Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 19, 2023 | Sep. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2023 | ||
Current Fiscal Year End Date | --03-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 457,460,183 | ||
Entity Common Stock, Shares Outstanding | 36,722,665 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
Entity Central Index Key | 0000017313 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | RSM US LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 49 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | ||
Assets | ||||
Investments at fair value | $ 1,206,388 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Cash and cash equivalents | 21,585 | 11,431 | ||
Receivables: | ||||
Dividends and interest | 18,430 | 12,106 | ||
Escrow | 363 | 1,344 | ||
Other | 647 | 2,238 | ||
Income tax receivable | 368 | 158 | ||
Debt issuance costs (net of accumulated amortization of $5,642 and $4,573, respectively) | 3,717 | 4,038 | ||
Other assets | 6,186 | 6,028 | ||
Total assets | 1,257,684 | 973,957 | ||
Liabilities | ||||
Credit facility | 235,000 | 205,000 | ||
Other liabilities | 16,761 | 14,808 | ||
Accrued restoration plan liability | 598 | 2,707 | ||
Income tax payable | 156 | 1,240 | ||
Deferred tax liability | 12,117 | 5,747 | ||
Total liabilities | 667,276 | 553,090 | ||
Commitments and contingencies (Note 11) | ||||
Net Assets | ||||
Common stock, $0.25 par value: authorized, 40,000,000 shares; issued, 38,415,937 shares at March 31, 2023 and 27,298,032 shares at March 31, 2022 | 9,604 | 6,825 | ||
Additional paid-in capital | 646,586 | 448,235 | ||
Total distributable (loss) earnings | (41,845) | (10,256) | ||
Treasury stock - at cost, 2,339,512 shares | (23,937) | (23,937) | ||
Total net assets | 590,408 | 420,867 | ||
Total liabilities and net assets | $ 1,257,684 | $ 973,957 | ||
Net asset value per share (in usd per share) | $ 16.37 | $ 16.86 | ||
SBA Debentures | ||||
Liabilities | ||||
SBA Debentures (Par value: $120,000 and $40,000, respectively) | $ 116,330 | $ 38,352 | ||
January 2026 Notes | ||||
Liabilities | ||||
Notes | 139,051 | 138,714 | ||
October 2026 Notes | ||||
Liabilities | ||||
Notes | 147,263 | 146,522 | ||
Non-control/Non-affiliate investments | ||||
Assets | ||||
Investments at fair value | 966,627 | [3],[7] | 747,132 | [6],[8] |
Affiliate investments | ||||
Assets | ||||
Investments at fair value | 188,505 | [3],[9] | 131,879 | [6],[10] |
Control investments | ||||
Assets | ||||
Investments at fair value | $ 51,256 | [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 - Fair Value Measurements 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 March 31, 2023, approximately 80.1% 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 163.7%.[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 March 31, 2023, approximately 15.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.9%.[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 March 31, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.[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 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Cost | $ 1,220,152 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] |
Accumulated amortization | $ 5,642 | $ 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) | 38,415,937 | 27,298,032 | ||
Treasury stock, cost (in share) | 2,339,512 | 2,339,512 | ||
Common stock, shares outstanding (in shares) | 36,076,425 | 24,958,520 | ||
SBA Debentures | ||||
Par value | $ 120,000 | $ 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 | 947,829 | [2],[4],[9] | 721,392 | [6],[8],[10] |
Affiliate investments | ||||
Cost | 191,523 | [2],[4],[11] | 140,911 | [6],[8],[12] |
Control investments | ||||
Cost | $ 80,800 | [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 March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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 March 31, 2023, approximately 80.1% 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 163.7%.[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 March 31, 2023, approximately 15.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.9%.[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 March 31, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.[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 - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fee income: | |||
Other income | $ 121 | $ 17 | $ 21 |
Total investment income | 119,300 | 82,215 | 68,062 |
Compensation | 9,870 | 8,838 | 7,756 |
Share-based compensation | 3,705 | 3,585 | 2,944 |
Interest | 28,873 | 19,924 | 17,941 |
Professional fees | 3,180 | 2,489 | 2,193 |
General and administrative | 4,632 | 4,077 | 3,115 |
Total operating expenses | 50,260 | 38,913 | 33,949 |
Income before taxes | 69,040 | 43,302 | 34,113 |
Federal income, excise and other taxes | 630 | 181 | 637 |
Deferred taxes | (301) | 434 | 1,805 |
Total income tax provision | 329 | 615 | 2,442 |
Net investment income | 68,711 | 42,687 | 31,671 |
Realized (loss) gain | |||
Income tax provision | (130) | (1,442) | 0 |
Total net realized (loss) gain on investments, net of tax | (17,029) | 5,834 | (8,536) |
Net unrealized (depreciation) appreciation on investments | |||
Income tax provision | (6,514) | (1,968) | (2,236) |
Total net unrealized (depreciation) appreciation on investments, net of tax | (18,589) | 11,467 | 28,755 |
Net realized and unrealized (losses) gains on investments | (35,618) | 17,301 | 20,219 |
Realized loss on extinguishment of debt | 0 | (17,087) | (1,007) |
Realized loss on disposal of fixed assets | 0 | (86) | 0 |
Net increase (decrease) in net assets from operations | $ 33,093 | $ 42,815 | $ 50,883 |
Pre-tax net investment income per share - basic (in usd per share) | $ 2.30 | $ 1.90 | $ 1.79 |
Pre-tax net investment income per share - diluted (in usd per share) | 2.30 | 1.90 | 1.79 |
Net investment income per share – basic (in usd per share) | 2.29 | 1.87 | 1.66 |
Net investment income per share – diluted (in usd per share) | 2.29 | 1.87 | 1.66 |
Net increase in net assets from operations – basic (in usd per share) | 1.10 | 1.87 | 2.67 |
Net increase in net assets from operations – diluted (in usd per share) | $ 1.10 | $ 1.87 | $ 2.67 |
Weighted average shares outstanding – basic (in share) | 30,015,533 | 22,839,835 | 19,060,131 |
Weighted average shares outstanding – diluted (in share) | 30,015,533 | 22,839,835 | 19,060,131 |
Non-control/Non-affiliate investments | |||
Interest income: | |||
Interest income | $ 87,982 | $ 58,136 | $ 42,880 |
Payment-in-kind interest income: | |||
Payment-in-kind interest income | 2,382 | 2,051 | 4,268 |
Dividend income: | |||
Dividend income | 1,824 | 1,654 | 1,752 |
Fee income: | |||
Fee income | 4,057 | 4,833 | 3,233 |
Realized (loss) gain | |||
Realized (loss) gain | (5,872) | 7,136 | (6,908) |
Net unrealized (depreciation) appreciation on investments | |||
Unrealized gain (loss) | (6,942) | 20,940 | 21,218 |
Affiliate investments | |||
Interest income: | |||
Interest income | 11,658 | 7,122 | 6,126 |
Payment-in-kind interest income: | |||
Payment-in-kind interest income | 3,060 | 1,160 | 3,018 |
Dividend income: | |||
Dividend income | 141 | 28 | 33 |
Fee income: | |||
Fee income | 638 | 494 | 122 |
Realized (loss) gain | |||
Realized (loss) gain | (11,027) | 140 | (1,628) |
Net unrealized (depreciation) appreciation on investments | |||
Unrealized gain (loss) | 6,014 | (4,750) | (2,825) |
Control investments | |||
Dividend income: | |||
Dividend income | 7,337 | 6,720 | 6,609 |
Fee income: | |||
Fee income | 100 | 0 | 0 |
Net unrealized (depreciation) appreciation on investments | |||
Unrealized gain (loss) | $ (11,147) | $ (2,755) | $ 12,598 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Company, Net Assets [Roll Forward] | |||||||
Number of Shares, beginning balance (in shares) | 24,958,520 | 21,005,000 | 24,958,520 | 21,005,000 | 17,998,000 | ||
Beginning balance | $ 420,867 | $ 336,251 | $ 420,867 | $ 336,251 | $ 272,222 | ||
Number of Shares, beginning balance (in shares) | 2,339,512 | 2,339,512 | |||||
Issuance of common stock | $ 202,781 | 98,107 | 50,393 | ||||
Share-based compensation | 3,705 | 3,585 | 2,944 | ||||
Issuance of common stock under restricted stock plan, net of forfeitures | 0 | 0 | 0 | ||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (1,021) | (1,408) | (239) | ||||
Dividends to shareholders | (71,102) | (58,624) | (39,945) | ||||
Change in restoration plan liability | 2,085 | 141 | (7) | ||||
Reclassification for certain permanent book-to-tax differences | 0 | 0 | 0 | ||||
Net increase in net assets from operations | $ 18,176 | $ 2,510 | $ 19,669 | $ 15,142 | $ 33,093 | $ 42,815 | $ 50,883 |
Number of Shares, ending balance (in shares) | 36,076,425 | 24,958,520 | 36,076,425 | 24,958,520 | 21,005,000 | ||
Ending balance | $ 590,408 | $ 420,867 | $ 590,408 | $ 420,867 | $ 336,251 | ||
Number of Shares, ending balance (in shares) | 2,339,512 | 2,339,512 | 2,339,512 | 2,339,512 | |||
Common Stock | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Number of Shares, beginning balance (in shares) | 24,958,520 | 21,005,324 | 24,958,520 | 21,005,324 | 17,998,098 | ||
Beginning balance | $ 6,825 | $ 5,836 | $ 6,825 | $ 5,836 | $ 5,085 | ||
Issuance of common stock (in shares) | 10,969,898 | 3,872,031 | 2,810,541 | ||||
Issuance of common stock | $ 2,742 | $ 969 | $ 702 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 197,597 | 133,289 | 211,994 | ||||
Issuance of common stock under restricted stock plan, net of forfeitures | $ 49 | $ 33 | $ 53 | ||||
Common stock withheld for payroll taxes upon vesting of restricted stock (in shares) | (49,590) | (52,124) | (15,309) | ||||
Common stock withheld for payroll taxes upon vesting of restricted stock | $ (12) | $ (13) | $ (4) | ||||
Number of Shares, ending balance (in shares) | 36,076,425 | 24,958,520 | 36,076,425 | 24,958,520 | 21,005,324 | ||
Ending balance | $ 9,604 | $ 6,825 | $ 9,604 | $ 6,825 | $ 5,836 | ||
Treasury Stock | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Beginning balance | $ (23,937) | $ (23,937) | $ (23,937) | $ (23,937) | $ (23,937) | ||
Number of Shares, beginning balance (in shares) | 2,339,512 | 2,339,512 | 2,339,512 | 2,339,512 | 2,339,512 | ||
Ending balance | $ (23,937) | $ (23,937) | $ (23,937) | $ (23,937) | $ (23,937) | ||
Number of Shares, ending balance (in shares) | 2,339,512 | 2,339,512 | 2,339,512 | 2,339,512 | 2,339,512 | ||
Additional capital | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Beginning balance | $ 448,235 | $ 356,447 | $ 448,235 | $ 356,447 | $ 310,846 | ||
Issuance of common stock | 200,039 | 97,138 | 49,691 | ||||
Share-based compensation | 3,705 | 3,585 | 2,944 | ||||
Issuance of common stock under restricted stock plan, net of forfeitures | (49) | (33) | (53) | ||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (1,009) | (1,395) | (235) | ||||
Change in restoration plan liability | 2,085 | 141 | (7) | ||||
Reclassification for certain permanent book-to-tax differences | 6,420 | 7,648 | 6,739 | ||||
Ending balance | $ 646,586 | $ 448,235 | 646,586 | 448,235 | 356,447 | ||
Total Distributable Earnings (Loss) | |||||||
Investment Company, Net Assets [Roll Forward] | |||||||
Beginning balance | $ (10,256) | $ (2,095) | (10,256) | (2,095) | (19,772) | ||
Dividends to shareholders | (71,102) | (58,624) | (39,945) | ||||
Reclassification for certain permanent book-to-tax differences | (6,420) | (7,648) | (6,739) | ||||
Net increase in net assets from operations | 33,093 | 42,815 | 50,883 | ||||
Ending balance | $ (41,845) | $ (10,256) | $ (41,845) | $ (10,256) | $ (2,095) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | |||
Net increase in net assets from operations | $ 33,093 | $ 42,815 | $ 50,883 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | |||
Purchases and originations of investments | (433,200) | (499,218) | (219,349) |
Proceeds from sales and repayments of debt investments in portfolio companies | 139,051 | 259,158 | 97,589 |
Proceeds from sales and return of capital of equity investments in portfolio companies | 2,664 | 11,881 | 17,841 |
Payment of accreted original issue discounts | 1,570 | 3,692 | 1,228 |
Payment of accrued payment-in-kind interest | 1,313 | 3,485 | 0 |
Depreciation and amortization | 2,750 | 2,230 | 1,967 |
Net pension benefit | (24) | (132) | (110) |
Realized loss (gain) on investments before income tax | 17,222 | (6,617) | 8,549 |
Realized loss on extinguishment of debt | 0 | 17,103 | 1,007 |
Realized loss on disposal of fixed assets | 0 | 86 | 0 |
Net unrealized depreciation (appreciation) on investments before income tax | 12,075 | (13,435) | (30,991) |
Accretion of discounts on investments | (3,842) | (3,005) | (2,347) |
Payment-in-kind interest | (5,965) | (4,190) | (7,880) |
Share-based compensation expense | 3,705 | 3,585 | 2,944 |
Deferred income taxes | 6,369 | 2,402 | 3,784 |
Changes in other assets and liabilities: | |||
(Increase) decrease in dividend and interest receivable | (6,803) | (1,539) | (144) |
Decrease (increase) in escrow receivables | 756 | (159) | 493 |
(Increase) decrease in tax receivable | (209) | (4) | (8) |
Decrease (increase) in other receivables | 1,591 | (2,067) | (119) |
(Increase) decrease in other assets | (128) | (3,090) | 95 |
(Decrease) increase in taxes payable | (1,085) | 1,191 | (463) |
Increase in other liabilities | 1,997 | 3,153 | 6,779 |
Net cash used in operating activities | (227,100) | (182,675) | (68,252) |
Cash flows from investing activities | |||
Acquisition of fixed assets | (281) | (1,995) | 0 |
Net cash used in investing activities | (281) | (1,995) | 0 |
Cash flows from financing activities | |||
Proceeds from common stock offering | 202,956 | 98,141 | 50,410 |
Equity offering costs paid | (102) | 0 | 0 |
Borrowings under credit facility | 185,000 | 315,000 | 182,000 |
Repayments of credit facility | (155,000) | (230,000) | (216,000) |
Debt issuance costs paid | (1,248) | (3,865) | (540) |
Proceeds from issuance of SBA Debentures | 78,052 | 39,026 | 0 |
Payment for debt extinguishment costs | 0 | (15,196) | 0 |
Dividends to shareholders | (71,102) | (58,624) | (39,945) |
Common stock withheld for payroll taxes upon vesting of restricted stock | (1,021) | (1,408) | (239) |
Net cash provided by financing activities | 237,535 | 164,488 | 86,121 |
Net increase (decrease) in cash and cash equivalents | 10,154 | (20,182) | 17,869 |
Cash and cash equivalents at beginning of period | 11,431 | 31,613 | 13,744 |
Cash and cash equivalents at end of period | 21,585 | 11,431 | 31,613 |
Supplemental cash flow disclosures: | |||
Cash paid for income taxes | 1,896 | 461 | 1,464 |
Cash paid for interest | 25,466 | 18,404 | 11,738 |
October 2024 Notes | |||
Cash flows from financing activities | |||
Proceeds from issuance of Notes | 0 | 0 | 49,000 |
Redemption of Notes | 0 | (125,000) | 0 |
January 2026 Notes | |||
Cash flows from financing activities | |||
Proceeds from issuance of Notes | 0 | 0 | 138,571 |
October 2026 Notes | |||
Cash flows from financing activities | |||
Proceeds from issuance of Notes | 0 | 146,414 | 0 |
December 2022 Notes | |||
Cash flows from financing activities | |||
Redemption of Notes | $ 0 | $ 0 | $ (77,136) |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 1,220,152 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | |
Investments at fair value | 1,206,388 | [1],[3],[9] | 936,614 | [5],[7],[10] | |
Non-control/Non-affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 947,829 | [2],[4],[11] | 721,392 | [6],[8],[12] | |
Investments at fair value | 966,627 | [9],[11] | 747,132 | [10],[12] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 191,523 | [2],[4],[13] | 140,911 | [6],[8],[14] | |
Investments at fair value | 188,505 | [9],[13] | 131,879 | [10],[14] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | 80,800 | [2],[4],[15] | 76,000 | [6],[8],[16] | |
Investments at fair value | 51,256 | [9],[15] | 57,603 | [10],[16] | |
360 QUOTE TOPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 27,883 | |||
Investments at fair value | [9] | 26,131 | |||
AAC NEW HOLDCO INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,452 | [2],[4] | 12,636 | [6],[8] | |
Investments at fair value | 11,703 | [9] | 12,333 | [10] | |
ACACIA BUYERCO V LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,200 | ||||
Investments at fair value | 13,300 | ||||
ACCELERATION, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 31,773 | |||
Investments at fair value | [9] | 33,031 | |||
ACCELERATION PARTNERS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 20,195 | [2],[4] | 12,600 | [6],[8] | |
Investments at fair value | 20,773 | [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 | 2,892 | [9] | 4,176 | [10] | |
AMERICAN NUTS OPERATIONS LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 26,334 | [2],[4] | 27,776 | [6],[8] | |
Investments at fair value | 20,936 | [9] | 29,095 | [10] | |
AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,711 | [2],[4] | 5,748 | [6],[8] | |
Investments at fair value | 295 | [9] | 318 | [10] | |
ARBORWORKS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,473 | [2],[4] | 12,704 | [6],[8] | |
Investments at fair value | 10,972 | [9] | 12,757 | [10] | |
ATS OPERATING, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,668 | [2],[4] | 20,094 | [6],[8],[17] | |
Investments at fair value | 19,696 | [9] | 20,094 | [10],[17] | |
BROAD SKY NETWORKS LLC (DBA EPIC IO TECHNOLOGIES) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 1,221 | ||||
Investments at fair value | 1,779 | ||||
C&M CONVEYOR, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 12,754 | ||||
Investments at fair value | 12,754 | ||||
CADMIUM, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,937 | [2],[4] | 7,615 | [6],[8] | |
Investments at fair value | 7,728 | [9] | 7,616 | [10] | |
CAVALIER BUYER, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 6,978 | ||||
Investments at fair value | 6,997 | ||||
EXACT BORROWER, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,472 | ||||
Investments at fair value | 19,697 | ||||
FLIP ELECTRONICS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 35,991 | [2],[4] | 19,387 | [6],[8] | |
Investments at fair value | 52,341 | [9] | 24,128 | [10] | |
FM SYLVAN, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,553 | ||||
Investments at fair value | 13,963 | ||||
FOOD PHARMA SUBSIDIARY HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 7,658 | [2],[4] | 7,635 | [6],[8] | |
Investments at fair value | 7,941 | [9] | 7,780 | [10] | |
GAINS INTERMEDIATE, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,504 | ||||
Investments at fair value | 14,716 | ||||
GUARDIAN FLEET SERVICES, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,956 | ||||
Investments at fair value | 5,956 | ||||
GULF PACIFIC ACQUISITION, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 4,195 | |||
Investments at fair value | [9] | 4,217 | |||
INFOLINKS MEDIA BUYCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,109 | [2],[4] | 8,154 | [6],[8] | |
Investments at fair value | 8,597 | [9] | 8,203 | [10] | |
ISI ENTERPRISES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 5,898 | [2],[4] | 6,672 | [6],[8] | |
Investments at fair value | 6,000 | [9] | 6,800 | [10] | |
ISLAND PUMP AND TANK, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,044 | ||||
Investments at fair value | 10,044 | ||||
KMS, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4],[18] | 17,855 | |||
Investments at fair value | [9],[18] | 16,315 | |||
LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,651 | [2],[4] | 10,369 | [6],[8] | |
Investments at fair value | 10,440 | [9] | 10,404 | [10] | |
LGM PHARMA, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 15,640 | [2],[4] | 15,497 | [6],[8] | |
Investments at fair value | 15,783 | [9] | 13,703 | [10] | |
LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 22,887 | |||
Investments at fair value | [9] | 22,721 | |||
MAKO STEEL LP | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,699 | [2],[4] | 8,813 | [6],[8] | |
Investments at fair value | 8,778 | [9] | 8,661 | [10] | |
MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,865 | [2],[4] | 15,461 | [6],[8] | |
Investments at fair value | 15,312 | [9] | 16,997 | [10] | |
MICROBE FORMULAS LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 11,394 | |||
Investments at fair value | [9] | 11,505 | |||
MUENSTER MILLING COMPANY, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 22,390 | [2],[4] | 11,646 | [6],[8] | |
Investments at fair value | 22,985 | [9] | 12,000 | [10] | |
NATIONAL CREDIT CARE, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 21,127 | [2],[4] | 24,070 | [6],[8] | |
Investments at fair value | 21,100 | [9] | 24,342 | [10] | |
NEUROPSYCHIATRIC HOSPITALS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 22,185 | [2],[4] | 18,892 | [6],[8] | |
Investments at fair value | 20,737 | [9] | 18,868 | [10] | |
NEW SKINNY MIXES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 12,646 | ||||
Investments at fair value | 12,753 | ||||
NINJATRADER, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 24,833 | [2],[4] | 24,670 | [6],[8] | |
Investments at fair value | 34,288 | [9] | 32,716 | [10] | |
NWN PARENT HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 13,516 | [2],[4] | 13,234 | [6],[8] | |
Investments at fair value | 13,516 | [9] | 13,230 | [10] | |
OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 11,925 | |||
Investments at fair value | [9] | 12,451 | |||
PIPELINE TECHNIQUE LTD. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4],[19] | 10,015 | |||
Investments at fair value | [9],[19] | 10,055 | |||
ROOF OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 21,975 | [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 | 6,936 | [2],[4] | 8,227 | [6],[8] | |
Investments at fair value | 6,079 | [9] | 8,303 | [10] | |
SCRIP INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,634 | [2],[4] | 17,521 | [6],[8] | |
Investments at fair value | 16,345 | [9] | 18,351 | [10] | |
SHEARWATER RESEARCH, INC.9 | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,443 | [2],[4],[19] | 14,505 | [6],[8],[20] | |
Investments at fair value | 16,286 | [9],[19] | 14,557 | [10],[20] | |
SIB HOLDINGS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 12,429 | [2],[4] | 7,852 | [6],[8] | |
Investments at fair value | 12,132 | [9] | 7,869 | [10] | |
SOUTH COAST TERMINALS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,532 | [2],[4] | 17,640 | [6],[8] | |
Investments at fair value | 17,839 | [9] | 17,749 | [10] | |
SPECTRUM OF HOPE, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 23,020 | ||||
Investments at fair value | 22,934 | ||||
SPOTLIGHT AR, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,092 | [2],[4] | 8,072 | [6],[8] | |
Investments at fair value | 8,453 | [9] | 8,108 | [10] | |
SYSTEC CORPORATION (DBA INSPIRE AUTOMATION) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,462 | [2],[4] | 9,635 | [6],[8] | |
Investments at fair value | 10,600 | [9] | 9,653 | [10] | |
THE PRODUCTO GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 18,855 | [2],[4] | 13,901 | [6],[8] | |
Investments at fair value | 25,488 | [9] | 13,891 | [10] | |
TRAFERA, LLC (FKA TRINITY 3, LLC) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 7,024 | |||
Investments at fair value | [9] | 7,376 | |||
US COURTSCRIPT HOLDINGS, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 17,963 | |||
Investments at fair value | [9] | 18,707 | |||
VERSICARE MANAGEMENT LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 15,544 | |||
Investments at fair value | [9] | 15,614 | |||
WALL STREET PREP, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,423 | [2],[4] | 11,653 | [6],[8] | |
Investments at fair value | 11,793 | [9] | 11,656 | [10] | |
WELL-FOAM, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,402 | [2],[4] | 17,500 | [6],[8] | |
Investments at fair value | 17,730 | [9] | 17,910 | [10] | |
WINTER SERVICES OPERATIONS, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,596 | [2],[4] | 21,945 | [6],[8] | |
Investments at fair value | 20,000 | [9] | 21,906 | [10] | |
ZENFOLIO INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 20,756 | [2],[4] | 19,781 | [6],[8] | |
Investments at fair value | 20,432 | [9] | 19,815 | [10] | |
ZIPS CAR WASH, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 19,525 | [2],[4] | 15,850 | [6],[8] | |
Investments at fair value | 19,553 | [9] | 15,850 | [10] | |
AIR CONDITIONING SPECIALIST, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 28,515 | [2],[4] | 13,141 | [6],[8] | |
Investments at fair value | 29,440 | [9] | 13,169 | [10] | |
BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.) | |||||
Schedule of Investments [Line Items] | |||||
