issuance. The Additional January 2026 Notes are treated as a single series with the Existing January 2026 Notes under the indenture and have the same terms as the Existing January 2026 Notes. The January 2026 Notes mature on January 31, 2026 and may be redeemed in whole or in part at any time prior to October 31, 2025, at par plus a "make-whole" premium, and thereafter at par. The January 2026 Notes bear interest at a rate of 4.50% per year, payable semi-annually on January 31 and July 31 of each year. The January 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures. As of September 30, 2022, the carrying amount of the January 2026 Notes was $138.9 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of September 30, 2022, the fair value of the January 2026 Notes was $120.6 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the January 2026 Notes, including amortization of deferred issuance costs, of $1.7 million and $3.3 million for the three and six months ended September 30, 2022, respectively. For the three and six months ended September 30, 2021, the Company recognized interest expense of $1.7 million and $3.4 million, respectively. For each of the three and six months ended September 30, 2022 and 2021, average borrowings were $140.0 million. The indenture governing the January 2026 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the January 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These covenants are subject to important limitations and exceptions that are described in the indenture and the third supplemental indenture relating to the January 2026 Notes. In addition, holders of the January 2026 Notes can require the Company to repurchase some or all of the January 2026 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the third supplemental indenture relating to the January 2026 Notes. October 2026 Notes In August 2021, the Company issued $100.0 million in aggregate principal amount of 3.375% Notes due 2026 (the "Existing October 2026 Notes"). The Existing October 2026 Notes were issued at a price of 99.418% of the aggregate principal amount of the Existing October 2026 Notes, resulting in a yield-to-maturity of 3.5%. In November 2021, the Company issued an additional $50.0 million in aggregate principal amount of the October 2026 Notes (the "Additional October 2026 Notes" together with the Existing October 2026 Notes, the "October 2026 Notes"). The Additional October 2026 Notes were issued at a price of 99.993% of the aggregate principal amount, resulting in a yield-to-maturity of approximately 3.375% at issuance. The Additional October 2026 Notes are treated as a single series with the Existing October 2026 Notes under the indenture and have the same terms as the Existing October 2026 Notes. The October 2026 Notes mature on October 1, 2026 and may be redeemed in whole or in part at any time prior to July 1, 2026, at par plus a "make-whole" premium, and thereafter at par. The October 2026 Notes bear interest at a rate of 3.375% per year, payable semi-annually in arrears on April 1 and October 1 of each year. The October 2026 Notes are the direct unsecured obligations of the Company and rank pari passu with our other outstanding and future unsecured unsubordinated indebtedness and are effectively or structurally subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility and the SBA Debentures. As of September 30, 2022, the carrying amount of the October 2026 Notes was $146.9 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of September 30, 2022, the fair value of the October 2026 Notes was $129.7 million. This is a Level 3 fair value measurement under ASC 820 based on a valuation model using a discounted cash flow analysis. The Company recognized interest expense related to the October 2026 Notes, including amortization of deferred issuance costs, of $1.4 million and $2.9 million for the three and six ended September 30, 2022, respectively. For both the three and six months ended September 30, 2021, the Company recognized interest expense of $0.4 million. For both the three and six months ended September 30, 2022, average borrowings were $150.0 million. Since the issuance of the October 2026 Notes on August 27, 2021 through September 30, 2021, average borrowings were $100.0 million. The indenture governing the October 2026 Notes contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the October 2026 Notes and the trustee under the indenture if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the indenture and the fourth supplemental indenture relating to the October 2026 Notes. In addition, holders of the October 2026 Notes can require the Company to repurchase some or all of the October 2026 Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the fourth supplemental indenture relating to the October 2026 Notes. SBA Debentures On April 20, 2021, SBIC I received a license from the SBA to operate as an SBIC under Section 301(c) of the Small Business Investment Act of 1958, as amended. The license allows SBIC I to obtain leverage by issuing SBA Debentures, subject to the issuance of a leverage commitment by the SBA. SBA Debentures are loans issued to an SBIC which have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. Interest on SBA Debentures is payable semi-annually on March 1 and September 1. Current statutes and regulations permit SBIC I to borrow up to $175 million in SBA Debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). On May 25, 2021, SBIC I received a leverage commitment from the SBA in the amount of $40.0 million to be issued on or prior to September 30, 2025. On January 28, 2022, SBIC I received an additional leverage commitment in the amount of $40.0 million to be issued on or prior to September 30, 2026. As of September 30, 2022, SBIC I had regulatory capital of $65.0 million and leverageable capital of $50.0 million. All approved SBA Debenture commitments have been utilized. 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 set forth in the SBA regulations. As of September 30, 2022, the carrying amount of SBA Debentures was $77.6 million on an aggregate principal amount of $80.0 million. As of September 30, 2022, the fair value of the SBA Debentures was $73.8 million. 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 SBA Debentures, which are Level 3 inputs under ASC Topic 820. The Company recognized interest expense and related fees related to SBA Debentures of $0.6 million and $1.0 million for the three and six months ended September 30, 2022, respectively. For the three and six months ended September 30, 2021, the Company recognized interest expense of $46.0 thousand and $53.7 thousand, respectively. The weighted average interest rate on the SBA Debentures was 2.58% and 2.55% for the three and six months ended September 30, 2022, respectively. For the three and six months ended September 30, 2021, the weighted average interest rate on the SBA Debentures was 0.85% and 0.84%, respectively. For the three and six months ended September 30, 2022, average borrowings were $80.0 million and $65.9 million, respectively. Average borrowings for the three and six months ended September 30, 2021 were $9.2 million and $4.6 million, respectively. As of September 30, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate September 30, 2022 9/22/2021 9/1/2031 1.575% $ 15,000 3/23/2022 3/1/2032 3.209% 25,000 9/21/2022 9/1/2032 4.533% 40,000 $ 80,000 (1) The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and have a tax year end of December 31. In order to qualify as a RIC, we must annually distribute at least 90% of our investment company taxable income, as defined by the Code, to our shareholders in a timely manner. Investment company income generally includes net short-term capital gains but excludes net long-term capital gains. A RIC is not subject to federal income tax on the portion of its ordinary income and capital gains that is distributed to its shareholders, including “deemed distributions” as discussed below. As part of maintaining RIC tax treatment, undistributed taxable income and capital gain, which is subject to a 4% non-deductible U.S. federal excise tax, pertaining to a given fiscal year may be distributed up to 12 months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (1) the extended due date of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated. As of September 30, 2022, CSWC qualified for RIC tax treatment. We intend to meet the applicable qualifications to be taxed as a RIC in future periods. However, the Company’s ability to meet certain portfolio diversification requirements of RICs in future years may not be controllable by the Company. The determination of the tax attributes for CSWC’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, any determination made on an interim basis is forward-looking based on currently available facts, rules and assumptions and may not be representative of the actual tax attributes of distributions for a full year. During the quarter ended March 31, 2022, CSWC declared total dividends of $11.8 million, or $0.48 per share. During the quarter ended June 30, 2022, CSWC declared total dividends of $16.6 million, or $0.63 per share ($0.48 per share in regular dividends and $0.15 per share in special dividends). During the quarter ended September 30, 2022, CSWC declared total dividends of $14.3 million, or $0.50 per share. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate on 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 attributes for distributions will generally include both ordinary income and capital gains, but may also include qualified dividends or return of capital. The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the six months ended September 30, 2022 and 2021: Six Months Ended September 30, Reconciliation of RIC Distributable Income 1 2022 2021 Net increase in net assets from operations $ 11,968 $ 10,586 Net unrealized depreciation (appreciation) on investments 8,599 (6,360) Income/gain (expense/loss) recognized for tax on pass-through entities 35 526 (Gain) loss recognized on dispositions (159) 152 Capital loss carryover 2 6,622 — Net operating income - wholly-owned subsidiary (1,568) (3,684) Dividend income from wholly-owned subsidiary 745 — Non-deductible tax expense 251 32 Loss on extinguishment of debt — 13,632 Non-deductible compensation 1,644 1,767 Compensation related book/tax differences (3,583) 2,042 Other book/tax differences 1,434 2,306 Estimated distributable income before deductions for distributions $ 25,988 $ 20,999 1 The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate. 2 At September 30, 2022, the Company had long-term capital loss carryforwards of $23.8 million to offset future capital gains. These capital loss carryforwards are not subject to expiration. A RIC may elect to retain all or a portion of its net capital gains by designating them as a “deemed distribution” to its shareholders and paying a federal tax on the net capital gains for the benefit of its shareholders. Shareholders then report their share of the retained capital gains on their income tax returns as if it had been received and report a tax credit for tax paid on their behalf by the RIC. Shareholders then add the amount of the “deemed distribution” net of such tax to the basis of their shares. In addition, the Taxable Subsidiary holds a portion of one or more of our portfolio investments that are listed on the Consolidated Schedule of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes in accordance with U.S. GAAP, so that our consolidated financial statements reflect our investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit us to hold certain interests in portfolio companies that are organized as limited liability companies, or LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our gross income for U.S. federal income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of a partnership or LLC (or other pass-through entity) portfolio investment would flow through directly to us. To the extent that our income did not consist of investment income, it could jeopardize our ability to qualify as a RIC and therefore cause us to incur significant amounts of U.S. federal income taxes at corporate rates. Where interests in LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, however, the income from those interests is taxed to the Taxable Subsidiary and does not flow through to us, thereby helping us preserve our RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for U.S. federal income tax purposes and may generate an income tax provision as a result of their ownership of the portfolio companies. The income tax provision, or benefit, and the related tax assets and liabilities, if any, are reflected in our Statement of Operations. As of September 30, 2022, the cost of investments held at the RIC for U.S. federal income tax purposes was $1,033.8 million, with such investments having gross unrealized appreciation of $16.7 million and gross unrealized depreciation of $60.6 million, resulting in net unrealized depreciation of $43.9 million. As of September 30, 2022, the cost of investments held at the Taxable Subsidiary for U.S. federal income tax purposes was $27.0 million, with such investments having gross unrealized appreciation of $42.2 million and gross unrealized depreciation of $2.2 million, resulting in net unrealized appreciation of $40.0 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $3.9 million for U.S. federal income tax purposes. The Taxable Subsidiary is not a RIC and is required to pay taxes at the current corporate rate. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on its taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. The Taxable Subsidiary records valuation adjustments related to its investments on a quarterly basis. Deferred taxes related to the unrealized gain/loss on investments are also recorded on a quarterly basis. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Establishing a valuation allowance of a deferred tax asset requires management to make estimates related to expectations of future taxable income. As of September 30, 2022 and March 31, 2022, the Taxable Subsidiary had a deferred tax liability of $8.8 million and $5.7 million, respectively. Based on our assessment of our unrecognized tax benefits, management believes that all benefits will be realized and they do not contain any uncertain tax positions. The following table sets forth the significant components of the deferred tax assets and liabilities as of September 30, 2022 and March 31, 2022 (amounts in thousands): September 30, 2022 March 31, 2022 Deferred tax asset: Net operating loss carryforwards $ — $ — Interest 210 185 Total deferred tax asset 210 185 Deferred tax liabilities: Net unrealized appreciation on investments (7,475) (4,899) Net basis differences in portfolio investments (1,533) (1,033) Total deferred tax liabilities (9,008) (5,932) Total net deferred tax (liabilities) assets $ (8,798) $ (5,747) The income tax provision, or benefit, and the related tax assets and liabilities, generated by CSWC and the Taxable Subsidiary, if any, are reflected in CSWC’s consolidated financial statements. For the three months ended September 30, 2022, we recognized a net income tax provision of $0.5 million, principally consisting of a $0.2 million accrual for U.S. federal excise tax and $0.3 million of tax provision relating to the Taxable Subsidiary. For the six months ended September 30, 2022, we recognized a net income tax provision of $0.7 million, principally consisting of a $0.3 million accrual for U.S. federal excise tax and a $0.4 million tax provision relating to the Taxable Subsidiary. For the three months ended September 30, 2021, we recognized a net income tax provision of $0.3 million, principally consisting of a $0.3 million tax provision relating to the Taxable Subsidiary. For the six months ended September 30, 2021, we recognized net income tax expense of $0.7 million, principally consisting of a $0.7 million tax provision relating to the Taxable Subsidiary. Although we believe our tax returns are correct, the final determination of tax examinations could be different from what was reported on the returns. In our opinion, we have made adequate tax provisions for years subject to examination. Generally, we are currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2019 through December 31, 2021. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY The right to grant restricted stock awards under the Capital Southwest Corporation Restricted Stock Award Plan (the "2010 Plan") terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Company’s Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Employee Restricted Stock Award Plan (the "2021 Employee Plan"), which became effective on July 28, 2021, as part of the compensation package for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. On July 19, 2021, we received an exemptive order that supersedes the prior exemptive order relating to the 2010 Plan (the “Order”) to permit the Company to (i) issue restricted stock as part of the compensation package for its employees in the 2021 Employee Plan, and (ii) withhold shares of the Company’s common stock or purchase shares of the Company’s common stock from the participants to satisfy tax withholding obligations relating to the vesting of restricted stock pursuant to the 2021 Employee Plan. In addition, the Company's Board of Directors and shareholders approved the Capital Southwest Corporation 2021 Non-Employee Director Restricted Stock Plan (the "Non-Employee Director Plan"), which became effective on July 27, 2022, as part of the compensation package for non-employee directors of the Board of Directors. In connection therewith, on May 16, 2022, we received an exemptive order that supersedes the Order (the "Superseding Order") and will cover both employees and non-employee directors of the Board of Directors. The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards: Three Months Ended September 30, 2022 2021 Number of shares repurchased — 182 Aggregate cost of shares repurchased (in thousands) $ — $ 5 Weighted average price per share $ — $ 26.40 Six Months Ended September 30, 2022 2021 Number of shares repurchased 29,673 20,632 Aggregate cost of shares repurchased (in thousands) $ 641 $ 545 Weighted average price per share $ 21.60 $ 26.43 On March 4, 2019, the Company established an "at-the-market" offering (the "Equity ATM Program"), pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock having an aggregate offering price of up to $50,000,000. On February 4, 2020, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $100,000,000 from $50,000,000 and (ii) added two additional sales agents to the Equity ATM Program. On May 26, 2021, the Company (i) increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $250,000,000 from $100,000,000 and (ii) reduced the commission paid to the sales agents for the Equity ATM Program to 1.5% from 2.0% of the gross sales price of shares of the Company's common stock sold through the sales agents pursuant to the Equity ATM Program on and after May 26, 2021. On August 2, 2022, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program to $650,000,000 from $250,000,000. During the three months ended September 30, 2022, the Company sold 1,381,716 shares of its common stock under the Equity ATM Program at a weighted-average price of $19.48 per share, raising $26.9 million of gross proceeds. Net proceeds were $26.5 million after commissions to the sales agents on shares sold. During the six months ended September 30, 2022, the Company sold 3,644,568 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.21 per share, raising $73.7 million of gross proceeds. Net proceeds were $72.6 million after commissions to the sales agents on shares sold. During the three months ended September 30, 2021, the Company sold 1,141,269 shares of its common stock under the Equity ATM Program at a weighted-average price of $26.59 per share, raising $30.3 million of gross proceeds. Net proceeds were $29.9 million after commissions to the sales agents on shares sold. During the six months ended September 30, 2021, the Company sold 2,218,578 shares of its common stock under the Equity ATM Program at a weighted-average price of $26.35 per share, raising $58.5 million of gross proceeds. Net proceeds were $57.6 million after commissions to the sales agents on shares sold. Cumulative to date, the Company has sold 11,822,228 shares of its common stock under the Equity ATM Program at a weighted-average price of $21.75, raising $257.1 million of gross proceeds. Net proceeds were $252.9 million after commissions to the sales agents on shares sold. As of September 30, 2022, the Company has $392.9 million available under the Equity ATM Program. Share Repurchase Program On July 28, 2021, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Exchange Act. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION PLANS | STOCK BASED COMPENSATION PLANS Under the 2010 Plan and the 2021 Employee Plan, a restricted stock award is an award of shares of our common stock, which have full voting and dividend rights but are restricted with regard to sale or transfer. Restricted stock awards are independent of stock grants and are generally subject to forfeiture if employment terminates prior to these restrictions lapsing. Unless otherwise specified in the award agreement, these shares vest in equal annual installments over a four-year period from the grant date and are expensed over the vesting period starting on the grant date. The right to grant restricted stock awards under the 2010 Plan terminated on July 18, 2021, ten years after the date that the 2010 Plan was approved by the Company’s shareholders pursuant to its terms. In connection with the termination of the 2010 Plan, the Company’s Board of Directors and shareholders approved the 2021 Employee Plan as part of the compensation packages for its employees, the terms of which are, in all material respects, identical to the 2010 Plan. The 2021 Employee Plan makes available for issuance 1,200,000 shares of common stock. As of September 30, 2022, there are 1,003,458 shares of common stock available for issuance under the 2021 Employee Plan. In addition, the Company's Board of Directors and shareholders approved the Non-Employee Director Plan as part of the compensation package for non-employee directors of the Board of Directors. Under the Non-Employee Director Plan, at the beginning of each one-year term of service on our Board, each non-employee director will receive a number of shares equivalent to $50,000 based on the market value at the close of the Nasdaq Global Select Market on the date of grant. These shares will vest one year from the date of the grant and are expensed over the one-year term of non-employee directors. The Non-Employee Director Plan makes available for issuance 120,000 shares of common stock. As of September 30, 2022, there are 107,895 shares of common stock available for issuance under the Non-Employee Director Plan. We expense the cost of the restricted stock awards, which is determined to equal the fair value of the restricted stock award at the date of grant on a straight-line basis over the requisite service period. For these purposes, the fair value of the restricted stock award is determined based upon the closing price of our common stock on the date of the grant. During the three months ended September 30, 2022 and 2021, we recognized total share based compensation expense of $1.1 million (of which $35.5 thousand was related to restricted stock issued to non-employee directors) and $0.9 million, respectively, related to the restricted stock issued. During the six months ended September 30, 2022 and 2021, we recognized total share based compensation expense of $1.9 million (of which $35.5 thousand was related to restricted stock issued to non-employee directors) and $2.0 million, respectively, related to the restricted stock issued. During the three months ended June 30, 2021, the Company modified restricted stock awards to accelerate vesting of the unvested awards as of the separation date for one employee. The Company accounted for this as a modification of awards and recognized incremental compensation cost of $0.6 million. The incremental compensation cost is measured as the excess of the fair value of the modified award over the fair value of the original award immediately before its terms were modified and recognized as compensation cost on the date of modification for vested awards. As of September 30, 2022, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $9.1 million, which will be amortized over the weighted-average vesting period of approximately 2.6 years. The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of September 30, 2022: Weighted Average Weighted Average Fair Value Per Remaining Vesting Restricted Stock Awards Number of Shares Share at grant date Term (in Years) Unvested at March 31, 2022 395,993 $ 21.48 2.4 Granted 199,042 21.25 3.7 Vested (93,677) 20.90 0 Forfeited (2,500) 23.81 0 Unvested at September 30, 2022 498,858 $ 21.48 2.6 The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of September 30, 2022: Weighted Average Weighted Average Fair Value Per Remaining Vesting Restricted Stock Awards Number of Shares Share at grant date Term (in Years) Unvested at March 31, 2022 — $ — 0 Granted 12,105 20.66 0.9 Vested — — 0 Forfeited — — 0 Unvested at September 30, 2022 12,105 $ 20.66 0.9 |
OTHER EMPLOYEE COMPENSATION
OTHER EMPLOYEE COMPENSATION | 6 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
OTHER EMPLOYEE COMPENSATION | OTHER EMPLOYEE COMPENSATIONWe established a 401(k) plan (“401K Plan”) effective October 1, 2015. All full-time employees are eligible to participate in the 401K Plan. The 401K Plan permits employees to defer a portion of their total annual compensation up to the Internal Revenue Service annual maximum based on age and eligibility. We made contributions to the 401K Plan of up to 4.5% of the Internal Revenue Service’s annual maximum eligible compensation, all of which is fully vested immediately. During the three months ended September 30, 2022 and 2021, we made matching contributions of approximately $31.4 thousand and $33.1 thousand, respectively. During the six months ended September 30, 2022 and 2021, we made matching contributions of approximately $129.6 thousand and $108.0 thousand, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Because commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Additionally, our commitment to fund delayed draw term loans generally is triggered upon the satisfaction of certain pre-negotiated terms and conditions, such as meeting certain financial performance hurdles or financial covenants, which may limit a borrower's ability to draw on such delayed draw term loans. The balances of unused commitments to extend financing as of September 30, 2022 and March 31, 2022 were as follows (amounts in thousands): September 30, March 31, Portfolio Company 2022 2022 Revolving Loans 360 Quote TopCo, LLC $ 2,250 $ — Acceleration, LLC 4,250 — Air Conditioning Specialist, Inc. 1,000 1,000 American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.) 124 117 ArborWorks, LLC 1,000 3,000 ATS Operating, LLC 2,500 1,500 Cadmium, LLC — 308 Catbird NYC, LLC 4,000 4,000 Central Medical Supply LLC 1,200 1,200 Dynamic Communities, LLC 500 500 Fast Sandwich, LLC — 3,100 GrammaTech, Inc. 2,500 2,500 GS Operating, LLC — 1,540 Gulf Pacific Acquisition, LLC 1,010 — ISI Enterprises, LLC 1,200 1,200 ITA Holdings Group, LLC 1,200 1,250 Klein Hersh, LLC — 938 Lash OpCo, LLC 302 481 Lighting Retrofit International, LLC (DBA Envocore) 1,458 2,083 Lightning Intermediate II, LLC 1,528 — Mako Steel LP 1,038 943 Microbe Formulas LLC 1,627 — Muenster Milling Company, LLC 5,000 5,000 NeuroPsychiatric Hospitals, LLC 600 600 NinjaTrader, Inc. 2,500 2,500 NWN Parent Holdings, LLC 990 1,380 Opco Borrower, LLC (DBA Giving Home Health Care) 500 — Outerbox, LLC 2,000 — Pipeline Technique Ltd. 3,333 — Roof OpCo, LLC 3,056 3,056 Roseland Management, LLC 1,425 1,425 RTIC Subsidiary Holdings LLC 356 — September 30, March 31, Portfolio Company 2022 2022 Shearwater Research, Inc. 2,446 2,446 SIB Holdings, LLC 318 655 South Coast Terminals LLC 1,935 1,935 Spotlight AR, LLC 2,000 2,000 Student Resource Center, LLC 1,333 1,333 Systec Corporation (DBA Inspire Automation) 1,800 1,150 Versicare Management LLC 2,500 — Wall Street Prep, Inc. 1,000 1,000 Well-Foam, Inc. 2,500 4,500 Winter Services Operations, LLC 4,444 2,000 Zenfolio Inc. — 1,000 Total Revolving Loans 68,723 57,640 Delayed Draw Term Loans Acceleration, LLC 5,000 — Central Medical Supply LLC 1,400 1,400 CityVet Inc. — 7,000 Flip Electronics, LLC 1,409 2,818 FoodPharma Subsidiary Holdings, LLC — 5,470 GS Operating, LLC — 3,205 Gulf Pacific Acquisition, LLC 1,515 — Infolinks Media Buyco, LLC 2,250 2,250 KMS, LLC 2,286 4,571 Lash OpCo, LLC — 2,846 Muenster Milling Company, LLC 6,000 6,000 NeuroPsychiatric Hospitals, LLC 10,000 10,000 NinjaTrader, Inc. 4,692 4,692 Roof OpCo, LLC — 4,644 Shearwater Research, Inc. 3,262 3,262 SIB Holdings, LLC — 1,871 Systec Corporation (DBA Inspire Automation) 3,000 3,000 US CourtScript Holdings, Inc. 10,000 — Versicare Management LLC 5,000 — Winter Services Operations, LLC 4,444 4,444 Zips Car Wash, LLC - B — 3,801 Total Delayed Draw Term Loans 60,258 71,274 Other Catbird NYC, LLC 125 125 Infolinks Media Buyco, LLC 412 412 I-45 SLF LLC 4,800 4,800 Total Other 5,337 5,337 Total unused commitments to extend financing $ 134,318 $ 134,251 As of September 30, 2022, total revolving and delayed draw loan commitments included commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2022, the Company had $0.9 million in letters of credit issued and outstanding under these commitments on behalf of portfolio companies. For all of these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. Of these letters of credit, $0.4 million expire in February 2023, $0.2 million expire in April 2023, and $0.3 million expire in August 2023. As of September 30, 2022, none of the letters of credit issued and outstanding were recorded as a liability on the Company's balance sheet as such letters of credit are considered in the valuation of the investments in the portfolio company. Effective April 1, 2019, ASC 842 required that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. The Company previously had an operating lease for its office space that commenced October 1, 2014 and expired February 28, 2022. In March 2021, the Company executed an agreement to lease new office space that commenced on February 1, 2022 and expires September 30, 2032. The Company identified the foregoing as an operating lease. ASC 842 indicates that a right-of-use asset and lease liability should be recorded based on the effective date. As such, CSWC recorded a right-of-use asset, which is included in other assets on the Consolidated Statements of Assets and Liabilities, and a lease liability, which is included in other liabilities on the Consolidated Statements of Assets and Liabilities, as of February 1, 2022. The Company has recorded lease expense on a straight-line basis. Total lease expense incurred for the three and six months ended September 30, 2022 was $63.1 thousand and $126.1 thousand, respectively. As of September 30, 2022, the asset related to the operating lease was $2.0 million and the lease liability was $3.0 million. As of September 30, 2022, the remaining lease term was 10.0 years and the discount rate was 5.89%. The following table shows future minimum payments under the Company's operating leases as of September 30, 2022 (in thousands): Year ending March 31, Rent Commitment 2023 $ 167 2024 406 2025 416 2026 426 2027 436 Thereafter 2,578 Total $ 4,429 Contingencies We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. To our knowledge, we have no currently pending material legal proceedings to which we are party or to which any of our assets are subject. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS As a BDC, we are obligated under the 1940 Act to make available to our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us will vary according to the particular needs of each portfolio company. During each of the three and six months ended September 30, 2022 and 2021, we did not receive any management fees from our portfolio companies. Additionally, as of September 30, 2022 and March 31, 2022, we had dividends receivable from I-45 SLF LLC of $2.0 million and $1.9 million, respectively, which were included in dividends and interest receivables on the Consolidated Statements of Assets and Liabilities. |