Cost | [6],[8] | 11,135 | |||
Investments at fair value | [10] | 10,877 | |||
CATBIRD NYC, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 16,708 | [2],[4] | 17,033 | [6],[8] | |
Investments at fair value | 17,872 | [9] | 17,677 | [10] | |
CENTRAL MEDICAL SUPPLY LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,777 | [2],[4] | 8,736 | [6],[8] | |
Investments at fair value | 8,154 | [9] | 8,288 | [10] | |
DELPHI BEHAVIORAL HEALTH GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 8,541 | [2],[4] | 7,414 | [6],[8] | |
Investments at fair value | 0 | [9] | 5,860 | [10] | |
DYNAMIC COMMUNITIES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,138 | [2],[4] | 13,796 | [6],[8] | |
Investments at fair value | 10,509 | [9] | 12,247 | [10] | |
GPT INDUSTRIES, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 6,972 | ||||
Investments at fair value | 7,030 | ||||
GRAMMATECH, INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 11,313 | [2],[4] | 12,418 | [6],[8] | |
Investments at fair value | 10,403 | [9] | 10,487 | [10] | |
ITA HOLDINGS GROUP, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 27,595 | [2],[4] | 20,660 | [6],[8] | |
Investments at fair value | 33,973 | [9] | 25,190 | [10] | |
LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE) | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,351 | [2],[4] | 10,403 | [6],[8] | |
Investments at fair value | 8,737 | [9] | 7,884 | [10] | |
OUTERBOX, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 15,034 | |||
Investments at fair value | [9] | 15,325 | |||
ROSELAND MANAGEMENT, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 17,359 | [2],[4] | 16,102 | [6],[8] | |
Investments at fair value | 16,356 | [9] | 16,605 | [10] | |
STATINMED, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [2],[4] | 13,648 | |||
Investments at fair value | [9] | 11,177 | |||
STUDENT RESOURCE CENTER LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,572 | [2],[4] | 20,466 | [6],[8] | |
Investments at fair value | 14,565 | [9] | 20,416 | [10] | |
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] | 24,674 | |||
Investments at fair value | [9],[21] | $ 23,125 | |||
Investment interest rate | [21],[22] | 11.55% | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 3,250 | |||
Cost | [2],[4],[23] | 3,209 | |||
Investments at fair value | [9],[23] | $ 3,006 | |||
Investment interest rate | [22],[23] | 11.55% | |||
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., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 274 | ||||
Cost | 270 | ||||
Investments at fair value | 264 | ||||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,199 | 8,653 | |||
Cost | 10,199 | [2],[4] | 8,653 | [6],[8] | |
Investments at fair value | 9,842 | [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] | 716 | |||
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 | 881 | [9] | 2,198 | [10] | |
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 1,000 | ||||
Investments at fair value | 1,000 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,500 | ||||
Cost | 7,332 | ||||
Investments at fair value | $ 7,380 | ||||
Investment interest rate | 11.43% | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,000 | ||||
Cost | 4,905 | ||||
Investments at fair value | $ 4,920 | ||||
Investment interest rate | 11.35% | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (37) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 14 | |||
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 | 19,550 | [26] | 11,875 | [27] | |
Cost | 19,162 | [2],[4],[26] | 11,600 | [6],[8],[27] | |
Investments at fair value | $ 19,550 | [9],[26] | $ 11,875 | [10],[27] | |
Investment interest rate | 12.90% | [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 | 1,019 | [2],[4],[19],[25] | 1,000 | [6],[8],[17],[20] | |
Investments at fair value | 1,223 | [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] | 165 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 0 | |||
Cost | [2],[4],[23] | (42) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,228 | ||||
Cost | [2],[4] | 9,067 | |||
Investments at fair value | [9] | $ 9,228 | |||
Investment interest rate | [22] | 12.35% | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,228 | ||||
Cost | [2],[4] | 9,066 | |||
Investments at fair value | [9] | $ 9,228 | |||
Investment interest rate | [22] | 13.35% | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,228 | ||||
Cost | [2],[4] | 9,066 | |||
Investments at fair value | [9] | $ 9,228 | |||
Investment interest rate | [22] | 14.35% | |||
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] | 1,482 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 3,700 | |||
Cost | [2],[4],[23] | 3,616 | |||
Investments at fair value | [9],[23] | $ 3,700 | |||
Investment interest rate | 13.56% | ||||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Principal | [18] | $ 7,698 | |||
Cost | [2],[4],[18] | 7,668 | |||
Investments at fair value | [9],[18] | $ 7,082 | |||
Investment interest rate | [18],[22] | 16.85% | |||
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 | $ 27,438 | $ 12,778 | |||
Cost | 26,940 | [2],[4] | 12,535 | [6],[8] | |
Investments at fair value | $ 27,438 | [9] | $ 12,535 | [10] | |
Investment interest rate | 12.12% | [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 | 809 | [2],[4],[19],[25] | 624 | [6],[8],[17],[20] | |
Investments at fair value | 1,202 | [9],[19],[25] | 634 | [10],[17],[20] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 800 | [23] | 0 | [29] | |
Cost | 766 | [2],[4],[23] | (18) | [6],[8],[29] | |
Investments at fair value | $ 800 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | 12.40% | ||||
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] | $ 2,691 | |||
Ownership percent | [30] | 3.88% | |||
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 | |||
Ownership percent | [31] | 3.88% | |||
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] | 201 | |||
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 | 11,716 | 12,450 | |||
Cost | 11,667 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 10,978 | [9] | $ 12,450 | [10] | |
Investment interest rate | 12.49% | [22] | 7.75% | [24] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,716 | $ 12,450 | |||
Cost | 11,667 | [2],[4] | 12,388 | [6],[8] | |
Investments at fair value | $ 9,958 | [9] | $ 12,450 | [10] | |
Investment interest rate | 14.49% | [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 | 0 | [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 | [32] | 4,899 | [33] | |
Cost | 4,858 | [2],[4],[32] | 4,858 | [6],[8],[33] | |
Investments at fair value | $ 251 | [9],[32] | $ 269 | [10],[33] | |
Investment interest rate | 9% | [22],[32] | 9% | [24],[33] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 862 | [23],[32] | $ 899 | [29],[33] | |
Cost | 853 | [2],[4],[23],[32] | 890 | [6],[8],[29],[33] | |
Investments at fair value | $ 44 | [9],[23],[32] | $ 49 | [10],[29],[33] | |
Investment interest rate | 9% | [22],[23],[32] | 9% | [24],[29],[33] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 16,376 | ||||
Cost | [6],[8] | 16,375 | |||
Investments at fair value | [10] | $ 16,376 | |||
Investment interest rate | [24] | 10% | |||
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 | 0 | [9],[19],[25] | 100 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 12,610 | 12,903 | |||
Cost | 12,417 | [2],[4] | 12,660 | [6],[8] | |
Investments at fair value | $ 9,470 | [9] | $ 12,657 | [10] | |
Investment interest rate | 14.85% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | [23] | $ 0 | [29] | |
Cost | 1,956 | [2],[4],[23] | (56) | [6],[8],[29] | |
Investments at fair value | $ 1,502 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 14.83% | |||
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | 0 | [17],[20] | |
Cost | 1,026 | [2],[4],[19],[25] | 801 | [6],[8],[17],[20] | |
Investments at fair value | 847 | [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 | 9,104 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment interest rate | 10.35% | [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 | 9,102 | [2],[4] | 9,071 | [6],[8] | |
Investments at fair value | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment interest rate | 12.35% | [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 | $ 500 | [23] | 1,000 | [29] | |
Cost | 462 | [2],[4],[23] | 952 | [6],[8],[29] | |
Investments at fair value | $ 492 | [9],[23] | $ 952 | [10],[29] | |
Investment interest rate | 11.39% | 7.50% | [24],[29] | ||
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 | 0 | [9] | 924 | [10] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [28] | 9,064 | |||
Cost | [6],[8],[28] | 9,005 | |||
Investments at fair value | [10],[28] | $ 8,793 | |||
Investment interest rate | [24],[28] | 15% | |||
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | [28] | $ 2,149 | |||
Cost | [6],[8],[28] | 2,130 | |||
Investments at fair value | [10],[28] | $ 2,084 | |||
Investment interest rate | [24],[28] | 15% | |||
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 | 1,649 | [9] | 1,420 | [10] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 89 | ||||
Investments at fair value | 130 | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,500 | ||||
Cost | 6,377 | ||||
Investments at fair value | $ 6,377 | ||||
Investment interest rate | 12.28% | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 6,500 | ||||
Cost | 6,377 | ||||
Investments at fair value | $ 6,377 | ||||
Investment interest rate | 10.28% | ||||
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,385 | 7,385 | |||
Cost | 7,326 | [2],[4] | 7,313 | [6],[8] | |
Investments at fair value | $ 7,134 | [9] | $ 7,314 | [10] | |
Investment interest rate | 12.16% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 615 | $ 308 | [29] | ||
Cost | 611 | [2],[4] | 302 | [6],[8],[29] | |
Investments at fair value | $ 594 | [9] | $ 302 | [10],[29] | |
Investment interest rate | 12.16% | [22] | 8% | [24],[29] | |
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,317 | |||
Investments at fair value | [10] | 2,090 | |||
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,692 | 5,752 | |||
Cost | 5,652 | [2],[4] | 5,702 | [6],[8] | |
Investments at fair value | $ 5,692 | [9] | $ 5,700 | [10] | |
Investment interest rate | 11.42% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25],[34] | $ 0 | [17],[20] | |
Cost | 1,000 | [2],[4],[19],[25],[34] | 1,000 | [6],[8],[17],[20] | |
Investments at fair value | 1,658 | [9],[19],[25],[34] | 1,221 | [10],[17],[20] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [19],[23],[25],[34] | 0 | [17],[20],[29] | |
Cost | 500 | [2],[4],[19],[23],[25],[34] | 500 | [6],[8],[17],[20],[29] | |
Investments at fair value | 714 | [9],[19],[23],[25],[34] | 572 | [10],[17],[20],[29] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 15,500 | 15,900 | |||
Cost | 15,265 | [2],[4] | 15,606 | [6],[8] | |
Investments at fair value | $ 15,500 | [9] | $ 15,884 | [10] | |
Investment interest rate | 11.88% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (57) | [2],[4],[23] | (73) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 0 | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,500 | ||||
Cost | 6,372 | ||||
Investments at fair value | $ 6,372 | ||||
Investment interest rate | 12.88% | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 625 | ||||
Investments at fair value | 625 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | (19) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 100 | [23] | 100 | ||
Cost | 87 | [2],[4],[23] | 81 | [6],[8] | |
Investments at fair value | $ 99 | [9],[23] | $ 97 | [10] | |
Investment interest rate | 13.75% | [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 | 7,427 | [2],[4] | 7,398 | [6],[8] | |
Investments at fair value | $ 7,402 | [9] | $ 7,260 | [10] | |
Investment interest rate | 13.75% | [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 | 357 | [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 | 287 | [2],[4],[23] | 281 | [6],[8],[29] | |
Investments at fair value | $ 296 | [9],[23] | $ 290 | [10],[29] | |
Investment interest rate | 13.75% | [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 | 3,215 | [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 | 14,911 | [2],[4],[26] | 9,921 | [6],[8],[27] | |
Investments at fair value | $ 15,000 | [9],[26] | $ 10,000 | [10],[27] | |
Investment interest rate | 12.07% | [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 | 0 | [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] | $ 0 | |||
Investment interest rate | [22] | 15.74% | |||
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 | $ 0 | [9] | $ 1,472 | [10] | |
Investment interest rate | 14.13% | [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 | $ 1,448 | $ 526 | |||
Cost | 1,448 | [2],[4] | 526 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 526 | [10] | |
Investment interest rate | 21.06% | [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, 2,500,000 Common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 250 | |||
Investments at fair value | [9],[19],[25] | 625 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 0 | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 2,218 | ||||
Investments at fair value | 2,218 | ||||
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 | 3,846 | ||||
Cost | [2],[4] | 3,826 | |||
Investments at fair value | [9] | $ 3,823 | |||
Investment interest rate | [22] | 9.41% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | [32] | $ 3,867 | |||
Cost | [2],[4],[32] | 3,844 | |||
Investments at fair value | [9],[32] | $ 3,843 | |||
Investment interest rate | [22],[32] | 11.41% | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, 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] | 1,274 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (1) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
Principal | 650 | ||||
Cost | [6],[8] | 650 | |||
Investments at fair value | [10] | 650 | |||
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 8,566 | 8,938 | |||
Cost | 8,498 | [2],[4] | 8,853 | [6],[8] | |
Investments at fair value | $ 8,566 | [9] | $ 8,848 | [10] | |
Investment interest rate | 12.91% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 615 | ||||
Investments at fair value | 770 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | (23) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,450 | ||||
Cost | 9,271 | ||||
Investments at fair value | $ 9,271 | ||||
Investment interest rate | 12.24% | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,450 | ||||
Cost | 9,271 | ||||
Investments at fair value | $ 9,271 | ||||
Investment interest rate | 12.24% | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 385 | ||||
Cost | 385 | ||||
Investments at fair value | $ 385 | ||||
Investment interest rate | 13.574% | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (47) | ||||
Investments at fair value | 0 | ||||
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],[34] | 0 | [17],[20],[35] | |
Cost | 2,000 | [2],[4],[19],[25],[34] | 2,000 | [6],[8],[17],[20],[35] | |
Investments at fair value | 17,678 | [9],[19],[25],[34] | 6,373 | [10],[17],[20],[35] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 2,818 | [23] | 0 | [29] | |
Cost | 2,777 | [2],[4],[23] | (56) | [6],[8],[29] | |
Investments at fair value | $ 2,818 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 12.25% | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 31,845 | 17,755 | |||
Cost | 31,214 | [2],[4] | 17,443 | [6],[8] | |
Investments at fair value | $ 31,845 | [9] | $ 17,755 | [10] | |
Investment interest rate | 12.41% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,963 | ||||
Cost | 11,737 | ||||
Investments at fair value | $ 11,963 | ||||
Investment interest rate | 12.85% | ||||
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | ||||
Cost | 1,816 | ||||
Investments at fair value | $ 2,000 | ||||
Investment interest rate | 12.94% | ||||
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 | 911 | [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 | 6,908 | [2],[4] | 4,914 | [6],[8] | |
Investments at fair value | $ 7,030 | [9] | $ 5,000 | [10] | |
Investment interest rate | 11.25% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (162) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | 7,500 | ||||
Cost | 7,357 | ||||
Investments at fair value | $ 7,358 | ||||
Investment interest rate | 11.35% | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,500 | ||||
Cost | 7,356 | ||||
Investments at fair value | $ 7,358 | ||||
Investment interest rate | 13.35% | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (47) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 1,000 | ||||
Investments at fair value | 1,000 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 6,150 | ||||
Cost | 6,030 | ||||
Investments at fair value | $ 6,030 | ||||
Investment interest rate | 13.93% | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (58) | ||||
Investments at fair value | 0 | ||||
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 | 0 | [9] | 674 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 360 | [2],[4] | 56 | [6],[8] | |
Investments at fair value | 372 | [9] | 38 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,031 | 11,500 | |||
Cost | 9,967 | [2],[4] | 11,384 | [6],[8] | |
Investments at fair value | $ 10,031 | [9] | $ 9,775 | [10] | |
Investment interest rate | 14.24% | [22] | 11.50% | [24] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (14) | [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]: GUARDIAN FLEET SERVICES, INC. Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 1,500 | ||||
Investments at fair value | 1,500 | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 4,511 | ||||
Cost | 4,376 | ||||
Investments at fair value | $ 4,376 | ||||
Investment interest rate | 14.05% | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. Warrants | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 80 | ||||
Investments at fair value | 80 | ||||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | 303 | |||
Cost | [2],[4],[23] | 286 | |||
Investments at fair value | [9],[23] | $ 297 | |||
Investment interest rate | 11.11% | ||||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,642 | ||||
Cost | [2],[4] | 3,574 | |||
Investments at fair value | [9] | $ 3,573 | |||
Investment interest rate | [22] | 11.05% | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 353 | |||
Cost | [2],[4],[23] | 335 | |||
Investments at fair value | [9],[23] | $ 347 | |||
Investment interest rate | 10.99% | ||||
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 15,750 | [18] | $ 15,750 | [28] | |
Cost | 15,528 | [2],[4],[18] | 15,473 | [6],[8],[28] | |
Investments at fair value | $ 13,120 | [9],[18] | $ 15,246 | [10],[28] | |
Investment interest rate | 13.10% | [18],[22] | 9.25% | [24],[28] | |
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[23],[34] | $ 0 | |||
Cost | [2],[4],[19],[23],[34] | 80,800 | |||
Investments at fair value | [9],[19],[23],[34] | $ 51,256 | |||
Ownership percent | [19],[23],[30],[34] | 80% | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | [20],[29],[35] | $ 0 | |||
Cost | [6],[8],[20],[29],[35] | 76,000 | |||
Investments at fair value | [10],[20],[29],[35] | $ 57,603 | |||
Ownership percent | 80% | 80% | [20],[29],[31],[35] | ||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (16) | [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 | 7,653 | 7,731 | |||
Cost | 7,537 | [2],[4] | 7,587 | [6],[8] | |
Investments at fair value | $ 7,653 | [9] | $ 7,615 | [10] | |
Investment interest rate | 10.66% | [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] | |
Ownership percent | 1.68% | [19],[23],[25],[30] | 1.68% | [17],[20],[29],[31] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 5,000 | $ 5,000 | |||
Cost | 4,926 | [2],[4] | 4,908 | [6],[8] | |
Investments at fair value | $ 5,000 | [9] | $ 5,000 | [10] | |
Investment interest rate | 11.75% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 800 | [29] | |
Cost | (28) | [2],[4],[23] | 764 | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | $ 800 | [10],[29] | |
Investment interest rate | [24],[29] | 8% | |||
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]: ISLAND PUMP AND TANK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,000 | ||||
Cost | 8,823 | ||||
Investments at fair value | $ 8,823 | ||||
Investment interest rate | 12.66% | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 750 | ||||
Investments at fair value | 750 | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 500 | ||||
Cost | 471 | ||||
Investments at fair value | $ 471 | ||||
Investment interest rate | 12.67% | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25] | 0 | [17],[20],[35] | |
Cost | 1,500 | [2],[4],[19],[25] | 1,500 | [6],[8],[17],[20],[35] | |
Investments at fair value | $ 4,348 | [9],[19],[25] | $ 3,063 | [10],[17],[20],[35] | |
Ownership percent | 9.25% | [19],[25],[30] | 9.25% | [17],[20],[31],[35] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 9.25% | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,271 | $ 2,959 | |||
Cost | 3,259 | [2],[4] | 2,721 | [6],[8] | |
Investments at fair value | 3,255 | [9] | 2,959 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
Principal | 129 | 117 | |||
Cost | 129 | [2],[4] | 117 | [6],[8] | |
Investments at fair value | 128 | [9] | 117 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,057 | 5,036 | |||
Cost | 5,056 | [2],[4] | 5,010 | [6],[8] | |
Investments at fair value | $ 5,068 | [9] | $ 5,061 | [10] | |
Investment interest rate | 16.35% | [22] | 12% | [24] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,114 | $ 10,071 | |||
Cost | 10,139 | [2],[4] | 10,041 | [6],[8] | |
Investments at fair value | $ 10,114 | [9] | $ 10,041 | [10] | |
Investment interest rate | 13.35% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,000 | [23] | $ 750 | [29] | |
Cost | 6,974 | [2],[4],[23] | 733 | [6],[8],[29] | |
Investments at fair value | $ 7,014 | [9],[23] | $ 750 | [10],[29] | |
Investment interest rate | 14.35% | [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] | 4,046 | |||
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 | 6,132 | ||||
Cost | [2],[4] | 6,117 | |||
Investments at fair value | [9] | $ 6,132 | |||
Investment interest rate | [22] | 11.34% | |||
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] | $ 2,228 | |||
Cost | [2],[4],[18],[23] | 2,174 | |||
Investments at fair value | [9],[18],[23] | $ 2,016 | |||
Investment interest rate | [18],[22],[23] | 12.44% | |||
Investment, Identifier [Axis]: KMS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [18] | $ 15,800 | |||
Cost | [2],[4],[18] | 15,681 | |||
Investments at fair value | [9],[18] | $ 14,299 | |||
Investment interest rate | [18],[22] | 12.44% | |||
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 | $ 10,532 | $ 6,484 | |||
Cost | 10,315 | [2],[4] | 6,345 | [6],[8] | |
Investments at fair value | $ 10,110 | [9] | $ 6,341 | [10] | |
Investment interest rate | 11.84% | [22] | 8.01% | [24] | |
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 343 | [23] | $ 0 | [29] | |
Cost | 336 | [2],[4],[23] | (10) | [6],[8],[29] | |
Investments at fair value | $ 330 | [9],[23] | 0 | [10],[29] | |
Investment interest rate | [22],[23] | 11.89% | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,501 | 2,488 | |||
Cost | 2,491 | [2],[4] | 2,463 | [6],[8] | |
Investments at fair value | $ 2,501 | [9] | $ 2,388 | [10] | |
Investment interest rate | 15.66% | [22] | 13% | [24] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,477 | $ 11,422 | |||
Cost | 11,436 | [2],[4] | 11,346 | [6],[8] | |
Investments at fair value | $ 11,477 | [9] | $ 10,851 | [10] | |
Investment interest rate | 14.16% | [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 | 1,692 | [9],[19],[25] | 376 | [10],[17],[20] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 113 | |||
Cost | [2],[4],[19],[25] | 113 | |||
Investments at fair value | [9],[19],[25] | 113 | |||
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 | 5,143 | 5,195 | |||
Cost | 5,143 | [2],[4] | 5,195 | [6],[8] | |
Investments at fair value | $ 5,143 | [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 | $ 0 | [23] | $ 0 | [29] | |
Cost | 0 | [2],[4],[23] | 0 | [6],[8],[29] | |
Investments at fair value | $ 0 | [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 | [32] | $ 5,208 | [33] | |
Cost | 5,208 | [2],[4],[32] | 5,208 | [6],[8],[33] | |
Investments at fair value | 3,594 | [9],[32] | 3,104 | [10],[33] | |
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 | 22,714 | ||||
Cost | [2],[4] | 22,318 | |||
Investments at fair value | [9] | $ 22,305 | |||
Investment interest rate | [22] | 11.54% | |||
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] | $ 416 | |||
Ownership percent | [19],[25],[30] | 0.88% | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (31) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,835 | [18] | 10,945 | [28] | |
Cost | 10,656 | [2],[4],[18] | 10,723 | [6],[8],[28] | |
Investments at fair value | $ 10,131 | [9],[18] | $ 10,671 | [10],[28] | |
Investment interest rate | 13.75% | [18],[22] | 10% | [24],[28] | |
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,879 | $ 8,032 | |||
Cost | 7,778 | [2],[4] | 7,900 | [6],[8] | |
Investments at fair value | $ 7,839 | [9] | $ 7,751 | [10] | |
Investment interest rate | 12.30% | [22] | 8.38% | [24] | |
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 943 | [23] | $ 943 | [29] | |
Cost | 921 | [2],[4],[23] | 913 | [6],[8],[29] | |
Investments at fair value | $ 939 | [9],[23] | $ 910 | [10],[29] | |
Investment interest rate | 11.89% | [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 | $ 12,344 | $ 12,469 | |||
Cost | 12,150 | [2],[4] | 12,232 | [6],[8] | |
Investments at fair value | $ 11,949 | [9] | $ 12,232 | [10] | |
Investment interest rate | 12.75% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,759 | $ 3,292 | |||
Cost | 2,715 | [2],[4] | 3,229 | [6],[8] | |
Investments at fair value | $ 2,593 | [9] | $ 3,229 | [10] | |
Investment interest rate | 15.75% | [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 | 770 | [9],[19],[25] | 1,536 | [10],[17],[20] | |
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 11,621 | ||||
Cost | [2],[4] | 11,421 | |||
Investments at fair value | [9] | $ 11,505 | |||
Investment interest rate | [22] | 11.09% | |||
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (27) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 1,000 | ||||
Investments at fair value | 1,185 | ||||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (52) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 21,800 | 12,000 | |||
Cost | 21,457 | [2],[4] | 11,785 | [6],[8] | |
Investments at fair value | $ 21,800 | [9] | $ 12,000 | [10] | |
Investment interest rate | 11.99% | [22] | 8.25% | [24] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (67) | [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 | 9,716 | 11,250 | |||
Cost | 9,564 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,550 | [9] | $ 11,171 | [10] | |
Investment interest rate | 11.25% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 9,716 | $ 11,250 | |||
Cost | 9,563 | [2],[4] | 11,035 | [6],[8] | |
Investments at fair value | $ 9,550 | [9] | $ 11,171 | [10] | |
Investment interest rate | 12.25% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | $ 0 | |||
Cost | [6],[8],[29] | (82) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 14,913 | ||||
Cost | [6],[8] | 14,657 | |||
Investments at fair value | [10] | $ 14,569 | |||
Investment interest rate | [24] | 9% | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,478 | ||||
Cost | [2],[4] | 7,375 | |||
Investments at fair value | [9] | $ 7,104 | |||
Investment interest rate | [22] | 11.75% | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,478 | ||||
Cost | 7,375 | ||||
Investments at fair value | $ 6,356 | ||||
Investment interest rate | 13.75% | ||||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,176 | ||||
Cost | 3,097 | ||||
Investments at fair value | $ 3,097 | ||||
Investment interest rate | 15% | ||||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 4,400 | [23] | $ 4,400 | [29] | |
Cost | 4,338 | [2],[4],[23] | 4,317 | [6],[8],[29] | |
Investments at fair value | $ 4,180 | [9],[23] | $ 4,299 | [10],[29] | |
Investment interest rate | 12.75% | [22],[23] | 9% | [24],[29] | |
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (28) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 13,000 | ||||
Cost | 12,750 | ||||
Investments at fair value | $ 12,753 | ||||
Investment interest rate | 12.79% | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | (76) | ||||
Investments at fair value | 0 | ||||
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | $ 0 | [29] | |
Cost | (28) | [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 | 22,864 | [2],[4] | 22,719 | [6],[8] | |
Investments at fair value | $ 23,150 | [9] | $ 23,150 | [10] | |
Investment interest rate | 11% | [22] | 7.25% | [24] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit | |||||
Schedule of Investments [Line Items] | |||||
Principal | [17],[20],[35] | $ 0 | |||
Cost | [6],[8],[17],[20],[35] | 2,000 | |||
Investments at fair value | [10],[17],[20],[35] | 9,566 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25],[34] | $ 0 | |||
Cost | [2],[4],[19],[25],[34] | 2,000 | |||
Investments at fair value | [9],[19],[25],[34] | 11,138 | |||
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 | 12,688 | 13,066 | |||
Cost | 12,519 | [2],[4] | 12,844 | [6],[8] | |
Investments at fair value | $ 12,510 | [9] | $ 12,818 | [10] | |
Investment interest rate | 12.87% | [22] | 7.50% | [24] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 1,020 | [23] | $ 420 | [29] | |
Cost | 997 | [2],[4],[23] | 390 | [6],[8],[29] | |
Investments at fair value | $ 1,006 | [9],[23] | $ 412 | [10],[29] | |
Investment interest rate | 12.85% | [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 | $ 9,052 | ||||
Cost | [2],[4] | 8,970 | |||
Investments at fair value | [9] | $ 9,052 | |||
Investment interest rate | [22] | 11.50% | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (7) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 3,000 | ||||
Cost | [2],[4] | 2,755 | |||
Investments at fair value | [9] | $ 3,000 | |||
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] | 399 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[25] | 0 | |||
Cost | [2],[4],[19],[25] | 631 | |||
Investments at fair value | [9],[19],[25] | 773 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 14,625 | ||||
Cost | [2],[4] | 14,428 | |||
Investments at fair value | [9] | $ 14,552 | |||
Investment interest rate | [22] | 11.56% | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (25) | |||
Investments at fair value | [9],[23] | 0 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19] | 9,750 | |||
Cost | [2],[4],[19] | 9,574 | |||
Investments at fair value | [9],[19] | $ 9,565 | |||
Investment interest rate | [19],[22] | 12.32% | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [19],[23] | $ 500 | |||
Cost | [2],[4],[19],[23] | 441 | |||
Investments at fair value | [9],[19],[23] | $ 490 | |||
Investment interest rate | 14.25% | ||||
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 10,500 | $ 10,500 | |||
Cost | 10,163 | [2],[4] | 10,066 | [6],[8] | |
Investments at fair value | $ 6,431 | [9] | $ 10,217 | [10] | |
Investment interest rate | 14.31% | [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 | 21,267 | [2],[4] | 10,802 | [6],[8] | |
Investments at fair value | $ 21,071 | [9] | $ 10,791 | [10] | |
Investment interest rate | 11.35% | [22] | 7% | [24] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (42) | [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 | 422 | [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] | 161 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 202 | ||||
Investments at fair value | 694 | ||||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 15,051 | 14,125 | |||
Cost | 15,008 | [2],[4] | 14,021 | [6],[8] | |
Investments at fair value | $ 14,524 | [9] | $ 14,125 | [10] | |
Investment interest rate | 14.74% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 575 | [23] | $ 575 | [29] | |
Cost | 566 | [2],[4],[23] | 564 | [6],[8],[29] | |
Investments at fair value | $ 555 | [9],[23] | $ 575 | [10],[29] | |
Investment interest rate | 14.74% | [22],[23] | 9% | [24],[29] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 6,166 | $ 6,933 | |||
Cost | 6,123 | [2],[4] | 6,870 | [6],[8] | |
Investments at fair value | $ 5,364 | [9] | $ 6,933 | [10] | |
Investment interest rate | 12.52% | [22] | 9% | [24] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 822 | [23] | $ 1,370 | ||
Cost | 813 | [2],[4],[23] | 1,357 | [6],[8] | |
Investments at fair value | $ 715 | [9],[23] | $ 1,370 | [10] | |
Investment interest rate | 12.56% | [22],[23] | 9% | [24] | |
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | [26] | $ 16,750 | |||
Cost | [2],[4],[26] | 16,634 | |||
Investments at fair value | [9],[26] | $ 15,594 | |||
Investment interest rate | [22],[26] | 15.83% | |||
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 | 751 | [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 | 85 | [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 | 2,558 | [9],[19] | 979 | [10],[20] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [20],[29] | 0 | |||
Cost | [6],[8],[20],[29] | (27) | |||
Investments at fair value | [10],[20],[29] | 0 | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 13,643 | [19] | 13,794 | [20] | |
Cost | 13,462 | [2],[4],[19] | 13,561 | [6],[8],[20] | |
Investments at fair value | $ 13,643 | [9],[19] | $ 13,545 | [10],[20] | |
Investment interest rate | 11.06% | [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 | (30) | [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] | 411 | |||
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 | 11,382 | 7,427 | |||
Cost | 11,235 | [2],[4] | 7,324 | [6],[8] | |
Investments at fair value | $ 11,040 | [9] | $ 7,323 | [10] | |
Investment interest rate | 11.21% | [22] | 7% | [24] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 702 | [23] | $ 47 | [29] | |
Cost | 694 | [2],[4],[23] | 37 | [6],[8],[29] | |
Investments at fair value | $ 681 | [9],[23] | $ 46 | [10],[29] | |
Investment interest rate | 11.23% | [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 | [33] | 13,235 | |||
Cost | [6],[8],[33] | 13,101 | |||
Investments at fair value | [10],[33] | $ 10,588 | |||
Investment interest rate | [24],[33] | 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 | 1,749 | [9],[19],[25] | 2,960 | [10],[17],[20] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 17,839 | 18,019 | |||
Cost | 17,560 | [2],[4] | 17,676 | [6],[8] | |
Investments at fair value | $ 17,839 | [9] | $ 17,749 | [10] | |
Investment interest rate | 10.03% | [22] | 7.25% | [24] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (28) | [2],[4],[23] | (36) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 1,000 | ||||
Investments at fair value | 1,000 | ||||
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 22,358 | ||||
Cost | [2],[4] | 22,020 | |||
Investments at fair value | [9] | $ 21,934 | |||
Investment interest rate | [22] | 12.24% | |||
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 | 7,481 | 7,500 | |||
Cost | 7,370 | [2],[4] | 7,359 | [6],[8] | |
Investments at fair value | $ 7,481 | [9] | $ 7,358 | [10] | |
Investment interest rate | 11.50% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (28) | [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] | 3,767 | |||
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] | 0 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 122 | ||||
Cost | 122 | ||||
Investments at fair value | $ 122 | ||||
Investment interest rate | 14.28% | ||||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 7,288 | ||||
Cost | [2],[4] | 7,288 | |||
Investments at fair value | [9] | $ 7,288 | |||
Investment interest rate | [22] | 14.28% | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | ||||
Cost | 5,845 | ||||
Investments at fair value | $ 5,845 | ||||
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 | 8.50% | 9.01% | [24] | ||
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 | $ 8,889 | ||||
Cost | [2],[4] | 8,727 | |||
Investments at fair value | [9] | 8,720 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred 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]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [29] | 0 | |||
Cost | [6],[8],[29] | (25) | |||
Investments at fair value | [10],[29] | 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 9,000 | 9,000 | |||
Cost | 8,886 | [2],[4] | 8,844 | [6],[8] | |
Investments at fair value | $ 9,000 | [9] | $ 8,820 | [10] | |
Investment interest rate | 12.25% | [22] | 8.50% | [24] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 1,600 | [23] | $ 850 | [29] | |
Cost | 1,576 | [2],[4],[23] | 816 | [6],[8],[29] | |
Investments at fair value | $ 1,600 | [9],[23] | $ 833 | [10],[29] | |
Investment interest rate | 12.32% | [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 | 7,833 | [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 | 17,355 | [2],[4] | 12,401 | [6],[8] | |
Investments at fair value | $ 17,655 | [9] | $ 12,391 | [10] | |
Investment interest rate | 12.92% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Class A units | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [19],[25],[34] | $ 0 | [17],[20],[35] | |
Cost | 1,205 | [2],[4],[19],[25],[34] | 1,205 | [6],[8],[17],[20],[35] | |
Investments at fair value | 1,509 | [9],[19],[25],[34] | 3,000 | [10],[17],[20],[35] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 5,775 | [18] | 9,875 | [28] | |
Cost | 5,727 | [2],[4],[18] | 9,764 | [6],[8],[28] | |
Investments at fair value | $ 5,775 | [9],[18] | $ 9,835 | [10],[28] | |
Investment interest rate | 11.26% | [18],[22] | 8.75% | [24],[28] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 92 | [19] | $ 84 | [17],[20] | |
Cost | 92 | [2],[4],[19] | 84 | [6],[8],[17],[20] | |
Investments at fair value | 92 | [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] | 1,354 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 212 | ||||
Investments at fair value | 278 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-5 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 211 | ||||
Investments at fair value | 275 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 16,800 | ||||
Cost | [2],[4] | 16,540 | |||
Investments at fair value | [9] | $ 16,800 | |||
Investment interest rate | [22] | 10.87% | |||
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 11,498 | 11,614 | |||
Cost | 11,367 | [2],[4] | 11,451 | [6],[8] | |
Investments at fair value | $ 11,498 | [9] | $ 11,614 | [10] | |
Investment interest rate | 10.59% | [22] | 6.75% | [24] | |
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 2,400 | |||
Cost | [2],[4],[23] | 2,332 | |||
Investments at fair value | [9],[23] | $ 2,357 | |||
Investment interest rate | 13.16% | ||||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 13,500 | ||||
Cost | [2],[4] | 13,256 | |||
Investments at fair value | [9] | $ 13,257 | |||
Investment interest rate | [22] | 12.85% | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23] | $ 0 | |||
Cost | [2],[4],[23] | (44) | |||
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 | 9,054 | [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 | 2,694 | [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 | 1,205 | [9] | 1,000 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal | 10,588 | 10,863 | |||
Cost | 10,436 | [2],[4] | 10,670 | [6],[8] | |
Investments at fair value | $ 10,588 | [9] | $ 10,656 | [10] | |
Investment interest rate | 11.75% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (13) | [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 | 17,730 | 17,910 | |||
Cost | 17,466 | [2],[4] | 17,583 | [6],[8] | |
Investments at fair value | $ 17,730 | [9] | $ 17,910 | [10] | |
Investment interest rate | 12.75% | [22] | 9.50% | [24] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 0 | [29] | |
Cost | (64) | [2],[4],[23] | (83) | [6],[8],[29] | |
Investments at fair value | 0 | [9],[23] | 0 | [10],[29] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | [23] | 0 | [29] | |
Cost | (32) | [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 | 19,693 | [2],[4] | 19,624 | [6],[8] | |
Investments at fair value | $ 20,000 | [9] | $ 19,520 | [10] | |
Investment interest rate | 11.75% | [22] | 8% | [24] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 0 | [23] | $ 2,444 | [29] | |
Cost | (65) | [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 | 18,913 | $ 18,915 | |||
Cost | 18,762 | [2],[4] | 18,785 | [6],[8] | |
Investments at fair value | $ 18,478 | [9] | $ 18,820 | [10] | |
Investment interest rate | 13.82% | [22] | 10% | [24] | |
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 2,000 | $ 1,000 | [29] | ||
Cost | 1,994 | [2],[4] | 996 | [6],[8],[29] | |
Investments at fair value | $ 1,954 | [9] | $ 995 | [10],[29] | |
Investment interest rate | 13.82% | [22] | 10% | [24],[29] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 15,840 | $ 16,000 | |||
Cost | 15,611 | [2],[4] | 15,691 | [6],[8] | |
Investments at fair value | $ 15,634 | [9] | $ 15,691 | [10] | |
Investment interest rate | 12.15% | [22] | 8.25% | [24] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - B | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 3,970 | $ 199 | [29] | ||
Cost | 3,914 | [2],[4] | 159 | [6],[8],[29] | |
Investments at fair value | $ 3,919 | [9] | $ 159 | [10],[29] | |
Investment interest rate | 12.12% | [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 March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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 - Fair Value Measurements 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 March 31, 2023, approximately 80.1% 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 163.7%.[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 March 31, 2023, approximately 15.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.9%.[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 March 31, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.[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 March 31, 2023, approximately 13.9% of the Company's assets were 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. 20 The rate presented represents a weighted-average rate for borrowings under the facility as of March 31, 2023. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 204.30% | [1],[2] | 222.50% | ||
Cost | $ 1,220,152 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | |
Total Investments | $ 1,206,388 | [1],[2],[9] | $ 936,614 | [5],[7],[10] | |
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 31.90% | [11] | 31.30% | [12] | |
Cost | $ 191,523 | [3],[4],[11] | $ 140,911 | [6],[8],[12] | |
Total Investments | $ 188,505 | [9],[11] | $ 131,879 | [10],[12] | |
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 8.70% | [13] | 13.70% | [14] | |
Cost | $ 80,800 | [3],[4],[13] | $ 76,000 | [6],[8],[14] | |
Total Investments | $ 51,256 | [9],[13] | $ 57,603 | [10],[14] | |
Non-control/Non-affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Percent of net assets | 163.70% | [15] | 177.50% | ||
Cost | $ 947,829 | [3],[4],[15] | $ 721,392 | [6],[8],[16] | |
Total Investments | $ 966,627 | [9],[15] | $ 747,132 | [10],[16] | |
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [17],[18] | 6.50% | |||
Floor | [17],[18] | 1% | |||
Investment interest rate | [17],[18] | 11.55% | |||
Principal | [17] | $ 25,000 | |||
Cost | [3],[4],[17] | 24,674 | |||
Total Investments | [9],[17] | $ 23,125 | |||
Investment, Identifier [Axis]: 360 QUOTE TOPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6.50% | |||
Floor | [18],[19] | 1% | |||
Investment interest rate | [18],[19] | 11.55% | |||
Principal | [19] | $ 3,250 | |||
Cost | [3],[4],[19] | 3,209 | |||
Total Investments | [9],[19] | $ 3,006 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20] | 374,543 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,785 | |||
Total Investments | [10] | $ 1,785 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | ||||
Principal | $ 274 | ||||
Cost | 270 | ||||
Total Investments | $ 264 | ||||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | [18] | 8% | [21] | |
Investment interest rate | [21] | 10% | |||
Principal | $ 10,199 | $ 8,653 | |||
Cost | 10,199 | [3],[4] | 8,653 | [6],[8] | |
Total Investments | $ 9,842 | [9] | 8,350 | [10] | |
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Shares common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22] | 374,543 | |||
Principal | $ 0 | ||||
Cost | [3],[4] | 1,785 | |||
Total Investments | [9] | 716 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 2,198 | [3],[4] | 2,198 | [6],[8] | |
Total Investments | $ 881 | [9] | $ 2,198 | [10] | |
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000 | ||||
Total Investments | $ 1,000 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Investment interest rate | 11.43% | ||||
Principal | $ 7,500 | ||||
Cost | 7,332 | ||||
Total Investments | $ 7,380 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Investment interest rate | 11.35% | ||||
Principal | $ 5,000 | ||||
Cost | 4,905 | ||||
Total Investments | $ 4,920 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Principal | $ 0 | ||||
Cost | (37) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 1,019 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 14 | |||
Total Investments | [9],[23],[24] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 1,000 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 0 | |||
Total Investments | [10],[25],[26] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.15% | [18],[27] | 8.17% | [21],[28] | |
Floor | 1% | [18],[27] | 1% | [21],[28] | |
Investment interest rate | 12.90% | [18],[27] | 9.17% | [21],[28] | |
Principal | $ 19,550 | [27] | $ 11,875 | [28] | |
Cost | 19,162 | [3],[4],[27] | 11,600 | [6],[8],[28] | |
Total Investments | $ 19,550 | [9],[27] | $ 11,875 | [10],[28] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,019 | [22],[23],[24] | 1,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 1,019 | [3],[4],[23],[24] | 1,000 | [6],[8],[25],[26] | |
Total Investments | $ 1,223 | [9],[23],[24] | $ 1,153 | [10],[25],[26] | |
Investment, Identifier [Axis]: ACCELERATION, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 1,611.22 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 107 | |||
Total Investments | [9],[23],[24] | $ 165 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 8.50% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (42) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 7.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 12.35% | |||
Principal | $ 9,228 | ||||
Cost | [3],[4] | 9,067 | |||
Total Investments | [9] | $ 9,228 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 8.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 13.35% | |||
Principal | $ 9,228 | ||||
Cost | [3],[4] | 9,066 | |||
Total Investments | [9] | $ 9,228 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, First Lien - Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 9.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 14.35% | |||
Principal | $ 9,228 | ||||
Cost | [3],[4] | 9,066 | |||
Total Investments | [9] | $ 9,228 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 13,451.22 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 893 | |||
Total Investments | [9],[23],[24] | $ 1,482 | |||
Investment, Identifier [Axis]: ACCELERATION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 8.50% | |||
Floor | [18],[19] | 1% | |||
Investment interest rate | 13.56% | ||||
Principal | [19] | $ 3,700 | |||
Cost | [3],[4],[19] | 3,616 | |||
Total Investments | [9],[19] | $ 3,700 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[29] | 12% | |||
Floor | [18],[29] | 2% | |||
Investment interest rate | [18],[29] | 16.85% | |||
Principal | [29] | $ 7,698 | |||
Cost | [3],[4],[29] | 7,668 | |||
Total Investments | [9],[29] | $ 7,082 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[30] | 8.50% | |||
Floor | [21],[30] | 2% | |||
Investment interest rate | [21],[30] | 10.50% | |||
Principal | [30] | $ 7,948 | |||
Cost | [6],[8],[30] | 7,881 | |||
Total Investments | [10],[30] | $ 7,765 | |||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18] | 7.25% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.12% | [18] | 8.25% | [21] | |
Principal | $ 27,438 | $ 12,778 | |||
Cost | 26,940 | [3],[4] | 12,535 | [6],[8] | |
Total Investments | $ 27,438 | [9] | $ 12,535 | [10] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 766,738.93 | [22],[23],[24] | 623,693.55 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 809 | [3],[4],[23],[24] | 624 | [6],[8],[25],[26] | |
Total Investments | $ 1,202 | [9],[23],[24] | $ 634 | [10],[25],[26] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18],[19] | 7.25% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 12.40% | ||||
Principal | $ 800 | [19] | $ 0 | [31] | |
Cost | 766 | [3],[4],[19] | (18) | [6],[8],[31] | |
Total Investments | $ 800 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [22] | 3.88% | |||
Principal | $ 0 | ||||