SUMMARY OF PER SHARE INFORMATIO
SUMMARY OF PER SHARE INFORMATION | 6 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
SUMMARY OF PER SHARE INFORMATION | SUMMARY OF PER SHARE INFORMATION The following presents a summary of per share data for the three and six months ended September 30, 2022 and 2021 (share amounts presented in thousands). Three Months Ended Six Months Ended September 30, September 30, Per Share Data: 2022 2021 2022 2021 Investment income 1 $ 0.96 $ 0.90 $ 1.84 $ 1.78 Operating expenses 1 (0.42) (0.45) (0.81) (0.89) Income taxes 1 (0.02) (0.02) (0.02) (0.03) Net investment income 1 0.52 0.43 1.01 0.86 Net realized (loss) gain, net of tax 1 (0.31) 0.16 (0.24) 0.11 Net unrealized appreciation (depreciation) on investments, net of tax 1 0.13 (0.03) (0.32) 0.29 Realized loss on extinguishment of debt 1 — (0.76) — (0.78) Total increase (decrease) from investment operations 0.34 (0.20) 0.45 0.48 Accretive effect of share issuances and repurchases 0.13 0.47 0.39 0.95 Dividends to shareholders (0.50) (0.54) (1.13) (1.07) Issuance of restricted stock 1,2 (0.01) — (0.14) (0.10) Common stock withheld for payroll taxes upon vesting of restricted stock — — (0.01) (0.01) Share based compensation expense 0.04 0.04 0.07 0.09 Other 3 (0.01) 0.01 0.04 0.01 (Decrease) increase in net asset value (0.01) (0.22) (0.33) 0.35 Net asset value Beginning of period 16.54 16.58 16.86 16.01 End of period $ 16.53 $ 16.36 $ 16.53 $ 16.36 Ratios and Supplemental Data Ratio of operating expenses to average net assets 4 2.58 % 2.72 % 4.88 % 5.37 % Ratio of net investment income to average net assets 4 3.15 % 2.58 % 6.03 % 5.20 % Portfolio turnover 2.97 % 8.43 % 9.01 % 9.66 % Total investment return 4,5 (5.32) % 10.72 % (24.06) % 18.66 % Total return based on change in NAV 4,6 2.96 % 1.93 % 4.74 % 8.87 % Per share market value at the end of the period $ 16.94 $ 25.18 $ 16.94 $ 25.18 Weighted-average basic and diluted shares outstanding 27,988 22,534 26,757 21,872 Common shares outstanding at end of period 28,782 23,341 28,782 23,341 1 Based on weighted average of common shares outstanding for the period. 2 Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period. 3 Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity. 4 Not annualized. 5 Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor. 6 Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized |
SIGNIFICANT SUBSIDIARIES
SIGNIFICANT SUBSIDIARIES | 6 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
SIGNIFICANT SUBSIDIARIES | SIGNIFICANT SUBSIDIARIES I-45 SLF LLC In September 2015, we entered into a limited liability company agreement with Main Street Capital Corporation ("Main Street") to form I-45 SLF LLC (the "Initial I-45 LLC Agreement"). I-45 SLF LLC began investing in UMM syndicated senior secured loans during the quarter ended December 31, 2015. The initial equity capital commitment to I-45 SLF LLC totaled $85.0 million, consisting of $68.0 million from CSWC and $17.0 million from Main Street. On April 30, 2020, pursuant to the terms of the Initial I-45 LLC Agreement, each of CSWC and Main Street made an additional equity capital commitment of $12.8 million and $3.2 million, respectively, which resulted in a total equity capital commitment to I-45 SLF LLC of $80.8 million and $20.2 million, respectively. On March 11, 2021, the Company and Main Street entered into the Second Amended and Restated Limited Liability Company Operating Agreement (the "Amendment"), which increased the current profits interest that is allocated to the Company on a pro rata basis from (a) 75.6% to (b) an amount equal to: (i) 76.2625% as of the date of the Amendment through the quarter ended March 31, 2021; (ii) 76.925% for quarter ended June 30, 2021; (iii) 77.5875% for the quarter ended September 30, 2021; and (iv) 78.25% for the quarter ended December 31, 2021 and periods thereafter. On March 25, 2021, I-45 SLF LLC declared a return of capital dividend to its members in the amount of $10.0 million. As of September 30, 2022, total funded equity capital totaled $95.0 million, consisting of $76.0 million from CSWC and $19.0 million from Main Street. CSWC owns 80% of I-45 SLF LLC and has a current profits interest of 78.25%, while Main Street owns 20% and has a current profits interest of 21.75%. I-45 SLF LLC's Board of Managers makes all investment and operational decisions for the fund, and consists of equal representation from CSWC and Main Street. As of September 30, 2022 and March 31, 2022, I-45 SLF LLC had total assets of $176.4 million and $189.1 million, respectively. I-45 SLF LLC had approximately $168.6 million and $176.7 million of total investments at fair value as of September 30, 2022 and March 31, 2022, respectively. The portfolio companies in I-45 SLF LLC are in industries similar to those in which CSWC may invest directly. During the three months ended September 30, 2022, I-45 SLF LLC declared a total dividend of $2.6 million of which $2.0 million was paid to CSWC in October 2022. Additionally, I-45 SLF LLC closed on a $75.0 million 5-year senior secured credit facility (the “I-45 credit facility”) in November 2015. The I-45 credit facility includes an accordion feature which will allow I-45 SLF LLC to achieve leverage of approximately 2x debt-to-equity. Borrowings under the I-45 credit facility are secured by all of the assets of I-45 SLF LLC and bear interest at a rate equal to LIBOR plus 2.5% per annum. During the year ended March 31, 2017, I-45 SLF LLC increased debt commitments outstanding by an additional $90.0 million by adding three additional lenders to the syndicate, bringing total debt commitments to $165.0 million. In July 2017, the I-45 credit facility was amended to extend the maturity to July 2022. Additionally, the amendment reduced the interest rate on borrowings to LIBOR plus 2.4% per annum. In November 2019, the I-45 credit facility was amended to extend the maturity to November 2024 and to reduce the interest rate on borrowings to LIBOR plus 2.25% per annum. On April 30, 2020, the I-45 credit facility was amended to permanently reduce the I-45 credit facility amount through a prepayment of $15.0 million and to change the minimum utilization requirements. In March 2021, the I-45 credit facility was amended to extend the maturity to March 25, 2026 and to reduce the interest rate on borrowings to LIBOR plus 2.15%. Under the I-45 credit facility, $110.0 million has been drawn as of September 30, 2022. Below is certain summarized financial information for I-45 SLF LLC as of September 30, 2022 and March 31, 2022 and for the three and six months ended September 30, 2022 and 2021 (amounts in thousands): September 30, 2022 March 31, 2022 Selected Balance Sheet Information: Investments, at fair value (cost $188,101 and $187,714) $ 168,599 $ 176,704 Cash and cash equivalents 5,620 9,949 Accounts receivable 193 123 Deferred financing costs and other assets 1,037 1,518 Interest receivable 937 850 Total assets $ 176,386 $ 189,144 Senior credit facility payable $ 110,000 $ 114,500 Other liabilities 2,764 2,596 Total liabilities $ 112,764 $ 117,096 Members’ equity 63,622 72,048 Total liabilities and members' equity $ 176,386 $ 189,144 Three Months Ended Six Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Selected Statement of Operations Information: Total revenues $ 4,292 $ 3,026 $ 7,569 $ 6,148 Total expenses (1,739) (921) (3,058) (2,018) Net investment income 2,553 2,105 4,511 4,130 Net unrealized depreciation (1,060) (1,261) (8,491) (1,198) Net realized gains (losses) 13 (896) 71 173 Net increase (decrease) in members’ equity resulting from operations $ 1,506 $ (52) $ (3,909) $ 3,105 Below is a summary of I-45 SLF LLC’s portfolio, followed by a listing of the individual loans in I-45 SLF LLC’s portfolio as of September 30, 2022 and March 31, 2022 (in thousands): I-45 SLF LLC Loan Portfolio as of September 30, 2022 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost Fair Value 2 AAC New Holdco Inc. Healthcare services First Lien 6/25/2025 18.00% PIK $ 2,045 $ 2,045 $ 2,004 304,075 shares common stock — — — 1,449 928 Warrants (Expiration - December 11, 2025) — — — 482 309 ADS Tactical, Inc. Aerospace & defense First Lien 3/19/2026 L+5.75% (Floor 1.00%) 6,226 6,129 5,755 American Teleconferencing Services, Ltd. 3 Telecommunications Revolving Loan 12/16/2022 P+5.50% (Floor 2.00%) 1,023 1,017 58 First Lien 6/8/2023 P+5.50% (Floor 2.00%) 5,598 5,566 315 ATX Networks (Toronto) Corporation Technology products & components First Lien 9/1/2026 L+7.50%, (Floor 1.00%) 2,308 2,302 2,250 Senior Subordinated Debt 9/1/2028 10.00% PIK 1,136 1,136 846 196 Class A units — — — — — Burning Glass Intermediate Holding Company, Inc. Software & IT services Revolving Loan 4 6/10/2028 L+5.00% (Floor 1.00%) 99 93 93 First Lien 6/10/2028 L+5.00% (Floor 1.00%) 3,173 3,126 3,173 Corel Inc. Software & IT services First Lien 7/2/2026 L+5.00% 6,621 6,473 6,158 Emerald Technologies (U.S.) Acquisitionco, Inc. Technology products & components First Lien 12/29/2027 SOFR +6.25% (Floor 1.00%) 4,542 4,482 4,372 Evergreen AcqCo 1 LP Consumer products & retail First Lien 4/26/2028 L+5.50% (Floor 0.75%) 8,138 8,026 7,853 Evergreen North America Acquisitions, LLC Industrial services First Lien 8/13/2026 L+6.75% (Floor 1.00%) 6,706 6,597 6,706 Geo Parent Corporation Building & infrastructure products First Lien 12/19/2025 L+5.25% 6,805 6,774 6,668 Infogain Corporation Software & IT services First Lien 7/28/2028 SOFR+5.75% (Floor 1.00%) 4,760 4,697 4,674 InfoGroup Inc. Software & IT services First Lien 4/3/2023 L+5.00% (Floor 1.00%) 2,835 2,832 2,727 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost Fair Value 2 Integro Parent Inc. Business services First Lien 5/8/2023 SOFR+12.50% PIK (Floor 1.00%) 381 381 347 Intermedia Holdings, Inc. Software & IT services First Lien 7/21/2025 L+6.00% (Floor 1.00%) 6,642 6,587 5,828 Inventus Power, Inc. Technology products & components First Lien 3/29/2024 SOFR+5.00% (Floor 1.00%) 6,895 6,859 6,826 INW Manufacturing, LLC Food, agriculture, & beverage First Lien 3/25/2027 L+5.75% (Floor 0.75%) 2,850 2,780 2,522 Isagenix International, LLC 3 Consumer products & retail First Lien 6/14/2025 L+7.75% (Floor 1.00%) 1,650 1,641 713 KORE Wireless Group Inc. Telecommunications First Lien 12/20/2024 L+5.50% 5,626 5,608 5,563 Lab Logistics, LLC Healthcare services First Lien 9/25/2023 SOFR+7.25% (Floor 1.00%) 10,099 10,033 10,099 Lash OpCo, LLC Consumer products & retail First Lien 3/18/2026 L+7.00% (Floor 1.00%) 6,144 6,016 6,008 Lift Brands, Inc. Consumer services Tranche A 6/29/2025 L+7.50% (Floor 1.00%) 2,489 2,489 2,415 Tranche B 6/29/2025 9.50% 592 592 533 Tranche C 6/29/2025 — 565 565 508 1,051 shares common stock — — — 749 553 Lightbox Intermediate, L.P. Software & IT services First Lien 5/9/2026 L+5.00% 6,912 6,860 6,670 LOGIX Holdings Company, LLC Telecommunications First Lien 12/23/2024 L+5.75% (Floor 1.00%) 4,443 4,428 4,055 Mills Fleet Farm Group LLC Consumer products & retail First Lien 10/24/2024 L+6.25% (Floor 1.00%) 4,491 4,454 4,401 National Credit Care Consumer services First Lien - Term Loan A 12/23/2026 L+6.50% (Floor 1.00%) 2,227 2,189 2,212 First Lien - Term Loan B 12/23/2026 L+7.50% (Floor 1.00%) 2,227 2,188 2,212 NBG Acquisition, Inc. Wholesale First Lien 4/26/2024 L+5.50% (Floor 1.00%) 2,625 2,609 1,247 NinjaTrader, Inc. Financial services First Lien 12/18/2024 L+6.25% (Floor 1.00%) 5,000 4,923 5,000 NorthStar Group Services, Inc. Environmental services First Lien 11/12/2026 L+5.50% (Floor 1.00%) 2,923 2,910 2,860 Research Now Group, Inc. Business services First Lien 12/20/2024 L+5.50% (Floor 1.00%) 5,905 5,858 5,361 Retail Services WIS Corporation Business services First Lien 5/20/2025 L+7.75% (Floor 1.00%) 2,902 2,861 2,844 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost Fair Value 2 SIB Holdings, LLC Business services First Lien 10/29/2026 L+6.25% (Floor 1.00%) 2,985 2,935 2,943 Stellant Midco, LLC Aerospace & defense First Lien 10/2/2028 SOFR+5.50% (Floor 0.75%) 2,277 2,257 2,175 Tacala, LLC Consumer products & retail First Lien 2/5/2027 L+3.50% (Floor 0.75%) 995 950 932 Second Lien 2/4/2028 L+7.50% (Floor 0.75%) 6,000 5,955 5,520 TEAM Services Group, LLC Healthcare services First Lien 12/20/2027 L+5.00% (Floor 1.00%) 6,654 6,612 6,421 UniTek Global Services, Inc. Telecommunications First Lien 8/20/2024 SOFR+5.50%, 2.00% PIK (Floor 1.00%) 2,843 2,833 2,680 U.S. TelePacific Corp. Telecommunications First Lien 5/1/2026 SOFR+1.00%, 7.25% PIK (Floor 1.00%) 5,432 5,432 2,363 Veregy Consolidated, Inc. Environmental services First Lien 11/3/2027 L+6.00% (Floor 1.00%) 1,965 1,961 1,872 Vida Capital, Inc. Financial services First Lien 10/1/2026 L+6.00% 3,415 3,381 2,675 Wahoo Fitness Acquisition, LLC Consumer products & retail First Lien 8/14/2028 SOFR+5.75% (Floor 1.00%) 4,906 4,778 3,312 YS Garments, LLC Consumer products & retail First Lien 8/9/2024 L+5.50% (Floor 1.00%) 4,219 4,201 4,040 Total Investments $ 188,101 $ 168,599 1 Represents the interest rate as of September 30, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”) or Secured Overnight Financing Rate ("SOFR"), which reset daily, monthly, quarterly, or semiannually. For each investment, the Company has provided the spread over LIBOR, Prime, or SOFR in effect at September 30, 2022. Certain investments are subject to an interest rate floor. 2 Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. 3 Investment is on non-accrual status as of September 30, 2022, meaning the Company has ceased to recognize interest income on the investment. 4 The investment has approximately $0.3 million in an unfunded revolving loan commitment as of September 30, 2022. I-45 SLF LLC Loan Portfolio as of March 31, 2022 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost 2 Fair Value 3 AAC New Holdco Inc. Healthcare services First Lien 6/25/2025 10.00%, 8.00% PIK $ 1,899 $ 1,899 $ 1,833 304,075 shares common stock — — — 1,449 1,449 Warrants (Expiration - December 11, 2025) — — — 482 482 ADS Tactical, Inc. Aerospace & defense First Lien 3/19/2026 L+5.75% (Floor 1.00%) 6,394 6,283 6,133 American Teleconferencing Services, Ltd. 4 Telecommunications Revolving Loan 6/30/2022 P+5.50% 1,027 1,021 64 First Lien 6/8/2023 P+5.50% 5,598 5,566 308 ATX Networks (Toronto) Corporation Technology products & components First Lien 9/1/2026 L+7.50% (Floor 1.00%) 2,617 2,610 2,499 Senior Subordinated Debt 9/1/2028 10.00% PIK 1,081 1,081 729 196 Class A units — — — — — Burning Glass Intermediate Holding Company, Inc. Software & IT services Revolving Loan 5 6/10/2028 L+5.00% (Floor 1.00%) 74 67 67 First Lien 6/10/2028 L+5.00% (Floor 1.00%) 3,189 3,140 3,189 Corel, Inc. Software & IT services First Lien 7/2/2026 L+5.00% 6,803 6,650 6,805 Emerald Technologies (U.S.) Acquisitionco, Inc. Technology products & components First Lien 12/29/2027 SOFR +6.25% (Floor 1.00%) 3,125 3,063 3,078 Evergreen AcqCo 1 LP Consumer products & retail First Lien 4/26/2028 L+5.50% (Floor 0.75%) 4,179 4,142 4,158 Evergreen North America Acquisitions, LLC Industrial services First Lien 8/13/2026 L+6.75% (Floor 1.00%) 6,740 6,623 6,740 Geo Parent Corporation Building & infrastructure products First Lien 12/19/2025 L+5.25% 6,840 6,809 6,806 GS Operating, LLC Distribution First Lien 1/3/2028 SOFR +6.00% (Floor 0.75%) 4,988 4,891 4,988 Infogain Corporation Software & IT services First Lien 7/28/2028 L+5.75% (Floor 1.00%) 4,784 4,719 4,769 InfoGroup Inc. Software & IT services First Lien 4/3/2023 L+5.00% (Floor 1.00%) 2,850 2,845 2,704 Integro Parent Inc. Business services First Lien 10/28/2022 L+5.75% (Floor 1.00%) 3,217 3,209 3,043 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost 2 Fair Value 3 Intermedia Holdings, Inc. Software & IT services First Lien 7/21/2025 L+6.00% (Floor 1.00%) 5,677 5,659 5,638 Inventus Power, Inc. Technology products & components First Lien 3/29/2024 SOFR +5.00% (Floor 1.00%) 6,930 6,884 6,791 INW Manufacturing, LLC Food, agriculture, & beverage First Lien 3/25/2027 L+5.75% (Floor 0.75%) 2,925 2,867 2,867 Isagenix International, LLC Consumer products & retail First Lien 6/14/2025 L+5.75% (Floor 1.00%) 1,685 1,677 1,088 KORE Wireless Group Inc. Telecommunications First Lien 12/20/2024 L+5.50% 4,658 4,639 4,640 Lab Logistics, LLC Healthcare services First Lien 9/25/2023 L+7.25% (Floor 1.00%) 6,242 6,213 6,242 Lash OpCo, LLC Consumer products & retail First Lien 3/18/2026 L+7.00% (Floor 1.00%) 4,988 4,881 4,878 Delayed Draw Term Loan 6 3/18/2026 L+7.00% (Floor 1.00%) 1,187 1,152 1,161 Lift Brands, Inc. Consumer services Tranche A 6/29/2025 L+7.50% (Floor 1.00%) 2,502 2,502 2,252 Tranche B 6/29/2025 9.50% PIK 583 583 437 Tranche C 6/29/2025 — 565 564 423 1,051 shares common stock — — — 749 749 Lightbox Intermediate, L.P. Software & IT services First Lien 5/9/2026 L+5.00% 4,948 4,914 4,874 LOGIX Holdings Company, LLC Telecommunications First Lien 12/23/2024 L+5.75% (Floor 1.00%) 5,826 5,807 5,491 Mills Fleet Farm Group LLC Consumer products & retail First Lien 10/24/2024 L+6.25% (Floor 1.00%) 4,623 4,584 4,623 National Credit Care, LLC Consumer services First Lien - Term Loan A 12/23/2026 L+6.50% (Floor 1.00%) 2,500 2,453 2,483 First Lien - Term Loan B 12/23/2026 L+7.50% (Floor 1.00%) 2,500 2,453 2,483 NBG Acquisition, Inc. Wholesale First Lien 4/26/2024 L+5.50% (Floor 1.00%) 2,663 2,647 1,807 NinjaTrader, Inc. Financial services First Lien 12/18/2024 L+6.25% (Floor 1.00%) 5,000 4,908 5,000 NorthStar Group Services, Inc. Environmental services First Lien 11/9/2026 L+5.50% (Floor 1.00%) 2,961 2,948 2,950 Research Now Group, Inc. Business services First Lien 12/20/2024 L+5.50% (Floor 1.00%) 4,936 4,936 4,861 Retail Services WIS Corporation Business services First Lien 5/20/2025 L+7.75% (Floor 1.00%) 2,959 2,912 2,914 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost 2 Fair Value 3 SIB Holdings, LLC Business services First Lien 10/29/2026 L+6.00% (Floor 1.00%) 3,000 2,945 2,958 Stellant Midco, LLC Aerospace & defense First Lien 10/2/2028 L+5.50% (Floor 0.75%) 2,289 2,267 2,254 Tacala, LLC Consumer products & retail Second Lien 2/7/2028 L+7.50% (Floor 0.75%) 5,000 4,991 4,944 TEAM Services Group, LLC Healthcare services First Lien 12/20/2027 L+5.00% (Floor 1.00%) 6,687 6,644 6,637 TestEquity, LLC Capital equipment First Lien 4/28/2022 L+6.25% (Floor 1.00%) 3,805 3,804 3,805 First Lien - Term Loan B 4/28/2022 L+6.25% (Floor 1.00%) 942 942 942 UniTek Global Services, Inc. Telecommunications First Lien 8/20/2024 L+5.50%, 2.00% PIK (Floor 1.00%) 2,814 2,802 2,627 U.S. TelePacific Corp. Telecommunications First Lien 5/1/2026 L+1.00%, 7.25% PIK (Floor 1.00%) 5,239 5,239 3,714 Veregy Consolidated, Inc. Environmental services First Lien 11/3/2027 L+6.00% (Floor 1.00%) 1,975 1,970 1,936 Vida Capital, Inc. Financial services First Lien 10/1/2026 L+6.00% 3,565 3,531 3,283 Wahoo Fitness Acquisition, LLC Consumer products & retail First Lien 8/14/2028 L+5.75% (Floor 1.00%) 4,969 4,833 4,869 YS Garments, LLC Consumer products & retail First Lien 8/9/2024 L+5.50% (Floor 1.00%) 4,282 4,265 4,239 Total Investments $ 187,714 $ 176,704 1 Represents the interest rate as of March 31, 2022. All interest rates are payable in cash, unless otherwise noted. The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“Prime”) which reset daily, monthly, quarterly, or semiannually. For each, the Company has provided the spread over LIBOR, SOFR or Prime in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest. 2 Represents amortized cost. 3 Represents the fair value determined utilizing a similar process as the Company in accordance with ASC 820. However, the determination of such fair value is determined by the Board of Managers of I-45 SLF LLC. It is not included in the Company’s Board of Directors’ valuation process described elsewhere herein. 4 Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment. 5 The investment has approximately $0.3 million in an unfunded revolving loan commitment as of March 31, 2022. 6 The investment has approximately $0.8 million in an unfunded delayed draw term loan commitment as of March 31, 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn October 26, 2022, the Board of Directors declared a supplemental dividend of $0.05 per share for the quarter ending December 31, 2022. The record date for the supplemental dividend is December 15, 2022. The payment date for the supplemental dividend is December 30, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). We meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 – Financial Services – Investment Companies (“ASC 946”) . Under rules and regulations applicable to investment companies, we are generally precluded from consolidating any entity other than another investment company, subject to certain exceptions. One of the exceptions to this general principle occurs if the investment company has an investment in an operating company that provides services to the investment company. Accordingly, the consolidated financial statements include the Taxable Subsidiary. The consolidated financial statements are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of our management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of consolidated financial statements for the interim periods included herein. The results of operations for the three and six months ended September 30, 2022 are not necessarily indicative of the operating results to be expected for the full fiscal year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal years ended March 31, 2022 and 2021. Consolidated financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. |
Investments | Portfolio Investment Classification We classify our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, “Control Investments” are generally defined as investments in which we own more than 25% of the voting securities; “Affiliate Investments” are generally defined as investments in which we own between 5% and 25% of the voting securities, and the investments are not classified as “Control Investments”; and “Non-Control/Non-Affiliate Investments” are generally defined as investments that are neither “Control Investments” nor “Affiliate Investments.” Under the 1940 Act, a BDC must meet certain requirements, including investing at least 70% of its total assets in qualifying assets. As of September 30, 2022, the Company has 87.1% of its assets in qualifying assets. The principal categories of qualifying assets relevant to our business are: (1) Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an "eligible portfolio company," or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the Securities and Exchange Commission ("SEC"). (2) Securities of any eligible portfolio company that we control. (3) Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. (4) Securities of an eligible portfolio company purchased from any person in a private transaction if there is no readily available market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company. (5) Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities. (6) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. Additionally, in order to qualify for RIC tax treatment for U.S. federal income tax purposes, we must, among other things meet the following requirements: (1) Continue to maintain our election as a BDC under the 1940 Act at all times during each taxable year. (2) Derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities, loans, gains from the sale of stock or other securities, net income from certain "qualified publicly traded partnerships," or other income derived with respect to our business of investing in such stock or securities. (3) Diversify our holdings in accordance with two Diversification Requirements: (a) Diversify our holdings such that at the end of each quarter of the taxable year at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and such other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (b) Diversify our holdings such that no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer, (ii) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of certain "qualified publicly traded partnerships" (collectively, the "Diversification Requirements"). The two Diversification Requirements must be satisfied quarterly. If a RIC satisfies the Diversification Requirements for one quarter, and then, due solely to fluctuations in market value, fails to meet one of the Diversification Requirements in the next quarter, it retains RIC tax treatment. A RIC that fails to meet the Diversification Requirements as a result of a nonqualified acquisition may be subject to excess taxes unless the nonqualified acquisition is disposed of and the Diversification Requirements are satisfied within 30 days of the close of the quarter in which the Diversification Requirements are failed. Investments Investments are stated at fair value and are reviewed and approved by our Board of Directors as described in the Notes to the Consolidated Schedule of Investments and Notes 3 and 4 below. Investments are recorded on a trade date basis. Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses. Investment Valuation Process The valuation process is led by the finance department in conjunction with the investment team. The process includes a quarterly review of each investment by our executive officers and investment team. Valuations of each portfolio security are prepared quarterly by the finance department using updated financial and other operational information collected by the investment team. Each investment valuation is then subject to review by the executive officers and investment team. In conjunction with the internal valuation process, we have also engaged multiple independent consulting firms specializing in financial due diligence, valuation, and business advisory services to provide third-party valuation reviews of certain investments. The third-party valuation firms provide a range of values for selected investments, which is presented to CSWC’s executive officers and then subsequently to the Board of Directors. CSWC also uses a standard internal investment rating system in connection with its investment oversight, portfolio management, and investment valuation procedures for its debt portfolio. This system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein. There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. While management believes our valuation methodologies are appropriate and consistent with market participants, the recorded fair values of our investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. The Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of CSWC’s investments in accordance with the 1940 Act. |
Fair Value Measurements | Fair Value Measurements We account for substantially all of our financial instruments at fair value in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 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. ASC 820 requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. We believe that the carrying amounts of our financial instruments such as cash, receivables and payables approximate the fair value of these items due to the short maturity of these instruments. This is considered a Level 1 valuation technique. The carrying value of our credit facility approximates fair value (Level 3 input). See Note 4 below for further discussion regarding the fair value measurements and hierarchy. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents, which consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase, are carried at cost, which approximates fair value. Cash may be held in a money market fund from time to time, which is a Level 1 security. Cash and cash equivalents includes deposits at financial institutions. We deposit our cash balances in financial institutions and, at times, such balances may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. At September 30, 2022 and March 31, 2022, cash balances totaling $29.0 million and $10.2 million, respectively, exceeded FDIC insurance limits, subjecting us to risk related to the uninsured balance. All of our cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. |
Segment Information | Segment Information We operate and manage our business in a singular segment. As an investment company, we invest in portfolio companies in various industries and geographic areas as discussed in Note 3. |
Consolidation | Consolidation As permitted under Regulation S-X and ASC 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to CSWC. Accordingly, we consolidate the results of CSWC’s wholly-owned Taxable Subsidiary and SBIC I. All intercompany balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have identified investment valuation and revenue recognition as our most critical accounting estimates. |
Interest Income | Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2022, investments on non-accrual status represented approximately 0.9% of our total investment portfolio's fair value and approximately 2.3% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost. To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and six months ended September 30, 2022, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and six months ended September 30, 2021, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. Payment-in-Kind Interest The Company currently holds, and expects to hold in the future, some investments in its portfolio that contain payment-in-kind (“PIK”) interest provisions. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to shareholders to maintain its qualification as a RIC for U.S. federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the investment on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that |
Dividends Income | Interest and Dividend Income Interest and dividend income is recorded on an accrual basis to the extent amounts are expected to be collected. Dividend income is recognized on the date dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. Discounts/premiums received to par on loans purchased are capitalized and accreted or amortized into income over the life of the loan using the effective interest method. In accordance with our valuation policy, accrued interest and dividend income is evaluated quarterly for collectability. When we do not expect the debtor to be able to service all of its debt or other obligations, we will generally establish a reserve against interest income receivable, thereby placing the loan or debt security on non-accrual status, and cease to recognize interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding its ability to service debt or other obligations, it will be restored to accrual basis. As of September 30, 2022, investments on non-accrual status represented approximately 0.9% of our total investment portfolio's fair value and approximately 2.3% of its cost. As of March 31, 2022, investments on non-accrual status represented approximately 1.5% of our total investment portfolio's fair value and approximately 2.6% of its cost. To maintain RIC tax treatment, non-cash sources of income such as accretion of interest income may need to be paid out to shareholders in the form of distributions, even though CSWC may not have collected the interest income. For the three and six months ended September 30, 2022, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. For the three and six months ended September 30, 2021, approximately 3.6% and 3.7%, respectively, of CSWC's total investment income was attributable to non-cash interest income for the accretion of discounts associated with debt investments, net of any premium reduction. |