Cost | [3],[4] | 2,500 | |||
Total Investments | [9] | $ 2,691 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [20] | 3.88% | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 2,500 | |||
Total Investments | [10] | $ 3,681 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [18] | 6% | |||
Principal | $ 173 | ||||
Cost | [3],[4] | 173 | |||
Total Investments | [9] | $ 201 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [21] | 6% | |||
Principal | $ 173 | ||||
Cost | [6],[8] | 173 | |||
Total Investments | [10] | $ 495 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [18] | 6.75% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 100% | ||||
Investment interest rate | 12.49% | [18] | 7.75% | [21] | |
Principal | $ 11,716 | $ 12,450 | |||
Cost | 11,667 | [3],[4] | 12,388 | [6],[8] | |
Total Investments | $ 10,978 | [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% | [18] | 8.75% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 100% | ||||
Investment interest rate | 14.49% | [18] | 9.75% | [21] | |
Principal | $ 11,716 | $ 12,450 | |||
Cost | 11,667 | [3],[4] | 12,388 | [6],[8] | |
Total Investments | $ 9,958 | [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 | [22],[23],[24] | 3,000,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 3,000 | [3],[4],[23],[24] | 3,000 | [6],[8],[25],[26] | |
Total Investments | $ 0 | [9],[23],[24] | $ 4,195 | [10],[25],[26] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [18],[32] | 5.50% | [21],[33] | |
Floor | [18],[32] | 2% | |||
Investment interest rate | 9% | [18],[32] | 9% | [21],[33] | |
Principal | $ 4,899 | [32] | $ 4,899 | [33] | |
Cost | 4,858 | [3],[4],[32] | 4,858 | [6],[8],[33] | |
Total Investments | $ 251 | [9],[32] | $ 269 | [10],[33] | |
Investment, Identifier [Axis]: AMERICAN TELECONFERENCING SERVICES, LTD. (DBA PREMIERE GLOBAL SERVICES, INC.), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [18],[19],[32] | 5.50% | [21],[31],[33] | |
Floor | [18],[19],[32] | 2% | |||
Investment interest rate | 9% | [18],[19],[32] | 9% | [21],[31],[33] | |
Principal | $ 862 | [19],[32] | $ 899 | [31],[33] | |
Cost | 853 | [3],[4],[19],[32] | 890 | [6],[8],[31],[33] | |
Total Investments | $ 44 | [9],[19],[32] | $ 49 | [10],[31],[33] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 9% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 10% | |||
Principal | $ 16,376 | ||||
Cost | [6],[8] | 16,375 | |||
Total Investments | [10] | $ 16,376 | |||
Investment, Identifier [Axis]: ARBORWORKS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [22],[23],[24] | 100 | [20] | |
Principal | $ 0 | [23],[24] | $ 0 | ||
Cost | 100 | [3],[4],[23],[24] | 100 | [6],[8] | |
Total Investments | $ 0 | [9],[23],[24] | $ 100 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 300% | ||||
Investment interest rate | 14.85% | [18] | 8% | [21] | |
Principal | $ 12,610 | $ 12,903 | |||
Cost | 12,417 | [3],[4] | 12,660 | [6],[8] | |
Total Investments | $ 9,470 | [9] | $ 12,657 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
PIK | 300% | ||||
Investment interest rate | [18],[19] | 14.83% | |||
Principal | $ 2,000 | [19] | $ 0 | [31] | |
Cost | 1,956 | [3],[4],[19] | (56) | [6],[8],[31] | |
Total Investments | $ 1,502 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,572 | [22],[23],[24] | 2,156 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 1,026 | [3],[4],[23],[24] | 801 | [6],[8],[25],[26] | |
Total Investments | $ 847 | [9],[23],[24] | $ 584 | [10],[25],[26] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 1,000,000 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 1,000 | |||
Total Investments | [9],[23],[24] | $ 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [18] | 5.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 10.35% | [18] | 6.50% | [21] | |
Principal | $ 9,250 | $ 9,250 | |||
Cost | 9,104 | [3],[4] | 9,071 | [6],[8] | |
Total Investments | $ 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% | [18] | 7.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.35% | [18] | 8.50% | [21] | |
Principal | $ 9,250 | $ 9,250 | |||
Cost | 9,102 | [3],[4] | 9,071 | [6],[8] | |
Total Investments | $ 9,102 | [9] | $ 9,071 | [10] | |
Investment, Identifier [Axis]: ATS OPERATING, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 1,000,000 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 1,000 | |||
Total Investments | [10],[25],[26] | $ 1,000 | |||
Investment, Identifier [Axis]: ATS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18],[19] | 6.50% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 11.39% | 7.50% | [21],[31] | ||
Principal | $ 500 | [19] | $ 1,000 | [31] | |
Cost | 462 | [3],[4],[19] | 952 | [6],[8],[31] | |
Total Investments | $ 492 | [9],[19] | $ 952 | [10],[31] | |
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 8.50% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 9.50% | |||
Principal | $ 10,121 | ||||
Cost | [6],[8] | 10,105 | |||
Total Investments | [10] | $ 10,121 | |||
Investment, Identifier [Axis]: BINSWANGER HOLDING CORP., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 900,000 | [22] | 900,000 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 900 | [3],[4] | 900 | [6],[8] | |
Total Investments | $ 0 | [9] | $ 924 | [10] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[30] | 11% | |||
Floor | [21],[30] | 1% | |||
PIK | [21],[30] | 3% | |||
Investment interest rate | [21],[30] | 15% | |||
Principal | [30] | $ 9,064 | |||
Cost | [6],[8],[30] | 9,005 | |||
Total Investments | [10],[30] | $ 8,793 | |||
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[30] | 11% | |||
Floor | [21],[30] | 1% | |||
PIK | [21],[30] | 3% | |||
Investment interest rate | [21],[30] | 15% | |||
Principal | [30] | $ 2,149 | |||
Cost | [6],[8],[30] | 2,130 | |||
Total Investments | [10],[30] | $ 2,084 | |||
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 | [22] | 1,131,579 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,132 | [3],[4] | 1,132 | [6],[8] | |
Total Investments | $ 1,649 | [9] | $ 1,420 | [10] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 89,335 | ||||
Principal | $ 0 | ||||
Cost | 89 | ||||
Total Investments | $ 130 | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1.50% | ||||
Investment interest rate | 12.28% | ||||
Principal | $ 6,500 | ||||
Cost | 6,377 | ||||
Total Investments | $ 6,377 | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1.50% | ||||
Investment interest rate | 10.28% | ||||
Principal | $ 6,500 | ||||
Cost | 6,377 | ||||
Total Investments | $ 6,377 | ||||
Investment, Identifier [Axis]: CADMIUM, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.16% | [18] | 8% | [21] | |
Principal | $ 7,385 | $ 7,385 | |||
Cost | 7,326 | [3],[4] | 7,313 | [6],[8] | |
Total Investments | $ 7,134 | [9] | $ 7,314 | [10] | |
Investment, Identifier [Axis]: CADMIUM, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21],[31] | |
Floor | 1% | [18] | 1% | [21],[31] | |
Investment interest rate | 12.16% | [18] | 8% | [21],[31] | |
Principal | $ 615 | $ 308 | [31] | ||
Cost | 611 | [3],[4] | 302 | [6],[8],[31] | |
Total Investments | $ 594 | [9] | $ 302 | [10],[31] | |
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20] | 48,423 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,317 | |||
Total Investments | [10] | $ 2,090 | |||
Investment, Identifier [Axis]: CAMIN CARGO CONTROL, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18] | 6.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.42% | [18] | 7.50% | [21] | |
Principal | $ 5,692 | $ 5,752 | |||
Cost | 5,652 | [3],[4] | 5,702 | [6],[8] | |
Total Investments | $ 5,692 | [9] | $ 5,700 | [10] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [22],[23],[24],[34] | 1,000,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24],[34] | $ 0 | [25],[26] | |
Cost | 1,000 | [3],[4],[23],[24],[34] | 1,000 | [6],[8],[25],[26] | |
Total Investments | $ 1,658 | [9],[23],[24],[34] | $ 1,221 | [10],[25],[26] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Class B units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [19],[22],[23],[24],[34] | 500,000 | [20],[25],[26],[31] | |
Principal | $ 0 | [19],[23],[24],[34] | $ 0 | [25],[26],[31] | |
Cost | 500 | [3],[4],[19],[23],[24],[34] | 500 | [6],[8],[25],[26],[31] | |
Total Investments | $ 714 | [9],[19],[23],[24],[34] | $ 572 | [10],[25],[26],[31] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.88% | [18] | 8% | [21] | |
Principal | $ 15,500 | $ 15,900 | |||
Cost | 15,265 | [3],[4] | 15,606 | [6],[8] | |
Total Investments | $ 15,500 | [9] | $ 15,884 | [10] | |
Investment, Identifier [Axis]: CATBIRD NYC, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (57) | [3],[4],[19] | (73) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 625,000 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Investment interest rate | 12.88% | ||||
Principal | $ 6,500 | ||||
Cost | 6,372 | ||||
Total Investments | $ 6,372 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 625,000 | ||||
Principal | $ 0 | ||||
Cost | 625 | ||||
Total Investments | $ 625 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (19) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Delayed Draw Capex Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18],[19] | 9% | [21] | |
Floor | 1.75% | [18],[19] | 1.75% | [21] | |
Investment interest rate | 13.75% | [18],[19] | 10.75% | [21] | |
Principal | $ 100 | [19] | $ 100 | ||
Cost | 87 | [3],[4],[19] | 81 | [6],[8] | |
Total Investments | $ 99 | [9],[19] | $ 97 | [10] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18] | 9% | [21] | |
Floor | 1.75% | [18] | 1.75% | [21] | |
Investment interest rate | 13.75% | [18] | 10.75% | [21] | |
Principal | $ 7,500 | $ 7,500 | |||
Cost | 7,427 | [3],[4] | 7,398 | [6],[8] | |
Total Investments | $ 7,402 | [9] | $ 7,260 | [10] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,380,500 | [22],[23],[24] | 1,380,500 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 976 | [3],[4],[23],[24] | 976 | [6],[8],[25],[26] | |
Total Investments | $ 357 | [9],[23],[24] | $ 641 | [10],[25],[26] | |
Investment, Identifier [Axis]: CENTRAL MEDICAL SUPPLY LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18],[19] | 9% | [21],[31] | |
Floor | 1.75% | [18],[19] | 1.75% | [21],[31] | |
Investment interest rate | 13.75% | [18],[19] | 10.75% | [21],[31] | |
Principal | $ 300 | [19] | $ 300 | [31] | |
Cost | 287 | [3],[4],[19] | 281 | [6],[8],[31] | |
Total Investments | $ 296 | [9],[19] | $ 290 | [10],[31] | |
Investment, Identifier [Axis]: CHANDLER SIGNS, LLC, Units of Class A-1 common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [22],[23],[24] | 1,500,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 1,500 | [3],[4],[23],[24] | 1,500 | [6],[8],[25],[26] | |
Total Investments | $ 3,215 | [9],[23],[24] | $ 924 | [10],[25],[26] | |
Investment, Identifier [Axis]: CITYVET, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 271,739 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 500 | |||
Total Investments | [10],[25],[26] | $ 1,757 | |||
Investment, Identifier [Axis]: CITYVET, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6.50% | |||
Floor | [21],[31] | 1% | |||
Investment interest rate | [21],[31] | 7.50% | |||
Principal | [31] | $ 13,000 | |||
Cost | [6],[8],[31] | 12,656 | |||
Total Investments | [10],[31] | $ 13,247 | |||
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.02% | [18],[27] | 6.21% | [21],[28] | |
Floor | 1% | [18],[27] | 1% | [21],[28] | |
Investment interest rate | 12.07% | [18],[27] | 7.21% | [21],[28] | |
Principal | $ 15,000 | [27] | $ 10,000 | [28] | |
Cost | 14,911 | [3],[4],[27] | 9,921 | [6],[8],[28] | |
Total Investments | $ 15,000 | [9],[27] | $ 10,000 | [10],[28] | |
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,681.04 | [22] | 1,681.04 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 3,615 | [3],[4] | 3,615 | [6],[8] | |
Total Investments | $ 0 | [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 | [18] | 11% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 15.74% | |||
Principal | $ 1,649 | ||||
Cost | [3],[4] | 1,649 | |||
Total Investments | [9] | $ 0 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, First Lien, L+9.00% PIK | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18] | 9% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 14.13% | [18] | 10% | [21] | |
Principal | $ 1,829 | $ 1,732 | |||
Cost | 1,829 | [3],[4] | 1,732 | [6],[8] | |
Total Investments | $ 0 | [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 | [21] | 9.50% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 10.50% | |||
Principal | $ 1,541 | ||||
Cost | [6],[8] | 1,541 | |||
Total Investments | [10] | $ 1,402 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 16.70% | [18] | 11.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 21.06% | [18] | 12.50% | [21] | |
Principal | $ 1,448 | $ 526 | |||
Cost | 1,448 | [3],[4] | 526 | [6],[8] | |
Total Investments | $ 0 | [9] | $ 526 | [10] | |
Investment, Identifier [Axis]: DUNN PAPER, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 9.25% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 10.25% | |||
Principal | $ 3,000 | ||||
Cost | [6],[8] | 2,984 | |||
Total Investments | [10] | $ 2,208 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 2,500,000 Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,500,000 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 250,000 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 250 | |||
Total Investments | [9],[23],[24] | $ 625 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 255,984.22 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 5,435,211.03 | ||||
Principal | $ 0 | ||||
Cost | 2,218 | ||||
Total Investments | $ 2,218 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 8.50% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 9.51% | |||
Principal | $ 11,221 | ||||
Cost | [6],[8] | 11,147 | |||
Total Investments | [10] | $ 10,323 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 4.50% | |||
Floor | [18] | 2% | |||
Investment interest rate | [18] | 9.41% | |||
Principal | $ 3,846 | ||||
Cost | [3],[4] | 3,826 | |||
Total Investments | [9] | $ 3,823 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[32] | 6.50% | |||
Floor | [18],[32] | 2% | |||
Investment interest rate | [18],[32] | 11.41% | |||
Principal | [32] | $ 3,867 | |||
Cost | [3],[4],[32] | 3,844 | |||
Total Investments | [9],[32] | $ 3,843 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 2,000,000 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 2,000 | |||
Total Investments | [10],[25],[26] | $ 1,274 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 8.50% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (1) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | [21] | 25% | |||
Principal | $ 650 | ||||
Cost | [6],[8] | 650 | |||
Total Investments | [10] | $ 650 | |||
Investment, Identifier [Axis]: EVEREST TRANSPORTATION SYSTEMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 8% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.91% | [18] | 9% | [21] | |
Principal | $ 8,566 | $ 8,938 | |||
Cost | 8,498 | [3],[4] | 8,853 | [6],[8] | |
Total Investments | $ 8,566 | [9] | $ 8,848 | [10] | |
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 615.156 | ||||
Principal | $ 0 | ||||
Cost | 615 | ||||
Total Investments | $ 770 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (23) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.24% | ||||
Principal | $ 9,450 | ||||
Cost | 9,271 | ||||
Total Investments | $ 9,271 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.24% | ||||
Principal | $ 9,450 | ||||
Cost | 9,271 | ||||
Total Investments | $ 9,271 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 13.574% | ||||
Principal | $ 385 | ||||
Cost | 385 | ||||
Total Investments | $ 385 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (47) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 9% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 10% | |||
Principal | $ 3,277 | ||||
Cost | [6],[8] | 3,262 | |||
Total Investments | [10] | $ 3,277 | |||
Investment, Identifier [Axis]: FAST SANDWICH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 9% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (22) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,000,000 | [22],[23],[24],[34] | 2,000,000 | [20],[25],[26],[35] | |
Principal | $ 0 | [23],[24],[34] | $ 0 | [25],[26],[35] | |
Cost | 2,000 | [3],[4],[23],[24],[34] | 2,000 | [6],[8],[25],[26],[35] | |
Total Investments | $ 17,678 | [9],[23],[24],[34] | $ 6,373 | [10],[25],[26],[35] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [18],[19] | 7.50% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | [18],[19] | 12.25% | |||
Principal | $ 2,818 | [19] | $ 0 | [31] | |
Cost | 2,777 | [3],[4],[19] | (56) | [6],[8],[31] | |
Total Investments | $ 2,818 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: FLIP ELECTRONICS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [18] | 7.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.41% | [18] | 8.50% | [21] | |
Principal | $ 31,845 | $ 17,755 | |||
Cost | 31,214 | [3],[4] | 17,443 | [6],[8] | |
Total Investments | $ 31,845 | [9] | $ 17,755 | [10] | |
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 1% | ||||
Investment interest rate | 12.85% | ||||
Principal | $ 11,963 | ||||
Cost | 11,737 | ||||
Total Investments | $ 11,963 | ||||
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 1% | ||||
Investment interest rate | 12.94% | ||||
Principal | $ 2,000 | ||||
Cost | 1,816 | ||||
Total Investments | $ 2,000 | ||||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 75,000 | [22],[23],[24] | 75,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 750 | [3],[4],[23],[24] | 750 | [6],[8],[25],[26] | |
Total Investments | $ 911 | [9],[23],[24] | $ 750 | [10],[25],[26] | |
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6.50% | |||
Floor | [21],[31] | 1% | |||
Investment interest rate | [21],[31] | 7.50% | |||
Principal | [31] | $ 2,030 | |||
Cost | [6],[8],[31] | 1,971 | |||
Total Investments | [10],[31] | $ 2,030 | |||
Investment, Identifier [Axis]: FOOD PHARMA SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18] | 6.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.25% | [18] | 7.50% | [21] | |
Principal | $ 7,030 | $ 5,000 | |||
Cost | 6,908 | [3],[4] | 4,914 | [6],[8] | |
Total Investments | $ 7,030 | [9] | $ 5,000 | [10] | |
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (162) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 2% | ||||
Investment interest rate | 11.35% | ||||
Principal | $ 7,500 | ||||
Cost | 7,357 | ||||
Total Investments | $ 7,358 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | ||||
Floor | 2% | ||||
Investment interest rate | 13.35% | ||||
Principal | $ 7,500 | ||||
Cost | 7,356 | ||||
Total Investments | $ 7,358 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (47) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000 | ||||
Total Investments | $ 1,000 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 2% | ||||
Investment interest rate | 13.93% | ||||
Principal | $ 6,150 | ||||
Cost | 6,030 | ||||
Total Investments | $ 6,030 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (58) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000 | [22] | 1,000 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [3],[4] | 1,000 | [6],[8] | |
Total Investments | $ 0 | [9] | $ 674 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 360.06 | [22] | 56.259 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 360 | [3],[4] | 56 | [6],[8] | |
Total Investments | $ 372 | [9] | $ 38 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [18] | 9.50% | [21] | |
Floor | 2% | [18] | 2% | [21] | |
Investment interest rate | 14.24% | [18] | 11.50% | [21] | |
Principal | $ 10,031 | $ 11,500 | |||
Cost | 9,967 | [3],[4] | 11,384 | [6],[8] | |
Total Investments | $ 10,031 | [9] | $ 9,775 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [18],[19] | 9.50% | [21],[31] | |
Floor | 2% | [18],[19] | 2% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (14) | [3],[4],[19] | (22) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: GS OPERATING, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6% | |||
Floor | [21],[31] | 0.75% | |||
Investment interest rate | [21],[31] | 6.75% | |||
Principal | [31] | $ 2,516 | |||
Cost | [6],[8],[31] | 2,406 | |||
Total Investments | [10],[31] | $ 2,566 | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 6% | |||
Floor | [21] | 0.75% | |||
Investment interest rate | [21] | 6.75% | |||
Principal | $ 8,534 | ||||
Cost | [6],[8] | 8,367 | |||
Total Investments | [10] | $ 8,704 | |||
Investment, Identifier [Axis]: GS OPERATING, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6% | |||
Floor | [21],[31] | 0.75% | |||
Investment interest rate | [21],[31] | 6.75% | |||
Principal | [31] | $ 183 | |||
Cost | [6],[8],[31] | 150 | |||
Total Investments | [10],[31] | $ 187 | |||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | ||||
Principal | $ 0 | ||||
Cost | 1,500 | ||||
Total Investments | $ 1,500 | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | ||||
Floor | 2.50% | ||||
PIK | 1.75% | ||||
Investment interest rate | 14.05% | ||||
Principal | $ 4,511 | ||||
Cost | 4,376 | ||||
Total Investments | 4,376 | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. Warrants | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 80 | ||||
Total Investments | $ 80 | ||||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6% | |||
Floor | [18],[19] | 1% | |||
Investment interest rate | 11.11% | ||||
Principal | [19] | $ 303 | |||
Cost | [3],[4],[19] | 286 | |||
Total Investments | [9],[19] | $ 297 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.05% | |||
Principal | $ 3,642 | ||||
Cost | [3],[4] | 3,574 | |||
Total Investments | [9] | $ 3,573 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6% | |||
Floor | [18],[19] | 1% | |||
Investment interest rate | 10.99% | ||||
Principal | [19] | $ 353 | |||
Cost | [3],[4],[19] | 335 | |||
Total Investments | [9],[19] | $ 347 | |||
Investment, Identifier [Axis]: HYBRID APPAREL, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.25% | [18],[29] | 8.25% | [21],[30] | |
Floor | 1% | [18],[29] | 1% | [21],[30] | |
Investment interest rate | 13.10% | [18],[29] | 9.25% | [21],[30] | |
Principal | $ 15,750 | [29] | $ 15,750 | [30] | |
Cost | 15,528 | [3],[4],[29] | 15,473 | [6],[8],[30] | |
Total Investments | $ 13,120 | [9],[29] | $ 15,246 | [10],[30] | |
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [19],[22],[23],[34] | 80% | |||
Principal | [19],[23],[34] | $ 0 | |||
Cost | [3],[4],[19],[23],[34] | 80,800 | |||
Total Investments | [9],[19],[23],[34] | $ 51,256 | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 80% | 80% | [20],[25],[31],[35] | ||
Principal | [25],[31],[35] | $ 0 | |||
Cost | [6],[8],[25],[31],[35] | 76,000 | |||
Total Investments | [10],[25],[31],[35] | $ 57,603 | |||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [18],[19] | 6% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (16) | [3],[4],[19] | (21) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [18] | 6% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 10.66% | [18] | 7.01% | [21] | |
Principal | $ 7,653 | $ 7,731 | |||
Cost | 7,537 | [3],[4] | 7,587 | [6],[8] | |
Total Investments | $ 7,653 | [9] | $ 7,615 | [10] | |
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 1.68% | [19],[22],[23],[24] | 1.68% | [20],[25],[26],[31] | |
Principal | $ 0 | [19],[23],[24] | $ 0 | [25],[26],[31] | |
Cost | 588 | [3],[4],[19],[23],[24] | 588 | [6],[8],[25],[26],[31] | |
Total Investments | $ 944 | [9],[19],[23],[24] | $ 588 | [10],[25],[26],[31] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.75% | [18] | 8% | [21] | |
Principal | $ 5,000 | $ 5,000 | |||
Cost | 4,926 | [3],[4] | 4,908 | [6],[8] | |
Total Investments | $ 5,000 | [9] | $ 5,000 | [10] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | [21],[31] | 8% | |||
Principal | $ 0 | [19] | $ 800 | [31] | |
Cost | (28) | [3],[4],[19] | 764 | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 800 | [10],[31] | |
Investment, Identifier [Axis]: ISI ENTERPRISES, LLC, Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | [22] | 1,000,000 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [3],[4] | 1,000 | [6],[8] | |
Total Investments | $ 1,000 | [9] | $ 1,000 | [10] | |
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.66% | ||||
Principal | $ 9,000 | ||||
Cost | 8,823 | ||||
Total Investments | $ 8,823 | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 750,000 | ||||
Principal | $ 0 | ||||
Cost | 750 | ||||
Total Investments | $ 750 | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.67% | ||||
Principal | $ 500 | ||||
Cost | 471 | ||||
Total Investments | $ 471 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 9.25% | [22],[23],[24] | 9.25% | [20],[25],[26],[35] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26],[35] | |
Cost | 1,500 | [3],[4],[23],[24] | 1,500 | [6],[8],[25],[26],[35] | |
Total Investments | $ 4,348 | [9],[23],[24] | $ 3,063 | [10],[25],[26],[35] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 9.25% | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [18] | 10% | [21] | |
Principal | $ 3,271 | $ 2,959 | |||
Cost | 3,259 | [3],[4] | 2,721 | [6],[8] | |
Total Investments | $ 3,255 | [9] | $ 2,959 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [18] | 10% | [21] | |
Principal | $ 129 | $ 117 | |||
Cost | 129 | [3],[4] | 117 | [6],[8] | |
Total Investments | $ 128 | [9] | $ 117 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term B Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 11% | [18] | 11% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 0.50% | ||||
Investment interest rate | 16.35% | [18] | 12% | [21] | |
Principal | $ 5,057 | $ 5,036 | |||
Cost | 5,056 | [3],[4] | 5,010 | [6],[8] | |
Total Investments | $ 5,068 | [9] | $ 5,061 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 8% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | [18] | 0.50% | |||
Investment interest rate | 13.35% | [18] | 9% | [21] | |
Principal | $ 10,114 | $ 10,071 | |||
Cost | 10,139 | [3],[4] | 10,041 | [6],[8] | |
Total Investments | $ 10,114 | [9] | $ 10,041 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18],[19] | 9% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
PIK | [18],[19] | 0.50% | |||
Investment interest rate | 14.35% | [18],[19] | 10% | [21],[31] | |
Principal | $ 7,000 | [19] | $ 750 | [31] | |
Cost | 6,974 | [3],[4],[19] | 733 | [6],[8],[31] | |
Total Investments | 7,014 | [9],[19] | 750 | [10],[31] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [25],[26] | 0 | |||
Cost | [6],[8],[25],[26] | 538 | |||
Total Investments | [10],[25],[26] | $ 3,199 | |||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Warrants (Expiration - March 29, 2029)9,13 | |||||
Schedule of Investments [Line Items] | |||||
Principal | [23],[24] | 0 | |||
Cost | [3],[4],[23],[24] | 538 | |||
Total Investments | [9],[23],[24] | $ 4,046 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 7% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 8% | |||
Principal | $ 6,589 | ||||
Cost | [6],[8] | 6,558 | |||
Total Investments | [10] | $ 6,589 | |||
Investment, Identifier [Axis]: JVMC HOLDINGS CORP., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.34% | |||
Principal | $ 6,132 | ||||
Cost | [3],[4] | 6,117 | |||
Total Investments | [9] | $ 6,132 | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 7% | |||
Floor | [21] | 0.75% | |||
Investment interest rate | [21] | 7.85% | |||
Principal | $ 23,821 | ||||
Cost | [6],[8] | 23,415 | |||
Total Investments | [10] | $ 24,298 | |||
Investment, Identifier [Axis]: KLEIN HERSH, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 7% | |||
Floor | [21],[31] | 0.75% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (13) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: KMS, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19],[29] | 7.25% | |||
Floor | [18],[19],[29] | 1% | |||
Investment interest rate | [18],[19],[29] | 12.44% | |||
Principal | [19],[29] | $ 2,228 | |||
Cost | [3],[4],[19],[29] | 2,174 | |||
Total Investments | [9],[19],[29] | $ 2,016 | |||
Investment, Identifier [Axis]: KMS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[29] | 7.25% | |||
Floor | [18],[29] | 1% | |||
Investment interest rate | [18],[29] | 12.44% | |||
Principal | [29] | $ 15,800 | |||
Cost | [3],[4],[29] | 15,681 | |||
Total Investments | [9],[29] | $ 14,299 | |||
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 7.25% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (41) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: KMS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[30] | 7.25% | |||
Floor | [21],[30] | 1% | |||
Investment interest rate | [21],[30] | 8.25% | |||
Principal | [30] | $ 15,920 | |||
Cost | [6],[8],[30] | 15,773 | |||
Total Investments | [10],[30] | $ 15,920 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 7% | |||
Floor | [21],[31] | 1% | |||
Investment interest rate | [21],[31] | 8.01% | |||
Principal | [31] | $ 4,154 | |||
Cost | [6],[8],[31] | 4,034 | |||
Total Investments | [10],[31] | $ 4,063 | |||
Investment, Identifier [Axis]: LASH OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.84% | [18] | 8.01% | [21] | |
Principal | $ 10,532 | $ 6,484 | |||
Cost | 10,315 | [3],[4] | 6,345 | [6],[8] | |
Total Investments | $ 10,110 | [9] | $ 6,341 | [10] | |
Investment, Identifier [Axis]: LASH OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | [18],[19] | 11.89% | |||
Principal | $ 343 | [19] | $ 0 | [31] | |
Cost | 336 | [3],[4],[19] | (10) | [6],[8],[31] | |
Total Investments | $ 330 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 10% | [18] | 10% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 1% | 2% | [21] | ||
Investment interest rate | 15.66% | [18] | 13% | [21] | |
Principal | $ 2,501 | $ 2,488 | |||
Cost | 2,491 | [3],[4] | 2,463 | [6],[8] | |
Total Investments | $ 2,501 | [9] | $ 2,388 | [10] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | [18] | 8.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
PIK | 1% | [18] | 2% | [21] | |
Investment interest rate | 14.16% | [18] | 11.50% | [21] | |
Principal | $ 11,477 | $ 11,422 | |||
Cost | 11,436 | [3],[4] | 11,346 | [6],[8] | |
Total Investments | $ 11,477 | [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 | [22],[23],[24] | 142,278.89 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 1,600 | [3],[4],[23],[24] | 1,600 | [6],[8],[25],[26] | |
Total Investments | $ 1,692 | [9],[23],[24] | $ 376 | [10],[25],[26] | |
Investment, Identifier [Axis]: LGM PHARMA, LLC, Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [18],[23],[24] | 25% | |||
Principal | [23],[24] | $ 113 | |||
Cost | [3],[4],[23],[24] | 113 | |||
Total Investments | [9],[23],[24] | $ 113 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [21],[25],[26] | 25% | |||
Principal | [25],[26] | $ 88 | |||
Cost | [6],[8],[25],[26] | 88 | |||
Total Investments | [10],[25],[26] | $ 88 | |||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 203,124.9999 | [22],[23],[24] | 203,124.9999 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 0 | [3],[4],[23],[24] | 0 | [6],[8],[25],[26] | |
Total Investments | $ 0 | [9],[23],[24] | $ 0 | [10],[25],[26] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 7.50% | [18] | 7.50% | [21] | |
Principal | $ 5,143 | $ 5,195 | |||
Cost | 5,143 | [3],[4] | 5,195 | [6],[8] | |
Total Investments | $ 5,143 | [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% | [18],[19] | 7.50% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | 0 | [3],[4],[19] | 0 | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [18],[32] | 10% | [21],[33] | |
Principal | $ 5,208 | [32] | $ 5,208 | [33] | |
Cost | 5,208 | [3],[4],[32] | 5,208 | [6],[8],[33] | |
Total Investments | $ 3,594 | [9],[32] | $ 3,104 | [10],[33] | |
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Series A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 208,333.3333 | [22],[23],[24] | 208,333.3333 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 0 | [3],[4],[23],[24] | 0 | [6],[8],[25],[26] | |
Total Investments | $ 0 | [9],[23],[24] | $ 0 | [10],[25],[26] | |
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.54% | |||
Principal | $ 22,714 | ||||
Cost | [3],[4] | 22,318 | |||
Total Investments | [9] | $ 22,305 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [22],[23],[24] | 0.88% | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 600 | |||
Total Investments | [9],[23],[24] | $ 416 | |||
Investment, Identifier [Axis]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6.50% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (31) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: LLFLEX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18],[29] | 9% | [21],[30] | |
Floor | 1% | [18],[29] | 1% | [21],[30] | |
Investment interest rate | 13.75% | [18],[29] | 10% | [21],[30] | |
Principal | $ 10,835 | [29] | $ 10,945 | [30] | |
Cost | 10,656 | [3],[4],[29] | 10,723 | [6],[8],[30] | |
Total Investments | $ 10,131 | [9],[29] | $ 10,671 | [10],[30] | |
Investment, Identifier [Axis]: MAKO STEEL LP, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18] | 7.25% | [21] | |
Floor | 0.75% | [18] | 0.75% | [21] | |
Investment interest rate | 12.30% | [18] | 8.38% | [21] | |
Principal | $ 7,879 | $ 8,032 | |||
Cost | 7,778 | [3],[4] | 7,900 | [6],[8] | |
Total Investments | $ 7,839 | [9] | $ 7,751 | [10] | |
Investment, Identifier [Axis]: MAKO STEEL LP, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18],[19] | 7.25% | [21],[31] | |
Floor | 0.75% | [18],[19] | 0.75% | [21],[31] | |
Investment interest rate | 11.89% | [18],[19] | 8.23% | [21],[31] | |
Principal | $ 943 | [19] | $ 943 | [31] | |
Cost | 921 | [3],[4],[19] | 913 | [6],[8],[31] | |
Total Investments | $ 939 | [9],[19] | $ 910 | [10],[31] | |
Investment, Identifier [Axis]: MERCURY ACQUISITION 2021, LLC (DBA TELE-TOWN HALL), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 8% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.75% | [18] | 9% | [21] | |
Principal | $ 12,344 | $ 12,469 | |||
Cost | 12,150 | [3],[4] | 12,232 | [6],[8] | |
Total Investments | $ 11,949 | [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% | [18] | 11% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 15.75% | [18] | 12% | [21] | |
Principal | $ 2,759 | $ 3,292 | |||
Cost | 2,715 | [3],[4] | 3,229 | [6],[8] | |
Total Investments | $ 2,593 | [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 | [22],[23],[24] | 2,089,599 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 0 | [3],[4],[23],[24] | 0 | [6],[8],[25],[26] | |
Total Investments | $ 770 | [9],[23],[24] | $ 1,536 | [10],[25],[26] | |
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6.25% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.09% | |||
Principal | $ 11,621 | ||||
Cost | [3],[4] | 11,421 | |||
Total Investments | [9] | $ 11,505 | |||
Investment, Identifier [Axis]: MICROBE FORMULAS LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6.25% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (27) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000 | ||||
Total Investments | $ 1,185 | ||||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 7.25% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (52) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18] | 7.25% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.99% | [18] | 8.25% | [21] | |
Principal | $ 21,800 | $ 12,000 | |||
Cost | 21,457 | [3],[4] | 11,785 | [6],[8] | |
Total Investments | $ 21,800 | [9] | $ 12,000 | [10] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18],[19] | 7.25% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (67) | [3],[4],[19] | (87) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, Class A-3 Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 191,049.33 | [22],[23],[24] | 191,049.33 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 2,000 | [3],[4],[23],[24] | 2,000 | [6],[8],[25],[26] | |
Total Investments | $ 2,000 | [9],[23],[24] | $ 2,000 | [10],[25],[26] | |
Investment, Identifier [Axis]: NATIONAL CREDIT CARE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18] | 6.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.25% | [18] | 7.50% | [21] | |
Principal | $ 9,716 | $ 11,250 | |||
Cost | 9,564 | [3],[4] | 11,035 | [6],[8] | |
Total Investments | $ 9,550 | [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% | [18] | 7.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.25% | [18] | 8.50% | [21] | |
Principal | $ 9,716 | $ 11,250 | |||
Cost | 9,563 | [3],[4] | 11,035 | [6],[8] | |
Total Investments | $ 9,550 | [9] | $ 11,171 | [10] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 8% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (82) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 8% | |||
Floor | [21] | 1% | |||
Investment interest rate | [21] | 9% | |||
Principal | $ 14,913 | ||||
Cost | [6],[8] | 14,657 | |||
Total Investments | [10] | $ 14,569 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 7% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.75% | |||
Principal | $ 7,478 | ||||
Cost | [3],[4] | 7,375 | |||
Total Investments | [9] | $ 7,104 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 1% | ||||
Investment interest rate | 13.75% | ||||
Principal | $ 7,478 | ||||
Cost | 7,375 | ||||
Total Investments | $ 6,356 | ||||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 10% | ||||
Floor | 1% | ||||
Investment interest rate | 15% | ||||
Principal | $ 3,176 | ||||
Cost | 3,097 | ||||
Total Investments | $ 3,097 | ||||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18],[19] | 8% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 12.75% | [18],[19] | 9% | [21],[31] | |
Principal | $ 4,400 | [19] | $ 4,400 | [31] | |
Cost | 4,338 | [3],[4],[19] | 4,317 | [6],[8],[31] | |
Total Investments | $ 4,180 | [9],[19] | $ 4,299 | [10],[31] | |
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (28) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Investment interest rate | 12.79% | ||||
Principal | $ 13,000 | ||||
Cost | 12,750 | ||||
Total Investments | $ 12,753 | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (76) | ||||
Total Investments | $ 0 | ||||
Investment, Identifier [Axis]: NINJATRADER, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18],[19] | 6.25% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (28) | [3],[4],[19] | (45) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: NINJATRADER, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18] | 6.25% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11% | [18] | 7.25% | [21] | |
Principal | $ 23,150 | $ 23,150 | |||
Cost | 22,864 | [3],[4] | 22,719 | [6],[8] | |
Total Investments | $ 23,150 | [9] | $ 23,150 | [10] | |
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Unit | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26],[35] | 2,000,000 | |||
Principal | [25],[26],[35] | $ 0 | |||
Cost | [6],[8],[25],[26],[35] | 2,000 | |||
Total Investments | [10],[25],[26],[35] | $ 9,566 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24],[34] | 2,000,000 | |||
Principal | [23],[24],[34] | $ 0 | |||
Cost | [3],[4],[23],[24],[34] | 2,000 | |||
Total Investments | [9],[23],[24],[34] | $ 11,138 | |||
Investment, Identifier [Axis]: NINJATRADER, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18],[19] | 6.25% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (3) | [3],[4],[19] | (4) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 6.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.87% | [18] | 7.50% | [21] | |
Principal | $ 12,688 | $ 13,066 | |||
Cost | 12,519 | [3],[4] | 12,844 | [6],[8] | |
Total Investments | $ 12,510 | [9] | $ 12,818 | [10] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18],[19] | 6.50% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 12.85% | [18],[19] | 7.50% | [21],[31] | |
Principal | $ 1,020 | [19] | $ 420 | [31] | |
Cost | 997 | [3],[4],[19] | 390 | [6],[8],[31] | |
Total Investments | $ 1,006 | [9],[19] | $ 412 | [10],[31] | |
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.50% | |||
Principal | $ 9,052 | ||||
Cost | [3],[4] | 8,970 | |||
Total Investments | [9] | $ 9,052 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6.50% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (7) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: OPCO BORROWER, LLC (DBA GIVING HOME HEALTH CARE), Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [18] | 12.50% | |||
Principal | $ 3,000 | ||||
Cost | [3],[4] | 2,755 | |||
Total Investments | [9] | 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 | ||||
Cost | [3],[4] | 207 | |||
Total Investments | [9] | $ 399 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 6,308.2584 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 631 | |||
Total Investments | [9],[23],[24] | $ 773 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6.75% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 11.56% | |||
Principal | $ 14,625 | ||||
Cost | [3],[4] | 14,428 | |||
Total Investments | [9] | $ 14,552 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 6.75% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (25) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[23] | 7.25% | |||
Floor | [18],[23] | 1% | |||
Investment interest rate | [18],[23] | 12.32% | |||
Principal | [23] | $ 9,750 | |||
Cost | [3],[4],[23] | 9,574 | |||
Total Investments | [9],[23] | $ 9,565 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19],[23] | 6.25% | |||
Floor | [18],[19],[23] | 2% | |||
Investment interest rate | 14.25% | ||||
Principal | [19],[23] | $ 500 | |||
Cost | [3],[4],[19],[23] | 441 | |||
Total Investments | [9],[19],[23] | $ 490 | |||
Investment, Identifier [Axis]: RESEARCH NOW GROUP, INC., Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | [18] | 9.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 14.31% | [18] | 10.50% | [21] | |
Principal | $ 10,500 | $ 10,500 | |||
Cost | 10,163 | [3],[4] | 10,066 | [6],[8] | |
Total Investments | $ 6,431 | [9] | $ 10,217 | [10] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 535,714.29 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 750 | |||
Total Investments | [9],[23],[24] | $ 750 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6% | |||
Floor | [21],[31] | 1% | |||
Investment interest rate | [21],[31] | 7% | |||
Principal | [31] | $ 7,578 | |||
Cost | [6],[8],[31] | 7,394 | |||
Total Investments | [10],[31] | $ 7,578 | |||
Investment, Identifier [Axis]: ROOF OPCO, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18] | 6% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.35% | [18] | 7% | [21] | |
Principal | $ 21,633 | $ 11,000 | |||
Cost | 21,267 | [3],[4] | 10,802 | [6],[8] | |
Total Investments | $ 21,071 | [9] | $ 10,791 | [10] | |
Investment, Identifier [Axis]: ROOF OPCO, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18],[19] | 6% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (42) | [3],[4],[19] | (53) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 16,084 | [22] | 16,084 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,517 | [3],[4] | 1,517 | [6],[8] | |
Total Investments | $ 422 | [9] | $ 1,905 | [10] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22] | 1,100 | |||
Principal | $ 0 | ||||
Cost | [3],[4] | 66 | |||
Total Investments | [9] | $ 161 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 3,364 | ||||
Principal | $ 0 | ||||
Cost | 202 | ||||
Total Investments | $ 694 | ||||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 7% | [21] | |
Floor | 2% | [18] | 2% | [21] | |
PIK | [18] | 2% | |||
Investment interest rate | 14.74% | [18] | 9% | [21] | |
Principal | $ 15,051 | $ 14,125 | |||
Cost | 15,008 | [3],[4] | 14,021 | [6],[8] | |
Total Investments | $ 14,524 | [9] | $ 14,125 | [10] | |
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18],[19] | 7% | [21],[31] | |
Floor | 2% | [18],[19] | 2% | [21],[31] | |
PIK | [18],[19] | 2% | |||
Investment interest rate | 14.74% | [18],[19] | 9% | [21],[31] | |
Principal | $ 575 | [19] | $ 575 | [31] | |
Cost | 566 | [3],[4],[19] | 564 | [6],[8],[31] | |
Total Investments | $ 555 | [9],[19] | $ 575 | [10],[31] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [18] | 7.75% | [21] | |
Floor | 1.25% | [18] | 1.25% | [21] | |
Investment interest rate | 12.52% | [18] | 9% | [21] | |
Principal | $ 6,166 | $ 6,933 | |||
Cost | 6,123 | [3],[4] | 6,870 | [6],[8] | |
Total Investments | $ 5,364 | [9] | $ 6,933 | [10] | |
Investment, Identifier [Axis]: RTIC SUBSIDIARY HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.75% | [18],[19] | 7.75% | [21] | |
Floor | 1.25% | [18],[19] | 1.25% | [21] | |
Investment interest rate | 12.56% | [18],[19] | 9% | [21] | |
Principal | $ 822 | [19] | $ 1,370 | ||
Cost | 813 | [3],[4],[19] | 1,357 | [6],[8] | |
Total Investments | $ 715 | [9],[19] | $ 1,370 | [10] | |
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[27] | 10.98% | |||
Floor | [18],[27] | 2% | |||
Investment interest rate | [18],[27] | 15.83% | |||
Principal | [27] | $ 16,750 | |||
Cost | [3],[4],[27] | 16,634 | |||
Total Investments | [9],[27] | $ 15,594 | |||
Investment, Identifier [Axis]: SCRIP INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 100 | [22] | 100 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [3],[4] | 1,000 | [6],[8] | |
Total Investments | $ 751 | [9] | $ 1,601 | [10] | |
Investment, Identifier [Axis]: SCRIP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[28] | 9.43% | |||
Floor | [21],[28] | 2% | |||
Investment interest rate | [21],[28] | 11.43% | |||
Principal | [28] | $ 16,750 | |||
Cost | [6],[8],[28] | 16,521 | |||
Total Investments | [10],[28] | $ 16,750 | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 40,000 | [22],[23] | 40,000 | [20],[25] | |
Principal | $ 0 | [23] | $ 0 | [25] | |
Cost | 33 | [3],[4],[23] | 33 | [6],[8],[25] | |
Total Investments | $ 85 | [9],[23] | $ 33 | [10],[25] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,200,000 | [22],[23] | 1,200,000 | [20],[25] | |
Principal | $ 0 | [23] | $ 0 | [25] | |
Cost | 978 | [3],[4],[23] | 978 | [6],[8],[25] | |
Total Investments | $ 2,558 | [9],[23] | $ 979 | [10],[25] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[25],[31] | 6.25% | |||
Floor | [21],[25],[31] | 1% | |||
Principal | [25],[31] | $ 0 | |||
Cost | [6],[8],[25],[31] | (27) | |||
Total Investments | [10],[25],[31] | $ 0 | |||
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18],[23] | 6.25% | [21],[25] | |
Floor | 1% | [18],[23] | 1% | [21],[25] | |
Investment interest rate | 11.06% | [18],[23] | 7.25% | [21],[25] | |
Principal | $ 13,643 | [23] | $ 13,794 | [25] | |
Cost | 13,462 | [3],[4],[23] | 13,561 | [6],[8],[25] | |
Total Investments | $ 13,643 | [9],[23] | $ 13,545 | [10],[25] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18],[19],[23] | 6.25% | [21],[25],[31] | |
Floor | 1% | [18],[19],[23] | 1% | [21],[25],[31] | |
Principal | $ 0 | [19],[23] | $ 0 | [25],[31] | |
Cost | (30) | [3],[4],[19],[23] | (40) | [6],[8],[25],[31] | |
Total Investments | $ 0 | [9],[19],[23] | $ 0 | [10],[25],[31] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 238,095.24 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 500 | |||
Total Investments | [9],[23],[24] | $ 411 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 238,095.24 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 500 | |||
Total Investments | [10],[25],[26] | $ 500 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 6% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (9) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18] | 6% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.21% | [18] | 7% | [21] | |
Principal | $ 11,382 | $ 7,427 | |||
Cost | 11,235 | [3],[4] | 7,324 | [6],[8] | |
Total Investments | $ 11,040 | [9] | $ 7,323 | [10] | |
Investment, Identifier [Axis]: SIB HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | [18],[19] | 6% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 11.23% | [18],[19] | 7% | [21],[31] | |
Principal | $ 702 | [19] | $ 47 | [31] | |
Cost | 694 | [3],[4],[19] | 37 | [6],[8],[31] | |
Total Investments | $ 681 | [9],[19] | $ 46 | [10],[31] | |
Investment, Identifier [Axis]: SIMR, LLC, Class B Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20] | 9,374,510.2 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 6,107 | |||
Total Investments | [10] | $ 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, Class W Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20] | 904,903.31 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 0 | |||
Total Investments | [10] | $ 0 | |||
Investment, Identifier [Axis]: SIMR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[33] | 10% | |||
Floor | [21],[33] | 2% | |||
PIK | [21],[33] | 7% | |||
Investment interest rate | [21],[33] | 19% | |||
Principal | [33] | $ 13,235 | |||
Cost | [6],[8],[33] | 13,101 | |||
Total Investments | [10],[33] | $ 10,588 | |||
Investment, Identifier [Axis]: SONOBI, INC., Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 500,000 | [22],[23],[24] | 500,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 500 | [3],[4],[23],[24] | 500 | [6],[8],[25],[26] | |
Total Investments | $ 1,749 | [9],[23],[24] | $ 2,960 | [10],[25],[26] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | [18] | 6.25% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 10.03% | [18] | 7.25% | [21] | |