Fee Income | Fee Income Fee income, generally collected in advance, includes fees for administration and valuation services rendered by the Company. These fees are typically charged annually and are amortized into income over the year. The Company recognizes nonrecurring fees, including prepayment penalties, waiver fees and amendment fees, as fee income when earned. In addition, the Company may also be entitled to an exit fee that is amortized into income over the life of the loan. Loan exit fees to be paid at the termination of the loan are accreted into fee income over the contractual life of the loan. |
Warrants | Warrants In connection with the Company's debt investments, the Company may receive warrants or other equity-related securities from the borrower. 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. |
Debt | Debt Issuance Costs Debt issuance costs include commitment fees and other costs related to CSWC’s senior secured credit facility, its unsecured notes (as discussed further in Note 5) and the debentures guaranteed by the SBA (the "SBA Debentures"). The costs in connection with the credit facility have been capitalized and are amortized into interest expense over the term of the credit facility. The costs in connection with the unsecured notes and the SBA Debentures are a direct deduction from the related debt liability and amortized into interest expense over the term of the January 2026 Notes (as defined below), the October 2026 Notes (as defined below) and the SBA Debentures. Deferred Offering Costs Deferred offering costs include registration expenses related to our shelf registration statement and expenses related to the launch of the "at-the-market" ("ATM") program through which we can sell, from time to time, shares of our common stock (the "Equity ATM Program"). These expenses consist primarily of SEC registration fees, legal fees and accounting fees incurred related thereto. These expenses are included in 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 debt issuance costs, respectively. If there are any deferred offering costs remaining at the expiration of the shelf registration statement, these deferred costs are charged to expense. |
Leases | Leases The Company is obligated under an operating lease pursuant to which it is leasing an office facility from a third party with a remaining term of approximately 10 years. The operating lease is included as an operating lease right-of-use ("ROU") asset and operating lease liability in the accompanying Consolidated Statements of Assets and Liabilities. The Company does not have any financing leases. |
Federal Income Taxes | Federal Income Taxes CSWC has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subsection M of the Code. By meeting these requirements, we will not be subject to U.S. federal income taxes at corporate rates on ordinary income or capital gains timely distributed to shareholders. In order to qualify as a RIC, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, each year. Investment company taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Investment company taxable income generally excludes net unrealized appreciation or depreciation, as investment gains and losses are not included in investment company taxable income until they are realized. Depending on the level of taxable income or capital gains earned in a tax year, we may choose to carry forward taxable income or capital gains in excess of current year distributions into the next year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income or capital gains must be distributed through a dividend declared on or prior to the later of (1) the filing of the U.S. federal income tax return for the applicable fiscal year and (2) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated. In lieu of distributing our net capital gains for a year, we may decide to retain some or all of our net capital gains. We will be required to pay a 21% corporate rate U.S. federal income tax on any such retained net capital gains. We may elect to treat such retained capital gain as a deemed distribution to shareholders. Under such circumstances, shareholders will be required to include their share of such retained capital gain in income, but will receive a credit for the amount of U.S. federal income tax paid at corporate rates with respect to their shares. As an investment company that qualifies as a RIC, federal income taxes payable on security gains that we elect to retain are accrued only on the last day of our tax year, December 31. Any net capital gains actually distributed to shareholders and properly reported by us as capital gain dividends are generally taxable to the shareholders as long-term capital gains. See Note 6 for further discussion. The Taxable Subsidiary, a wholly-owned subsidiary of CSWC, is not a RIC and is required to pay taxes at the corporate rate of 21%. For tax purposes, the Taxable Subsidiary has elected to be treated as a taxable entity, and therefore is not consolidated for tax purposes and is taxed at normal corporate tax rates based on taxable income and, as a result of its activities, may generate an income tax provision or benefit. The taxable income, or loss, of the Taxable Subsidiary may differ from its book income, or loss, due to temporary book and tax timing differences and permanent differences. This income tax provision, or benefit, if any, and the related tax assets and liabilities, are reflected in our consolidated financial statements. Management evaluates tax positions taken or expected to be taken in the course of preparing the Company’s consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the CSWC level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. Management’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company has concluded that it does not have any uncertain tax positions that meet the recognition of measurement criteria of ASC 740, Income Taxes , ("ASC 740") for the current period. Also, we account for interest and, if applicable, penalties for any uncertain tax positions as a component of income tax provision. No interest or penalties expense was recorded during the three and six months ended September 30, 2022 and 2021. Deferred Taxes Deferred tax assets and liabilities are recorded for losses or income at our taxable subsidiaries using statutory tax rates. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. ASC 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation was enacted. See Note 6 for further discussion. |
Stock-Based Compensation | Stock-Based Compensation We account for our share-based compensation using the fair value method, as prescribed by ASC Topic 718, Compensation – Stock Compensation . Accordingly, we recognize share-based compensation cost on a straight-line basis for all share-based payments awards granted to employees. For restricted stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant. For restricted stock awards, we amortize this fair value to share-based compensation expense over the vesting term. We recognize forfeitures as they occur. The unvested shares of restricted stock awarded pursuant to CSWC’s equity compensation plans are participating securities and are included in the basic and diluted earnings per share calculation. |
Shareholder Distributions | Shareholder Distributions Distributions to common shareholders are recorded on the ex-dividend date. The amount of distributions, if any, is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such capital gains for investment. |
Presentation | Presentation Presentation of certain amounts in the consolidated financial statements for the prior year comparative consolidated financial statements is updated to conform to the current period presentation. |
Recently Issued or Adopted Accounting Standards | Recently Issued or Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, "Reference rate reform (Topic 848)—Facilitation of the effects of reference rate reform on financial reporting." The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. The Company has agreements that have LIBOR as a reference rate with certain portfolio companies and certain lenders. Many of these agreements include an alternative successor rate or language for choosing an alternative successor rate when LIBOR reference is no longer considered to be appropriate. With respect to other agreements, the Company intends to work with its portfolio companies and certain lenders to modify agreements to choose an alternative successor rate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The standard is effective as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company does not believe it will have a material impact on its consolidated financial statements or its disclosure and did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the six months ended September 30, 2022. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: First lien loans 1,2 $ 852,555 80.7 % 179.2 % $ 867,644 81.5 % Second lien loans 2 50,437 4.8 10.6 55,937 5.3 Subordinated debt 3 459 0.0 0.1 1,051 0.1 Preferred equity 52,770 5.0 11.1 34,641 3.3 Common equity & warrants 49,813 4.7 10.5 29,371 2.7 I-45 SLF LLC 4 50,897 4.8 10.7 76,000 7.1 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % March 31, 2022: First lien loans 1,2 $ 739,872 79.0 % 175.8 % $ 745,290 79.4 % Second lien loans 2 52,645 5.6 12.5 55,976 6.0 Subordinated debt 3 1,317 0.1 0.3 994 0.1 Preferred equity 44,663 4.8 10.6 25,544 2.7 Common equity & warrants 40,514 4.3 9.6 34,499 3.7 I-45 SLF LLC 4 57,603 6.2 13.7 76,000 8.1 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of September 30, 2022 and March 31, 2022, the fair value of the first lien last out loans are $46.5 million and $38.6 million, respectively. 2 Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $37.3 million and $36.4 million, respectively. As of September 30, 2022 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $33.5 million and $33.9 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.5 million and $0.7 million as of September 30, 2022 and March 31, 2022, respectively. 4 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: Media, Marketing & Entertainment $ 117,181 11.1 % 24.6 % $ 106,654 10.0 % Healthcare Services 110,388 10.4 23.2 117,493 11.0 Business Services 108,172 10.3 22.8 111,381 10.5 Consumer Products & Retail 89,035 8.4 18.7 86,863 8.1 Consumer Services 79,105 7.5 16.6 78,469 7.4 Healthcare Products 67,572 6.4 14.2 68,855 6.5 Food, Agriculture & Beverage 52,064 4.9 11.0 50,547 4.7 I-45 SLF LLC 1 50,897 4.8 10.7 76,000 7.1 Technology Products & Components 49,553 4.7 10.4 31,861 3.0 Financial Services 39,429 3.7 8.3 31,087 2.9 Transportation & Logistics 38,650 3.7 8.1 34,609 3.3 Distribution 34,632 3.3 7.3 36,217 3.4 Software & IT Services 32,826 3.1 6.9 34,212 3.2 Education 26,292 2.5 5.5 32,037 3.0 Energy Services (Midstream) 22,503 2.1 4.7 23,190 2.2 Industrial Products 20,869 2.0 4.4 18,824 1.8 Energy Services (Upstream) 19,820 1.9 4.2 19,450 1.8 Environmental Services 19,469 1.8 4.1 25,542 2.4 Telecommunications 19,006 1.8 4.0 22,281 2.1 Specialty Chemicals 17,929 1.7 3.8 17,585 1.7 Industrial Services 11,556 1.1 2.4 11,409 1.1 Commodities & Mining 11,437 1.1 2.4 11,387 1.1 Containers & Packaging 10,737 1.0 2.3 10,689 1.0 Aerospace & Defense 6,800 0.6 1.4 6,685 0.6 Restaurants 1,009 0.1 0.2 1,317 0.1 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2022: Business Services $ 123,697 13.2 % 29.4 % $ 124,860 13.3 % Consumer Products & Retail 90,457 9.7 21.5 88,375 9.4 Healthcare Services 88,131 9.4 21.0 96,946 10.3 Consumer Services 71,730 7.7 17.0 71,203 7.6 I-45 SLF LLC 1 57,603 6.2 13.7 76,000 8.1 Distribution 54,798 5.9 13.0 54,035 5.8 Food, Agriculture & Beverage 48,876 5.2 11.6 47,057 5.0 Media, Marketing & Entertainment 43,463 4.6 10.3 33,049 3.5 Financial Services 39,305 4.2 9.3 31,229 3.3 Technology Products & Components 37,047 4.0 8.8 30,440 3.3 Transportation & Logistics 34,038 3.6 8.1 29,513 3.1 Software & IT Services 33,414 3.6 7.9 34,866 3.7 Education 32,072 3.4 7.6 32,119 3.4 Healthcare Products 32,054 3.4 7.6 33,018 3.5 Environmental Services 20,641 2.2 4.9 23,108 2.5 Telecommunications 18,736 2.0 4.5 22,341 2.4 Energy Services (Upstream) 17,910 1.9 4.3 17,500 1.9 Specialty Chemicals 17,749 1.9 4.2 17,640 1.9 Industrial Products 13,891 1.5 3.3 13,901 1.5 Energy Services (Midstream) 13,465 1.4 3.2 13,582 1.5 Industrial Services 11,614 1.2 2.8 11,451 1.2 Commodities & Mining 10,877 1.2 2.6 11,135 1.2 Containers & Packaging 10,671 1.1 2.5 10,723 1.1 Aerospace & Defense 6,800 0.7 1.6 6,672 0.7 Restaurants 5,367 0.6 1.3 4,556 0.5 Paper & Forest Products 2,208 0.2 0.5 2,984 0.3 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies in I-45 SLF LLC represent a diverse set of industry classifications, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of September 30, 2022 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) September 30, 2022: West $ 220,070 20.8 % 46.3 % $ 212,026 19.9 % Northeast 215,895 20.4 45.4 217,375 20.4 Southwest 201,142 19.0 42.3 196,002 18.5 Southeast 201,022 19.0 42.3 196,389 18.4 Midwest 142,460 13.6 29.9 142,643 13.4 I-45 SLF LLC 1 50,897 4.8 10.7 76,000 7.1 International 25,445 2.4 5.3 24,209 2.3 $ 1,056,931 100.0 % 222.2 % $ 1,064,644 100.0 % March 31, 2022: Northeast $ 225,578 24.1 % 53.6 % $ 221,780 23.6 % Southwest 206,057 22.0 49.0 204,443 21.8 West 163,924 17.5 38.9 153,292 16.3 Southeast 136,588 14.6 32.5 138,929 14.9 Midwest 132,308 14.1 31.4 129,354 13.8 I-45 SLF LLC 1 57,603 6.1 13.7 76,000 8.1 International 14,556 1.6 3.4 14,505 1.5 $ 936,614 100.0 % 222.5 % $ 938,303 100.0 % 1 I-45 SLF LLC is a joint venture between CSWC and Main Street Capital Corporation. This entity primarily invests in syndicated senior secured loans to the UMM. The portfolio companies held by I-45 SLF LLC represent a diverse set of geographic regions, which are similar to those in which CSWC invests directly. See Note 13 for further discussion. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule Investment Portfolio by Level | The following fair value hierarchy tables set forth our investment portfolio by level as of September 30, 2022 and March 31, 2022 (in thousands): Fair Value Measurements at September 30, 2022 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 852,555 $ — $ — $ 852,555 Second lien loans 50,437 — — 50,437 Subordinated debt 459 — — 459 Preferred equity 52,770 — — 52,770 Common equity & warrants 49,813 — — 49,813 Investments measured at net asset value 1 50,897 — — — Total Investments $ 1,056,931 $ — $ — $ 1,006,034 Fair Value Measurements at March 31, 2022 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 739,872 $ — $ — $ 739,872 Second lien loans 52,645 — — 52,645 Subordinated debt 1,317 — — 1,317 Preferred equity 44,663 — — 44,663 Common equity & warrants 40,514 — — 40,514 Investments measured at net asset value 1 57,603 — — — Total Investments $ 936,614 $ — $ — $ 879,011 1 Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Consolidated Statements of Assets and Liabilities. For the investment valued at NAV per share at September 30, 2022 and March 31, 2022, the redemption restrictions dictate that we cannot withdraw our membership interest without unanimous approval. We are permitted to sell or transfer our membership interest and must deliver written notice of such transfer to the other member no later than 60 business days prior to the sale or transfer. |
Schedule of Valuation Techniques and Significant Level 3 Inputs | The tables below present the Valuation Techniques and Significant Level 3 Inputs (ranges and weighted averages) used in the valuation of CSWC’s debt and equity securities at September 30, 2022 and March 31, 2022. Significant Level 3 Inputs were weighted by the relative fair value of the investments. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to our determination of fair value. Fair Value at Significant Valuation September 30, 2022 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 803,645 Discount Rate 7.1% - 62.7% 13.3% Third Party Broker Quote 5.6 - 98 94.8 Market Approach 48,910 Cost 97.6 - 99.0 98.2 Second lien loans Income Approach 36,264 Discount Rate 13.2% - 30.0% 17.8% Third Party Broker Quote 88.7 - 88.7 88.7 Market Approach 14,173 Cost 91.2 - 91.2 91.2 Exit Value 100.0 - 100.0 100.0 Subordinated debt Market Approach 188 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 271 EBITDA Multiple 7.5x - 7.5x 7.5x Discount Rate 21.0% - 21.0% 21.0% Preferred equity Enterprise Value Waterfall Approach 52,020 EBITDA Multiple 3.9x - 17.1x 10.3x Discount Rate 12.6% - 36.2% 18.8% Market Approach 750 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 48,597 EBITDA Multiple 5.4x - 13.0x 10.1x Discount Rate 11.5% - 36.2% 16.8% Market Approach 207 Cost 100.0 - 100.0 100.0 Income Approach 1,009 Third Party Broker Quote 76.6 - 76.6 76.6 Total Level 3 Investments $ 1,006,034 Fair Value at Significant Valuation March 31, 2022 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 645,034 Discount Rate 7.3% - 30.6% 10.7% Third Party Broker Quote 5.5 - 96.5 93.2 Market Approach 94,838 Cost 80.2 - 99.0 98.1 Exit Value 100.0 - 102.0 101.8 Second lien loans Income Approach 49,541 Discount Rate 10.3% - 37.8% 15.4% Third Party Broker Quote 97.3 - 97.3 97.3 Enterprise Value Waterfall Approach 3,104 EBITDA Multiple 8.3x - 8.3x 8.3x Discount Rate 22.1% - 22.1% 22.1% Subordinated debt Income Approach 650 Discount Rate 27.4% - 27.4% 27.4% Market Approach 172 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 495 EBITDA Multiple 8.1x - 8.1x 8.1x Discount Rate 20.5% - 20.5% 20.5 Preferred equity Enterprise Value Waterfall Approach 41,563 EBITDA Multiple 6.9x - 18.8x 10.6x Discount Rate 12.5% - 40.8% 17.8% Market Approach 3,100 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 36,667 EBITDA Multiple 4.2x - 11.4x 8.5x Discount Rate 10.1% - 32.2% 18.1% Market Approach 1,757 Exit Value 351.4 - 351.4 351.4 Income Approach 2,090 Third Party Broker Quote 158.7 - 158.7 158.7 Total Level 3 Investments $ 879,011 |
Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs | The following tables provide a summary of changes in the fair value of investments measured using Level 3 inputs during the six months ended September 30, 2022 and 2021 (in thousands): Fair Value March 31, 2022 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value September 30, 2022 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 739,872 $ (8,608) $ 211,433 $ (85,598) $ 1,694 $ — $ (6,238) $ 852,555 $ (10,824) Second lien loans 52,645 (4,461) 2,862 (142) 225 (692) — 50,437 (2,945) Subordinated debt 1,317 (915) — — 57 — — 459 (914) Preferred equity 44,663 (990) 2,859 — — — 6,238 52,770 (991) Common equity & warrants 40,514 9,568 1,480 — — (1,749) — 49,813 9,576 Total Investments $ 879,011 $ (5,406) $ 218,634 $ (85,740) $ 1,976 $ (2,441) $ — $ 1,006,034 $ (6,098) Fair Value March 31, 2021 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value September 30, 2021 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 524,161 $ (592) $ 167,042 $ (66,868) $ 1,589 $ — $ — $ 625,332 $ (2,203) Second lien loans 36,919 254 15,543 (1,556) 654 (53) — 51,761 290 Subordinated debt 11,534 184 169 — 441 — — 12,328 183 Preferred equity 22,608 609 4,211 — — — — 27,428 610 Common equity & warrants 36,052 10,267 783 — — (5,371) — 41,731 9,288 Total Investments $ 631,274 $ 10,722 $ 187,748 $ (68,424) $ 2,684 $ (5,424) $ — $ 758,580 $ 8,168 1 Includes purchases of new investments, as well as discount accretion on existing investments. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings Outstanding | The Company had the following borrowings outstanding as of September 30, 2022 and March 31, 2022 (amounts in thousands): September 30, 2022 Outstanding Balance Unamortized Debt Issuance Costs and Debt Discount/Premium Recorded Value SBA Debentures $ 80,000 $ (2,447) $ 77,553 Credit Facility 240,000 — 240,000 January 2026 Notes 140,000 (1,117) 138,883 October 2026 Notes 150,000 (3,107) 146,893 $ 610,000 $ (6,671) $ 603,329 March 31, 2022 SBA Debentures $ 40,000 $ (1,648) $ 38,352 Credit Facility 205,000 — 205,000 January 2026 Notes 140,000 (1,286) 138,714 October 2026 Notes 150,000 (3,478) 146,522 $ 535,000 $ (6,412) $ 528,588 |
Schedule of Issued and Outstanding SBA Debentures | As of September 30, 2022, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate September 30, 2022 9/22/2021 9/1/2031 1.575% $ 15,000 3/23/2022 3/1/2032 3.209% 25,000 9/21/2022 9/1/2032 4.533% 40,000 $ 80,000 (1) The SBA has two scheduled pooling dates for SBA Debentures (in March and in September). Certain SBA Debentures funded during the reporting periods may not be pooled until the subsequent pooling date. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Assets Resulting from Operations to Estimated RIC Taxable Income | The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the six months ended September 30, 2022 and 2021: Six Months Ended September 30, Reconciliation of RIC Distributable Income 1 2022 2021 Net increase in net assets from operations $ 11,968 $ 10,586 Net unrealized depreciation (appreciation) on investments 8,599 (6,360) Income/gain (expense/loss) recognized for tax on pass-through entities 35 526 (Gain) loss recognized on dispositions (159) 152 Capital loss carryover 2 6,622 — Net operating income - wholly-owned subsidiary (1,568) (3,684) Dividend income from wholly-owned subsidiary 745 — Non-deductible tax expense 251 32 Loss on extinguishment of debt — 13,632 Non-deductible compensation 1,644 1,767 Compensation related book/tax differences (3,583) 2,042 Other book/tax differences 1,434 2,306 Estimated distributable income before deductions for distributions $ 25,988 $ 20,999 1 The calculation of taxable income for each period is an estimate and will not be finally determined until the Company files its tax return each year. Final taxable income may be different than this estimate. 2 At September 30, 2022, the Company had long-term capital loss carryforwards of $23.8 million to offset future capital gains. These capital loss carryforwards are not subject to expiration. |
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the significant components of the deferred tax assets and liabilities as of September 30, 2022 and March 31, 2022 (amounts in thousands): September 30, 2022 March 31, 2022 Deferred tax asset: Net operating loss carryforwards $ — $ — Interest 210 185 Total deferred tax asset 210 185 Deferred tax liabilities: Net unrealized appreciation on investments (7,475) (4,899) Net basis differences in portfolio investments (1,533) (1,033) Total deferred tax liabilities (9,008) (5,932) Total net deferred tax (liabilities) assets $ (8,798) $ (5,747) |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Share Repurchases | The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards: Three Months Ended September 30, 2022 2021 Number of shares repurchased — 182 Aggregate cost of shares repurchased (in thousands) $ — $ 5 Weighted average price per share $ — $ 26.40 Six Months Ended September 30, 2022 2021 Number of shares repurchased 29,673 20,632 Aggregate cost of shares repurchased (in thousands) $ 641 $ 545 Weighted average price per share $ 21.60 $ 26.43 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Outstanding | The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of September 30, 2022: Weighted Average Weighted Average Fair Value Per Remaining Vesting Restricted Stock Awards Number of Shares Share at grant date Term (in Years) Unvested at March 31, 2022 395,993 $ 21.48 2.4 Granted 199,042 21.25 3.7 Vested (93,677) 20.90 0 Forfeited (2,500) 23.81 0 Unvested at September 30, 2022 498,858 $ 21.48 2.6 The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of September 30, 2022: Weighted Average Weighted Average Fair Value Per Remaining Vesting Restricted Stock Awards Number of Shares Share at grant date Term (in Years) Unvested at March 31, 2022 — $ — 0 Granted 12,105 20.66 0.9 Vested — — 0 Forfeited — — 0 Unvested at September 30, 2022 12,105 $ 20.66 0.9 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unused Commitments to Extend Credit | The balances of unused commitments to extend financing as of September 30, 2022 and March 31, 2022 were as follows (amounts in thousands): September 30, March 31, Portfolio Company 2022 2022 Revolving Loans 360 Quote TopCo, LLC $ 2,250 $ — Acceleration, LLC 4,250 — Air Conditioning Specialist, Inc. 1,000 1,000 American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.) 124 117 ArborWorks, LLC 1,000 3,000 ATS Operating, LLC 2,500 1,500 Cadmium, LLC — 308 Catbird NYC, LLC 4,000 4,000 Central Medical Supply LLC 1,200 1,200 Dynamic Communities, LLC 500 500 Fast Sandwich, LLC — 3,100 GrammaTech, Inc. 2,500 2,500 GS Operating, LLC — 1,540 Gulf Pacific Acquisition, LLC 1,010 — ISI Enterprises, LLC 1,200 1,200 ITA Holdings Group, LLC 1,200 1,250 Klein Hersh, LLC — 938 Lash OpCo, LLC 302 481 Lighting Retrofit International, LLC (DBA Envocore) 1,458 2,083 Lightning Intermediate II, LLC 1,528 — Mako Steel LP 1,038 943 Microbe Formulas LLC 1,627 — Muenster Milling Company, LLC 5,000 5,000 NeuroPsychiatric Hospitals, LLC 600 600 NinjaTrader, Inc. 2,500 2,500 NWN Parent Holdings, LLC 990 1,380 Opco Borrower, LLC (DBA Giving Home Health Care) 500 — Outerbox, LLC 2,000 — Pipeline Technique Ltd. 3,333 — Roof OpCo, LLC 3,056 3,056 Roseland Management, LLC 1,425 1,425 RTIC Subsidiary Holdings LLC 356 — September 30, March 31, Portfolio Company 2022 2022 Shearwater Research, Inc. 2,446 2,446 SIB Holdings, LLC 318 655 South Coast Terminals LLC 1,935 1,935 Spotlight AR, LLC 2,000 2,000 Student Resource Center, LLC 1,333 1,333 Systec Corporation (DBA Inspire Automation) 1,800 1,150 Versicare Management LLC 2,500 — Wall Street Prep, Inc. 1,000 1,000 Well-Foam, Inc. 2,500 4,500 Winter Services Operations, LLC 4,444 2,000 Zenfolio Inc. — 1,000 Total Revolving Loans 68,723 57,640 Delayed Draw Term Loans Acceleration, LLC 5,000 — Central Medical Supply LLC 1,400 1,400 CityVet Inc. — 7,000 Flip Electronics, LLC 1,409 2,818 FoodPharma Subsidiary Holdings, LLC — 5,470 GS Operating, LLC — 3,205 Gulf Pacific Acquisition, LLC 1,515 — Infolinks Media Buyco, LLC 2,250 2,250 KMS, LLC 2,286 4,571 Lash OpCo, LLC — 2,846 Muenster Milling Company, LLC 6,000 6,000 NeuroPsychiatric Hospitals, LLC 10,000 10,000 NinjaTrader, Inc. 4,692 4,692 Roof OpCo, LLC — 4,644 Shearwater Research, Inc. 3,262 3,262 SIB Holdings, LLC — 1,871 Systec Corporation (DBA Inspire Automation) 3,000 3,000 US CourtScript Holdings, Inc. 10,000 — Versicare Management LLC 5,000 — Winter Services Operations, LLC 4,444 4,444 Zips Car Wash, LLC - B — 3,801 Total Delayed Draw Term Loans 60,258 71,274 Other Catbird NYC, LLC 125 125 Infolinks Media Buyco, LLC 412 412 I-45 SLF LLC 4,800 4,800 Total Other 5,337 5,337 Total unused commitments to extend financing $ 134,318 $ 134,251 |
Schedule of Future Minimum Payments | The following table shows future minimum payments under the Company's operating leases as of September 30, 2022 (in thousands): Year ending March 31, Rent Commitment 2023 $ 167 2024 406 2025 416 2026 426 2027 436 Thereafter 2,578 Total $ 4,429 |
SUMMARY OF PER SHARE INFORMAT_2
SUMMARY OF PER SHARE INFORMATION (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
Summary of Per Share Data | The following presents a summary of per share data for the three and six months ended September 30, 2022 and 2021 (share amounts presented in thousands). Three Months Ended Six Months Ended September 30, September 30, Per Share Data: 2022 2021 2022 2021 Investment income 1 $ 0.96 $ 0.90 $ 1.84 $ 1.78 Operating expenses 1 (0.42) (0.45) (0.81) (0.89) Income taxes 1 (0.02) (0.02) (0.02) (0.03) Net investment income 1 0.52 0.43 1.01 0.86 Net realized (loss) gain, net of tax 1 (0.31) 0.16 (0.24) 0.11 Net unrealized appreciation (depreciation) on investments, net of tax 1 0.13 (0.03) (0.32) 0.29 Realized loss on extinguishment of debt 1 — (0.76) — (0.78) Total increase (decrease) from investment operations 0.34 (0.20) 0.45 0.48 Accretive effect of share issuances and repurchases 0.13 0.47 0.39 0.95 Dividends to shareholders (0.50) (0.54) (1.13) (1.07) Issuance of restricted stock 1,2 (0.01) — (0.14) (0.10) Common stock withheld for payroll taxes upon vesting of restricted stock — — (0.01) (0.01) Share based compensation expense 0.04 0.04 0.07 0.09 Other 3 (0.01) 0.01 0.04 0.01 (Decrease) increase in net asset value (0.01) (0.22) (0.33) 0.35 Net asset value Beginning of period 16.54 16.58 16.86 16.01 End of period $ 16.53 $ 16.36 $ 16.53 $ 16.36 Ratios and Supplemental Data Ratio of operating expenses to average net assets 4 2.58 % 2.72 % 4.88 % 5.37 % Ratio of net investment income to average net assets 4 3.15 % 2.58 % 6.03 % 5.20 % Portfolio turnover 2.97 % 8.43 % 9.01 % 9.66 % Total investment return 4,5 (5.32) % 10.72 % (24.06) % 18.66 % Total return based on change in NAV 4,6 2.96 % 1.93 % 4.74 % 8.87 % Per share market value at the end of the period $ 16.94 $ 25.18 $ 16.94 $ 25.18 Weighted-average basic and diluted shares outstanding 27,988 22,534 26,757 21,872 Common shares outstanding at end of period 28,782 23,341 28,782 23,341 1 Based on weighted average of common shares outstanding for the period. 2 Reflects impact of the different share amounts as a result of issuance or forfeiture of restricted stock during the period. 3 Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end. The balance increases with the increase in variability of shares outstanding throughout the year due to share issuance and repurchase activity. 4 Not annualized. 5 Total investment return based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by CSWC’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor. 6 Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to shareholders and other non-operating changes during the period, as divided by the beginning NAV, and has not been annualized |
SIGNIFICANT SUBSIDIARIES (Table
SIGNIFICANT SUBSIDIARIES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
Investment Company, Nonconsolidated Subsidiary, Summarized Financial Information | Below is certain summarized financial information for I-45 SLF LLC as of September 30, 2022 and March 31, 2022 and for the three and six months ended September 30, 2022 and 2021 (amounts in thousands): September 30, 2022 March 31, 2022 Selected Balance Sheet Information: Investments, at fair value (cost $188,101 and $187,714) $ 168,599 $ 176,704 Cash and cash equivalents 5,620 9,949 Accounts receivable 193 123 Deferred financing costs and other assets 1,037 1,518 Interest receivable 937 850 Total assets $ 176,386 $ 189,144 Senior credit facility payable $ 110,000 $ 114,500 Other liabilities 2,764 2,596 Total liabilities $ 112,764 $ 117,096 Members’ equity 63,622 72,048 Total liabilities and members' equity $ 176,386 $ 189,144 Three Months Ended Six Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Selected Statement of Operations Information: Total revenues $ 4,292 $ 3,026 $ 7,569 $ 6,148 Total expenses (1,739) (921) (3,058) (2,018) Net investment income 2,553 2,105 4,511 4,130 Net unrealized depreciation (1,060) (1,261) (8,491) (1,198) Net realized gains (losses) 13 (896) 71 173 Net increase (decrease) in members’ equity resulting from operations $ 1,506 $ (52) $ (3,909) $ 3,105 |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) - USD ($) | 6 Months Ended | ||