Principal | $ 17,839 | $ 18,019 | |||
Cost | 17,560 | [3],[4] | 17,676 | [6],[8] | |
Total Investments | $ 17,839 | [9] | $ 17,749 | [10] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | [18],[19] | 6.25% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (28) | [3],[4],[19] | (36) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000 | ||||
Total Investments | $ 1,000 | ||||
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 7.50% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 12.24% | |||
Principal | $ 22,358 | ||||
Cost | [3],[4] | 22,020 | |||
Total Investments | [9] | $ 21,934 | |||
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 750 | [22],[23],[24] | 750 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 750 | [3],[4],[23],[24] | 750 | [6],[8],[25],[26] | |
Total Investments | $ 972 | [9],[23],[24] | $ 750 | [10],[25],[26] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.50% | [18] | 8% | [21] | |
Principal | $ 7,481 | $ 7,500 | |||
Cost | 7,370 | [3],[4] | 7,359 | [6],[8] | |
Total Investments | $ 7,481 | [9] | $ 7,358 | [10] | |
Investment, Identifier [Axis]: SPOTLIGHT AR, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.75% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (28) | [3],[4],[19] | (37) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: STATINMED, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22] | 4,718.62 | |||
Principal | $ 0 | ||||
Cost | [3],[4] | 4,838 | |||
Total Investments | [9] | $ 3,767 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22] | 39,097.96 | |||
Principal | $ 0 | ||||
Cost | [3],[4] | 1,400 | |||
Total Investments | [9] | $ 0 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | ||||
Floor | 2% | ||||
Investment interest rate | 14.28% | ||||
Principal | $ 122 | ||||
Cost | 122 | ||||
Total Investments | $ 122 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 9.50% | |||
Floor | [18] | 2% | |||
Investment interest rate | [18] | 14.28% | |||
Principal | $ 7,288 | ||||
Cost | [3],[4] | 7,288 | |||
Total Investments | [9] | $ 7,288 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 10,502,487.46 | ||||
Principal | $ 0 | ||||
Cost | 5,845 | ||||
Total Investments | $ 5,845 | ||||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21] | 8% | |||
Floor | [21] | 1% | |||
Investment interest rate | 8.50% | 9.01% | [21] | ||
Principal | $ 18,823 | ||||
Cost | [6],[8] | 18,489 | |||
Total Investments | [10] | $ 18,597 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [20],[25],[26] | 2,000 | |||
Principal | [25],[26] | $ 0 | |||
Cost | [6],[8],[25],[26] | 2,000 | |||
Total Investments | [10],[25],[26] | $ 1,819 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 8% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (23) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 8,889 | ||||
Cost | [3],[4] | 8,727 | |||
Total Investments | [9] | $ 8,720 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 2,000,000 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 0 | |||
Total Investments | [9],[23],[24] | $ 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [21],[31] | 7.50% | |||
Floor | [21],[31] | 1% | |||
Principal | [31] | $ 0 | |||
Cost | [6],[8],[31] | (25) | |||
Total Investments | [10],[31] | $ 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [18] | 7.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.25% | [18] | 8.50% | [21] | |
Principal | $ 9,000 | $ 9,000 | |||
Cost | 8,886 | [3],[4] | 8,844 | [6],[8] | |
Total Investments | $ 9,000 | [9] | $ 8,820 | [10] | |
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | [18],[19] | 7.50% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | 12.32% | [18],[19] | 8.50% | [21],[31] | |
Principal | $ 1,600 | [19] | $ 850 | [31] | |
Cost | 1,576 | [3],[4],[19] | 816 | [6],[8],[31] | |
Total Investments | $ 1,600 | [9],[19] | $ 833 | [10],[31] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | [22],[23],[24] | 1,500,000 | [20],[25],[26] | |
Principal | $ 0 | [23],[24] | $ 0 | [25],[26] | |
Cost | 1,500 | [3],[4],[23],[24] | 1,500 | [6],[8],[25],[26] | |
Total Investments | $ 7,833 | [9],[23],[24] | $ 1,500 | [10],[25],[26] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 9% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.92% | [18] | 10% | [21] | |
Principal | $ 17,655 | $ 12,644 | |||
Cost | 17,355 | [3],[4] | 12,401 | [6],[8] | |
Total Investments | $ 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 | [22],[23],[24],[34] | 896.43 | [20],[25],[26],[35] | |
Principal | $ 0 | [23],[24],[34] | $ 0 | [25],[26],[35] | |
Cost | 1,205 | [3],[4],[23],[24],[34] | 1,205 | [6],[8],[25],[26],[35] | |
Total Investments | $ 1,509 | [9],[23],[24],[34] | $ 3,000 | [10],[25],[26],[35] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [18],[29] | 7.75% | [21],[30] | |
Floor | 1% | [18],[29] | 1% | [21],[30] | |
Investment interest rate | 11.26% | [18],[29] | 8.75% | [21],[30] | |
Principal | $ 5,775 | [29] | $ 9,875 | [30] | |
Cost | 5,727 | [3],[4],[29] | 9,764 | [6],[8],[30] | |
Total Investments | $ 5,775 | [9],[29] | $ 9,835 | [10],[30] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [18],[23] | 10% | [21],[25],[26] | |
Principal | $ 92 | [23] | $ 84 | [25],[26] | |
Cost | 92 | [3],[4],[23] | 84 | [6],[8],[25],[26] | |
Total Investments | $ 92 | [9],[23] | $ 84 | [10],[25],[26] | |
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-3 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [22],[23],[24] | 1,000,000 | |||
Principal | [23],[24] | $ 0 | |||
Cost | [3],[4],[23],[24] | 1,000 | |||
Total Investments | [9],[23],[24] | $ 1,354 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 211,862.61 | ||||
Principal | $ 0 | ||||
Cost | 212 | ||||
Total Investments | $ 278 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-5 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 211,465.87 | ||||
Principal | $ 0 | ||||
Cost | 211 | ||||
Total Investments | $ 275 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 6% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 10.87% | |||
Principal | $ 16,800 | ||||
Cost | [3],[4] | 16,540 | |||
Total Investments | [9] | $ 16,800 | |||
Investment, Identifier [Axis]: USA DEBUSK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | [18] | 5.75% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 10.59% | [18] | 6.75% | [21] | |
Principal | $ 11,498 | $ 11,614 | |||
Cost | 11,367 | [3],[4] | 11,451 | [6],[8] | |
Total Investments | $ 11,498 | [9] | $ 11,614 | [10] | |
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 8% | |||
Floor | [18],[19] | 1% | |||
Investment interest rate | 13.16% | ||||
Principal | [19] | $ 2,400 | |||
Cost | [3],[4],[19] | 2,332 | |||
Total Investments | [9],[19] | $ 2,357 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18] | 8% | |||
Floor | [18] | 1% | |||
Investment interest rate | [18] | 12.85% | |||
Principal | $ 13,500 | ||||
Cost | [3],[4] | 13,256 | |||
Total Investments | [9] | $ 13,257 | |||
Investment, Identifier [Axis]: VERSICARE MANAGEMENT LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [18],[19] | 8% | |||
Floor | [18],[19] | 1% | |||
Principal | [19] | $ 0 | |||
Cost | [3],[4],[19] | (44) | |||
Total Investments | [9],[19] | $ 0 | |||
Investment, Identifier [Axis]: VISTAR MEDIA INC., Shares of Series A preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 171,617 | [22] | 171,617 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,874 | [3],[4] | 1,874 | [6],[8] | |
Total Investments | $ 9,054 | [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 | [22] | 1,597,707 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,598 | [3],[4] | 1,598 | [6],[8] | |
Total Investments | $ 2,694 | [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 | [22] | 1,000,000 | [20] | |
Principal | $ 0 | $ 0 | |||
Cost | 1,000 | [3],[4] | 1,000 | [6],[8] | |
Total Investments | $ 1,205 | [9] | $ 1,000 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.75% | [18] | 8% | [21] | |
Principal | $ 10,588 | $ 10,863 | |||
Cost | 10,436 | [3],[4] | 10,670 | [6],[8] | |
Total Investments | $ 10,588 | [9] | $ 10,656 | [10] | |
Investment, Identifier [Axis]: WALL STREET PREP, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (13) | [3],[4],[19] | (17) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18] | 8.50% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.75% | [18] | 9.50% | [21] | |
Principal | $ 17,730 | $ 17,910 | |||
Cost | 17,466 | [3],[4] | 17,583 | [6],[8] | |
Total Investments | $ 17,730 | [9] | $ 17,910 | [10] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [18],[19] | 8.50% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (64) | [3],[4],[19] | (83) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Principal | $ 0 | [19] | $ 0 | [31] | |
Cost | (32) | [3],[4],[19] | (41) | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 0 | [10],[31] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18] | 7% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 11.75% | [18] | 8% | [21] | |
Principal | $ 20,000 | $ 20,000 | |||
Cost | 19,693 | [3],[4] | 19,624 | [6],[8] | |
Total Investments | $ 20,000 | [9] | $ 19,520 | [10] | |
Investment, Identifier [Axis]: WINTER SERVICES OPERATIONS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7% | [18],[19] | 7% | [21],[31] | |
Floor | 1% | [18],[19] | 1% | [21],[31] | |
Investment interest rate | [21],[31] | 8% | |||
Principal | $ 0 | [19] | $ 2,444 | [31] | |
Cost | (65) | [3],[4],[19] | 2,362 | [6],[8],[31] | |
Total Investments | $ 0 | [9],[19] | $ 2,386 | [10],[31] | |
Investment, Identifier [Axis]: ZENFOLIO INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18] | 9% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 13.82% | [18] | 10% | [21] | |
Principal | $ 18,913 | $ 18,915 | |||
Cost | 18,762 | [3],[4] | 18,785 | [6],[8] | |
Total Investments | $ 18,478 | [9] | $ 18,820 | [10] | |
Investment, Identifier [Axis]: ZENFOLIO INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | [18] | 9% | [21],[31] | |
Floor | 1% | [18] | 1% | [21],[31] | |
Investment interest rate | 13.82% | [18] | 10% | [21],[31] | |
Principal | $ 2,000 | $ 1,000 | [31] | ||
Cost | 1,994 | [3],[4] | 996 | [6],[8],[31] | |
Total Investments | $ 1,954 | [9] | $ 995 | [10],[31] | |
Investment, Identifier [Axis]: ZIPS CAR WASH, LLC, Delayed Draw Term Loan - A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [18] | 7.25% | [21] | |
Floor | 1% | [18] | 1% | [21] | |
Investment interest rate | 12.15% | [18] | 8.25% | [21] | |
Principal | $ 15,840 | $ 16,000 | |||
Cost | 15,611 | [3],[4] | 15,691 | [6],[8] | |
Total Investments | $ 15,634 | [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% | [18] | 7.25% | [21],[31] | |
Floor | 1% | [18] | 1% | [21],[31] | |
Investment interest rate | 12.12% | [18] | 8.26% | [21],[31] | |
Principal | $ 3,970 | $ 199 | [31] | ||
Cost | 3,914 | [3],[4] | 159 | [6],[8],[31] | |
Total Investments | $ 3,919 | [9] | $ 159 | [10],[31] | |
[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]As of March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 million.[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 - Fair Value Measurements 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]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, 2023, approximately 15.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.9%.[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 March 31, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.[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%.[15]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, 2023, approximately 80.1% 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 163.7%.[16]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%.[17]The investment is structured as a first lien first out term loan. 20 The rate presented represents a weighted-average rate for borrowings under the facility as of March 31, 2023. |
CONSOLIDATED SCHEDULE OF INVE_3
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical Footnotes) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 204.30% | [1],[2] | 222.50% | |
Contribution percentage in non-qualified assets | 13.90% | 12.80% | ||
Gross unrealized appreciation | $ 72.3 | $ 67.8 | ||
Gross unrealized depreciation | 76.8 | 61.7 | ||
Net unrealized appreciation (depreciation) | (4.5) | 6.1 | ||
Cost of investments | $ 1,210.8 | $ 852.4 | ||
Percent of total assets | 95.90% | 96.20% | ||
SOFR | Minimum | ||||
Schedule of Investments [Line Items] | ||||
Variable rate adjustment | 0.10% | |||
SOFR | Maximum | ||||
Schedule of Investments [Line Items] | ||||
Variable rate adjustment | 0.26161% | |||
Non-control/Non-affiliate investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 80.10% | 79.80% | ||
Percent of net assets | 163.70% | [3] | 177.50% | |
Affiliate investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 15.60% | 14.10% | ||
Percent of net assets | 31.90% | [4] | 31.30% | [5] |
Control investments | ||||
Schedule of Investments [Line Items] | ||||
Percent of investment assets | 4.20% | 6.20% | ||
Percent of net assets | 8.70% | [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 March 31, 2023, approximately 80.1% 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 163.7%.[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, 2023, approximately 15.6% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.9%.[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 March 31, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.[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 | 12 Months Ended |
Mar. 31, 2023 | |
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. CSWC has elected to be regulated as a business development company under the 1940 Act. Our common stock currently trades on The Nasdaq Global Select Market under the ticker symbol “CSWC.” We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes 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 tax 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. We may be subject to U.S. federal income tax and a 4% U.S. federal excise tax on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements. 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. 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. 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 financial reporting purposes under generally accepted accounting principles in the United States ("U.S. GAAP"), and the portfolio investments held by it are included in the consolidated financial statements. Capital Southwest Management Corporation (“CSMC”), a wholly-owned subsidiary of CSWC, was the management company for CSWC. Effective December 31, 2020, CSMC merged with and into CSWC, with CSWC continuing as the surviving entity in the merger. Prior to December 31, 2020, CSMC generally incurred all normal operating and administrative expenses, including, but not limited to, salaries and related benefits, rent, equipment and other administrative costs required for its day-to-day operations (the “Administrative Expenses”). After December 31, 2020, the Administrative Expenses will be directly incurred by CSWC. The Company continues to be internally managed and the merger has no impact on the day-to-day operations of the business. 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. Prior to the merger of CSMC into CSWC that became effective December 31, 2020, we consolidated the results of CSWC's wholly owned management company. 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 March 31, 2023, the Company has 86.1% 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; and (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; and (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 March 31, 2023, we satisfied all RIC requirements and have 11.3% in nonqualified assets according to measurement criteria established in Section 851(d) of the Code. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
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. At March 31, 2023 and March 31, 2022, cash held in money market funds amounted to $8.9 million and $6.5 million, respectively. 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 March 31, 2023 and March 31, 2022, cash balances totaling $20.3 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 the 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 March 31, 2023, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.3% 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 years ended March 31, 2023 and 2022, approximately 3.2% 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 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 March 31, 2023 and March 31, 2022, we have not written off any accrued and uncollected PIK interest from prior periods. For the year ended March 31, 2023, we had three investments for which we stopped accruing PIK interest. For the year ended March 31, 2022, we had two investments for which we stopped accruing PIK interest. For the years ended March 31, 2023 and 2022, approximately 4.6% and 3.9%, 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 Topic 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 years ended March 31, 2023, 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 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, generally are 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. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, 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 year ended March 31, 2023. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: First lien loans 1,2 $ 1,000,984 83.0 % 169.5 % $ 1,018,595 83.5 % Second lien loans 2 35,820 3.0 6.1 44,038 3.6 Subordinated debt 3 791 0.1 0.1 763 0.1 Preferred equity 63,393 5.2 10.7 43,634 3.6 Common equity & warrants 54,144 4.5 9.2 32,322 2.6 I-45 SLF LLC 4 51,256 4.2 8.7 80,800 6.6 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 March 31, 2023 and March 31, 2022, the fair value of the first lien last out loans are $50.1 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 March 31, 2023 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $45.0 million and $36.4 million, respectively. As of March 31, 2023 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $20.2 million and $33.9 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.4 million and $0.7 million as of March 31, 2023 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 15 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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: Media & Marketing $ 149,357 12.4 % 25.3 % $ 139,750 11.5 % Business Services 146,727 12.2 24.9 147,056 12.1 Healthcare Services 126,971 10.5 21.5 143,455 11.8 Consumer Services 91,913 7.6 15.6 91,142 7.5 Consumer Products and Retail 86,385 7.2 14.6 86,607 7.1 Food, Agriculture & Beverage 68,833 5.7 11.7 73,223 6.0 Healthcare Products 66,355 5.5 11.2 67,555 5.5 Technology Products & Components 59,718 5.0 10.1 43,016 3.5 I-45 SLF LLC 1 51,256 4.2 8.7 80,800 6.6 Transportation & Logistics 48,494 4.0 8.2 42,049 3.4 Software & IT Services 47,641 3.9 8.1 47,563 3.9 Financial Services 40,420 3.3 6.8 30,950 2.5 Industrial Products 32,518 2.7 5.5 25,827 2.1 Environmental Services 29,753 2.5 5.0 34,869 2.9 Education 26,357 2.2 4.5 25,995 2.1 Industrial Services 25,460 2.1 4.3 24,920 2.0 Energy Services (Midstream) 22,829 1.9 3.9 23,337 1.9 Specialty Chemicals 17,839 1.5 3.0 17,531 1.4 Energy Services (Upstream) 17,730 1.5 3.0 17,402 1.4 Telecommunications 17,386 1.4 2.9 21,796 1.9 Distribution 16,315 1.4 2.8 18,755 1.5 Containers & Packaging 10,131 0.8 1.7 10,656 0.9 Aerospace & Defense 6,000 0.5 1.0 5,898 0.5 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 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 15 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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: Northeast $ 269,569 22.3 % 45.7 % $ 255,995 21.0 % Southeast 235,782 19.5 39.9 236,333 19.4 Southwest 234,127 19.4 39.6 231,467 19.0 West 233,079 19.3 39.5 232,109 19.0 Midwest 156,233 13.1 26.4 158,989 13.0 I-45 SLF LLC 1 51,256 4.2 8.7 80,800 6.6 International 26,342 2.2 4.5 24,459 2.0 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 15 for further discussion. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 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 March 31, 2023 and March 31, 2022 (in thousands): Fair Value Measurements at March 31, 2023 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 1,000,984 $ — $ — $ 1,000,984 Second lien loans 35,820 — — 35,820 Subordinated debt 791 — — 791 Preferred equity 63,393 — — 63,393 Common equity & warrants 54,144 — — 54,144 Investments measured at net asset value 1 51,256 — — — Total Investments $ 1,206,388 $ — $ — $ 1,155,132 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 March 31, 2023 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 March 31, 2023 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 March 31, 2023 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 953,918 Discount Rate 6.9% - 26.2% 13.0% Third Party Broker Quote 5.1 - 96.5 93.9 Market Approach 41,923 Cost 94.1 - 98.1 97.9 Enterprise Value Waterfall Approach 5,143 EBITDA Multiple 9.4x - 9.4x 9.4x Discount Rate 27.2% - 27.2% 27.2% Second lien loans Income Approach 32,226 Discount Rate 18.3% - 34.3% 25.1% Third Party Broker Quote 61.3 - 61.3 61.3 Enterprise Value Waterfall Approach 3,594 EBITDA Multiple 9.4x - 9.4x 9.4x Discount Rate 27.2% - 27.2% 27.2% Subordinated debt Market Approach 205 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 586 EBITDA Multiple 6.0x - 7.7x 6.6x Discount Rate 20.2% - 25.0% 21.8% Preferred equity Enterprise Value Waterfall Approach 59,518 EBITDA Multiple 4.7x - 16.7x 9.8x Discount Rate 11.7% - 30.8% 17.1% Market Approach 3,875 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 53,064 EBITDA Multiple 5.5x - 18.6x 9.5x Discount Rate 11.4% - 36.6% 18.2% Market Approach 1,080 Cost 100.0 - 100.0 100.0 Total Level 3 Investments $ 1,155,132 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 years ended March 31, 2023 and 2022, 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 year ended March 31, 2023 and 2022 (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 March 31, 2023 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 739,872 $ (17,150) $ 415,332 $ (128,932) $ 5,577 $ — $ (13,715) $ 1,000,984 $ (13,189) Second lien loans 52,645 (7,127) 2,990 (12,310) 314 (692) — 35,820 (5,923) Subordinated debt 1,317 (398) 385 — 74 — (587) 791 (294) Preferred equity 44,663 (3,360) 7,788 — — — 14,302 63,393 (267) Common equity & warrants 40,514 10,547 5,747 — — (2,664) — 54,144 11,730 Total Investments $ 879,011 $ (17,488) $ 432,242 $ (141,242) $ 5,965 $ (3,356) $ — $ 1,155,132 $ (7,943) Fair Value March 31, 2021 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value March 31, 2022 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 524,161 $ 719 $ 464,758 $ (247,538) $ 2,455 $ — $ (4,683) $ 739,872 $ (960) Second lien loans 36,919 (2,325) 18,902 (7,223) 1,217 (53) 5,208 52,645 (2,699) Subordinated debt 11,534 422 364 (11,521) 518 — — 1,317 322 Preferred equity 22,608 11,889 10,691 — — — (525) 44,663 11,363 Common equity & warrants 36,052 12,035 4,308 — — (11,881) — 40,514 7,401 Total Investments $ 631,274 $ 22,740 $ 499,023 $ (266,282) $ 4,190 $ (11,934) $ — $ 879,011 $ 15,427 1 Includes purchases of new investments, as well as discount accretion on existing investments. |