Sep. 30, 2022 | Mar. 31, 2022 | ||
Schedule of Investments [Line Items] | |||
Percent of net assets | 222.20% | [1],[2] | 222.50% |
Nonqualified assets | 9.20% | ||
LMM | Minimum | |||
Schedule of Investments [Line Items] | |||
Target company, annual EBITDA | $ 3,000,000 | ||
Target investment | 5,000,000 | ||
LMM | Maximum | |||
Schedule of Investments [Line Items] | |||
Target company, annual EBITDA | 20,000,000 | ||
Target investment | 35,000,000 | ||
UMM | Minimum | |||
Schedule of Investments [Line Items] | |||
Target company, annual EBITDA | 20,000,000 | ||
Target investment | 5,000,000 | ||
UMM | Maximum | |||
Schedule of Investments [Line Items] | |||
Target investment | $ 20,000,000 | ||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 18, 2011 | Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) investment | Sep. 30, 2022 USD ($) investment | Sep. 30, 2021 USD ($) investment | Mar. 31, 2022 USD ($) | |
Accounting Policies [Abstract] | ||||||
FDIC uninsured amount | $ 29,000,000 | $ 29,000,000 | $ 10,200,000 | |||
Concentration Risk [Line Items] | ||||||
Non-cash interest income percent | 3.60% | 3.60% | 3.70% | 3.70% | ||
Number of PIK investments | investment | 2 | 2 | 2 | 2 | ||
Non-cash PIK interest income percent | 5.20% | 4.30% | 4.20% | 4.80% | ||
Remaining lease term | 10 years | 10 years | ||||
Interest or penalties expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Right to grant period | 10 years | |||||
Qualifying assets | 87.10% | 87.10% | ||||
Percentage of Total Portfolio at Fair Value | Credit Concentration Risk | Investment Owned, Non-accrual Status | ||||||
Concentration Risk [Line Items] | ||||||
Percentage of Total Portfolio | 0.90% | 1.50% | ||||
Percentage of Total Portfolio | 0.90% | 1.50% | ||||
Percentage of Total Portfolio at Cost | Credit Concentration Risk | Investment Owned, Non-accrual Status | ||||||
Concentration Risk [Line Items] | ||||||
Percentage of Total Portfolio | 2.30% | 2.60% | ||||
Percentage of Total Portfolio | 2.30% | 2.60% |
INVESTMENTS - Investment Portfo
INVESTMENTS - Investment Portfolio, at Fair Value and Cost (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 1,056,931 | [1],[2],[3] | $ 936,614 | [4],[5],[6] | |
Percent of net assets | 222.20% | [1],[2] | 222.50% | ||
Cost | $ 1,064,644 | [1],[2],[7],[8] | $ 938,303 | [4],[5],[9],[10] | |
Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 100% | 100% | |||
First lien loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 852,555 | $ 739,872 | |||
Percent of net assets | 179.20% | 175.80% | |||
Cost | $ 867,644 | $ 745,290 | |||
First lien loans | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 80.70% | 79% | |||
First lien loans | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 81.50% | 79.40% | |||
Second lien loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 50,437 | $ 52,645 | |||
Percent of net assets | 10.60% | 12.50% | |||
Cost | $ 55,937 | $ 55,976 | |||
Second lien loans | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.80% | 5.60% | |||
Second lien loans | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 5.30% | 6% | |||
Subordinated debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 459 | $ 1,317 | |||
Percent of net assets | 0.10% | 0.30% | |||
Cost | $ 1,051 | $ 994 | |||
Subordinated debt | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0% | 0.10% | |||
Subordinated debt | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.10% | 0.10% | |||
Preferred equity | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 52,770 | $ 44,663 | |||
Percent of net assets | 11.10% | 10.60% | |||
Cost | $ 34,641 | $ 25,544 | |||
Preferred equity | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 5% | 4.80% | |||
Preferred equity | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.30% | 2.70% | |||
Common equity & warrants | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 49,813 | $ 40,514 | |||
Percent of net assets | 10.50% | 9.60% | |||
Cost | $ 29,371 | $ 34,499 | |||
Common equity & warrants | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.70% | 4.30% | |||
Common equity & warrants | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.70% | 3.70% | |||
I-45 SLF LLC | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 50,897 | $ 57,603 | |||
Percent of net assets | 10.70% | 13.70% | |||
Cost | $ 76,000 | $ 76,000 | |||
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.80% | 6.20% | |||
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Investment Type | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 7.10% | 8.10% | |||
West | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 220,070 | $ 163,924 | |||
Percent of net assets | 46.30% | 38.90% | |||
Cost | $ 212,026 | $ 153,292 | |||
West | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 20.80% | 17.50% | |||
West | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 19.90% | 16.30% | |||
Northeast | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 215,895 | $ 225,578 | |||
Percent of net assets | 45.40% | 53.60% | |||
Cost | $ 217,375 | $ 221,780 | |||
Northeast | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 20.40% | 24.10% | |||
Northeast | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 20.40% | 23.60% | |||
Southeast | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 201,142 | $ 206,057 | |||
Percent of net assets | 42.30% | 49% | |||
Cost | $ 196,002 | $ 204,443 | |||
Southeast | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 19% | 22% | |||
Southeast | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 18.50% | 21.80% | |||
Southwest | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 201,022 | $ 136,588 | |||
Percent of net assets | 42.30% | 32.50% | |||
Cost | $ 196,389 | $ 138,929 | |||
Southwest | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 19% | 14.60% | |||
Southwest | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 18.40% | 14.90% | |||
Midwest | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 142,460 | $ 132,308 | |||
Percent of net assets | 29.90% | 31.40% | |||
Cost | $ 142,643 | $ 129,354 | |||
Midwest | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 13.60% | 14.10% | |||
Midwest | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 13.40% | 13.80% | |||
I-45 SLF LLC | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 50,897 | $ 57,603 | |||
Percent of net assets | 10.70% | 13.70% | |||
Cost | $ 76,000 | $ 76,000 | |||
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.80% | 6.10% | |||
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 7.10% | 8.10% | |||
International | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 25,445 | $ 14,556 | |||
Percent of net assets | 5.30% | 3.40% | |||
Cost | $ 24,209 | $ 14,505 | |||
International | Percentage of Total Portfolio at Fair Value | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.40% | 1.60% | |||
International | Percentage of Total Portfolio at Cost | Geographic | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.30% | 1.50% | |||
Media, Marketing & Entertainment | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 117,181 | $ 43,463 | |||
Percent of net assets | 24.60% | 10.30% | |||
Cost | $ 106,654 | $ 33,049 | |||
Media, Marketing & Entertainment | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 11.10% | 4.60% | |||
Media, Marketing & Entertainment | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 10% | 3.50% | |||
Healthcare Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 110,388 | $ 88,131 | |||
Percent of net assets | 23.20% | 21% | |||
Cost | $ 117,493 | $ 96,946 | |||
Healthcare Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 10.40% | 9.40% | |||
Healthcare Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 11% | 10.30% | |||
Business Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 108,172 | $ 123,697 | |||
Percent of net assets | 22.80% | 29.40% | |||
Cost | $ 111,381 | $ 124,860 | |||
Business Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 10.30% | 13.20% | |||
Business Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 10.50% | 13.30% | |||
Consumer Products & Retail | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 89,035 | $ 90,457 | |||
Percent of net assets | 18.70% | 21.50% | |||
Cost | $ 86,863 | $ 88,375 | |||
Consumer Products & Retail | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 8.40% | 9.70% | |||
Consumer Products & Retail | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 8.10% | 9.40% | |||
Consumer Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 79,105 | $ 71,730 | |||
Percent of net assets | 16.60% | 17% | |||
Cost | $ 78,469 | $ 71,203 | |||
Consumer Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 7.50% | 7.70% | |||
Consumer Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 7.40% | 7.60% | |||
Healthcare Products | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 67,572 | $ 32,054 | |||
Percent of net assets | 14.20% | 7.60% | |||
Cost | $ 68,855 | $ 33,018 | |||
Healthcare Products | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 6.40% | 3.40% | |||
Healthcare Products | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 6.50% | 3.50% | |||
Food, Agriculture & Beverage | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 52,064 | $ 48,876 | |||
Percent of net assets | 11% | 11.60% | |||
Cost | $ 50,547 | $ 47,057 | |||
Food, Agriculture & Beverage | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.90% | 5.20% | |||
Food, Agriculture & Beverage | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.70% | 5% | |||
I-45 SLF LLC | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 50,897 | $ 57,603 | |||
Percent of net assets | 10.70% | 13.70% | |||
Cost | $ 76,000 | $ 76,000 | |||
I-45 SLF LLC | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.80% | 6.20% | |||
I-45 SLF LLC | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 7.10% | 8.10% | |||
Technology Products & Components | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 49,553 | $ 37,047 | |||
Percent of net assets | 10.40% | 8.80% | |||
Cost | $ 31,861 | $ 30,440 | |||
Technology Products & Components | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 4.70% | 4% | |||
Technology Products & Components | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3% | 3.30% | |||
Financial Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 39,429 | $ 39,305 | |||
Percent of net assets | 8.30% | 9.30% | |||
Cost | $ 31,087 | $ 31,229 | |||
Financial Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.70% | 4.20% | |||
Financial Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.90% | 3.30% | |||
Transportation Sector | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 38,650 | $ 34,038 | |||
Percent of net assets | 8.10% | 8.10% | |||
Cost | $ 34,609 | $ 29,513 | |||
Transportation Sector | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.70% | 3.60% | |||
Transportation Sector | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.30% | 3.10% | |||
Distribution | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 34,632 | $ 54,798 | |||
Percent of net assets | 7.30% | 13% | |||
Cost | $ 36,217 | $ 54,035 | |||
Distribution | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.30% | 5.90% | |||
Distribution | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.40% | 5.80% | |||
Software & IT Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 32,826 | $ 33,414 | |||
Percent of net assets | 6.90% | 7.90% | |||
Cost | $ 34,212 | $ 34,866 | |||
Software & IT Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.10% | 3.60% | |||
Software & IT Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3.20% | 3.70% | |||
Education | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 26,292 | $ 32,072 | |||
Percent of net assets | 5.50% | 7.60% | |||
Cost | $ 32,037 | $ 32,119 | |||
Education | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.50% | 3.40% | |||
Education | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 3% | 3.40% | |||
Energy Services (Midstream) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 22,503 | $ 13,465 | |||
Percent of net assets | 4.70% | 3.20% | |||
Cost | $ 23,190 | $ 13,582 | |||
Energy Services (Midstream) | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.10% | 1.40% | |||
Energy Services (Midstream) | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.20% | 1.50% | |||
Industrial Products | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 20,869 | $ 13,891 | |||
Percent of net assets | 4.40% | 3.30% | |||
Cost | $ 18,824 | $ 13,901 | |||
Industrial Products | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2% | 1.50% | |||
Industrial Products | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.80% | 1.50% | |||
Energy Services (Upstream) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 19,820 | $ 17,910 | |||
Percent of net assets | 4.20% | 4.30% | |||
Cost | $ 19,450 | $ 17,500 | |||
Energy Services (Upstream) | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.90% | 1.90% | |||
Energy Services (Upstream) | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.80% | 1.90% | |||
Environmental Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 19,469 | $ 20,641 | |||
Percent of net assets | 4.10% | 4.90% | |||
Cost | $ 25,542 | $ 23,108 | |||
Environmental Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.80% | 2.20% | |||
Environmental Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.40% | 2.50% | |||
Telecommunications | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 19,006 | $ 18,736 | |||
Percent of net assets | 4% | 4.50% | |||
Cost | $ 22,281 | $ 22,341 | |||
Telecommunications | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.80% | 2% | |||
Telecommunications | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 2.10% | 2.40% | |||
Specialty Chemicals | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 17,929 | $ 17,749 | |||
Percent of net assets | 3.80% | 4.20% | |||
Cost | $ 17,585 | $ 17,640 | |||
Specialty Chemicals | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.70% | 1.90% | |||
Specialty Chemicals | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.70% | 1.90% | |||
Industrial Services | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 11,556 | $ 11,614 | |||
Percent of net assets | 2.40% | 2.80% | |||
Cost | $ 11,409 | $ 11,451 | |||
Industrial Services | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.10% | 1.20% | |||
Industrial Services | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.10% | 1.20% | |||
Commodities & Mining | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 11,437 | $ 10,877 | |||
Percent of net assets | 2.40% | 2.60% | |||
Cost | $ 11,387 | $ 11,135 | |||
Commodities & Mining | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.10% | 1.20% | |||
Commodities & Mining | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1.10% | 1.20% | |||
Containers & Packaging | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 10,737 | $ 10,671 | |||
Percent of net assets | 2.30% | 2.50% | |||
Cost | $ 10,689 | $ 10,723 | |||
Containers & Packaging | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1% | 1.10% | |||
Containers & Packaging | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 1% | 1.10% | |||
Aerospace & Defense | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 6,800 | $ 6,800 | |||
Percent of net assets | 1.40% | 1.60% | |||
Cost | $ 6,685 | $ 6,672 | |||
Aerospace & Defense | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.60% | 0.70% | |||
Aerospace & Defense | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.60% | 0.70% | |||
Restaurants | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 1,009 | $ 5,367 | |||
Percent of net assets | 0.20% | 1.30% | |||
Cost | $ 1,317 | $ 4,556 | |||
Restaurants | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.10% | 0.60% | |||
Restaurants | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.10% | 0.50% | |||
Paper & Forest Products Sector | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 2,208 | ||||
Percent of net assets | 0.50% | ||||
Cost | $ 2,984 | ||||
Paper & Forest Products Sector | Percentage of Total Portfolio at Fair Value | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.20% | ||||
Paper & Forest Products Sector | Percentage of Total Portfolio at Cost | Industry | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Percentage of Total Portfolio | 0.30% | ||||
First lien last out loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 46,500 | $ 38,600 | |||
Split lien term loans included in first lien loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | 37,300 | 36,400 | |||
Split lien term loans included in second lien loans | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | 33,500 | 33,900 | |||
Unsecured convertible Note | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Investments at fair value | $ 500 | $ 700 | |||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]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 readily 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. Refer to Note 4 for further discussion.[4]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[5]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[6]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 readily 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. Refer to Note 4 for further discussion.[7]As of September 30, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $58.9 million; cumulative gross unrealized depreciation for federal income tax purposes is $62.8 million. Cumulative net unrealized depreciation is $3.9 million, based on a tax cost of $1,060.8 million.[8]Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.[10]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans. |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | Sep. 30, 2022 | Mar. 31, 2022 |
Privately held debt and equity instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent of investment assets | 100% | 100% |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule Investment Portfolio by Level (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | $ 1,056,931 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 1,006,034 | |||
Total Investments | 879,011 | |||
Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 1,056,931 | 936,614 | ||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 1,006,034 | 879,011 | ||
Recurring | Net Asset Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments measured at net asset value | $ 50,897 | 57,603 | ||
Prior notice period to sell or transfer membership interest | 60 days | |||
Recurring | First lien loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | $ 852,555 | 739,872 | ||
Recurring | First lien loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | First lien loans | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | First lien loans | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 852,555 | 739,872 | ||
Recurring | Second lien loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 50,437 | 52,645 | ||
Recurring | Second lien loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Second lien loans | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Second lien loans | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 50,437 | 52,645 | ||
Recurring | Subordinated debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 459 | 1,317 | ||
Recurring | Subordinated debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Subordinated debt | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Subordinated debt | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 459 | 1,317 | ||
Recurring | Preferred equity | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 52,770 | 44,663 | ||
Recurring | Preferred equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Preferred equity | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Preferred equity | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 52,770 | 44,663 | ||
Recurring | Common equity & warrants | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 49,813 | 40,514 | ||
Recurring | Common equity & warrants | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Common equity & warrants | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 0 | 0 | ||
Recurring | Common equity & warrants | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | $ 49,813 | $ 40,514 | ||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]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 readily 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. Refer to Note 4 for further discussion.[4]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[5]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[6]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 readily 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. Refer to Note 4 for further discussion. |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | ||
Fair Value | ||||
Total Investments | $ 1,056,931 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Significant Unobservable Inputs (Level 3) | ||||
Fair Value | ||||
Total Investments | 1,006,034 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 803,645 | $ 645,034 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.071 | 0.073 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 5.6 | 5.5 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.627 | 0.306 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 98 | 96.5 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.133 | 0.107 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 94.8 | 93.2 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 48,910 | $ 94,838 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 97.6 | 80.2 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 99 | 99 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 102 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 98.2 | 98.1 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 101.8 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 36,264 | $ 49,541 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.132 | 0.103 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 88.7 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.300 | 0.378 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 88.7 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.178 | 0.154 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 88.7 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 14,173 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 91.2 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Minimum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Maximum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 91.2 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Maximum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Weighted Average | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 91.2 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Market Approach | Weighted Average | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 3,104 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.221 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 8.3 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.221 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 8.3 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.221 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 8.3 | |||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 650 | |||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.274 | |||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.274 | |||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.274 | |||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 188 | $ 172 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | 100 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Maximum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | 100 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Weighted Average | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 1 | 100 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 271 | $ 495 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.210 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 7.5 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.210 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 7.5 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.210 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 7.5 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 750 | $ 3,100 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | 100 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Maximum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | 100 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Weighted Average | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | 100 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 52,020 | $ 41,563 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.126 | 0.125 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 3.9 | 6.9 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.362 | 0.408 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 17.1 | 18.8 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.188 | 0.178 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 10.3 | 10.6 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 1,009 | $ 2,090 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 76.6 | 158.7 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 76.6 | 158.7 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Weighted Average | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 76.6 | 158.7 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 207 | $ 1,757 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Minimum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 351.4 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Maximum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Maximum | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 351.4 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Weighted Average | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 100 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Weighted Average | Exit Value | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 351.4 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 48,597 | $ 36,667 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.115 | 0.101 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 5.4 | 4.2 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.362 | 0.322 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 13 | 11.4 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.168 | 0.181 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 10.1 | 8.5 | ||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]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 readily 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. Refer to Note 4 for further discussion.[4]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[5]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[6]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 readily 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. Refer to Note 4 for further discussion. |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Investments Measured Using Level 3 Inputs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | $ 879,011 | $ 631,274 |
Realized & Unrealized Gains (Losses) | (5,406) | 10,722 |
Purchases of Investments | 218,634 | 187,748 |
Repayments | (85,740) | (68,424) |
PIK Interest Capitalized | 1,976 | 2,684 |
Divestitures | (2,441) | (5,424) |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 1,006,034 | 758,580 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (6,098) | 8,168 |
First lien loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 739,872 | 524,161 |
Realized & Unrealized Gains (Losses) | (8,608) | (592) |
Purchases of Investments | 211,433 | 167,042 |
Repayments | (85,598) | (66,868) |
PIK Interest Capitalized | 1,694 | 1,589 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | (6,238) | 0 |
Fair value. ending balance | 852,555 | 625,332 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (10,824) | (2,203) |
Second lien loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 52,645 | 36,919 |
Realized & Unrealized Gains (Losses) | (4,461) | 254 |
Purchases of Investments | 2,862 | 15,543 |
Repayments | (142) | (1,556) |
PIK Interest Capitalized | 225 | 654 |
Divestitures | (692) | (53) |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 50,437 | 51,761 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (2,945) | 290 |
Subordinated debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 1,317 | 11,534 |
Realized & Unrealized Gains (Losses) | (915) | 184 |
Purchases of Investments | 0 | 169 |
Repayments | 0 | 0 |
PIK Interest Capitalized | 57 | 441 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 459 | 12,328 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (914) | 183 |
Preferred equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 44,663 | 22,608 |
Realized & Unrealized Gains (Losses) | (990) | 609 |
Purchases of Investments | 2,859 | 4,211 |
Repayments | 0 | 0 |
PIK Interest Capitalized | 0 | 0 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | 6,238 | 0 |
Fair value. ending balance | 52,770 | 27,428 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (991) | 610 |
Common equity & warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 40,514 | 36,052 |
Realized & Unrealized Gains (Losses) | 9,568 | 10,267 |
Purchases of Investments | 1,480 | 783 |
Repayments | 0 | 0 |
PIK Interest Capitalized | 0 | 0 |
Divestitures | (1,749) | (5,371) |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 49,813 | 41,731 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | $ 9,576 | $ 9,288 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||
May 11, 2022 USD ($) | Sep. 24, 2021 USD ($) | Aug. 09, 2021 USD ($) lender | Aug. 08, 2021 USD ($) lender | Apr. 20, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 10, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 28, 2022 USD ($) | Nov. 30, 2021 USD ($) | Aug. 31, 2021 USD ($) | May 25, 2021 USD ($) | Feb. 28, 2021 USD ($) | Aug. 31, 2020 USD ($) | Oct. 31, 2019 USD ($) | Sep. 30, 2019 USD ($) | Apr. 25, 2019 | |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Asset coverage ratio | 166% | |||||||||||||||||||||
Current asset coverage ratio | 205% | 205% | ||||||||||||||||||||
Recorded Value | $ 603,329,000 | $ 603,329,000 | $ 528,588,000 | |||||||||||||||||||
Realized loss on extinguishment of debt | 0 | $ (17,087,000) | 0 | $ (17,087,000) | ||||||||||||||||||
Outstanding Balance | 610,000,000 | 610,000,000 | 535,000,000 | |||||||||||||||||||
January 2026 Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount | 140,000,000 | 140,000,000 | 140,000,000 | |||||||||||||||||||
October 2026 Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||||||||||||
SBA Debentures | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount | 80,000,000 | 80,000,000 | 40,000,000 | |||||||||||||||||||
Notes | January 2026 Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Recorded Value | 138,883,000 | 138,883,000 | 138,714,000 | |||||||||||||||||||
Interest expense | 1,700,000 | 1,700,000 | 3,300,000 | 3,400,000 | ||||||||||||||||||
Aggregate principal amount | $ 75,000,000 | $ 65,000,000 | ||||||||||||||||||||
Fixed Interest Rate | 4.50% | |||||||||||||||||||||
Average borrowings | $ 140,000,000 | 140,000,000 | $ 140,000,000 | 140,000,000 | ||||||||||||||||||
Weighted average interest rate | 4.46% | 4.46% | ||||||||||||||||||||
Issuance price percent received | 102.11% | |||||||||||||||||||||
Yield-to-maturity | 4% | |||||||||||||||||||||
Redemption price, percentage | 100% | |||||||||||||||||||||
Outstanding Balance | $ 140,000,000 | $ 140,000,000 | 140,000,000 | |||||||||||||||||||
Notes | January 2026 Notes | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fair value | 120,600,000 | 120,600,000 | ||||||||||||||||||||
Notes | October 2026 Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Recorded Value | 146,893,000 | 146,893,000 | 146,522,000 | |||||||||||||||||||
Interest expense | 1,400,000 | 400,000 | 2,900,000 | 400,000 | ||||||||||||||||||
Aggregate principal amount | $ 50,000,000 | $ 100,000,000 | ||||||||||||||||||||
Fixed Interest Rate | 3.375% | 3.375% | ||||||||||||||||||||
Average borrowings | $ 100,000,000 | $ 150,000,000 | $ 150,000,000 | |||||||||||||||||||
Issuance price percent received | 99.993% | 99.418% | ||||||||||||||||||||
Yield-to-maturity | 3.50% | 3.50% | 3.375% | 3.50% | ||||||||||||||||||
Redemption price, percentage | 100% | |||||||||||||||||||||
Outstanding Balance | $ 150,000,000 | $ 150,000,000 | 150,000,000 | |||||||||||||||||||
Notes | October 2026 Notes | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fair value | 129,700,000 | 129,700,000 | ||||||||||||||||||||
Notes | October 2024 Notes | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest expense | 1,700,000 | 3,600,000 | ||||||||||||||||||||
Aggregate principal amount | $ 50,000,000 | $ 10,000,000 | $ 65,000,000 | |||||||||||||||||||
Fixed Interest Rate | 5.375% | |||||||||||||||||||||
Repurchased face amount | $ 125,000,000 | |||||||||||||||||||||
Percentage of principal amount redeemed | 100% | |||||||||||||||||||||
Unamortized debt issuance costs | 1,800,000 | |||||||||||||||||||||
Realized loss on extinguishment of debt | 15,200,000 | |||||||||||||||||||||
Average borrowings | $ 115,500,000 | $ 120,200,000 | ||||||||||||||||||||
Weighted average interest rate | 5.375% | 5.375% | 5.375% | |||||||||||||||||||
Unsecured Debt | SBA Debentures | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Recorded Value | 77,553,000 | 77,553,000 | 38,352,000 | |||||||||||||||||||
Interest expense | $ 600,000 | $ 46,000 | $ 1,000,000 | $ 53,700 | ||||||||||||||||||
Weighted average interest rate | 2.58% | 0.85% | 2.55% | 0.84% | ||||||||||||||||||
Average borrowings | $ 80,000,000 | $ 9,200,000 | $ 65,900,000 | $ 4,600,000 | ||||||||||||||||||
Debt instrument term | 10 years | |||||||||||||||||||||
Regulatory maximum borrowing capacity | $ 175,000,000 | |||||||||||||||||||||
Regulatory capital | $ 87,500,000 | |||||||||||||||||||||
Leverage commitment amount | $ 40,000,000 | $ 40,000,000 | ||||||||||||||||||||
Outstanding Balance | 80,000,000 | 80,000,000 | $ 40,000,000 | |||||||||||||||||||
Unsecured Debt | SBA Debentures | SBIC I | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Regulatory capital | 65,000,000 | 65,000,000 | ||||||||||||||||||||
Available leverage commitment | 50,000,000 | 50,000,000 | ||||||||||||||||||||
Unsecured Debt | SBA Debentures | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Fair value | 73,800,000 | 73,800,000 | ||||||||||||||||||||
Credit Facility | Line of Credit | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
LIBOR floor | 0% | 0% | ||||||||||||||||||||
Maximum borrowing capacity | $ 380,000,000 | $ 335,000,000 | $ 340,000,000 | $ 335,000,000 | ||||||||||||||||||
Number of lenders | lender | 10 | 11 | ||||||||||||||||||||
Covenants increase the minimum obligors | $ 200,000,000 | $ 180,000,000 | ||||||||||||||||||||
Accordion feature increase limit | $ 400,000,000 | |||||||||||||||||||||
Minimum senior coverage ratio | 2 | |||||||||||||||||||||
Maximum asset coverage ratio | 1.50 | |||||||||||||||||||||
Interest coverage ratio | 2.25 | |||||||||||||||||||||
Outstanding advances exceed percentage | 90% | |||||||||||||||||||||
Minimum liquidity | 0.10 | |||||||||||||||||||||
Recorded Value | 240,000,000 | 240,000,000 | ||||||||||||||||||||
Amortization of deferred loan costs | 2,900,000 | 4,800,000 | ||||||||||||||||||||
Interest expense | $ 1,500,000 | $ 2,900,000 | ||||||||||||||||||||
Weighted average interest rate | 4.46% | 2.58% | 3.86% | 2.64% | ||||||||||||||||||
Average outstanding amount | $ 214,600,000 | $ 159,600,000 | $ 198,800,000 | $ 148,500,000 | ||||||||||||||||||
Outstanding Balance | $ 240,000,000 | $ 240,000,000 | ||||||||||||||||||||
Credit Facility | Line of Credit | Minimum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Commitment fee percentage | 0.50% | |||||||||||||||||||||
Credit Facility | Line of Credit | Maximum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Commitment fee percentage | 1% | |||||||||||||||||||||
Credit Facility | Line of Credit | LIBOR | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 2.15% | 2.50% |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 610,000 | $ 535,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (6,671) | (6,412) |
Recorded Value | 603,329 | 528,588 |
Line of Credit | Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 240,000 | |
Unamortized Debt Issuance Costs and Debt Discount/Premium | 0 | |
Recorded Value | 240,000 | |
SBA Debentures | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 80,000 | 40,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (2,447) | (1,648) |
Recorded Value | 77,553 | 38,352 |
Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 205,000 | |
Unamortized Debt Issuance Costs and Debt Discount/Premium | 0 | |
Recorded Value | 205,000 | |
January 2026 Notes | Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 140,000 | 140,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (1,117) | (1,286) |
Recorded Value | 138,883 | 138,714 |
October 2026 Notes | Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 150,000 | 150,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (3,107) | (3,478) |
Recorded Value | $ 146,893 | $ 146,522 |
BORROWINGS - Schedule of Issued
BORROWINGS - Schedule of Issued and Outstanding SBA Debentures (Details) $ in Thousands | Sep. 30, 2022 USD ($) poolingDate | Mar. 31, 2022 USD ($) |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 610,000 | $ 535,000 |
Unsecured Debt | SBA Debentures | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 80,000 | $ 40,000 |
Number of pooling date | poolingDate | 2 | |
Unsecured Debt | Debentures, Due September 2031 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 1.575% | |
Outstanding Balance | $ 15,000 | |
Unsecured Debt | Debenture Due March 2032 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.209% | |
Outstanding Balance | $ 25,000 | |
Unsecured Debt | Debenture Due January 2032 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.533% | |
Outstanding Balance | $ 40,000 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Contingency [Line Items] | ||||||
Dividends | $ 14,300 | $ 16,600 | $ 11,800 | |||
Dividends (in usd per share) | $ 0.50 | |||||
Cost of investments | $ 1,060,800 | 852,400 | $ 1,060,800 | |||
Gross unrealized appreciation | 58,900 | 67,800 | 58,900 | |||
Gross unrealized depreciation | (62,800) | (61,700) | (62,800) | |||
Net unrealized appreciation (depreciation) | (3,900) | 6,100 | (3,900) | |||
Deferred tax liability | 8,798 | $ 5,747 | 8,798 | |||
Income tax provision | 534 | $ 314 | 726 | $ 710 | ||
Accrual for U.S. federal excise tax | 200 | 300 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.63 | $ 0.48 | ||||
RIC | ||||||
Income Tax Contingency [Line Items] | ||||||
Cost of investments | 1,033,800 | 1,033,800 | ||||
Gross unrealized appreciation | 16,700 | 16,700 | ||||
Gross unrealized depreciation | (60,600) | (60,600) | ||||
Net unrealized appreciation (depreciation) | (43,900) | (43,900) | ||||
Taxable Subsidiary | ||||||
Income Tax Contingency [Line Items] | ||||||
Cost of investments | 27,000 | 27,000 | ||||
Gross unrealized appreciation | 42,200 | 42,200 | ||||
Gross unrealized depreciation | (2,200) | (2,200) | ||||
Net unrealized appreciation (depreciation) | 40,000 | 40,000 | ||||
Income tax provision | $ 300 | $ 300 | $ 400 | $ 700 | ||
Regular Dividends | ||||||
Income Tax Contingency [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | 0.48 | |||||
Special Dividend | ||||||
Income Tax Contingency [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 |
INCOME TAXES - Net Assets Resul
INCOME TAXES - Net Assets Resulting From Operations To Estimated RIC Taxable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||||
Net increase (decrease) in net assets from operations | $ 9,458 | $ 2,510 | $ (4,556) | $ 15,142 | $ 11,968 | $ 10,586 |
Net unrealized depreciation (appreciation) on investments | (3,649) | $ 12,248 | $ 691 | $ (7,051) | 8,599 | (6,360) |
Income/gain (expense/loss) recognized for tax on pass-through entities | 35 | 526 | ||||
(Gain) loss recognized on dispositions | (159) | 152 | ||||
Capital loss carryover | 6,622 | 0 | ||||
Net operating income - wholly-owned subsidiary | (1,568) | (3,684) | ||||
Dividend income from wholly-owned subsidiary | 745 | 0 | ||||
Non-deductible tax expense | 251 | 32 | ||||
Non-deductible compensation | 1,644 | 1,767 | ||||
Compensation related book/tax differences | (3,583) | 2,042 | ||||
Other book/tax differences | 1,434 | 2,306 | ||||
Estimated distributable income before deductions for distributions | 25,988 | 20,999 | ||||
Income Tax Contingency [Line Items] | ||||||
Realized loss on extinguishment of debt | 0 | $ 13,632 | ||||
Capital loss carryforwards | ||||||
Income Tax Contingency [Line Items] | ||||||
Long-term capital loss carryforwards | $ 23,800 | $ 23,800 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Deferred tax asset: | ||
Net operating loss carryforwards | $ 0 | $ 0 |
Interest | 210 | 185 |
Total deferred tax asset | 210 | 185 |
Deferred tax liabilities: | ||
Net unrealized appreciation on investments | (7,475) | (4,899) |
Net basis differences in portfolio investments | (1,533) | (1,033) |
Total deferred tax liabilities | (9,008) | (5,932) |
Total net deferred tax (liabilities) assets | $ (8,798) | $ (5,747) |
SHAREHOLDERS' EQUITY - Shares R
SHAREHOLDERS' EQUITY - Shares Repurchased In Connection With The Vesting Of Restricted Stock Awards (Details) - Shares repurchased for restricted stock awards vested - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Number of shares repurchased (in shares) | 0 | 182 | 29,673 | 20,632 |
Aggregate cost of shares repurchased (in thousands) | $ 0 | $ 5 | $ 641 | $ 545 |
Weighted average price per share (in usd per share) | $ 0 | $ 26.40 | $ 21.60 | $ 26.43 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) | 3 Months Ended | 6 Months Ended | 43 Months Ended | ||||||||||
Feb. 04, 2020 USD ($) sales_agent | Jul. 18, 2011 | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Aug. 31, 2022 USD ($) | Aug. 02, 2022 USD ($) | Aug. 01, 2022 USD ($) | Jul. 28, 2021 USD ($) | May 26, 2021 USD ($) | Mar. 04, 2019 USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||
Right to grant period | 10 years | ||||||||||||
Stock repurchase program, authorized amount | $ 20,000,000 | $ 20,000,000 | |||||||||||
Equity ATM Program | |||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||
Maximum consideration threshold | $ 100,000,000 | $ 650,000,000 | $ 250,000,000 | $ 250,000,000 | $ 50,000,000 | ||||||||
Number of additional sales agents | sales_agent | 2 | ||||||||||||
Gross sales commission percentage | 1.50% | 2% | |||||||||||
Number of shares issued in transaction (in shares) | shares | 1,381,716 | 1,141,269 | 3,644,568 | 2,218,578 | 11,822,228 | ||||||||
Weighted-average price per share (in usd per share) | $ / shares | $ 19.48 | $ 26.59 | $ 20.21 | $ 26.35 | $ 21.75 | ||||||||
Gross proceeds from issuance of common stock | $ 26,900,000 | $ 30,300,000 | $ 73,700,000 | $ 58,500,000 | $ 257,100,000 | ||||||||
Net proceeds | 26,500,000 | $ 29,900,000 | 72,600,000 | $ 57,600,000 | 252,900,000 | ||||||||
Available under the Equity ATM Program | $ 392,900,000 | $ 392,900,000 | $ 392,900,000 | ||||||||||
2010 Plan | Restricted Stock | |||||||||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||||||||
Right to grant period | 10 years |
STOCK BASED COMPENSATION PLAN_2
STOCK BASED COMPENSATION PLANS - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||||
Jul. 18, 2011 | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) employee | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Jul. 18, 2021 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Right to grant period | 10 years | ||||||
Share-based compensation expense | $ 1,060,000 | $ 923,000 | $ 1,881,000 | $ 1,999,000 | |||
Employee affected | employee | 1 | ||||||
Restricted Stock | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Weighted-average vesting period | 2 years 7 months 6 days | ||||||
Share-based compensation expense | 1,100,000 | $ 900,000 | $ 1,900,000 | $ 2,000,000 | |||
Incremental compensation cost | $ 600,000 | ||||||
Non-vested restricted stock awards | $ 9,100,000 | $ 9,100,000 | |||||
Restricted Stock | 2010 Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting period | 4 years | ||||||
Right to grant period | 10 years | ||||||
Restricted Stock | 2021 Employee Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Available for issuance (in shares) | shares | 1,200,000 | ||||||
Remaining number of shares authorized (in shares) | shares | 1,003,458 | 1,003,458 | |||||
Restricted Stock | Non-Employee Director Plan | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Available for issuance (in shares) | shares | 120,000 | 120,000 | |||||
Remaining number of shares authorized (in shares) | shares | 107,895 | 107,895 | |||||
Term of service | 1 year | ||||||
Weighted-average vesting period | 1 year | ||||||
Grant market value | $ 50,000 | $ 50,000 | |||||
Share-based compensation expense | $ 35,500 | $ 35,500 |
STOCK BASED COMPENSATION PLAN_3
STOCK BASED COMPENSATION PLANS - Summary of Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
2010 Plan and 2021 Employee Plan | ||
Number of Shares | ||
Beginning balance (in shares) | 395,993 | |
Granted (in shares) | 199,042 | |
Vested (in shares) | (93,677) | |
Forfeited (in shares) | (2,500) | |
Ending balance (in shares) | 498,858 | 395,993 |
Weighted Average Fair Value Per Share at grant date | ||
Beginning balance (in dollars per share) | $ 21.48 | |
Granted (in dollars per share) | 21.25 | |
Vested (in dollars per share) | 20.90 | |
Forfeited (in dollars per share) | 23.81 | |
Ending balance (in dollars per share) | $ 21.48 | $ 21.48 |
Weighted Average Remaining Vesting Term (in Years) | ||
Weighted-average vesting term | 2 years 7 months 6 days | 2 years 4 months 24 days |
Granted | 3 years 8 months 12 days | |
Non-Employee Director Plan | ||
Number of Shares | ||
Beginning balance (in shares) | 0 | |
Granted (in shares) | 12,105 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Ending balance (in shares) | 12,105 | 0 |
Weighted Average Fair Value Per Share at grant date | ||
Beginning balance (in dollars per share) | $ 0 | |
Granted (in dollars per share) | 20.66 | |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Ending balance (in dollars per share) | $ 20.66 | $ 0 |
Weighted Average Remaining Vesting Term (in Years) | ||
Weighted-average vesting term | 10 months 24 days | |
Granted | 10 months 24 days |
OTHER EMPLOYEE COMPENSATION (De
OTHER EMPLOYEE COMPENSATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Employer matching contribution (up to) | 4.50% | |||
Matching contributions cost | $ 31,400 | $ 33,100 | $ 129,600 | $ 108,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Unused Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | $ 134,318 | $ 134,251 |
Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 68,723 | 57,640 |
Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 60,258 | 71,274 |
Other | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 5,337 | 5,337 |
Investment, Identifier [Axis]: 360 Quote TopCo, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,250 | 0 |
Investment, Identifier [Axis]: ATS Operating, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,500 | 1,500 |
Investment, Identifier [Axis]: Acceleration, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 5,000 | 0 |
Investment, Identifier [Axis]: Acceleration, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,250 | 0 |
Investment, Identifier [Axis]: Air Conditioning Specialist, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,000 | 1,000 |
Investment, Identifier [Axis]: American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 124 | 117 |
Investment, Identifier [Axis]: ArborWorks, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,000 | 3,000 |
Investment, Identifier [Axis]: Cadmium, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 308 |
Investment, Identifier [Axis]: Catbird NYC, LLC, Other | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 125 | 125 |
Investment, Identifier [Axis]: Catbird NYC, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,000 | 4,000 |
Investment, Identifier [Axis]: Central Medical Supply LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,400 | 1,400 |
Investment, Identifier [Axis]: Central Medical Supply LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,200 | 1,200 |
Investment, Identifier [Axis]: CityVet Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 7,000 |
Investment, Identifier [Axis]: Dynamic Communities, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 500 | 500 |
Investment, Identifier [Axis]: Fast Sandwich, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 3,100 |
Investment, Identifier [Axis]: Flip Electronics, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,409 | 2,818 |
Investment, Identifier [Axis]: FoodPharma Subsidiary Holdings, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 5,470 |
Investment, Identifier [Axis]: GS Operating, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 3,205 |
Investment, Identifier [Axis]: GS Operating, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 1,540 |
Investment, Identifier [Axis]: GrammaTech, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,500 | 2,500 |
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,515 | 0 |
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,010 | 0 |
Investment, Identifier [Axis]: I-45 SLF LLC, Other | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,800 | 4,800 |
Investment, Identifier [Axis]: ISI Enterprises, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,200 | 1,200 |
Investment, Identifier [Axis]: ITA Holdings Group, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,200 | 1,250 |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,250 | 2,250 |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Other | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 412 | 412 |
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,286 | 4,571 |
Investment, Identifier [Axis]: Klein Hersh, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 938 |
Investment, Identifier [Axis]: Lash OpCo, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 2,846 |
Investment, Identifier [Axis]: Lash OpCo, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 302 | 481 |
Investment, Identifier [Axis]: Lighting Retrofit International, LLC (DBA Envocore), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,458 | 2,083 |
Investment, Identifier [Axis]: Lightning Intermediate II, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,528 | 0 |
Investment, Identifier [Axis]: Mako Steel LP, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,038 | 943 |
Investment, Identifier [Axis]: Microbe Formulas LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,627 | 0 |
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 6,000 | 6,000 |
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 5,000 | 5,000 |
Investment, Identifier [Axis]: NWN Parent Holdings, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 990 | 1,380 |
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 10,000 | 10,000 |
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 600 | 600 |
Investment, Identifier [Axis]: NinjaTrader, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,692 | 4,692 |
Investment, Identifier [Axis]: NinjaTrader, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,500 | 2,500 |
Investment, Identifier [Axis]: Opco Borrower, LLC (DBA Giving Home Health Care), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 500 | 0 |
Investment, Identifier [Axis]: Outerbox, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,000 | 0 |
Investment, Identifier [Axis]: Pipeline Technique Ltd., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 3,333 | 0 |
Investment, Identifier [Axis]: RTIC Subsidiary Holdings LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 356 | 0 |
Investment, Identifier [Axis]: Roof OpCo, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 4,644 |
Investment, Identifier [Axis]: Roof OpCo, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 3,056 | 3,056 |
Investment, Identifier [Axis]: Roseland Management, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,425 | 1,425 |
Investment, Identifier [Axis]: SIB Holdings, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 1,871 |
Investment, Identifier [Axis]: SIB Holdings, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 318 | 655 |
Investment, Identifier [Axis]: Shearwater Research, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 3,262 | 3,262 |
Investment, Identifier [Axis]: Shearwater Research, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,446 | 2,446 |
Investment, Identifier [Axis]: South Coast Terminals LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,935 | 1,935 |
Investment, Identifier [Axis]: Spotlight AR, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,000 | 2,000 |
Investment, Identifier [Axis]: Student Resource Center, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,333 | 1,333 |
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 3,000 | 3,000 |
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,800 | 1,150 |
Investment, Identifier [Axis]: US CourtScript Holdings, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 10,000 | 0 |
Investment, Identifier [Axis]: Versicare Management LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 5,000 | 0 |
Investment, Identifier [Axis]: Versicare Management LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,500 | 0 |
Investment, Identifier [Axis]: Wall Street Prep, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 1,000 | 1,000 |
Investment, Identifier [Axis]: Well-Foam, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 2,500 | 4,500 |
Investment, Identifier [Axis]: Winter Services Operations, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,444 | 4,444 |
Investment, Identifier [Axis]: Winter Services Operations, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 4,444 | 2,000 |
Investment, Identifier [Axis]: Zenfolio Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | 0 | 1,000 |
Investment, Identifier [Axis]: Zips Car Wash, LLC - B, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total unused commitments to extend financing | $ 0 | $ 3,801 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | |
Gain Contingencies [Line Items] | ||
Lease expense | $ 63,100 | $ 126,100 |
Operating lease asset | 2,000,000 | 2,000,000 |
Operating lease liability | $ 3,000,000 | $ 3,000,000 |
Remaining lease term | 10 years | 10 years |
Discount rate | 5.89% | 5.89% |
Letters of credit issued and outstanding | ||
Gain Contingencies [Line Items] | ||
Expiring letters of credit | $ 900,000 | $ 900,000 |
February 2023 | Letters of credit issued and outstanding | ||
Gain Contingencies [Line Items] | ||
Expiring letters of credit | 400,000 | 400,000 |
April 2023 | Letters of credit issued and outstanding | ||
Gain Contingencies [Line Items] | ||
Expiring letters of credit | 200,000 | 200,000 |
August 2023 | Letters of credit issued and outstanding | ||
Gain Contingencies [Line Items] | ||
Expiring letters of credit | $ 300,000 | $ 300,000 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 167 |
2024 | 406 |
2025 | 416 |
2026 | 426 |
2027 | 436 |
Thereafter | 2,578 |
Total | $ 4,429 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Management fees from our portfolio companies. | $ 0 | $ 0 | $ 0 | $ 0 | |
Corporate Joint Venture | |||||
Related Party Transaction [Line Items] | |||||
Dividends receivable | $ 2,000,000 | $ 2,000,000 | $ 1,900,000 |
SUMMARY OF PER SHARE INFORMAT_3
SUMMARY OF PER SHARE INFORMATION (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Per Share Data: | |||||||
Investment income (in usd per share) | $ 0.96 | $ 0.90 | $ 1.84 | $ 1.78 | |||
Operating expenses (in usd per share) | (0.42) | (0.45) | (0.81) | (0.89) | |||
Income taxes (in usd per share) | (0.02) | (0.02) | (0.02) | (0.03) | |||
Net investment income (in usd per share) | 0.52 | 0.43 | 1.01 | 0.86 | |||
Net realized gain (loss), net of tax (in usd per share) | (0.31) | 0.16 | (0.24) | 0.11 | |||
Net unrealized (depreciation) appreciation on investments, net of tax (in usd per share) | 0.13 | (0.03) | (0.32) | 0.29 | |||
Realized loss on extinguishment of debt (in usd per share) | 0 | (0.76) | 0 | (0.78) | |||
Total increase from investment operations (in usd per share) | 0.34 | (0.20) | 0.45 | 0.48 | |||
Accretive effect of share issuances and repurchases (in usd per share) | 0.13 | 0.47 | 0.39 | 0.95 | |||
Dividends to shareholders (in usd per share) | (0.50) | $ (0.63) | (0.54) | $ (0.53) | (1.13) | (1.07) | |
Issuance of restricted stock (in usd per share) | (0.01) | 0 | (0.14) | (0.10) | |||
Common stock withheld for payroll taxes upon vesting of restricted stock (in usd per share) | 0 | 0 | (0.01) | (0.01) | |||
Share based compensation expense (in usd per share) | 0.04 | 0.04 | 0.07 | 0.09 | |||
Other (in usd per share) | (0.01) | 0.01 | 0.04 | 0.01 | |||
(Decrease) increase in net asset value (in usd per share) | (0.01) | (0.22) | (0.33) | 0.35 | |||
Net asset value | |||||||
Beginning of period (in usd per share) | 16.54 | 16.86 | 16.58 | 16.01 | 16.86 | 16.01 | |
End of period (in usd per share) | $ 16.53 | $ 16.54 | $ 16.36 | $ 16.58 | $ 16.53 | $ 16.36 | |
Ratios and Supplemental Data | |||||||
Ratio of operating expenses to average net assets | 2.58% | 2.72% | 4.88% | 5.37% | |||
Ratio of net investment income to average net assets | 3.15% | 2.58% | 6.03% | 5.20% | |||
Portfolio turnover | 2.97% | 8.43% | 9.01% | 9.66% | |||
Total investment return | (5.32%) | 10.72% | (24.06%) | 18.66% | |||
Total return based on change in NAV | 2.96% | 1.93% | 4.74% | 8.87% | |||
Per share market value at the end of the period (in usd per share) | $ 16.94 | $ 25.18 | $ 16.94 | $ 25.18 | |||
Weighted-average common and fully diluted shares outstanding (in shares) | 27,987,699 | 22,534,443 | 26,757,376 | 21,871,805 | |||
Weighted average shares outstanding – basic (in share) | 27,987,699 | 22,534,443 | 26,757,376 | 21,871,805 | |||
Common shares outstanding at end of period (in shares) | 28,782,062 | 23,341,000 | 28,782,062 | 23,341,000 | 24,958,520 |
SIGNIFICANT SUBSIDIARIES - Narr
SIGNIFICANT SUBSIDIARIES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 56 Months Ended | |||||||||||||||||
Mar. 10, 2021 | Apr. 30, 2020 USD ($) | Oct. 31, 2022 USD ($) | Mar. 31, 2021 | Mar. 31, 2021 | Apr. 30, 2020 USD ($) | Nov. 30, 2019 | Nov. 30, 2015 USD ($) | Sep. 30, 2015 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 USD ($) | Mar. 31, 2017 USD ($) lender | Apr. 30, 2020 USD ($) | Mar. 25, 2021 USD ($) | ||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Total assets | $ 1,113,171,000 | $ 973,957,000 | $ 1,113,171,000 | |||||||||||||||||||
Total Investments | 1,056,931,000 | [1],[2],[3] | 936,614,000 | [4],[5],[6] | 1,056,931,000 | [1],[2],[3] | ||||||||||||||||
Dividends | 14,300,000 | $ 16,600,000 | 11,800,000 | |||||||||||||||||||
Drawn | 603,329,000 | 528,588,000 | 603,329,000 | |||||||||||||||||||
Secured Debt | I-45 Credit Facility | Line of Credit | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Maximum borrowing capacity | $ 75,000,000 | $ 165,000,000 | ||||||||||||||||||||
Debt instrument term | 5 years | |||||||||||||||||||||
Debt-to-equity leverage ratio | 2 | |||||||||||||||||||||
Accordion feature increase limit | $ 90,000,000 | |||||||||||||||||||||
Number of additional lenders | lender | 3 | |||||||||||||||||||||
Debt prepayment | $ 15,000,000 | |||||||||||||||||||||
Drawn | 110,000,000 | 110,000,000 | ||||||||||||||||||||
Secured Debt | I-45 Credit Facility | Line of Credit | LIBOR | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Basis spread on variable rate | 2.15% | 2.25% | 2.50% | 2.40% | ||||||||||||||||||
I-45 SLF LLC | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Initial equity capital commitment | $ 85,000,000 | |||||||||||||||||||||
Main Street Capital Corporation | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Initial equity capital commitment | $ 3,200,000 | 17,000,000 | ||||||||||||||||||||
Contributed capital | 19,000,000 | $ 19,000,000 | ||||||||||||||||||||
Corporate Joint Venture | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Initial equity capital commitment | $ 12,800,000 | $ 68,000,000 | $ 80,800,000 | |||||||||||||||||||
Allocated current profits interest | 75.60% | 76.2625% | 78.25% | 77.5875% | 76.925% | 78.25% | ||||||||||||||||
Contributed capital | $ 76,000,000 | $ 76,000,000 | ||||||||||||||||||||
Corporate Joint Venture | I-45 SLF LLC | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Ownership percent | 80% | 80% | ||||||||||||||||||||
Corporate Joint Venture | Main Street Capital Corporation | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Initial equity capital commitment | $ 20,200,000 | |||||||||||||||||||||
Allocated current profits interest | 21.75% | |||||||||||||||||||||
Corporate Joint Venture | Main Street Capital Corporation | I-45 SLF LLC | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Ownership interest | 20% | 20% | ||||||||||||||||||||
I-45 SLF LLC | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Capital dividend | $ 10,000,000 | |||||||||||||||||||||
Total funded equity capital | $ 95,000,000 | $ 95,000,000 | ||||||||||||||||||||
Total assets | 176,386,000 | 189,144,000 | 176,386,000 | |||||||||||||||||||
Total Investments | 168,599,000 | 176,704,000 | 168,599,000 | |||||||||||||||||||
Dividends | 2,600,000 | |||||||||||||||||||||
Drawn | $ 110,000,000 | $ 114,500,000 | $ 110,000,000 | |||||||||||||||||||
I-45 SLF LLC | Subsequent Event | Capital Southwest Corp | ||||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||||||||||||||||
Dividends paid | $ 2,000,000 | |||||||||||||||||||||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[3]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 readily 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. Refer to Note 4 for further discussion.[4]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[5]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[6]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 readily 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. Refer to Note 4 for further discussion. |
SIGNIFICANT SUBSIDIARIES - Summ
SIGNIFICANT SUBSIDIARIES - Summarized Financial Information Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
Cost | $ 1,064,644 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | ||||
Total Investments | 1,056,931 | [1],[3],[9] | 936,614 | [5],[7],[10] | ||||