Effects of Leverage, Purpose | Borrowings to fund investments, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. We may borrow from banks and other lenders, including under our Credit Facility, and may issue debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Use of leverage is generally considered a speculative investment technique. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS In accordance with the 1940 Act, 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 March 31, 2023, the Company’s asset coverage was 235%. The Company had the following borrowings outstanding as of March 31, 2023 and March 31, 2022 (amounts in thousands): March 31, 2023 Outstanding Balance Unamortized Debt Issuance Costs and Debt Discount/Premium (1) Recorded Value SBA Debentures $ 120,000 $ (3,670) $ 116,330 Credit Facility 235,000 — 235,000 January 2026 Notes 140,000 (949) 139,051 October 2026 Notes 150,000 (2,737) 147,263 $ 645,000 $ (7,356) $ 637,644 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 (1) The unamortized debt issuance costs for the Credit Facility are reflected as Debt issuance costs on the Consolidated Statements of Assets and Liabilities. Credit Facility In August 2016, CSWC entered into a senior secured credit facility (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 (as amended or otherwise modified from time to time, 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. 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. 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. On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants. 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 Agreement 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 Agreement, 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 March 31, 2023, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I. At March 31, 2023, CSWC had $235.0 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 $13.2 million, $6.2 million and $6.8 million for the years ended March 31, 2023, 2022 and 2021, respectively. The weighted average interest rate on the Credit Facility was 5.22% and 2.50% for the years ended March 31, 2023 and 2022, respectively. Average borrowings for the years ended March 31, 2023 and 2022 were $213.7 million and $173.5 million, respectively. As of March 31, 2023 and 2022, CSWC was in compliance with all financial covenants under the Credit Agreement. 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 the October 2024 Notes 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 $125.0 million 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. The Company did not recognize any interest expense related to the October 2024 Notes for the year ended March 31, 2023. For the years ended March 31, 2022 and 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $3.6 million and $6.3 million, respectively. From April 1, 2021 through September 24, 2021 (the redemption date of the October 2024 Notes), average borrowings were $125.0 million. 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 March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of March 31, 2023, the fair value of the January 2026 Notes was $122.8 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 $6.6 million, $6.7 million and $1.2 million for the years ended March 31, 2023, 2022 and 2021, respectively. For each of the years ended March 31, 2023 and 2022, 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 March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of March 31, 2023, the fair value of the October 2026 Notes was $132.2 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 $5.8 million and $3.1 million for the years ended March 31, 2023 and 2022, respectively. For the year ended March 31, 2023, average borrowings were $150.0 million. Since the issuance of the October 2026 Notes on August 27, 2021 through March 31, 2022, average borrowings were $132.9 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. On November 22, 2022, SBIC I received an additional leverage commitment in the amount of $50.0 million to be issued on or prior to September 30, 2027. As of March 31, 2023, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of March 31, 2023, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $10.0 million remains unused. 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 March 31, 2023, the carrying amount of SBA Debentures was $116.3 million on an aggregate principal amount of $120.0 million. As of March 31, 2023, the fair value of the SBA Debentures was $115.8 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 820. The Company recognized interest expense and fees related to SBA Debentures of $3.2 million and $0.3 million for the years ended March 31, 2023 and 2022, respectively. The weighted average interest rate on the SBA Debentures was 3.38% and 1.30% for the years ended March 31, 2023 and 2022, respectively. For the years ended March 31, 2023 and 2022, average borrowings were $82.6 million and $17.0 million, respectively. As of March 31, 2023, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate March 31, 2023 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 4.435% 40,000 3/22/2023 3/1/2033 5.215% 40,000 $ 120,000 (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. Contractual Payment Obligations A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2023 is as follows: Years Ending March 31, 2024 2025 2026 2027 2028 Thereafter Total SBA Debentures $ — $ — $ — $ — $ — $ 120,000 $ 120,000 Credit Facility — — — 235,000 — — 235,000 January 2026 Notes — — 140,000 — — — 140,000 October 2026 Notes — — — 150,000 — — 150,000 Total $ — $ — $ 140,000 $ 385,000 $ — $ 120,000 $ 645,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
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. For the tax years ended December 31, 2022, 2021 and 2020, 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. We have distributed or intend to distribute sufficient dividends to eliminate taxable income for our completed tax years. If we fail to satisfy the 90% distribution requirement or otherwise fail to qualify as a RIC in any tax year, we would be subject to tax in that year on all of our taxable income, regardless of whether we made any distributions to our shareholders. During the quarter ended March 31, 2023, CSWC declared a quarterly dividend in the amount of $20.9 million, or $0.58 per share ($0.53 per share in regular dividends and $0.05 per share in supplemental dividends). Our distributions for the tax years ended December 31, 2022 and 2021 were as follows: Payment Date Cash Dividend Tax Year Ended December 31, 2022 March 31, 2022 $ 0.48 June 30, 2022 1 0.63 September 30, 2022 0.50 December 31, 2022 2 0.57 $ 2.18 Tax Year Ended December 31, 2021 March 31, 2021 3 $ 0.52 June 30, 2021 3 0.53 September 30, 2021 3 0.54 December 31, 2021 4 0.97 $ 2.56 Tax Year Ended December 31, 2020 March 31, 2020 3 $ 0.51 June 30, 2020 3 0.51 September 30, 2020 3 0.51 December 31, 2020 3 0.51 $ 2.04 1 On June 30, 2022, CSWC paid a regular dividend of $0.48 per share and a special dividend of $0.15 per share. 2 On December 31, 2022, CSWC paid a regular dividend of $0.52 per share and a supplemental dividend of $0.05 per share. 3 On each of these dates, the dividend paid included a supplemental dividend of $0.10 per share. 4 On December 31, 2021, CSWC paid a regular dividend of $0.47 per share and a supplemental dividend of $0.50 per share. Book and tax basis differences relating to dividends and distributions to our shareholders and other permanent book and tax differences are typically reclassified among the CSWC’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly, for the years ended March 31, 2023 and 2022, CSWC reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital and/or deemed distributions, tax treatment of investments upon disposition, and non-deductible expenses, as follows (amounts in thousands): Years Ended March 31, 2023 2022 Additional capital $ (6,420) $ (7,648) Total distributable earnings 6,420 7,648 The determination of the tax attributes for CSWC’s distributions is made after tax year end, based upon its taxable income for the full year and distributions paid for the full tax year. Therefore, any determination made on an interim basis for fiscal year end is forward-looking based on currently available facts, rules and assumptions and may not be representative of the actual tax attributes of distributions determined at tax year end. For tax purposes, the 2022 dividends totaled $2.18 per share and were comprised entirely of ordinary income. In addition, 89.74% of each of the ordinary distributions represent interest-related dividends. 89.74% of total distributions represent the portion of CSWC’s dividends received by non-U.S. residents and foreign corporation shareholders that are generally exempt from U.S. withholding tax. For tax purposes, the 2021 dividends totaled $2.56 per share and were comprised entirely of ordinary income. In addition, 87.40% of each of the ordinary distributions represent interest-related dividends. 87.40% of total distributions represent the portion of CSWC’s dividends received by non-U.S. residents and foreign corporation shareholders that are generally exempt from U.S. withholding tax. 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 tax character of distributions paid for the tax years ended December 31, 2022 and 2021 was as follows (amounts in thousands): Twelve Months Ended December 31, 2022 2021 Ordinary income $ 60,960 $ 56,633 Distributions of long term capital gains — — Distributions on tax basis 1 $ 60,960 $ 56,633 1 Includes only those distributions which reduce estimated taxable income. As of March 31, 2023, CSWC estimates that it has cumulative undistributed taxable income of approximately $16.1 million, or $0.45 per share, that will be carried forward toward distributions to be paid in future periods. We intend to meet the applicable qualifications to be taxed as a RIC in future periods. The following reconciles net increase in net assets resulting from operations to estimated RIC taxable income for the years ended March 31, 2023, 2022 and 2021: Years Ended March 31, Reconciliation of RIC Distributable Income 1 2023 2022 2021 Net increase in net assets from operations $ 33,093 $ 42,815 $ 50,883 Net unrealized depreciation (appreciation) on investments 18,589 (11,467) (28,755) Income/gain (expense/loss) recognized for tax on pass-through entities 962 3,753 (11,000) (Gain) loss recognized on dispositions (1,473) 152 2,206 Capital loss carryover 2 12,796 (878) 17,924 Net operating income - wholly-owned subsidiary 809 (10,757) (378) Dividend income from wholly-owned subsidiary 1,068 4,000 — Non-deductible tax expense 628 65 1,066 Loss on extinguishment of debt (2,726) 12,268 — Non-deductible compensation 3,243 3,679 — Compensation related book/tax differences 812 36 — Interest on non-accrual loans 3,343 4,171 — Other book/tax differences 1,191 1,530 870 Estimated distributable income before deductions for distributions $ 72,335 $ 49,367 $ 32,816 Distributions 3 : Ordinary $ 70,034 $ 57,518 $ 38,917 Capital gains — — — Deemed distributions — — — Distributions payable 3 — — — Estimated annual RIC undistributed taxable income $ 2,301 $ (8,151) $ (6,101) 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 March 31, 2023, the Company had long-term capital loss carryforwards of $30.2 million to offset future capital gains. These capital loss carryforwards are not subject to expiration. 3 Includes only those distributions which reduce estimated distributable income. As of March 31, 2023, 2022 and 2021, the components of estimated RIC accumulated earnings on a tax basis were as follows (amounts in thousands): Years Ended March 31, Components of RIC Accumulated Earnings on a Tax Basis 1 2023 2022 2021 Undistributed ordinary income - tax basis $ 16,070 $ 12,682 $ 21,083 Undistributed net realized (loss) gain (30,201) (17,252) (17,924) Unrealized (depreciation) appreciation on investments (61,710) (20,126) (766) Other temporary differences (13,639) — (663) Components of distributable earnings at year-end $ (89,480) $ (24,696) $ 1,730 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. 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. For the tax years ended December 31, 2022, 2021 and 2020, there were no long-term capital gains and therefore had no deemed distributions to our shareholders or federal taxes incurred related to such items. 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 Consolidated Statement of Operations. As of March 31, 2023, the cost of investments held at the RIC for U.S. federal income tax purposes was $1,172.7 million, with such investments having gross unrealized appreciation of $10.5 million and gross unrealized depreciation of $72.3 million, resulting in net unrealized depreciation of $61.8 million. As of March 31, 2023, the cost of investments held at the Taxable Subsidiary for U.S. federal income tax purposes was $38.1 million, with such investments having gross unrealized appreciation of $61.8 million and gross unrealized depreciation of $4.5 million, resulting in net unrealized appreciation of $57.3 million. On a consolidated basis, the total investment portfolio has net unrealized depreciation of $4.5 million for U.S. federal income tax purposes. CSMC, a former wholly-owned subsidiary of CSWC, was not a RIC, and was required to pay taxes at the current corporate rate. Effective December 31, 2020, CSMC merged with and into CSWC, which is not subject to corporate federal income taxes. For tax purposes, CSMC had elected to be treated as a taxable entity, and therefore was not consolidated for tax purposes and was 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 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 CSMC and 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. CSMC recorded deferred taxes related to the changes in the restoration plan and bonus accruals on a quarterly basis. 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 March 31, 2023 and March 31, 2022, the Taxable Subsidiary had a deferred tax liability of $12.1 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 March 31, 2023 and March 31, 2022 (amounts in thousands): March 31, 2023 March 31, 2022 Deferred tax asset: Net operating loss carryforwards $ — $ — Interest 219 185 Total deferred tax asset 219 185 Deferred tax liabilities: Net unrealized appreciation on investments (11,413) (4,899) Net basis differences in portfolio investments (923) (1,033) Total deferred tax liabilities (12,336) (5,932) Total net deferred tax (liabilities) assets $ (12,117) $ (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 year ended March 31, 2023, we recognized a net income tax provision of $0.3 million, principally consisting of a $0.6 million accrual for U.S. federal excise tax and a $0.3 million tax benefit relating to the Taxable Subsidiary. For the year ended March 31, 2022, we recognized a net income tax provision of $0.6 million, principally consisting of a $0.1 million accrual for U.S. federal excise tax and a $0.5 million tax provision relating to the Taxable Subsidiary. For the year ended March 31, 2021, we recognized total net income tax provision of $2.4 million, principally consisting of a $0.6 million accrual for U.S. federal excise tax and a provision for U.S. federal income taxes relating to CSMC of $1.8 million (all of which is related to the write off of the deferred tax asset at CSMC). 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. The following table sets forth the significant components of income tax provision as of March 31, 2023, 2022 and 2021 (amounts in thousands): Years Ended March 31, Components of Income Tax Provision 2023 2022 2021 162(m) limitation $ — $ — $ 122 Excise tax 630 65 637 Write-off of deferred tax asset — — 1,837 Tax (benefit) provision related to Taxable Subsidiary (301) 550 50 Stock compensation benefits — — (207) Other — — 3 Total income tax provision (benefit) $ 329 $ 615 $ 2,442 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS' EQUITY Public Equity Offering On November 17, 2022, the Company completed an underwritten public equity offering of 2,534,436 shares of common stock, including shares issuable pursuant to the underwriters' option to purchase additional shares, at a public offering price of $18.15 per share, raising $46.0 million of gross proceeds. Net proceeds were $44.1 million after deducting underwriting discounts and offering expenses. Equity ATM Program On March 4, 2019, the Company established 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. The following table summarizes certain information relating to shares sold under the Equity ATM Program: Years Ended March 31, 2023 2022 Number of shares sold 8,435,462 3,872,031 Gross proceeds received (in thousands) $ 161,216 $ 99,636 Net proceeds received (in thousands) 1 $ 158,798 $ 98,142 Weighted average price per share $ 19.11 $ 25.73 1 Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of March 31, 2023, no proceeds remained receivable. As of March 31, 2022, $1.7 million in proceeds remained receivable and was included in other receivables in the Consolidated Statement of Assets and Liabilities.. Cumulative to date, the Company has sold 16,613,122 shares of its common stock under the Equity ATM Program at a weighted-average price of $20.75, raising $344.7 million of gross proceeds. Net proceeds were $339.1 million after commissions to the sales agents on shares sold. As of March 31, 2023, the Company has $305.3 million available under the Equity ATM Program. Share Repurchases 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, 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. The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards: Years Ended March 31, 2023 2022 Number of shares repurchased 49,590 52,124 Aggregate cost of shares repurchased (in thousands) $ 1,021 $ 1,408 Weighted average price per share $ 20.59 $ 27.01 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, there are 1,005,633 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 March 31, 2023, 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. For the fiscal years ended March 31, 2023, 2022, and 2021, we recognized total share based compensation expense of $3.7 million (of which $0.2 million was related to restricted stock issued to non-employee directors), $3.6 million and $2.9 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 March 31, 2023, the total remaining unrecognized compensation expense related to non-vested restricted stock awards was $7.0 million, which will be amortized over the weighted-average vesting period of approximately 2.3 years. The following table summarizes the restricted stock outstanding under the 2010 Plan and the 2021 Employee Plan as of March 31, 2023: 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, 2021 429,776 $ 17.05 2.5 Granted 172,945 27.60 — Vested (167,072) 17.71 — Forfeited (39,656) 16.07 — Unvested at March 31, 2022 395,993 $ 21.48 2.4 Granted 199,042 21.25 — Vested (148,774) 20.49 — Forfeited (13,550) 24.71 — Unvested at March 31, 2023 432,711 $ 21.61 2.4 The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of March 31, 2023: 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 — $ — — Granted 12,105 20.66 — Vested — — — Forfeited — — — Unvested at March 31, 2023 12,105 $ 20.66 0.4 |
OTHER EMPLOYEE COMPENSATION
OTHER EMPLOYEE COMPENSATION | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
OTHER EMPLOYEE COMPENSATION | OTHER EMPLOYEE COMPENSATIONWe established a 401(k) plan (the “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 each of the year ended March 31, 2023, 2022 and 2021, we made matching contributions of approximately $0.2 million. |
RETIREMENT PLANS
RETIREMENT PLANS | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLANS | RETIREMENT PLANS CSWC sponsors an unfunded Retirement Restoration Plan, which is a nonqualified plan. Unvested accrued benefits under the Retirement Restoration Plan were forfeited as of September 30, 2015. The Retirement Restoration Plan is a frozen plan under which no new service cost is being accrued by plan participants. The following tables set forth the Retirement Restoration Plan’s net pension benefit and benefit obligation amounts at March 31, 2023, 2022 and 2021, as well as amounts recognized in our Consolidated Statements of Assets and Liabilities at March 31, 2023 and 2022 (amounts in thousands): Years ended March 31, 2023 2022 2021 Net pension cost Interest cost on projected benefit obligation $ 90 $ 79 $ 96 Net amortization 33 37 35 Net pension cost from restoration plan $ 123 $ 116 $ 131 Years ended March 31, 2023 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 2,707 $ 2,979 $ 3,082 Interest cost 90 79 96 Actuarial (gain) loss (2,052) (104) 42 Benefits paid (147) (247) (241) Benefit obligation at end of year $ 598 $ 2,707 $ 2,979 Years ended March 31, 2023 2022 Amounts recognized in our Consolidated Statements of Assets and Liabilities Projected benefit obligation $ (598) $ (2,707) Net actuarial (gain) loss recognized as a component of equity (1,128) 957 Total $ (1,726) $ (1,750) Accumulated benefit obligation $ (598) $ (2,707) The corridor approach is used to amortize the actuarial gains or losses based on 10% of the projected benefit obligation. The increase in the actuarial gain in the current year was primarily due to the death of a retired participant in the Retirement Restoration Plan. The following assumptions were used in estimating the actuarial present value of the projected benefit obligations: Years ended March 31, 2023 2022 2021 Discount rate 5.00 % 3.50 % 2.75 % The following assumptions were used in estimating the net periodic (income)/expense: Years ended March 31, 2023 2022 2021 Discount rate 3.50 % 2.75 % 3.25 % Following are the expected benefit payments for the next five years and in the aggregate for the years 2029-2033 (amounts in thousands): 2024 2025 2026 2027 2028 2029-2033 Restoration Plan $ 47 $ 47 $ 47 $ 46 $ 46 $ 221 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
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 unfunded debt commitments as of March 31, 2023 and March 31, 2022 were as follows (amounts in thousands): March 31, March 31, Portfolio Company 2023 2022 Revolving Loans Acacia BuyerCo V LLC $ 2,000 $ — Acceleration, LLC 1,300 — Air Conditioning Specialist, Inc. 1,200 1,000 American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.) 154 117 ArborWorks, LLC 1,000 3,000 ATS Operating, LLC 2,000 1,500 Cadmium, LLC — 308 Catbird NYC, LLC 4,000 4,000 Cavalier Buyer, Inc. 2,000 — Central Medical Supply LLC 1,200 1,200 Dynamic Communities, LLC — 500 Exact Borrower, LLC 2,500 — Fast Sandwich, LLC — 3,100 FM Sylvan, Inc. 8,000 — Gains Intermediate, LLC 2,500 — GPT Industries, LLC 3,000 — GrammaTech, Inc. 2,500 2,500 GS Operating, LLC — 1,540 Gulf Pacific Acquisition, LLC 657 — ISI Enterprises, LLC 2,000 1,200 Island Pump and Tank, LLC 1,000 — ITA Holdings Group, LLC — 1,250 Klein Hersh, LLC — 938 Lash OpCo, LLC 138 481 Lighting Retrofit International, LLC (DBA Envocore) 2,083 2,083 Lightning Intermediate II, LLC 1,852 — Mako Steel LP 943 943 Microbe Formulas LLC 1,627 — Muenster Milling Company, LLC 7,000 5,000 NeuroPsychiatric Hospitals, LLC — 600 New Skinny Mixes, LLC 4,000 — NinjaTrader, Inc. 2,500 2,500 NWN Parent Holdings, LLC 480 1,380 March 31, March 31, Portfolio Company 2023 2022 Opco Borrower, LLC (DBA Giving Home Health Care) 833 — Outerbox, LLC 2,000 — Pipeline Technique Ltd. 2,833 — Roof OpCo, LLC 3,056 3,056 Roseland Management, LLC 1,425 1,425 RTIC Subsidiary Holdings LLC 548 — Shearwater Research, Inc. 2,446 2,446 SIB Holdings, LLC — 655 South Coast Terminals LLC 1,935 1,935 Spotlight AR, LLC 2,000 2,000 Student Resource Center, LLC — 1,333 Systec Corporation (DBA Inspire Automation) 400 1,150 Versicare Management LLC 2,500 — Wall Street Prep, Inc. 1,000 1,000 Well-Foam, Inc. 4,500 4,500 Winter Services Operations, LLC 4,444 2,000 Zenfolio Inc. — 1,000 Total Revolving Loans 87,554 57,640 Delayed Draw Term Loans AAC New Holdco Inc. 199 — Acacia BuyerCo V LLC 2,500 — Acceleration, LLC 5,000 — Central Medical Supply LLC 1,400 1,400 CityVet Inc. — 7,000 Exact Borrower, LLC 2,500 — Flip Electronics, LLC — 2,818 FoodPharma Subsidiary Holdings, LLC — 5,470 Gains Intermediate, LLC 5,000 — GS Operating, LLC — 3,205 Gulf Pacific Acquisition, LLC 1,212 — 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 NeuroPsychiatric Hospitals, LLC — 10,000 New Skinny Mixes, LLC 3,000 — NinjaTrader, Inc. 4,692 4,692 Roof OpCo, LLC — 4,644 Shearwater Research, Inc. — 3,262 SIB Holdings, LLC — 1,871 Systec Corporation (DBA Inspire Automation) — 3,000 US CourtScript Holdings, Inc. — — Versicare Management LLC 2,600 — Winter Services Operations, LLC 4,444 4,444 Zips Car Wash, LLC - B — 3,801 March 31, March 31, Portfolio Company 2023 2022 Total Delayed Draw Term Loans 37,083 71,274 Total Unfunded Debt Commitments $ 124,637 $ 128,914 The following table provides additional information on the Company’s unfunded debt commitments regarding expirations (amounts in thousands): March 31, March 31, 2023 2022 Unfunded Debt Commitments Expiring during: 2023 $ — $ 39,946 2024 31,625 37,321 2025 10,637 5,000 2026 6,712 8,194 2027 38,062 38,453 2028 35,318 — 2029 2,283 — Total Unfunded Debt Commitments $ 124,637 $ 128,914 The balances of unfunded equity commitments as of March 31, 2023 and March 31, 2022 were as follows (amounts in thousands): March 31, March 31, 2023 2022 Unfunded Equity Commitments Catbird NYC, LLC $ 125 $ 125 Infolinks Media Buyco, LLC 412 412 I-45 SLF LLC — 4,800 Total Unfunded Equity Commitments $ 537 $ 5,337 As of March 31, 2023, 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 March 31, 2023, 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, $0.3 million expire in August 2023, $0.4 million expire in February 2024, and $0.2 million expire in April 2024. As of March 31, 2023, 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 an ROU asset and lease liability should be recorded based on the effective date. As such, CSWC recorded an ROU asset, which is included in other assets other liabilities Total lease expense incurred for the three years ended March 31, 2023, 2022 and 2021 was $0.3 million, $0.3 million and $0.2 million, respectively. As of both March 31, 2023 and 2022, the asset related to the operating lease was $1.8 million and the lease liability was $2.8 million and $2.7 million, respectively. As of March 31, 2023, the remaining lease term was 9.5 years and the discount rate was 7.21%. The following table shows future minimum payments under the Company's operating leases as of March 31, 2023 (in thousands): Year ending March 31, Rent Commitment 2024 $ 406 2025 416 2026 426 2027 436 2028 446 Thereafter 2,132 Total $ 4,262 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. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Mar. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following presents a summary of the unaudited quarterly consolidated financial information for the years ended March 31, 2023 and 2022 (in thousands except per share amounts): First Second Third Fourth 2023 Quarter Quarter Quarter Quarter Total Net investment income $ 12,438 $ 14,444 $ 19,425 $ 22,404 $ 68,711 Net realized gain (loss) on investments, net of tax 2,320 (8,635) (11,086) 372 (17,029) Net change in unrealized (depreciation) appreciation on investments, net of tax (12,248) 3,649 (5,390) (4,600) (18,589) Net increase (decrease) in net assets from operations 2,510 9,458 2,949 18,176 33,093 Pre-tax net investment income per share 0.50 0.54 0.60 0.65 2.30 Net investment income per share 0.49 0.52 0.62 0.64 2.29 Net increase (decrease) in net assets from operations per share 0.10 0.34 0.09 0.52 1.10 First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Total Net investment income $ 9,043 $ 9,726 $ 11,899 $ 12,019 $ 42,687 Net realized (loss) gain on investments (952) 3,496 2,715 575 5,834 Net change in unrealized appreciation (depreciation) on investments, net of tax 7,051 (691) (2,054) 7,161 11,467 Realized loss on extinguishment of debt — (17,087) — — (17,087) Realized loss on disposal of fixed assets — — — (86) (86) Net increase (decrease) in net assets from operations 15,142 (4,556) 12,560 19,669 42,815 Pre-tax net investment income per share 0.45 0.45 0.51 0.50 1.90 Net investment income per share 0.43 0.43 0.51 0.50 1.87 Net increase (decrease) in net assets from operations per share 0.71 (0.20) 0.54 0.81 1.87 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