Cash and cash equivalents | 30,238 | 11,431 | ||||||
Debt issuance costs (net of accumulated amortization of $5,090 and $4,573, respectively) | 4,044 | 4,038 | ||||||
Total assets | 1,113,171 | 973,957 | ||||||
Recorded Value | 603,329 | 528,588 | ||||||
Other liabilities | 22,434 | 14,808 | ||||||
Total liabilities | 637,447 | 553,090 | ||||||
Total net assets | 475,724 | $ 452,985 | 420,867 | $ 381,945 | $ 368,095 | $ 336,251 | ||
Total liabilities and net assets | 1,113,171 | 973,957 | ||||||
I-45 SLF LLC | ||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||||
Cost | 188,101 | 187,714 | ||||||
Total Investments | 168,599 | 176,704 | ||||||
Cash and cash equivalents | 5,620 | 9,949 | ||||||
Accounts receivable | 193 | 123 | ||||||
Debt issuance costs (net of accumulated amortization of $5,090 and $4,573, respectively) | 1,037 | 1,518 | ||||||
Interest Receivable | 937 | 850 | ||||||
Total assets | 176,386 | 189,144 | ||||||
Recorded Value | 110,000 | 114,500 | ||||||
Other liabilities | 2,764 | 2,596 | ||||||
Total liabilities | 112,764 | 117,096 | ||||||
Total net assets | 63,622 | 72,048 | ||||||
Total liabilities and net assets | $ 176,386 | $ 189,144 | ||||||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of September 30, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $58.9 million; cumulative gross unrealized depreciation for federal income tax purposes is $62.8 million. Cumulative net unrealized depreciation is $3.9 million, based on a tax cost of $1,060.8 million.[3]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[4]Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[5]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[6]As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.[7]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[8]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion.[10]The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion. |
SIGNIFICANT SUBSIDIARIES - Su_2
SIGNIFICANT SUBSIDIARIES - Summarized Financial Information Operation Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||
Net investment income | $ 14,444 | $ 12,438 | $ 9,726 | $ 9,043 | $ 26,882 | $ 18,769 |
Total investment income | 14,978 | 10,040 | 27,608 | 19,479 | ||
Net unrealized depreciation (appreciation) on investments | 3,649 | $ (12,248) | (691) | $ 7,051 | (8,599) | 6,360 |
I-45 SLF LLC | ||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||
Total revenues | 4,292 | 3,026 | 7,569 | 6,148 | ||
Total expenses | (1,739) | (921) | (3,058) | (2,018) | ||
Net investment income | 2,553 | 2,105 | 4,511 | 4,130 | ||
Net unrealized depreciation (appreciation) on investments | (1,060) | (1,261) | (8,491) | (1,198) | ||
Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction, Operating, after Tax | 13 | (896) | 71 | 173 | ||
Net increase (decrease) in members’ equity resulting from operations | $ 1,506 | $ (52) | $ (3,909) | $ 3,105 |
SIGNIFICANT SUBSIDIARIES - I-45
SIGNIFICANT SUBSIDIARIES - I-45 SLF LLC Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 1,064,644 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | |
Investments at fair value | 1,056,931 | [1],[3],[9] | 936,614 | [5],[7],[10] | |
LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,517 | [2],[4] | 10,369 | [6],[8] | |
Investments at fair value | $ 10,527 | [9] | $ 10,404 | [10] | |
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [11],[12] | 6.50% | |||
Floor | [11],[12] | 1% | |||
Investment interest rate | [11],[12] | 10.20% | |||
Principal | [11] | $ 25,000 | |||
Cost | [2],[4],[11] | 24,643 | |||
Investments at fair value | [9],[11] | $ 24,600 | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.50% | |||
Floor | [12],[13] | 1% | |||
Investment interest rate | [12],[13] | 10.20% | |||
Principal | [13] | $ 1,000 | |||
Cost | [2],[4],[13] | 954 | |||
Investments at fair value | [9],[13] | $ 984 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14] | 374,543 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,785 | |||
Investments at fair value | [10] | $ 1,785 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | [12] | 8% | [15] | |
Investment interest rate | [15] | 10% | |||
Principal | $ 9,318 | $ 8,653 | |||
Cost | 9,318 | [2],[4] | 8,653 | [6],[8] | |
Investments at fair value | $ 9,132 | [9] | 8,350 | [10] | |
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16] | 374,543 | |||
Principal | $ 0 | ||||
Cost | [2],[4] | 1,785 | |||
Investments at fair value | [9] | 1,143 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 2,198 | [2],[4] | 2,198 | [6],[8] | |
Investments at fair value | $ 1,407 | [9] | $ 2,198 | [10] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 1,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 0 | |||
Investments at fair value | [9],[17],[18] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 1,000 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 0 | |||
Investments at fair value | [10],[19],[20] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.76% | [12],[21] | 8.17% | [15],[22] | |
Floor | 1% | [12],[21] | 1% | [15],[22] | |
Investment interest rate | 9.99% | [12],[21] | 9.17% | [15],[22] | |
Principal | $ 14,875 | [21] | $ 11,875 | [22] | |
Cost | 14,576 | [2],[4],[21] | 11,600 | [6],[8],[22] | |
Investments at fair value | $ 14,875 | [9],[21] | $ 11,875 | [10],[22] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000 | [16],[17],[18] | 1,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,000 | [2],[4],[17],[18] | 1,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,153 | [9],[17],[18] | $ 1,153 | [10],[19],[20] | |
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 1,611.22 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 107 | |||
Investments at fair value | [9],[17],[18] | $ 153 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 8.50% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (48) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.84% | |||
Principal | $ 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 8.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.84% | |||
Principal | $ 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 11.84% | |||
Principal | $ 9,298 | ||||
Cost | [2],[4] | 9,121 | |||
Investments at fair value | [9] | $ 9,112 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 13,451.22 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 893 | |||
Investments at fair value | [9],[17],[18] | $ 1,273 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 8.50% | |||
Floor | [12],[13] | 1% | |||
Investment interest rate | [12],[13] | 10.84% | |||
Principal | [13] | $ 750 | |||
Cost | [2],[4],[13] | 656 | |||
Investments at fair value | [9],[13] | $ 739 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[23] | 10.50% | |||
Floor | [12],[23] | 2% | |||
Investment interest rate | [12],[23] | 14.24% | |||
Principal | [23] | $ 7,823 | |||
Cost | [2],[4],[23] | 7,774 | |||
Investments at fair value | [9],[23] | $ 7,017 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[24] | 8.50% | |||
Floor | [15],[24] | 2% | |||
Investment interest rate | [15],[24] | 10.50% | |||
Principal | [24] | $ 7,948 | |||
Cost | [6],[8],[24] | 7,881 | |||
Investments at fair value | [10],[24] | $ 7,765 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12] | 7.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.59% | [12] | 8.25% | [15] | |
Principal | $ 14,808 | $ 12,778 | |||
Cost | 14,548 | [2],[4] | 12,535 | [6],[8] | |
Investments at fair value | $ 14,808 | [9] | $ 12,535 | [10] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 727,749.85 | [16],[17],[18] | 623,693.55 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 728 | [2],[4],[17],[18] | 624 | [6],[8],[19],[20] | |
Investments at fair value | $ 959 | [9],[17],[18] | $ 634 | [10],[19],[20] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12],[13] | 7.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (16) | [2],[4],[13] | (18) | [6],[8],[25] | |
Investments at fair value | 0 | [9],[13] | 0 | [10],[25] | |
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 2,500 | |||
Investments at fair value | [9] | $ 3,417 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [6],[8] | 2,500 | |||
Investments at fair value | [10] | $ 3,681 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12] | 6% | |||
Principal | $ 173 | ||||
Cost | [2],[4] | 173 | |||
Investments at fair value | [9] | $ 271 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15] | 6% | |||
Principal | $ 173 | ||||
Cost | [6],[8] | 173 | |||
Investments at fair value | [10] | $ 495 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12] | 6.75% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.98% | [12] | 7.75% | [15] | |
Principal | $ 12,388 | $ 12,450 | |||
Cost | 12,333 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 12,264 | [9] | $ 12,450 | [10] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.75% | [12] | 8.75% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.98% | [12] | 9.75% | [15] | |
Principal | $ 12,388 | $ 12,450 | |||
Cost | 12,332 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 12,264 | [9] | $ 12,450 | [10] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 3,000,000 | [16],[17],[18] | 3,000,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 3,000 | [2],[4],[17],[18] | 3,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 4,175 | [9],[17],[18] | $ 4,195 | [10],[19],[20] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [12],[26] | 5.50% | [15],[27] | |
Floor | [12],[26] | 2% | |||
Investment interest rate | 9% | [12],[26] | 9% | [15],[27] | |
Principal | $ 4,899 | [26] | $ 4,899 | [27] | |
Cost | 4,858 | [2],[4],[26] | 4,858 | [6],[8],[27] | |
Investments at fair value | $ 274 | [9],[26] | $ 269 | [10],[27] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [12],[13],[26] | 5.50% | [15],[25],[27] | |
Floor | [12],[13],[26] | 2% | |||
Investment interest rate | 9% | [12],[13],[26] | 9% | [15],[25],[27] | |
Principal | $ 892 | [13],[26] | $ 899 | [25],[27] | |
Cost | 884 | [2],[4],[13],[26] | 890 | [6],[8],[25],[27] | |
Investments at fair value | $ 50 | [9],[13],[26] | $ 49 | [10],[25],[27] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.09% | [12] | 10% | [15] | |
Principal | $ 17,358 | $ 16,376 | |||
Cost | 17,355 | [2],[4] | 16,375 | [6],[8] | |
Investments at fair value | $ 17,358 | [9] | $ 16,376 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [16],[17],[18] | 100 | [14] | |
Principal | $ 0 | [17],[18] | $ 0 | ||
Cost | 100 | [2],[4],[17],[18] | 100 | [6],[8] | |
Investments at fair value | $ 43 | [9],[17],[18] | $ 100 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.87% | [12] | 8% | [15] | |
Principal | $ 12,708 | $ 12,903 | |||
Cost | 12,489 | [2],[4] | 12,660 | [6],[8] | |
Investments at fair value | $ 11,094 | [9] | $ 12,657 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [12],[13] | 9.82% | |||
Principal | $ 2,000 | [13] | $ 0 | [25] | |
Cost | 1,950 | [2],[4],[13] | (56) | [6],[8],[25] | |
Investments at fair value | $ 1,746 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,156 | [16],[17],[18] | 2,156 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 801 | [2],[4],[17],[18] | 801 | [6],[8],[19],[20] | |
Investments at fair value | $ 584 | [9],[17],[18] | $ 584 | [10],[19],[20] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 1,000,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 1,000 | |||
Investments at fair value | [9],[17],[18] | $ 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [12] | 5.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 7.84% | [12] | 6.50% | [15] | |
Principal | $ 9,250 | $ 9,250 | |||
Cost | 9,087 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12] | 7.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.84% | [12] | 8.50% | [15] | |
Principal | $ 9,250 | $ 9,250 | |||
Cost | 9,086 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 1,000,000 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 1,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12],[13] | 6.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [15],[25] | 7.50% | |||
Principal | $ 0 | [13] | $ 1,000 | [25] | |
Cost | (43) | [2],[4],[13] | 952 | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 952 | [10],[25] | |
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 8.50% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 9.50% | |||
Principal | $ 10,121 | ||||
Cost | [6],[8] | 10,105 | |||
Investments at fair value | [10] | $ 10,121 | |||
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 900,000 | [16] | 900,000 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 900 | [2],[4] | 900 | [6],[8] | |
Investments at fair value | $ 572 | [9] | $ 924 | [10] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 3% | [12],[23] | 3% | [15],[24] | |
Variable rate | 11% | [12],[23] | 11% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 16.33% | [12],[23] | 15% | [15],[24] | |
Principal | $ 9,246 | [23] | $ 9,064 | [24] | |
Cost | 9,207 | [2],[4],[23] | 9,005 | [6],[8],[24] | |
Investments at fair value | $ 9,246 | [9],[23] | $ 8,793 | [10],[24] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 3% | [12],[23] | 3% | [15],[24] | |
Variable rate | 11% | [12],[23] | 11% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 16.33% | [12],[23] | 15% | [15],[24] | |
Principal | $ 2,192 | [23] | $ 2,149 | [24] | |
Cost | 2,180 | [2],[4],[23] | 2,130 | [6],[8],[24] | |
Investments at fair value | $ 2,191 | [9],[23] | $ 2,084 | [10],[24] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,131,579 | [16] | 1,131,579 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,132 | [2],[4] | 1,132 | [6],[8] | |
Investments at fair value | $ 1,762 | [9] | $ 1,420 | [10] | |
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.67% | [12] | 8% | [15] | |
Principal | $ 7,385 | $ 7,385 | |||
Cost | 7,320 | [2],[4] | 7,313 | [6],[8] | |
Investments at fair value | $ 7,134 | [9] | $ 7,314 | [10] | |
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15],[25] | |
Floor | 1% | [12] | 1% | [15],[25] | |
Investment interest rate | 10.67% | [12] | 8% | [15],[25] | |
Principal | $ 615 | $ 308 | [25] | ||
Cost | 610 | [2],[4] | 302 | [6],[8],[25] | |
Investments at fair value | $ 594 | [9] | $ 302 | [10],[25] | |
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 48,423 | [16] | 48,423 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,317 | [2],[4] | 1,317 | [6],[8] | |
Investments at fair value | $ 1,009 | [9] | $ 2,090 | [10] | |
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12] | 6.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.62% | [12] | 7.50% | [15] | |
Principal | $ 5,722 | $ 5,752 | |||
Cost | 5,678 | [2],[4] | 5,702 | [6],[8] | |
Investments at fair value | $ 5,681 | [9] | $ 5,700 | [10] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [16],[17],[18],[28] | 1,000,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18],[28] | $ 0 | [19],[20] | |
Cost | 1,000 | [2],[4],[17],[18],[28] | 1,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,396 | [9],[17],[18],[28] | $ 1,221 | [10],[19],[20] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [13],[16],[17],[18],[28] | 500,000 | [14],[19],[20],[25] | |
Principal | $ 0 | [13],[17],[18],[28] | $ 0 | [19],[20],[25] | |
Cost | 500 | [2],[4],[13],[17],[18],[28] | 500 | [6],[8],[19],[20],[25] | |
Investments at fair value | $ 629 | [9],[13],[17],[18],[28] | $ 572 | [10],[19],[20],[25] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.28% | [12] | 8% | [15] | |
Principal | $ 15,700 | $ 15,900 | |||
Cost | 15,435 | [2],[4] | 15,606 | [6],[8] | |
Investments at fair value | $ 15,700 | [9] | $ 15,884 | [10] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (65) | [2],[4],[13] | (73) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12],[13] | 9% | [15] | |
Floor | 1.75% | [12],[13] | 1.75% | [15] | |
Investment interest rate | 11.28% | [12],[13] | 10.75% | [15] | |
Principal | $ 100 | [13] | $ 100 | ||
Cost | 84 | [2],[4],[13] | 81 | [6],[8] | |
Investments at fair value | $ 98 | [9],[13] | $ 97 | [10] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15] | |
Floor | 1.75% | [12] | 1.75% | [15] | |
Investment interest rate | 11.28% | [12] | 10.75% | [15] | |
Principal | $ 7,500 | $ 7,500 | |||
Cost | 7,412 | [2],[4] | 7,398 | [6],[8] | |
Investments at fair value | $ 7,327 | [9] | $ 7,260 | [10] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,380,500 | [16],[17],[18] | 1,380,500 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 976 | [2],[4],[17],[18] | 976 | [6],[8],[19],[20] | |
Investments at fair value | $ 641 | [9],[17],[18] | $ 641 | [10],[19],[20] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12],[13] | 9% | [15],[25] | |
Floor | 1.75% | [12],[13] | 1.75% | [15],[25] | |
Investment interest rate | 11.28% | [12],[13] | 10.75% | [15],[25] | |
Principal | $ 300 | [13] | $ 300 | [25] | |
Cost | 284 | [2],[4],[13] | 281 | [6],[8],[25] | |
Investments at fair value | $ 293 | [9],[13] | $ 290 | [10],[25] | |
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [16],[17],[18] | 1,500,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,500 | [2],[4],[17],[18] | 1,500 | [6],[8],[19],[20] | |
Investments at fair value | $ 2,435 | [9],[17],[18] | $ 924 | [10],[19],[20] | |
Investment, Identifier [Axis]: CITYVET, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 271,739 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 500 | |||
Investments at fair value | [10],[19],[20] | $ 1,757 | |||
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6.50% | |||
Floor | [15],[25] | 1% | |||
Investment interest rate | [15],[25] | 7.50% | |||
Principal | [25] | $ 13,000 | |||
Cost | [6],[8],[25] | 12,656 | |||
Investments at fair value | [10],[25] | $ 13,247 | |||
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.22% | [12],[21] | 6.21% | [15],[22] | |
Floor | 1% | [12],[21] | 1% | [15],[22] | |
Investment interest rate | 11.22% | [12],[21] | 7.21% | [15],[22] | |
Principal | $ 15,000 | [21] | $ 10,000 | [22] | |
Cost | 14,886 | [2],[4],[21] | 9,921 | [6],[8],[22] | |
Investments at fair value | $ 15,000 | [9],[21] | $ 10,000 | [10],[22] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,681.04 | [16] | 1,681.04 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 3,615 | [2],[4] | 3,615 | [6],[8] | |
Investments at fair value | $ 1,337 | [9] | $ 2,460 | [10] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+11.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 11% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 13.27% | |||
Principal | $ 1,649 | ||||
Cost | [2],[4] | 1,649 | |||
Investments at fair value | [9] | $ 1,501 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.67% | [12] | 10% | [15] | |
Principal | $ 1,829 | $ 1,732 | |||
Cost | 1,829 | [2],[4] | 1,732 | [6],[8] | |
Investments at fair value | $ 1,555 | [9] | $ 1,472 | [10] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.50% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 9.50% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 10.50% | |||
Principal | $ 1,541 | ||||
Cost | [6],[8] | 1,541 | |||
Investments at fair value | [10] | $ 1,402 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 12.43% | [12] | 11.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 15.05% | [12] | 12.50% | [15] | |
Principal | $ 912 | $ 526 | |||
Cost | 912 | [2],[4] | 526 | [6],[8] | |
Investments at fair value | $ 912 | [9] | $ 526 | [10] | |
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 9.25% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 10.25% | |||
Principal | $ 3,000 | ||||
Cost | [6],[8] | 2,984 | |||
Investments at fair value | [10] | $ 2,208 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 8.50% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 9.51% | |||
Principal | $ 11,221 | ||||
Cost | [6],[8] | 11,147 | |||
Investments at fair value | [10] | $ 10,323 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.61% | |||
Principal | $ 5,611 | ||||
Cost | [2],[4] | 5,580 | |||
Investments at fair value | [9] | $ 5,611 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[26] | 9.50% | |||
Floor | [12],[26] | 1% | |||
Investment interest rate | [12],[26] | 12.61% | |||
Principal | [26] | $ 5,611 | |||
Cost | [2],[4],[26] | 5,579 | |||
Investments at fair value | [9],[26] | $ 4,151 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,000,000 | [16],[17],[18] | 2,000,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 2,000 | [2],[4],[17],[18] | 2,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 0 | [9],[17],[18] | $ 1,274 | [10],[19],[20] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [12],[13] | 8.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (1) | [2],[4],[13] | (1) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | 25% | [12] | 25% | [15] | |
Principal | $ 691 | $ 650 | |||
Cost | 691 | [2],[4] | 650 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 650 | [10] | |
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12] | 8% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.12% | [12] | 9% | [15] | |
Principal | $ 8,708 | $ 8,938 | |||
Cost | 8,633 | [2],[4] | 8,853 | [6],[8] | |
Investments at fair value | $ 8,708 | [9] | $ 8,848 | [10] | |
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 9% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 10% | |||
Principal | $ 3,277 | ||||
Cost | [6],[8] | 3,262 | |||
Investments at fair value | [10] | $ 3,277 | |||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 9% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (22) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,000,000 | [16],[17],[18],[28] | 2,000,000 | [14],[19],[20],[29] | |
Principal | $ 0 | [17],[18],[28] | $ 0 | [19],[20],[29] | |
Cost | 2,000 | [2],[4],[17],[18],[28] | 2,000 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 18,325 | [9],[17],[18],[28] | $ 6,373 | [10],[19],[20],[29] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12],[13] | 7.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [12],[13] | 9.73% | |||
Principal | $ 1,409 | [13] | $ 0 | [25] | |
Cost | 1,361 | [2],[4],[13] | (56) | [6],[8],[25] | |
Investments at fair value | $ 1,409 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12] | 7.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.19% | [12] | 8.50% | [15] | |
Principal | $ 17,755 | $ 17,755 | |||
Cost | 17,478 | [2],[4] | 17,443 | [6],[8] | |
Investments at fair value | $ 17,755 | [9] | $ 17,755 | [10] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 75,000 | [16],[17],[18] | 75,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 750 | [2],[4],[17],[18] | 750 | [6],[8],[19],[20] | |
Investments at fair value | $ 743 | [9],[17],[18] | $ 750 | [10],[19],[20] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6.50% | |||
Floor | [15],[25] | 1% | |||
Investment interest rate | [15],[25] | 7.50% | |||
Principal | [25] | $ 2,030 | |||
Cost | [6],[8],[25] | 1,971 | |||
Investments at fair value | [10],[25] | $ 2,030 | |||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12] | 6.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.78% | [12] | 7.50% | [15] | |
Principal | $ 7,030 | $ 5,000 | |||
Cost | 6,897 | [2],[4] | 4,914 | [6],[8] | |
Investments at fair value | $ 7,030 | [9] | $ 5,000 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000 | [16] | 1,000 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | $ 674 | [9] | $ 674 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 168.776 | [16] | 56.259 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 169 | [2],[4] | 56 | [6],[8] | |
Investments at fair value | $ 114 | [9] | $ 38 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [12] | 9.50% | [15] | |
Floor | 2% | [12] | 2% | [15] | |
Investment interest rate | 11.73% | [12] | 11.50% | [15] | |
Principal | $ 10,031 | $ 11,500 | |||
Cost | 9,948 | [2],[4] | 11,384 | [6],[8] | |
Investments at fair value | $ 8,617 | [9] | $ 9,775 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [12],[13] | 9.50% | [15],[25] | |
Floor | 2% | [12],[13] | 2% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (18) | [2],[4],[13] | (22) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6% | |||
Floor | [15],[25] | 0.75% | |||
Investment interest rate | [15],[25] | 6.75% | |||
Principal | [25] | $ 2,516 | |||
Cost | [6],[8],[25] | 2,406 | |||
Investments at fair value | [10],[25] | $ 2,566 | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 6% | |||
Floor | [15] | 0.75% | |||
Investment interest rate | [15] | 6.75% | |||
Principal | $ 8,534 | ||||
Cost | [6],[8] | 8,367 | |||
Investments at fair value | [10] | $ 8,704 | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6% | |||
Floor | [15],[25] | 0.75% | |||
Investment interest rate | [15],[25] | 6.75% | |||
Principal | [25] | $ 183 | |||
Cost | [6],[8],[25] | 150 | |||
Investments at fair value | [10],[25] | $ 187 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (15) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.70% | |||
Principal | $ 3,661 | ||||
Cost | [2],[4] | 3,588 | |||
Investments at fair value | [9] | $ 3,588 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (20) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.25% | [12],[23] | 8.25% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 10.59% | [12],[23] | 9.25% | [15],[24] | |
Principal | $ 15,750 | [23] | $ 15,750 | [24] | |
Cost | 15,500 | [2],[4],[23] | 15,473 | [6],[8],[24] | |
Investments at fair value | 15,057 | [9],[23] | 15,246 | [10],[24] | |
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal | [13],[17],[28] | 0 | |||
Cost | [2],[4],[13],[17],[28] | 76,000 | |||
Investments at fair value | [9],[13],[17],[28] | $ 50,897 | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25],[29] | 0 | |||
Cost | [6],[8],[19],[25],[29] | 76,000 | |||
Investments at fair value | [10],[19],[25],[29] | $ 57,603 | |||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [12],[13] | 6% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (18) | [2],[4],[13] | (21) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [12] | 6% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.42% | [12] | 7.01% | [15] | |
Principal | $ 7,692 | $ 7,731 | |||
Cost | 7,561 | [2],[4] | 7,587 | [6],[8] | |
Investments at fair value | 7,692 | [9] | 7,615 | [10] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [13],[17],[18] | 0 | [19],[20],[25] | |
Cost | 588 | [2],[4],[13],[17],[18] | 588 | [6],[8],[19],[20],[25] | |
Investments at fair value | $ 944 | [9],[13],[17],[18] | $ 588 | [10],[19],[20],[25] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.28% | [12] | 8% | [15] | |
Principal | $ 5,000 | $ 5,000 | |||
Cost | 4,917 | [2],[4] | 4,908 | [6],[8] | |
Investments at fair value | $ 5,000 | [9] | $ 5,000 | [10] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 9.12% | [12],[13] | 8% | [15],[25] | |
Principal | $ 800 | [13] | $ 800 | [25] | |
Cost | 768 | [2],[4],[13] | 764 | [6],[8],[25] | |
Investments at fair value | $ 800 | [9],[13] | $ 800 | [10],[25] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [16] | 1,000,000 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | 1,000 | [9] | 1,000 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [17],[18] | 0 | [19],[20],[29] | |
Cost | 1,500 | [2],[4],[17],[18] | 1,500 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 2,885 | [9],[17],[18] | $ 3,063 | [10],[19],[20],[29] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [12] | 10% | [15] | |
Principal | $ 3,108 | $ 2,959 | |||
Cost | 2,997 | [2],[4] | 2,721 | [6],[8] | |
Investments at fair value | $ 3,037 | [9] | $ 2,959 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [12] | 10% | [15] | |
Principal | $ 123 | $ 117 | |||
Cost | 123 | [2],[4] | 117 | [6],[8] | |
Investments at fair value | $ 120 | [9] | $ 117 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 0.50% | ||||
Variable rate | 11% | [12] | 11% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 15.21% | [12] | 12% | [15] | |
Principal | $ 5,038 | $ 5,036 | |||
Cost | 5,027 | [2],[4] | 5,010 | [6],[8] | |
Investments at fair value | $ 5,038 | [9] | $ 5,061 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12] | 0.50% | |||
Variable rate | 8% | [12] | 8% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.21% | [12] | 9% | [15] | |
Principal | $ 10,076 | $ 10,071 | |||
Cost | 10,074 | [2],[4] | 10,041 | [6],[8] | |
Investments at fair value | $ 10,056 | [9] | $ 10,041 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12],[13] | 0.50% | |||
Variable rate | 9% | [12],[13] | 9% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 13.21% | [12],[13] | 10% | [15],[25] | |
Principal | $ 5,800 | [13] | $ 750 | [25] | |
Cost | 5,717 | [2],[4],[13] | 733 | [6],[8],[25] | |
Investments at fair value | 5,788 | [9],[13] | 750 | [10],[25] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[20] | 0 | |||
Cost | [6],[8],[19],[20] | 538 | |||
Investments at fair value | [10],[19],[20] | $ 3,199 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[18] | 0 | |||
Cost | [2],[4],[17],[18] | 538 | |||
Investments at fair value | [9],[17],[18] | $ 3,017 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 7% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 8% | |||
Principal | $ 6,589 | ||||
Cost | [6],[8] | 6,558 | |||
Investments at fair value | [10] | $ 6,589 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.62% | |||
Principal | $ 6,360 | ||||
Cost | [2],[4] | 6,337 | |||
Investments at fair value | [9] | $ 6,360 | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 7% | |||
Floor | [15] | 0.75% | |||
Investment interest rate | [15] | 7.85% | |||
Principal | $ 23,821 | ||||
Cost | [6],[8] | 23,415 | |||
Investments at fair value | [10] | $ 24,298 | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 7% | |||
Floor | [15],[25] | 0.75% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (13) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13],[23] | 7.25% | |||
Floor | [12],[13],[23] | 1% | |||
Investment interest rate | [12],[13],[23] | 10.94% | |||
Principal | [13],[23] | $ 2,274 | |||
Cost | [2],[4],[13],[23] | 2,215 | |||
Investments at fair value | [9],[13],[23] | $ 2,092 | |||
Investment, Identifier [Axis]: KMS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[23] | 7.25% | |||
Floor | [12],[23] | 1% | |||
Investment interest rate | [12],[23] | 10.94% | |||
Principal | [23] | $ 15,880 | |||
Cost | [2],[4],[23] | 15,747 | |||
Investments at fair value | [9],[23] | $ 14,609 | |||
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 7.25% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (41) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: KMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[24] | 7.25% | |||
Floor | [15],[24] | 1% | |||
Investment interest rate | [15],[24] | 8.25% | |||
Principal | [24] | $ 15,920 | |||
Cost | [6],[8],[24] | 15,773 | |||
Investments at fair value | [10],[24] | $ 15,920 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 7% | |||
Floor | [15],[25] | 1% | |||
Investment interest rate | [15],[25] | 8.01% | |||
Principal | [25] | $ 4,154 | |||
Cost | [6],[8],[25] | 4,034 | |||
Investments at fair value | [10],[25] | $ 4,063 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.17% | [12] | 8.01% | [15] | |
Principal | $ 10,585 | $ 6,484 | |||
Cost | 10,347 | [2],[4] | 6,345 | [6],[8] | |
Investments at fair value | $ 10,352 | [9] | $ 6,341 | [10] | |
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [12],[13] | 10.08% | |||
Principal | $ 179 | [13] | $ 0 | [25] | |
Cost | 170 | [2],[4],[13] | (10) | [6],[8],[25] | |
Investments at fair value | $ 175 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 1% | 2% | [15] | ||
Variable rate | 10% | [12] | 10% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 13.56% | [12] | 13% | [15] | |
Principal | $ 2,500 | $ 2,488 | |||
Cost | 2,483 | [2],[4] | 2,463 | [6],[8] | |
Investments at fair value | $ 2,445 | [9] | $ 2,388 | [10] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 1% | [12] | 2% | [15] | |
Variable rate | 8.50% | [12] | 8.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.06% | [12] | 11.50% | [15] | |
Principal | $ 11,478 | $ 11,422 | |||
Cost | 11,418 | [2],[4] | 11,346 | [6],[8] | |
Investments at fair value | $ 11,019 | [9] | $ 10,851 | [10] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Units of Class A common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 142,278.89 | [16],[17],[18] | 142,278.89 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,600 | [2],[4],[17],[18] | 1,600 | [6],[8],[19],[20] | |
Investments at fair value | $ 557 | [9],[17],[18] | $ 376 | [10],[19],[20] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12],[17],[18] | 25% | |||
Principal | [17],[18] | $ 100 | |||
Cost | [2],[4],[17],[18] | 100 | |||
Investments at fair value | [9],[17],[18] | $ 100 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15],[19],[20] | 25% | |||
Principal | [19],[20] | $ 88 | |||
Cost | [6],[8],[19],[20] | 88 | |||
Investments at fair value | [10],[19],[20] | $ 88 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 203,124.9999 | [16],[17],[18] | 203,124.9999 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 0 | [2],[4],[17],[18] | 0 | [6],[8],[19],[20] | |
Investments at fair value | $ 0 | [9],[17],[18] | $ 0 | [10],[19],[20] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 7.50% | [12] | 7.50% | [15] | |
Principal | $ 5,169 | $ 5,195 | |||
Cost | 5,170 | [2],[4] | 5,195 | [6],[8] | |
Investments at fair value | $ 4,389 | [9] | $ 4,780 | [10] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 7.50% | [12],[13] | 7.50% | [15],[25] | |
Principal | $ 625 | [13] | $ 0 | [25] | |
Cost | 625 | [2],[4],[13] | 0 | [6],[8],[25] | |
Investments at fair value | $ 530 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [12],[26] | 10% | [15],[27] | |
Principal | $ 5,208 | [26] | $ 5,208 | [27] | |
Cost | 5,208 | [2],[4],[26] | 5,208 | [6],[8],[27] | |
Investments at fair value | $ 1,667 | [9],[26] | $ 3,104 | [10],[27] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 208,333.3333 | [16],[17],[18] | 208,333.3333 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 0 | [2],[4],[17],[18] | 0 | [6],[8],[19],[20] | |
Investments at fair value | $ 0 | [9],[17],[18] | $ 0 | [10],[19],[20] | |
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 8.60% | |||
Principal | $ 23,003 | ||||
Cost | [2],[4] | 22,566 | |||
Investments at fair value | [9] | 22,543 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[18] | 0 | |||
Cost | [2],[4],[17],[18] | 600 | |||
Investments at fair value | [9],[17],[18] | $ 600 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.50% | |||
Floor | [12],[13] | 1% | |||
Investment interest rate | [12],[13] | 8.60% | |||
Principal | [13] | $ 324 | |||
Cost | [2],[4],[13] | 289 | |||
Investments at fair value | [9],[13] | $ 318 | |||
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12],[23] | 9% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 11.28% | [12],[23] | 10% | [15],[24] | |
Principal | $ 10,890 | [23] | $ 10,945 | [24] | |
Cost | 10,689 | [2],[4],[23] | 10,723 | [6],[8],[24] | |
Investments at fair value | $ 10,738 | [9],[23] | $ 10,671 | [10],[24] | |
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12] | 7.25% | [15] | |
Floor | 0.75% | [12] | 0.75% | [15] | |
Investment interest rate | 11.09% | [12] | 8.38% | [15] | |
Principal | $ 7,919 | $ 8,032 | |||
Cost | 7,803 | [2],[4] | 7,900 | [6],[8] | |
Investments at fair value | $ 7,848 | [9] | $ 7,751 | [10] | |
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12],[13] | 7.25% | [15],[25] | |
Floor | 0.75% | [12],[13] | 0.75% | [15],[25] | |
Investment interest rate | 10.17% | [12],[13] | 8.23% | [15],[25] | |
Principal | $ 849 | [13] | $ 943 | [25] | |
Cost | 823 | [2],[4],[13] | 913 | [6],[8],[25] | |
Investments at fair value | $ 841 | [9],[13] | $ 910 | [10],[25] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12] | 8% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.28% | [12] | 9% | [15] | |
Principal | $ 12,406 | $ 12,469 | |||
Cost | 12,190 | [2],[4] | 12,232 | [6],[8] | |
Investments at fair value | $ 12,171 | [9] | $ 12,232 | [10] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [12] | 11% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 13.28% | [12] | 12% | [15] | |
Principal | $ 3,275 | $ 3,292 | |||
Cost | 3,218 | [2],[4] | 3,229 | [6],[8] | |
Investments at fair value | $ 3,213 | [9] | $ 3,229 | [10] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Series A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,089,599 | [16],[17],[18] | 2,089,599 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 0 | [2],[4],[17],[18] | 0 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,536 | [9],[17],[18] | $ 1,536 | [10],[19],[20] | |
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.25% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9% | |||
Principal | $ 12,481 | ||||
Cost | [2],[4] | 12,249 | |||
Investments at fair value | [9] | $ 12,281 | |||
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.25% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (30) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12],[13] | 7.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (46) | [2],[4],[13] | (52) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12] | 7.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.03% | [12] | 8.25% | [15] | |
Principal | $ 12,000 | $ 12,000 | |||
Cost | 11,806 | [2],[4] | 11,785 | [6],[8] | |
Investments at fair value | $ 12,000 | [9] | $ 12,000 | [10] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12],[13] | 7.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (77) | [2],[4],[13] | (87) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 191,049.33 | [16],[17],[18] | 191,049.33 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 2,000 | [2],[4],[17],[18] | 2,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 2,000 | [9],[17],[18] | $ 2,000 | [10],[19],[20] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12] | 6.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.78% | [12] | 7.50% | [15] | |
Principal | $ 10,023 | $ 11,250 | |||
Cost | 9,848 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,953 | [9] | $ 11,171 | [10] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12] | 7.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.78% | [12] | 8.50% | [15] | |
Principal | $ 10,023 | $ 11,250 | |||
Cost | 9,848 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,953 | [9] | $ 11,171 | [10] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12],[13] | 8% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (72) | [2],[4],[13] | (82) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12] | 8% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.28% | [12] | 9% | [15] | |
Principal | $ 14,982 | $ 14,913 | |||
Cost | 14,753 | [2],[4] | 14,657 | [6],[8] | |
Investments at fair value | $ 13,648 | [9] | $ 14,569 | [10] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12],[13] | 8% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 10.28% | [12],[13] | 9% | [15],[25] | |
Principal | $ 4,400 | [13] | $ 4,400 | [25] | |
Cost | 4,327 | [2],[4],[13] | 4,317 | [6],[8],[25] | |
Investments at fair value | $ 4,008 | [9],[13] | $ 4,299 | [10],[25] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[13] | 6.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (37) | [2],[4],[13] | (45) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12] | 6.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.53% | [12] | 7.25% | [15] | |
Principal | $ 23,150 | $ 23,150 | |||
Cost | 22,790 | [2],[4] | 22,719 | [6],[8] | |
Investments at fair value | $ 23,150 | [9] | $ 23,150 | [10] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20],[29] | 2,000,000 | |||
Principal | [19],[20],[29] | $ 0 | |||
Cost | [6],[8],[19],[20],[29] | 2,000 | |||
Investments at fair value | [10],[19],[20],[29] | $ 9,566 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18],[28] | 2,000,000 | |||
Principal | [17],[18],[28] | $ 0 | |||
Cost | [2],[4],[17],[18],[28] | 2,000 | |||
Investments at fair value | [9],[17],[18],[28] | $ 9,919 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[13] | 6.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (3) | [2],[4],[13] | (4) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12] | 6.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.37% | [12] | 7.50% | [15] | |
Principal | $ 12,999 | $ 13,066 | |||
Cost | 12,802 | [2],[4] | 12,844 | [6],[8] | |
Investments at fair value | $ 12,479 | [9] | $ 12,818 | [10] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12],[13] | 6.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 9.27% | [12],[13] | 7.50% | [15],[25] | |
Principal | $ 810 | [13] | $ 420 | [25] | |
Cost | 784 | [2],[4],[13] | 390 | [6],[8],[25] | |
Investments at fair value | $ 778 | [9],[13] | $ 412 | [10],[25] | |
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.57% | |||
Principal | $ 9,167 | ||||
Cost | [2],[4] | 9,077 | |||
Investments at fair value | [9] | $ 9,077 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.50% | |||
Floor | [12],[13] | 1% | |||
Investment interest rate | [12],[13] | 9.57% | |||
Principal | [13] | $ 333 | |||
Cost | [2],[4],[13] | 325 | |||
Investments at fair value | [9],[13] | $ 325 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [12] | 12.50% | |||
Principal | $ 3,000 | ||||
Cost | [2],[4] | 2,736 | |||
Investments at fair value | [9] | 2,736 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Warrants (Expiration - August 19, 2029) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [2],[4] | 207 | |||
Investments at fair value | [9] | $ 207 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 5,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 500 | |||
Investments at fair value | [9],[17],[18] | $ 500 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.75% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 9.09% | |||
Principal | $ 10,800 | ||||
Cost | [2],[4] | 10,646 | |||
Investments at fair value | [9] | $ 10,638 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.75% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (28) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[17] | 7.25% | |||
Floor | [12],[17] | 1% | |||
Investment interest rate | [12],[17] | 10.27% | |||
Principal | [17] | $ 10,000 | |||
Cost | [2],[4],[17] | 9,804 | |||
Investments at fair value | [9],[17] | $ 9,804 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13],[17] | 7.25% | |||
Floor | [12],[13],[17] | 1% | |||
Principal | [13],[17] | $ 0 | |||
Cost | [2],[4],[13],[17] | (65) | |||
Investments at fair value | [9],[13],[17] | $ 0 | |||
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [12] | 9.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.84% | [12] | 10.50% | [15] | |
Principal | $ 10,500 | $ 10,500 | |||
Cost | 10,113 | [2],[4] | 10,066 | [6],[8] | |
Investments at fair value | $ 9,310 | [9] | $ 10,217 | [10] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 535,714.29 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 750 | |||
Investments at fair value | [9],[17],[18] | $ 750 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6% | |||
Floor | [15],[25] | 1% | |||
Investment interest rate | [15],[25] | 7% | |||
Principal | [25] | $ 7,578 | |||
Cost | [6],[8],[25] | 7,394 | |||
Investments at fair value | [10],[25] | $ 7,578 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12] | 6% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.28% | [12] | 7% | [15] | |
Principal | $ 21,633 | $ 11,000 | |||
Cost | 21,237 | [2],[4] | 10,802 | [6],[8] | |
Investments at fair value | $ 21,071 | [9] | $ 10,791 | [10] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12],[13] | 6% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (48) | [2],[4],[13] | (53) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 16,084 | [16] | 16,084 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,517 | [2],[4] | 1,517 | [6],[8] | |
Investments at fair value | $ 1,123 | [9] | $ 1,905 | [10] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16] | 1,100 | |||
Principal | $ 0 | ||||
Cost | [2],[4] | 66 | |||
Investments at fair value | [9] | $ 49 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12] | 2% | |||
Variable rate | 8% | [12] | 7% | [15] | |
Floor | 2% | [12] | 2% | [15] | |
Investment interest rate | 12.23% | [12] | 9% | [15] | |
Principal | $ 14,126 | $ 14,125 | |||
Cost | 14,051 | [2],[4] | 14,021 | [6],[8] | |
Investments at fair value | $ 13,561 | [9] | $ 14,125 | [10] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12],[13] | 2% | |||
Variable rate | 8% | [12],[13] | 7% | [15],[25] | |
Floor | 2% | [12],[13] | 2% | [15],[25] | |
Investment interest rate | 12.23% | [12],[13] | 9% | [15],[25] | |
Principal | $ 575 | [13] | $ 575 | [25] | |
Cost | 567 | [2],[4],[13] | 564 | [6],[8],[25] | |
Investments at fair value | $ 552 | [9],[13] | $ 575 | [10],[25] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [12] | 7.75% | [15] | |
Floor | 1.25% | [12] | 1.25% | [15] | |
Investment interest rate | 10.31% | [12] | 9% | [15] | |
Principal | $ 6,755 | $ 6,933 | |||
Cost | 6,701 | [2],[4] | 6,870 | [6],[8] | |
Investments at fair value | $ 6,255 | [9] | $ 6,933 | [10] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [12],[13] | 7.75% | [15] | |
Floor | 1.25% | [12],[13] | 1.25% | [15] | |
Investment interest rate | 10.39% | [12],[13] | 9% | [15] | |
Principal | $ 1,014 | [13] | $ 1,370 | ||
Cost | 1,003 | [2],[4],[13] | 1,357 | [6],[8] | |
Investments at fair value | $ 939 | [9],[13] | $ 1,370 | [10] | |
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[21] | 9.14% | |||
Floor | [12],[21] | 2% | |||
Investment interest rate | [12],[21] | 12.28% | |||
Principal | [21] | $ 16,750 | |||
Cost | [2],[4],[21] | 16,579 | |||
Investments at fair value | [9],[21] | $ 16,650 | |||
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [16] | 100 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | $ 1,060 | [9] | $ 1,601 | [10] | |
Investment, Identifier [Axis]: SCRIP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[22] | 9.43% | |||
Floor | [15],[22] | 2% | |||
Investment interest rate | [15],[22] | 11.43% | |||
Principal | [22] | $ 16,750 | |||
Cost | [6],[8],[22] | 16,521 | |||
Investments at fair value | [10],[22] | $ 16,750 | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 40,000 | [16],[17] | 40,000 | [14],[19] | |
Principal | $ 0 | [17] | $ 0 | [19] | |
Cost | 33 | [2],[4],[17] | 33 | [6],[8],[19] | |
Investments at fair value | $ 62 | [9],[17] | $ 33 | [10],[19] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,200,000 | [16],[17] | 1,200,000 | [14],[19] | |
Principal | $ 0 | [17] | $ 0 | [19] | |
Cost | 978 | [2],[4],[17] | 978 | [6],[8],[19] | |
Investments at fair value | $ 1,855 | [9],[17] | $ 979 | [10],[19] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[13],[17] | 6.25% | [15],[19],[25] | |
Floor | 1% | [12],[13],[17] | 1% | [15],[19],[25] | |
Principal | $ 0 | [13],[17] | $ 0 | [19],[25] | |
Cost | (23) | [2],[4],[13],[17] | (27) | [6],[8],[19],[25] | |
Investments at fair value | $ 0 | [9],[13],[17] | $ 0 | [10],[19],[25] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[17] | 6.25% | [15],[19] | |
Floor | 1% | [12],[17] | 1% | [15],[19] | |
Investment interest rate | 9.03% | [12],[17] | 7.25% | [15],[19] | |
Principal | $ 13,724 | [17] | $ 13,794 | [19] | |
Cost | 13,517 | [2],[4],[17] | 13,561 | [6],[8],[19] | |
Investments at fair value | $ 13,724 | [9],[17] | $ 13,545 | [10],[19] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[13],[17] | 6.25% | [15],[19],[25] | |
Floor | 1% | [12],[13],[17] | 1% | [15],[19],[25] | |
Principal | $ 0 | [13],[17] | $ 0 | [19],[25] | |
Cost | (35) | [2],[4],[13],[17] | (40) | [6],[8],[19],[25] | |
Investments at fair value | $ 0 | [9],[13],[17] | $ 0 | [10],[19],[25] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 238,095.24 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 500 | |||
Investments at fair value | [9],[17],[18] | $ 720 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 238,095.24 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 500 | |||
Investments at fair value | [10],[19],[20] | $ 500 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 6% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (9) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12] | 6% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.33% | [12] | 7% | [15] | |
Principal | $ 11,600 | $ 7,427 | |||
Cost | 11,436 | [2],[4] | 7,324 | [6],[8] | |
Investments at fair value | $ 11,438 | [9] | $ 7,323 | [10] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [12],[13] | 6% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 9.33% | [12],[13] | 7% | [15],[25] | |
Principal | $ 384 | [13] | $ 47 | [25] | |
Cost | 376 | [2],[4],[13] | 37 | [6],[8],[25] | |
Investments at fair value | $ 379 | [9],[13] | $ 46 | [10],[25] | |
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14] | 9,374,510.2 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 6,107 | |||
Investments at fair value | [10] | $ 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, Class W Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14] | 904,903.31 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 0 | |||
Investments at fair value | [10] | $ 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15],[27] | 7% | |||
Variable rate | [15],[27] | 10% | |||
Floor | [15],[27] | 2% | |||
Investment interest rate | [15],[27] | 19% | |||
Principal | [27] | $ 13,235 | |||
Cost | [6],[8],[27] | 13,101 | |||
Investments at fair value | [10],[27] | $ 10,588 | |||
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [16],[17],[18] | 500,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 500 | [2],[4],[17],[18] | 500 | [6],[8],[19],[20] | |
Investments at fair value | $ 2,021 | [9],[17],[18] | $ 2,960 | [10],[19],[20] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [12] | 6.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.74% | [12] | 7.25% | [15] | |
Principal | $ 17,929 | $ 18,019 | |||
Cost | 17,618 | [2],[4] | 17,676 | [6],[8] | |
Investments at fair value | $ 17,929 | [9] | $ 17,749 | [10] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [12],[13] | 6.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (33) | [2],[4],[13] | (36) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7.50% | |||
Floor | [12] | 2% | |||
Investment interest rate | [12] | 9.78% | |||
Principal | $ 13,135 | ||||
Cost | [2],[4] | 12,882 | |||
Investments at fair value | [9] | $ 12,882 | |||
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 750 | [16],[17],[18] | 750 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 750 | [2],[4],[17],[18] | 750 | [6],[8],[19],[20] | |
Investments at fair value | $ 972 | [9],[17],[18] | $ 750 | [10],[19],[20] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.03% | [12] | 8% | [15] | |
Principal | $ 7,500 | $ 7,500 | |||
Cost | 7,373 | [2],[4] | 7,359 | [6],[8] | |
Investments at fair value | $ 7,500 | [9] | $ 7,358 | [10] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (32) | [2],[4],[13] | (37) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16] | 4,718.62 | |||
Principal | $ 0 | ||||
Cost | [2],[4] | 4,838 | |||
Investments at fair value | [9] | $ 4,838 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16] | 37,807.58 | |||
Principal | $ 0 | ||||
Cost | [2],[4] | 1,400 | |||
Investments at fair value | [9] | $ 1,400 | |||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9.50% | |||
Floor | [12] | 2% | |||
Investment interest rate | [12] | 12.21% | |||
Principal | $ 6,817 | ||||
Cost | [2],[4] | 6,817 | |||
Investments at fair value | [9] | $ 6,817 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 8% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 9.01% | |||
Principal | $ 18,823 | ||||
Cost | [6],[8] | 18,489 | |||
Investments at fair value | [10] | $ 18,597 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 2,000 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 2,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,819 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 8% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (23) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.74% | |||
Principal | $ 11,111 | ||||
Cost | [2],[4] | 10,936 | |||
Investments at fair value | [9] | $ 11,111 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[26] | 9.44% | |||
Floor | [12],[26] | 1% | |||
Investment interest rate | [12],[26] | 13.18% | |||
Principal | [26] | $ 7,712 | |||
Cost | [2],[4],[26] | 7,583 | |||
Investments at fair value | [9],[26] | $ 3,278 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 2,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 2,000 | |||
Investments at fair value | [9],[17],[18] | $ 382 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 8% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (20) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12],[13] | 7.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (21) | [2],[4],[13] | (25) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12] | 7.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.78% | [12] | 8.50% | [15] | |
Principal | $ 9,000 | $ 9,000 | |||
Cost | 8,864 | [2],[4] | 8,844 | [6],[8] | |
Investments at fair value | $ 8,820 | [9] | $ 8,820 | [10] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [12],[13] | 7.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 9.78% | [12],[13] | 8.50% | [15],[25] | |
Principal | $ 200 | [13] | $ 850 | [25] | |
Cost | 171 | [2],[4],[13] | 816 | [6],[8],[25] | |
Investments at fair value | $ 196 | [9],[13] | $ 833 | [10],[25] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [16],[17],[18] | 1,500,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,500 | [2],[4],[17],[18] | 1,500 | [6],[8],[19],[20] | |
Investments at fair value | $ 3,214 | [9],[17],[18] | $ 1,500 | [10],[19],[20] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.15% | [12] | 10% | [15] | |
Principal | $ 17,655 | $ 12,644 | |||
Cost | 17,324 | [2],[4] | 12,401 | [6],[8] | |
Investments at fair value | $ 17,655 | [9] | $ 12,391 | [10] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 896.43 | [16],[17],[18],[28] | 896.43 | [14],[19],[20],[29] | |
Principal | $ 0 | [17],[18],[28] | $ 0 | [19],[20],[29] | |
Cost | 1,205 | [2],[4],[17],[18],[28] | 1,205 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 2,151 | [9],[17],[18],[28] | $ 3,000 | [10],[19],[20],[29] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.75% | [12],[23] | 7.75% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 11.03% | [12],[23] | 8.75% | [15],[24] | |
Principal | $ 9,825 | [23] | $ 9,875 | [24] | |
Cost | 9,729 | [2],[4],[23] | 9,764 | [6],[8],[24] | |
Investments at fair value | $ 9,825 | [9],[23] | $ 9,835 | [10],[24] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [12],[17] | 10% | [15],[19],[20] | |
Principal | $ 88 | [17] | $ 84 | [19],[20] | |
Cost | 88 | [2],[4],[17] | 84 | [6],[8],[19],[20] | |
Investments at fair value | $ 88 | [9],[17] | $ 84 | [10],[19],[20] | |
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 1,000,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 1,000 | |||
Investments at fair value | [9],[17],[18] | $ 1,168 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6.25% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (92) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.25% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 7.79% | |||
Principal | $ 6,800 | ||||
Cost | [2],[4] | 6,688 | |||
Investments at fair value | [9] | $ 6,691 | |||
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [12] | 5.75% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 8.87% | [12] | 6.75% | [15] | |
Principal | $ 11,556 | $ 11,614 | |||
Cost | 11,409 | [2],[4] | 11,451 | [6],[8] | |
Investments at fair value | $ 11,556 | [9] | $ 11,614 | [10] | |
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 8% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (49) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 8% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 11.06% | |||
Principal | $ 13,500 | ||||
Cost | [2],[4] | 13,235 | |||
Investments at fair value | [9] | $ 13,235 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 8% | |||
Floor | [12],[13] | 1% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (49) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 171,617 | [16] | 171,617 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,874 | [2],[4] | 1,874 | [6],[8] | |
Investments at fair value | $ 9,273 | [9] | $ 9,273 | [10] | |
Investment, Identifier [Axis]: VTX HOLDINGS, INC. (DBA VERTEX ONE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,597,707 | [16] | 1,597,707 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,598 | [2],[4] | 1,598 | [6],[8] | |
Investments at fair value | $ 2,436 | [9] | $ 2,082 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Class A-1 Preferred Shares | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [16] | 1,000,000 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [2],[4] | 1,000 | [6],[8] | |
Investments at fair value | $ 1,000 | [9] | $ 1,000 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.28% | [12] | 8% | [15] | |
Principal | $ 10,725 | $ 10,863 | |||
Cost | 10,553 | [2],[4] | 10,670 | [6],[8] | |
Investments at fair value | $ 10,521 | [9] | $ 10,656 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (15) | [2],[4],[13] | (17) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [12] | 8.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.78% | [12] | 9.50% | [15] | |
Principal | $ 17,820 | $ 17,910 | |||
Cost | 17,524 | [2],[4] | 17,583 | [6],[8] | |
Investments at fair value | $ 17,820 | [9] | $ 17,910 | [10] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [12],[13] | 8.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [12] | 11.69% | |||
Principal | $ 2,000 | [13] | $ 0 | [25] | |
Cost | 1,926 | [2],[4],[13] | (83) | [6],[8],[25] | |
Investments at fair value | $ 2,000 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (37) | [2],[4],[13] | (41) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 9.23% | [12] | 8% | [15] | |
Principal | $ 20,000 | $ 20,000 | |||
Cost | 19,658 | [2],[4] | 19,624 | [6],[8] | |
Investments at fair value | $ 20,000 | [9] | $ 19,520 | [10] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [15],[25] | 8% | |||
Principal | $ 0 | [13] | $ 2,444 | [25] | |
Cost | (74) | [2],[4],[13] | 2,362 | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 2,386 | [10],[25] | |
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.28% | [12] | 10% | [15] | |
Principal | $ 18,820 | $ 18,915 | |||
Cost | 18,735 | [2],[4] | 18,785 | [6],[8] | |
Investments at fair value | $ 18,161 | [9] | $ 18,820 | [10] | |
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [12] | 9% | [15],[25] | |
Floor | 1% | [12] | 1% | [15],[25] | |
Investment interest rate | 11.28% | [12] | 10% | [15],[25] | |
Principal | $ 2,000 | $ 1,000 | [25] | ||
Cost | 1,997 | [2],[4] | 996 | [6],[8],[25] | |
Investments at fair value | $ 1,930 | [9] | $ 995 | [10],[25] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12] | 7.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.40% | [12] | 8.25% | [15] | |
Principal | $ 15,920 | $ 16,000 | |||
Cost | 15,651 | [2],[4] | 15,691 | [6],[8] | |
Investments at fair value | $ 15,681 | [9] | $ 15,691 | [10] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12] | 7.25% | [15],[25] | |
Floor | 1% | [12] | 1% | [15],[25] | |
Investment interest rate | 10.25% | [12] | 8.26% | [15],[25] | |
Principal | $ 3,990 | $ 199 | [25] | ||
Cost | 3,923 | [2],[4] | 159 | [6],[8],[25] | |
Investments at fair value | 3,931 | [9] | 159 | [10],[25] | |
I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 188,101 | 187,714 | |||
Investments at fair value | 168,599 | 176,704 | |||
I-45 SLF LLC | Burning Glass Intermediate Holding Company, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Total unused commitments to extend financing | $ 300 | 300 | |||
I-45 SLF LLC | LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Total unused commitments to extend financing | $ 800 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc, First Lein | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | ||||
Principal | $ 2,045 | ||||
Cost | 2,045 | ||||
Investments at fair value | $ 2,004 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 8% | ||||
Variable rate | 10% | ||||
Principal | $ 1,899 | ||||
Cost | 1,899 | ||||
Investments at fair value | $ 1,833 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Shares Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 304,075 | ||||
Principal | $ 0 | ||||
Cost | 1,449 | ||||
Investments at fair value | 928 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 304,075 | ||||
Principal | $ 0 | ||||
Cost | 1,449 | ||||
Investments at fair value | 1,449 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 482 | 482 | |||
Investments at fair value | $ 309 | $ 482 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 6,226 | ||||
Cost | 6,129 | ||||
Investments at fair value | $ 5,755 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 6,394 | ||||
Cost | 6,283 | ||||
Investments at fair value | $ 6,133 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 196 | 196 | |||
Principal | $ 0 | $ 0 | |||
Cost | 0 | 0 | |||
Investments at fair value | $ 0 | $ 0 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1% | ||||
Principal | $ 2,308 | ||||
Cost | 2,302 | ||||
Investments at fair value | $ 2,250 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1% | ||||
Principal | $ 2,617 | ||||
Cost | 2,610 | ||||
Investments at fair value | $ 2,499 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Senior Subordinated Debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | 10% | |||
Principal | $ 1,136 | $ 1,081 | |||
Cost | 1,136 | 1,081 | |||
Investments at fair value | $ 846 | $ 729 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: American Teleconferencing Services, Ltd., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | 5.50% | |||
Floor | 2% | ||||
Principal | $ 5,598 | $ 5,598 | |||
Cost | 5,566 | 5,566 | |||
Investments at fair value | $ 315 | $ 308 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: American Teleconferencing Services, Ltd., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | 5.50% | |||
Floor | 2% | ||||
Principal | $ 1,023 | $ 1,027 | |||
Cost | 1,017 | 1,021 | |||
Investments at fair value | $ 58 | $ 64 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., , First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 3,189 | ||||
Cost | 3,140 | ||||
Investments at fair value | $ 3,189 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 3,173 | ||||
Cost | 3,126 | ||||
Investments at fair value | $ 3,173 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Burning Glass Intermediate Holding Company, Inc., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | 5% | |||
Floor | 1% | 1% | |||
Principal | $ 99 | $ 74 | |||
Cost | 93 | 67 | |||
Investments at fair value | $ 93 | $ 67 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Corel Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Principal | $ 6,621 | ||||
Cost | 6,473 | ||||
Investments at fair value | $ 6,158 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Corel, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Principal | $ 6,803 | ||||
Cost | 6,650 | ||||
Investments at fair value | $ 6,805 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Emerald Technologies (U.S.) Acquisitionco, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 4,542 | ||||
Cost | 4,482 | ||||
Investments at fair value | $ 4,372 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Emerald Technologies (U.S.) Acquisitionco, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 3,125 | ||||
Cost | 3,063 | ||||
Investments at fair value | $ 3,078 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Evergreen AcqCo 1 LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | 5.50% | |||
Floor | 0.75% | 0.75% | |||
Principal | $ 8,138 | $ 4,179 | |||
Cost | 8,026 | 4,142 | |||
Investments at fair value | $ 7,853 | $ 4,158 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Evergreen North America Acquisitions, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | 6.75% | |||
Floor | 1% | 1% | |||
Principal | $ 6,706 | $ 6,740 | |||
Cost | 6,597 | 6,623 | |||
Investments at fair value | $ 6,706 | $ 6,740 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: GS Operating, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 0.75% | ||||
Principal | $ 4,988 | ||||
Cost | 4,891 | ||||
Investments at fair value | $ 4,988 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Geo Parent Corporation, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | 5.25% | |||
Principal | $ 6,805 | $ 6,840 | |||
Cost | 6,774 | 6,809 | |||
Investments at fair value | $ 6,668 | $ 6,806 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: INW Manufacturing, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | 5.75% | |||
Floor | 0.75% | 0.75% | |||
Principal | $ 2,850 | $ 2,925 | |||
Cost | 2,780 | 2,867 | |||
Investments at fair value | $ 2,522 | $ 2,867 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: InfoGroup Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | 5% | |||
Floor | 1% | 1% | |||
Principal | $ 2,835 | $ 2,850 | |||
Cost | 2,832 | 2,845 | |||
Investments at fair value | $ 2,727 | $ 2,704 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Infogain Corporation, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | 5.75% | |||
Floor | 1% | 1% | |||
Principal | $ 4,760 | $ 4,784 | |||
Cost | 4,697 | 4,719 | |||
Investments at fair value | $ 4,674 | $ 4,769 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Integro Parent Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 12.50% | 5.75% | |||
Floor | 1% | 1% | |||
Principal | $ 381 | $ 3,217 | |||
Cost | 381 | 3,209 | |||
Investments at fair value | $ 347 | $ 3,043 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Intermedia Holdings, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | 6% | |||
Floor | 1% | 1% | |||
Principal | $ 6,642 | $ 5,677 | |||
Cost | 6,587 | 5,659 | |||
Investments at fair value | $ 5,828 | $ 5,638 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Inventus Power, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | 5% | |||
Floor | 1% | 1% | |||
Principal | $ 6,895 | $ 6,930 | |||
Cost | 6,859 | 6,884 | |||
Investments at fair value | $ 6,826 | $ 6,791 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Isagenix International, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | 5.75% | |||
Floor | 1% | 1% | |||
Principal | $ 1,650 | $ 1,685 | |||
Cost | 1,641 | 1,677 | |||
Investments at fair value | $ 713 | $ 1,088 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: KORE Wireless Group Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | 5.50% | |||
Principal | $ 5,626 | $ 4,658 | |||
Cost | 5,608 | 4,639 | |||
Investments at fair value | $ 5,563 | $ 4,640 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: LOGIX Holdings Company, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | 5.75% | |||
Floor | 1% | 1% | |||
Principal | $ 4,443 | $ 5,826 | |||
Cost | 4,428 | 5,807 | |||
Investments at fair value | $ 4,055 | $ 5,491 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lab Logistics, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | 7.25% | |||
Floor | 1% | 1% | |||
Principal | $ 10,099 | $ 6,242 | |||
Cost | 10,033 | 6,213 | |||
Investments at fair value | $ 10,099 | $ 6,242 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lash OpCo, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | ||||
Floor | 1% | ||||
Principal | $ 1,187 | ||||
Cost | 1,152 | ||||
Investments at fair value | $ 1,161 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Lash OpCo, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | 7% | |||
Floor | 1% | 1% | |||
Principal | $ 6,144 | $ 4,988 | |||
Cost | 6,016 | 4,881 | |||
Investments at fair value | $ 6,008 | $ 4,878 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,051 | 1,051 | |||
Principal | $ 0 | $ 0 | |||
Cost | 749 | 749 | |||
Investments at fair value | $ 553 | $ 749 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | 7.50% | |||
Floor | 1% | 1% | |||
Principal | $ 2,489 | $ 2,502 | |||
Cost | 2,489 | 2,502 | |||
Investments at fair value | $ 2,415 | $ 2,252 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 9.50% | ||||
Investment interest rate | 9.50% | ||||
Principal | $ 592 | $ 583 | |||
Cost | 592 | 583 | |||
Investments at fair value | 533 | 437 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche C | |||||
Schedule of Investments [Line Items] | |||||
Principal | 565 | 565 | |||
Cost | 565 | 564 | |||
Investments at fair value | $ 508 | $ 423 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lightbox Intermediate, L.P., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | 5% | |||
Principal | $ 6,912 | $ 4,948 | |||
Cost | 6,860 | 4,914 | |||
Investments at fair value | $ 6,670 | $ 4,874 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Mills Fleet Farm Group LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | 6.25% | |||
Floor | 1% | 1% | |||
Principal | $ 4,491 | $ 4,623 | |||
Cost | 4,454 | 4,584 | |||
Investments at fair value | $ 4,401 | $ 4,623 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: NBG Acquisition, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | 5.50% | |||
Floor | 1% | 1% | |||
Principal | $ 2,625 | $ 2,663 | |||
Cost | 2,609 | 2,647 | |||
Investments at fair value | $ 1,247 | $ 1,807 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Principal | $ 2,227 | ||||
Cost | 2,189 | ||||
Investments at fair value | $ 2,212 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1% | ||||
Principal | $ 2,227 | ||||
Cost | 2,188 | ||||
Investments at fair value | $ 2,212 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Principal | $ 2,500 | ||||
Cost | 2,453 | ||||
Investments at fair value | $ 2,483 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: National Credit Care, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1% | ||||
Principal | $ 2,500 | ||||
Cost | 2,453 | ||||
Investments at fair value | $ 2,483 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 5,000 | ||||
Cost | 4,923 | ||||
Investments at fair value | $ 5,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 5,000 | ||||
Cost | 4,908 | ||||
Investments at fair value | $ 5,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NorthStar Group Services, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 2,923 | ||||
Cost | 2,910 | ||||
Investments at fair value | $ 2,860 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NorthStar Group Services, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 2,961 | ||||
Cost | 2,948 | ||||
Investments at fair value | $ 2,950 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Research Now Group, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 5,905 | ||||
Cost | 5,858 | ||||
Investments at fair value | $ 5,361 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Research Now Group, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 4,936 | ||||
Cost | 4,936 | ||||
Investments at fair value | $ 4,861 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Retail Services WIS Corporation, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | ||||
Floor | 1% | ||||
Principal | $ 2,902 | ||||
Cost | 2,861 | ||||
Investments at fair value | $ 2,844 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Retail Services WIS Corporation, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | ||||
Floor | 1% | ||||
Principal | $ 2,959 | ||||
Cost | 2,912 | ||||
Investments at fair value | $ 2,914 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 2,985 | ||||
Cost | 2,935 | ||||
Investments at fair value | $ 2,943 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 3,000 | ||||
Cost | 2,945 | ||||
Investments at fair value | $ 2,958 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Stellant Midco, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 0.75% | ||||
Principal | $ 2,277 | ||||
Cost | 2,257 | ||||
Investments at fair value | $ 2,175 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Stellant Midco, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 0.75% | ||||
Principal | $ 2,289 | ||||
Cost | 2,267 | ||||
Investments at fair value | $ 2,254 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC , First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 6,687 | ||||
Cost | 6,644 | ||||
Investments at fair value | $ 6,637 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 6,654 | ||||
Cost | 6,612 | ||||
Investments at fair value | $ 6,421 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 0.75% | ||||
Principal | $ 5,000 | ||||
Cost | 4,991 | ||||
Investments at fair value | $ 4,944 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC, First Lien, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 3.50% | ||||
Floor | 0.75% | ||||
Principal | $ 995 | ||||
Cost | 950 | ||||
Investments at fair value | $ 932 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 0.75% | ||||
Principal | $ 6,000 | ||||
Cost | 5,955 | ||||
Investments at fair value | $ 5,520 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 942 | ||||
Cost | 942 | ||||
Investments at fair value | $ 942 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 3,805 | ||||
Cost | 3,804 | ||||
Investments at fair value | $ 3,805 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: U.S. TelePacific Corp., First Lein | |||||
Schedule of Investments [Line Items] | |||||
PIK | 7.25% | ||||
Variable rate | 1% | ||||
Floor | 1% | ||||
Principal | $ 5,432 | ||||
Cost | 5,432 | ||||
Investments at fair value | $ 2,363 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: U.S. TelePacific Corp., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 7.25% | ||||
Variable rate | 1% | ||||
Floor | 1% | ||||
Principal | $ 5,239 | ||||
Cost | 5,239 | ||||
Investments at fair value | $ 3,714 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: UniTek Global Services, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
PIK | 2% | ||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 2,843 | ||||
Cost | 2,833 | ||||
Investments at fair value | $ 2,680 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: UniTek Global Services, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 2% | ||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 2,814 | ||||
Cost | 2,802 | ||||
Investments at fair value | $ 2,627 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 1,965 | ||||
Cost | 1,961 | ||||
Investments at fair value | $ 1,872 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 1,975 | ||||
Cost | 1,970 | ||||
Investments at fair value | $ 1,936 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Principal | $ 3,565 | ||||
Cost | 3,531 | ||||
Investments at fair value | $ 3,283 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc.., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Principal | $ 3,415 | ||||
Cost | 3,381 | ||||
Investments at fair value | $ 2,675 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Wahoo Fitness Acquisition, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 4,906 | ||||
Cost | 4,778 | ||||
Investments at fair value | $ 3,312 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Wahoo Fitness Acquisition, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 4,969 | ||||
Cost | 4,833 | ||||
Investments at fair value | $ 4,869 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 4,219 | ||||
Cost | 4,201 | ||||
Investments at fair value | $ 4,040 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 4,282 | ||||
Cost | 4,265 | ||||
Investments at fair value | $ 4,239 | ||||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of September 30, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $58.9 million; cumulative gross unrealized depreciation for federal income tax purposes is $62.8 million. Cumulative net unrealized depreciation is $3.9 million, based on a tax cost of $1,060.8 million.[3]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[4]Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[5]All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.[6]As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.[7]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[8]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]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 readily 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. Refer to Note 4 for further discussion.[10]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 readily 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. Refer to Note 4 for further discussion.[11]The investment is structured as a first lien first out term loan.[12]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at September 30, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[13]The investment has an unfunded commitment as of September 30, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.[14]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[15]The majority of investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Secured Overnight Financing Rate ("SOFR") or Prime (“P”) and reset daily (D), monthly (M), quarterly (Q), or semiannually (S). For each investment, the Company has provided the spread over LIBOR, SOFR or Prime and the current contractual interest rate in effect at March 31, 2022. Certain investments are subject to an interest rate floor. Certain investments, as noted, accrue payment-in-kind ("PIK") interest.[16]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[17]Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2022, approximately 12.9% of the Company's assets are non-qualifying assets.[18]Investment is held through a wholly-owned taxable subsidiary.[19]Indicates assets that are considered "non-qualifying assets” under section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.[20]Investment is held through a wholly-owned taxable subsidiary.[21]The investment is structured as a first lien last out term loan.[22]The investment is structured as a first lien last out term loan.[23]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[24]The investment is structured as a split lien term loan, which provides the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor.[25]The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion.[26]Investment is on non-accrual status as of September 30, 2022, meaning the Company has ceased to recognize interest income on the investment.[27]Investment is on non-accrual status as of March 31, 2022, meaning the Company has ceased to recognize interest income on the investment.[28]Income producing through dividends or distributions.[29]Income producing through dividends or distributions. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Oct. 26, 2022 $ / shares |
Subsequent Event | Supplemental dividend | |
Subsequent Event [Line Items] | |
Dividends (in usd per share) | $ 0.05 |
Consolidated Schedule of Inve_4
Consolidated Schedule of Investments in and Advances to Affiliates (Unaudited) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | [5],[6],[7],[8] | ||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | $ 132,207 | |||
Amount of Interest or Dividends Credited in Income | 9,740 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 189,482 | |||
Gross Additions | 45,673 | |||
Gross Reductions | (27,089) | |||
Amount of Realized Gain/(Loss) | (6,303) | |||
Amount of Unrealized Gain/(Loss) | (4,082) | |||
Fair Value, ending balance | 197,681 | |||
Control investments | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 3,535 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 57,603 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (6,706) | |||
Fair Value, ending balance | 50,897 | |||
Affiliate investments | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 132,207 | |||
Amount of Interest or Dividends Credited in Income | 6,205 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 131,879 | |||
Gross Additions | 45,673 | |||
Gross Reductions | (27,089) | |||
Amount of Realized Gain/(Loss) | (6,303) | |||
Amount of Unrealized Gain/(Loss) | 2,624 | |||
Fair Value, ending balance | 146,784 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 14,808 | |||
Amount of Interest or Dividends Credited in Income | 657 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 12,535 | |||
Gross Additions | 2,082 | |||
Gross Reductions | (69) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 260 | |||
Fair Value, ending balance | $ 14,808 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 727,749.85 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 634 | |||
Gross Additions | 104 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 221 | |||
Fair Value, ending balance | 959 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 10 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 602 | |||
Gross Reductions | (600) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (2) | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 1,000,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 72 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 1,221 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 175 | |||
Fair Value, ending balance | $ 1,396 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 500,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 29 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 572 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 57 | |||
Fair Value, ending balance | 629 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 15,700 | |||
Amount of Interest or Dividends Credited in Income | 721 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 15,884 | |||
Gross Additions | 29 | |||
Gross Reductions | (200) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (13) | |||
Fair Value, ending balance | 15,700 | |||
Investment, Identifier [Axis]: CATBIRD NYC, LLC. Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 18 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 8 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (8) | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Term Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 100 | |||
Amount of Interest or Dividends Credited in Income | 12 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 97 | |||
Gross Additions | 3 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (2) | |||
Fair Value, ending balance | 98 | |||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 7,500 | |||
Amount of Interest or Dividends Credited in Income | 434 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 7,260 | |||
Gross Additions | 14 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 53 | |||
Fair Value, ending balance | $ 7,327 | |||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 1,380,500 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 641 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 641 | |||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 300 | |||
Amount of Interest or Dividends Credited in Income | 23 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 290 | |||
Gross Additions | 3 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 293 | |||
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 1,500,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 924 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 1,511 | |||
Fair Value, ending balance | $ 2,435 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 1,681.04 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 2,460 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (1,123) | |||
Fair Value, ending balance | 1,337 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien A | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 1,649 | |||
Amount of Interest or Dividends Credited in Income | 108 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 1,402 | |||
Gross Additions | 108 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (9) | |||
Fair Value, ending balance | 1,501 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien B | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 1,829 | |||
Amount of Interest or Dividends Credited in Income | 99 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 1,472 | |||
Gross Additions | 98 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (15) | |||
Fair Value, ending balance | 1,555 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 912 | |||
Amount of Interest or Dividends Credited in Income | 79 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 526 | |||
Gross Additions | 386 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 912 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 286 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 10,323 | |||
Gross Additions | 12 | |||
Gross Reductions | (11,159) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 824 | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,611 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 5,580 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 31 | |||
Fair Value, ending balance | 5,611 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,611 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 5,579 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (1,428) | |||
Fair Value, ending balance | $ 4,151 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 2,000,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 1,274 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (1,274) | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 1 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 691 | |||
Amount of Interest or Dividends Credited in Income | 41 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 650 | |||
Gross Additions | 41 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (691) | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 1,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 674 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 674 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 168.776 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 38 | |||
Gross Additions | 113 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (37) | |||
Fair Value, ending balance | 114 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 10,031 | |||
Amount of Interest or Dividends Credited in Income | 623 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 9,775 | |||
Gross Additions | 49 | |||
Gross Reductions | (1,500) | |||
Amount of Realized Gain/(Loss) | 15 | |||
Amount of Unrealized Gain/(Loss) | 278 | |||
Fair Value, ending balance | 8,617 | |||
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 5 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 4 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (4) | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: I-45 SLF LLC | I-45 SLF LLC | ||||
Schedule of Investments [Line Items] | ||||
Ownership percent | [1],[2],[3],[4] | 80% | ||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 3,535 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 57,603 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (6,706) | |||
Fair Value, ending balance | $ 50,897 | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | I-45 SLF LLC | ||||
Schedule of Investments [Line Items] | ||||
Ownership percent | 80% | 80% | ||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 3,063 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (178) | |||
Fair Value, ending balance | 2,885 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 3,108 | |||
Amount of Interest or Dividends Credited in Income | 283 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 2,959 | |||
Gross Additions | 276 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (198) | |||
Fair Value, ending balance | 3,037 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 123 | |||
Amount of Interest or Dividends Credited in Income | 6 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 117 | |||
Gross Additions | 6 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (3) | |||
Fair Value, ending balance | 120 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 10,076 | |||
Amount of Interest or Dividends Credited in Income | 540 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 10,041 | |||
Gross Additions | 33 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (18) | |||
Fair Value, ending balance | 10,056 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,038 | |||
Amount of Interest or Dividends Credited in Income | 347 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 5,061 | |||
Gross Additions | 17 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (40) | |||
Fair Value, ending balance | 5,038 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,800 | |||
Amount of Interest or Dividends Credited in Income | 235 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 750 | |||
Gross Additions | 4,983 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 55 | |||
Fair Value, ending balance | 5,788 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 3,199 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (182) | |||
Fair Value, ending balance | $ 3,017 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 203,124.9999 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,169 | |||
Amount of Interest or Dividends Credited in Income | 198 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 4,780 | |||
Gross Additions | 0 | |||
Gross Reductions | (26) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (365) | |||
Fair Value, ending balance | 4,389 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 625 | |||
Amount of Interest or Dividends Credited in Income | 21 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 625 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (95) | |||
Fair Value, ending balance | 530 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 5,208 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 3,104 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (1,437) | |||
Fair Value, ending balance | $ 1,667 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 208,333.3333 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 5,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 500 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 500 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 10,800 | |||
Amount of Interest or Dividends Credited in Income | 318 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 10,646 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (8) | |||
Fair Value, ending balance | 10,638 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 3 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | (28) | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 28 | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 16,084 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 1,905 | |||
Gross Additions | 66 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (799) | |||
Fair Value, ending balance | 1,172 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 14,126 | |||
Amount of Interest or Dividends Credited in Income | 790 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 14,125 | |||
Gross Additions | 102 | |||
Gross Reductions | (72) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (594) | |||
Fair Value, ending balance | 13,561 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 575 | |||
Amount of Interest or Dividends Credited in Income | 38 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 575 | |||
Gross Additions | 4 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (27) | |||
Fair Value, ending balance | $ 552 | |||
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 9,374,510.2 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | (6,107) | |||
Amount of Unrealized Gain/(Loss) | 6,107 | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, Class W Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 904,903.31 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 10,588 | |||
Gross Additions | 191 | |||
Gross Reductions | (13,081) | |||
Amount of Realized Gain/(Loss) | (211) | |||
Amount of Unrealized Gain/(Loss) | 2,513 | |||
Fair Value, ending balance | 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, First Lien - Incremental | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 191 | |||
Gross Reductions | (191) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 0 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 4,718.62 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 4,838 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 4,838 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 37,807.58 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 1,400 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | 1,400 | |||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | ||||
Schedule of Investments [Line Items] | ||||
Principal Amount - Debt Investments | 6,817 | |||
Amount of Interest or Dividends Credited in Income | 208 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 0 | |||
Gross Additions | 7,008 | |||
Gross Reductions | (191) | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | 0 | |||
Fair Value, ending balance | $ 6,817 | |||
Investment, Identifier [Axis]: Sonobi, Inc., Class A Common units | ||||
Schedule of Investments [Line Items] | ||||
Shares (in shares) | 500,000 | |||
Principal Amount - Debt Investments | $ 0 | |||
Amount of Interest or Dividends Credited in Income | 0 | |||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||||
Fair Value, beginning balance | 2,960 | |||
Gross Additions | 0 | |||
Gross Reductions | 0 | |||
Amount of Realized Gain/(Loss) | 0 | |||
Amount of Unrealized Gain/(Loss) | (939) | |||
Fair Value, ending balance | $ 2,021 | |||
[1]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[2]Income producing through dividends or distributions.[3]Indicates assets that are not considered "qualifying assets" under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of September 30, 2022, approximately 12.9% of the Company's assets are non-qualifying assets.[4]The investment has an unfunded commitment as of September 30, 2022. Refer to Note 10 - Commitments and Contingencies for further discussion.[5]All of the Company’s investments and the investments of SBIC I (as defined below), unless otherwise noted, are pledged as collateral for the Company’s senior secured credit facility or in support of the SBA-guaranteed debentures to be issued by Capital Southwest SBIC I, LP, our wholly-owned subsidiary that operates as a small business investment company ("SBIC I"), respectively.[6]Income producing through dividends or distributions.[7]Indicates assets that are considered "non-qualifying assets” under section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. As of March 31, 2022, approximately 12.8% of the Company's assets are non-qualifying assets.[8]The investment has an unfunded commitment as of March 31, 2022. Refer to Note 11 - Commitments and Contingencies for further discussion. |