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 offer to provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We also are 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 years ended March 31, 2023 and 2022, we did not receive any management fees from our portfolio companies. As of both March 31, 2023 and March 31, 2022, we had dividends receivable from I-45 SLF LLC of $1.9 million, which were included in dividends and interest receivables on the Consolidated Statements of Assets and Liabilities. Additionally, we recognized administrative fee income from I-45 SLF LLC of $0.1 million for the year ended March 31, 2023, which was included in fee income on the Consolidated Statement of Operations. |
SUMMARY OF PER SHARE INFORMATIO
SUMMARY OF PER SHARE INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
SUMMARY OF PER SHARE INFORMATION | SUMMARY OF PER SHARE INFORMATION The following presents a summary of per share data for the years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, and 2017 (share amounts presented in thousands). Years Ended March 31, Per Share Data: 2023 2022 2021 2020 2019 2018 2017 Investment income 1 $ 3.97 $ 3.60 $ 3.57 $ 3.45 $ 3.10 $ 2.18 $ 1.48 Operating expenses 1 (1.67) (1.70) (1.78) (1.76) (1.62) (1.16) (0.87) Income taxes 1 (0.01) (0.03) (0.13) (0.12) (0.06) (0.01) (0.11) Net investment income 1 2.29 1.87 1.66 1.57 1.42 1.01 0.50 Net realized (loss) gain, net of tax 1 (0.57) 0.26 (0.45) 2.35 1.24 0.10 0.50 Net unrealized (depreciation) appreciation on investments, net of tax 1 (0.62) 0.50 1.51 (5.16) (0.68) 1.34 0.49 Realized loss on extinguishment of debt 1 — (0.75) (0.05) — — — — Total increase (decrease) from investment operations 1.10 1.88 2.67 (1.24) 1.98 2.45 1.49 Accretive effect of share issuances and repurchases 0.50 1.45 0.30 0.45 0.06 (0.04) — Dividends to shareholders (2.28) (2.52) (2.05) (2.75) (2.27) (0.99) (0.79) Spin-off Compensation Plan Distribution, net of tax — — — — — (0.03) (0.08) Issuance of restricted stock 1,2 (0.14) (0.10) (0.16) (0.06) (0.23) (0.18) (0.15) Common stock withheld for payroll taxes upon vesting of restricted stock (0.01) (0.03) — — (0.01) (0.01) — Exercise of employee stock options 3 — — — — (0.12) 0.01 (0.09) Share based compensation expense 0.10 0.14 0.14 0.16 0.13 0.11 0.08 Change in restoration plan 0.06 0.01 — (0.01) (0.01) (0.05) — Repurchase of common stock — — — 0.15 — — — Other 4 0.18 0.02 (0.02) (0.19) 0.01 0.01 — (Decrease) increase in net asset value (0.49) 0.85 0.88 (3.49) (0.46) 1.28 0.46 Net asset value Beginning of period 16.86 16.01 15.13 18.62 19.08 17.80 17.34 End of period $ 16.37 $ 16.86 $ 16.01 $ 15.13 $ 18.62 $ 19.08 $ 17.80 Ratios and Supplemental Data Ratio of operating expenses to average net assets 10.06 % 10.31 % 11.51 % 9.87 % 8.61 % 6.35 % 4.95 % Ratio of net investment income to average net assets 13.75 % 11.31 % 10.74 % 8.77 % 7.53 % 5.51 % 2.83 % Portfolio turnover 13.68 % 33.91 % 18.81 % 22.76 % 23.38 % 25.42 % 23.57 % Total investment return 5 (15.36) % 18.10 % 118.56 % (37.52) % 38.34 % 6.61 % 27.88 % Total return based on change in NAV 6 10.62 % 21.05 % 19.37 % (3.97) % 9.49 % 12.75 % 7.21 % Per share market value at the end of the period $ 17.78 $ 23.73 $ 22.16 $ 11.42 $ 21.04 $ 17.02 $ 16.91 Weighted-average basic shares outstanding 30,016 22,840 19,060 18,000 16,074 16,074 15,825 Weighted-average diluted shares outstanding 30,016 22,840 19,060 18,000 16,139 16,139 15,877 Common shares outstanding at end of period 36,076 24,959 21,005 17,998 17,503 16,162 16,011 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 Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value. 4 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. 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 | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, total funded equity capital totaled $101.0 million, consisting of $80.8 million from CSWC and $20.2 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 March 31, 2023 and March 31, 2022, I-45 SLF LLC had total assets of $152.8 million and $189.1 million, respectively. I-45 SLF LLC had approximately $143.7 million and $176.7 million of total investments at fair value as of March 31, 2023 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. For the years ended March 31, 2023 and 2022, I-45 SLF LLC declared total dividends of $9.4 million and $8.6 million, respectively. 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%. On March 30, 2023, the I-45 credit facility was further amended to permanently reduce the I-45 credit facility debt commitments to $100.0 million and replace LIBOR with Term SOFR as the reference interest rate. After giving effect to the amendment, the interest rate on borrowings is Term SOFR plus 2.41% per annum. Under the I-45 credit facility, $86.0 million has been drawn as of March 31, 2023. At March 31, 2023, our investment in I-45 SLF LLC did not exceed the 10% threshold in any of the tests under Rule 4-08(g) and did not exceed the 20% threshold in any of the tests under Rule 3-09 of Regulation S-X. However, at March 31, 2021, our investment in I-45 SLF LLC exceeded the 10% and 20% thresholds in at least one of the tests under Rule 3-09 of Regulation S-X. Accordingly, we have included the financial statements of I-45 SLF LLC as an exhibit to our Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Below is certain summarized financial information for I-45 SLF LLC as of March 31, 2023 and March 31, 2022 and for the years ended March 31, 2023, 2022 and 2021 (amounts in thousands): March 31, 2023 March 31, 2022 Selected Balance Sheet Information: Investments, at fair value (cost $169,874 and $187,714) $ 143,712 $ 176,704 Cash and cash equivalents 6,478 9,949 Interest receivable 1,145 850 Accounts receivable 1,038 123 Deferred financing costs and other assets 416 1,518 Total assets $ 152,789 $ 189,144 Senior credit facility payable $ 86,000 $ 114,500 Other liabilities 2,674 2,596 Total liabilities $ 88,674 $ 117,096 Members’ equity 64,115 72,048 Total liabilities and members' equity $ 152,789 $ 189,144 Years Ended March 31, 2023 2022 2021 Selected Statement of Operations Information: Total revenues $ 16,914 $ 12,804 $ 13,930 Total expenses (7,542) (4,166) (4,565) Net investment income 9,372 8,638 9,365 Net unrealized (depreciation) appreciation (15,153) (4,569) 30,467 Net realized gains (losses) 1,224 1,047 (15,313) Net (decrease) increase in members’ equity resulting from operations $ (4,557) $ 5,116 $ 24,519 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 March 31, 2023 and March 31, 2022 (in thousands): I-45 SLF LLC Loan Portfolio as of March 31, 2023 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 $ 2,238 $ 2,239 $ 2,160 Delayed Draw Term Loan 5 6/25/2025 18.00% PIK 60 59 58 304,075 shares common stock — — — 1,449 581 Warrants (Expiration - December 11, 2025) — — — 482 193 ADS Tactical, Inc. Aerospace & defense First Lien 3/19/2026 L+5.75% (Floor 1.00%) 6,058 5,975 5,634 American Teleconferencing Services, Ltd. 3 Telecommunications Revolving Loan 4/7/2023 P+5.50% (Floor 2.00%) 985 978 51 First Lien 6/8/2023 P+5.50% (Floor 2.00%) 5,597 5,566 287 Burning Glass Intermediate Holding Company, Inc. Software & IT services Revolving Loan 4 6/10/2028 L+5.00% (Floor 1.00%) 123 118 123 First Lien 6/10/2028 L+5.00% (Floor 1.00%) 3,157 3,113 3,157 Corel Inc. Software & IT services First Lien 7/2/2026 SOFR+5.00% 6,440 6,311 6,050 Emerald Technologies (U.S.) Acquisitionco, Inc. Technology products & components First Lien 12/29/2027 SOFR+6.25% (Floor 1.00%) 4,485 4,430 4,261 Evergreen AcqCo 1 LP Consumer products & retail First Lien 4/26/2028 SOFR+5.50% (Floor 0.75%) 2,606 2,584 2,501 Evergreen North America Acquisitions, LLC Industrial services First Lien 8/13/2026 L+6.75% (Floor 1.00%) 6,673 6,575 6,673 Geo Parent Corporation Building & infrastructure products First Lien 12/19/2025 SOFR+5.25% 6,769 6,743 6,397 Infogain Corporation Software & IT services First Lien 7/28/2028 SOFR+5.75% (Floor 1.00%) 4,735 4,678 4,684 Integro Parent Inc. Business services First Lien 5/8/2023 SOFR+12.25% PIK (Floor 1.00%) 369 369 347 Intermedia Holdings, Inc. Software & IT services First Lien 7/21/2025 L+6.00% (Floor 1.00%) 6,607 6,562 5,088 Inventus Power, Inc. Technology products & components First Lien 3/29/2024 SOFR+5.00% (Floor 1.00%) 6,860 6,836 6,791 INW Manufacturing, LLC Food, agriculture, & beverage First Lien 3/25/2027 L+5.75% (Floor 0.75%) 2,775 2,713 2,391 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost Fair Value 2 Isagenix International, LLC 3 Consumer products & retail First Lien 6/14/2025 L+7.75% (Floor 1.00%) 1,650 1,641 561 KORE Wireless Group Inc. Telecommunications First Lien 12/20/2024 SOFR+5.50% 5,597 5,582 5,317 Lab Logistics, LLC Healthcare services First Lien 9/25/2023 SOFR+7.25% (Floor 1.00%) 10,050 10,017 9,929 Lash OpCo, LLC Consumer products & retail First Lien 3/18/2026 L+7.00% (Floor 1.00%) 6,113 5,999 5,868 Lift Brands, Inc. Consumer services Tranche A 6/29/2025 SOFR+7.50% (Floor 1.00%) 2,477 2,477 2,427 Tranche B 6/29/2025 9.50% PIK 602 602 548 Tranche C 6/29/2025 — 565 565 514 1,051 shares common stock — — — 749 553 Lightbox Intermediate, L.P. Software & IT services First Lien 5/9/2026 L+5.00% 6,876 6,831 6,636 LOGIX Holdings Company, LLC Telecommunications First Lien 12/23/2024 L+5.75% (Floor 1.00%) 4,443 4,431 3,638 Mills Fleet Farm Group LLC Consumer products & retail First Lien 10/24/2024 L+6.25% (Floor 1.00%) 4,491 4,462 4,401 National Credit Care Consumer services First Lien - Term Loan A 12/23/2026 L+6.50% (Floor 1.00%) 2,159 2,125 2,122 First Lien - Term Loan B 12/23/2026 L+7.50% (Floor 1.00%) 2,159 2,125 2,122 NBG Acquisition, Inc. 3 Wholesale First Lien 4/26/2024 L+5.50% (Floor 1.00%) 2,606 2,593 78 NinjaTrader, Inc. Financial services First Lien 12/18/2024 L+6.25% (Floor 1.00%) 5,000 4,939 5,000 Research Now Group, Inc. Business services First Lien 12/20/2024 L+5.50% (Floor 1.00%) 5,874 5,837 4,505 Retail Services WIS Corporation Business services First Lien 5/20/2025 L+7.75% (Floor 1.00%) 2,827 2,793 2,742 SIB Holdings, LLC Business services First Lien 10/29/2026 L+6.25% (Floor 1.00%) 2,929 2,884 2,841 Stellant Midco, LLC Aerospace & defense First Lien 10/2/2028 SOFR+5.50% (Floor 0.75%) 2,265 2,247 2,172 Tacala, LLC Consumer products & retail First Lien 2/5/2027 L+3.50% (Floor 0.75%) 990 950 974 Second Lien 2/4/2028 L+7.50% (Floor 0.75%) 6,000 5,958 5,501 TEAM Services Group, LLC Healthcare services First Lien 12/20/2027 L+5.00% (Floor 1.00%) 6,620 6,582 6,454 U.S. TelePacific Corp. Telecommunications First Lien 5/1/2026 SOFR+1.00%, 7.25% PIK (Floor 1.00%) 5,635 5,635 1,479 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost Fair Value 2 Veregy Consolidated, Inc. Environmental services First Lien 11/3/2027 L+6.00% (Floor 1.00%) 1,955 1,951 1,683 Vida Capital, Inc. Financial services First Lien 10/1/2026 L+6.00% 3,265 3,236 2,408 Wahoo Fitness Acquisition, LLC 3 Consumer products & retail First Lien 8/14/2028 SOFR+5.75% (Floor 1.00%) 4,875 4,751 2,071 YS Garments, LLC Consumer products & retail First Lien 8/9/2026 L+7.50% (Floor 1.00%) 4,157 4,132 3,741 Total Investments $ 169,874 $ 143,712 1 Represents the interest rate as of March 31, 2023. 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 March 31, 2023. 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 March 31, 2023, meaning the Company has ceased to recognize interest income on the investment. 4 The investment has approximately $246.6 thousand in an unfunded revolving loan commitment as of March 31, 2023. 5 The investment has approximately $43.8 thousand in an unfunded delayed draw loan commitment as of March 31, 2023. 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 Intermedia Holdings, Inc. Software & IT services First Lien 7/21/2025 L+6.00% (Floor 1.00%) 5,677 5,659 5,638 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost 2 Fair Value 3 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 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 Current Investment Maturity Interest Portfolio Company Industry Type Date Rate 1 Principal Cost 2 Fair Value 3 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 | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 26, 2023, the Board of Directors declared a total dividend of $0.59 per share, comprised of a regular dividend of $0.54 and a supplemental dividend of $0.05, for the quarter ending June 30, 2023. The record date for the dividend is June 15, 2023. The payment date for the dividend is June 30, 2023. On April 26, 2023, pursuant to Rule 2a-5 under the 1940 Act, the Board of Directors designated a committee of certain officers of the Company as the Board's valuation designee (the "Valuation Designee") to determine the fair value of the Company's investments that do not have readily available market quotations, subject to the oversight of the Board of Directors, effective beginning as of the fiscal quarter ending June 30, 2023. |
Schedule of Investments in and
Schedule of Investments in and Advances to Affiliates | 12 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Schedule of Investments in and Advances to Affiliates | SCHEDULE 12-14 Schedule of Investments in and Advances to Affiliates (In thousands) Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Control Investments I-45 SLF LLC 80% LLC equity interest $ — $ 7,337 $ 57,603 $ 4,800 $ — $ — $ (11,147) $ 51,256 Total Control Investments $ — $ 7,337 $ 57,603 $ 4,800 $ — $ — $ (11,147) $ 51,256 Affiliate Investments Air Conditioning Specialists, Inc. Revolving Loan $ 800 $ 15 $ — $ 1,384 $ (600) $ — $ 16 $ 800 First Lien 27,438 1,905 12,535 14,574 (170) — 499 27,438 766,738.93 Preferred Units — — 634 186 — — 382 1,202 Catbird NYC, LLC Revolving Loan — 36 — 16 — — (16) — First Lien 15,500 1,635 15,884 59 (400) — (43) 15,500 1,000,000 Class A Units — 88 1,221 — — — 437 1,658 500,000 Class B Units — 53 572 — — — 142 714 Central Medical Supply LLC Revolving Loan 300 49 290 6 — — — 296 First Lien 7,500 950 7,260 29 — — 113 7,402 Delayed Draw Term Loan 100 25 97 6 — — (4) 99 1,380,500 Preferred Units — — 641 — — — (284) 357 Chandler Signs, LLC 1,500,000 units of Class A-1 common stock — — 924 — — — 2,291 3,215 Delphi Intermediate Healthco LLC First Lien 1,649 108 1,402 108 — — (1,510) — First Lien 1,829 98 1,472 97 — — (1,569) — Protective Advance 1,448 79 526 922 — — (1,448) — 1,681.04 Common Units — — 2,460 — — — (2,460) — Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Dynamic Communities, LLC Revolving Loan — 1 — — — 1 (1) — First Lien — 286 10,323 12 (11,159) — 824 — First Lien - Term Loan A 3,846 249 — 9,554 (4,604) (1,124) (3) 3,823 First Lien - Term Loan B 3,867 118 — 9,423 (4,484) (1,095) (1) 3,843 Senior subordinated debt — 41 650 41 (587) (104) — — 2,000,000 Preferred units — — 1,274 — — (2,000) 726 — 250,000 Class A Preferred units — — — 250 — — 375 625 5,435,211.03 Class B Preferred units — — — 2,218 — — — 2,218 255,984.22 Class C Preferred units — — — — — — — — 2,500,000 Common units — — — — — — — — GPT Industries, LLC Revolving loan — 5 — (58) — — 58 — First lien 6,150 148 — 6,030 — — — 6,030 1,000,000 Class A Preferred Units — — — 1,000 — — — 1,000 GrammaTech, Inc. Revolving Loan — 10 — 9 — — (9) — First Lien 10,031 1,336 9,775 67 (1,500) 15 1,674 10,031 1,000 Class A units — — 674 — — — (674) — 360.06 Class A-1 units — — 38 304 — — 30 372 ITA Holdings Group, LLC Revolving loan 7,000 786 750 6,241 — — 23 7,014 First Lien - Term Loan 10,114 1,232 10,041 98 — — (25) 10,114 First Lien - Term Loan B 5,057 766 5,061 47 — — (40) 5,068 First Lien - PIK Note A 3,271 545 2,959 538 — — (242) 3,255 First Lien - PIK Note B 129 13 117 12 — — (1) 128 Warrants — — 3,199 — — — 847 4,046 9.25% Class A membership interest — — 3,063 — — — 1,285 4,348 Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Lighting Retrofit International, LLC (DBA Envocore) Revolving Loan — 34 — 833 (833) — — — First Lien 5,143 393 4,780 — (53) — 416 5,143 Second Lien 5,208 — 3,104 — — — 490 3,594 208,333.3333 Series A Preferred units — — — — — — — — 203,124.9999 Common units — — — — — — — — Outerbox, LLC Revolving Loan — 9 — (25) — — 25 — First Lien 14,625 982 — 14,429 — — 123 14,552 6,308.2584 Class A common units — — — 631 — — 142 773 Roseland Management, LLC Revolving Loan 575 81 575 2 — — (22) 555 First Lien 15,051 1,883 14,125 1,132 (145) — (588) 14,524 3,364 Class A-2 Units — — — 202 — — 492 694 1,100 Class A-1 units — — — 66 — — 95 161 16,084 Class A units — — 1,905 — — — (1,483) 422 SIMR, LLC First Lien — — 10,588 191 (13,081) (211) 2,513 — First Lien - Incremental — — — 191 (191) — — — 9,374,510.2 Class B Common Units — — — — — (6,107) 6,107 — 904,903.31 Class W Units — — — — — — — — Sonobi, Inc. 500,000 Class A Common units — — 2,960 — — — (1,211) 1,749 STATinMED, LLC First Lien 7,288 699 — 7,479 (191) — — 7,288 Delayed Draw Term Loan 122 6 — 121 — — 1 122 4,718.62 Class A Preferred Units — — — 4,838 — — (1,071) 3,767 39,097.96 Class B Preferred Units — — — 1,400 — — (1,400) — Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Student Resource Center LLC First Lien 8,889 195 — 8,727 — — (7) 8,720 10,502,487.46 Preferred units — — — 5,845 — — — 5,845 2,000,000 Preferred units — — — — — — — — Total Affiliate Investments $ 162,930 $ 14,859 $ 131,879 $ 99,235 $ (37,998) (10,625) $ 6,014 $ 188,505 Total Control & Affiliate Investments $ 162,930 $ 22,196 $ 189,482 $ 104,035 $ (37,998) $ (10,625) $ (5,133) $ 239,761 (1) The principal amount and ownership detail as shown in the Consolidated Schedules of Investments. (2) Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category. (5) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited. |
N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Cover [Abstract] | |||||||||||||||
Entity Central Index Key | 0000017313 | ||||||||||||||
Amendment Flag | false | ||||||||||||||
Securities Act File Number | 814-00061 | ||||||||||||||
Document Type | 10-K | ||||||||||||||
Entity Registrant Name | CAPITAL SOUTHWEST CORPORATION | ||||||||||||||
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 | ||||||||||||||
Entity Well-known Seasoned Issuer | No | ||||||||||||||
Entity Emerging Growth Company | false | ||||||||||||||
Fee Table [Abstract] | |||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Shareholder Transaction Expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses — % (3) Total shareholder transaction expenses (as a percentage of offering price) — % Annual Expenses (as a percentage of net assets attributable to common stock for the fiscal year ended March 31, 2023): Operating expenses 3.62 % (4) Interest payments on borrowed funds 7.54 % (5) Income tax provision 0.06 % (6) Acquired fund fees and expenses 1.52 % (7) Total annual expenses 12.74 % (1) In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load. (2) In the event that we conduct an offering of our securities, a corresponding prospectus supplement will disclose the estimated offering expenses. (3) The expenses of administering our dividend reinvestment plan (“DRIP”) are included in operating expenses. The DRIP does not allow shareholders to sell shares through the DRIP. If a shareholder wishes to sell shares they would be required to select a broker of their choice and pay any fees or other costs associated with the sale. (4) Operating expenses in this table represent the estimated annual operating expenses of CSWC and its consolidated subsidiaries based on actual operating expenses for the year ended March 31, 2023. We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board of Directors. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals including, without limitation, compensation expenses related to salaries, discretionary bonuses and restricted stock grants. (5) Interest payments on borrowed funds represents our estimated annual interest payments based on actual interest rate terms under our Credit Facility and our anticipated drawdowns from our Credit Facility, our actual interest rate terms under the SBA Debentures and our anticipated drawdowns of the SBA Debentures, the 4.50% Notes due 2026 (the "January 2026 Notes") and the 3.375% Notes due 2026 (the "October 2026 Notes"). As of March 31, 2023, we had $235.0 million outstanding under our Credit Facility, $120.0 million outstanding under the SBA Debentures, $140.0 million in aggregate principal of our January 2026 Notes outstanding and $150.0 million in aggregate principal of our October 2026 Notes outstanding. Any future issuances of debt securities will be made at the discretion of management and our board of directors after evaluating the investment opportunities and economic situation of the Company and the market as a whole. (6) Income tax provision relates to the accrual of (a) deferred and current tax provision (benefit) for U.S. federal income taxes and (b) excise, state and other taxes. Deferred taxes are non-cash in nature and may vary significantly from period to period. We are required to include deferred taxes in calculating our annual expenses even though deferred taxes are not currently payable or receivable. Income tax provision represents the estimated annual income tax expense of CSWC and its consolidated subsidiaries based on actual income tax expense for the year ended March 31, 2023. | ||||||||||||||
Sales Load [Percent] | 0% | ||||||||||||||
Other Transaction Expenses [Abstract] | |||||||||||||||
Other Transaction Expense 1 [Percent] | 0% | ||||||||||||||
Other Transaction Expense 2 [Percent] | 0% | ||||||||||||||
Annual Expenses [Table Text Block] | Shareholder Transaction Expenses: Sales load (as a percentage of offering price) — % (1) Offering expenses (as a percentage of offering price) — % (2) Dividend reinvestment plan expenses — % (3) Total shareholder transaction expenses (as a percentage of offering price) — % Annual Expenses (as a percentage of net assets attributable to common stock for the fiscal year ended March 31, 2023): Operating expenses 3.62 % (4) Interest payments on borrowed funds 7.54 % (5) Income tax provision 0.06 % (6) Acquired fund fees and expenses 1.52 % (7) Total annual expenses 12.74 % (1) In the event that our securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the applicable sales load. (2) In the event that we conduct an offering of our securities, a corresponding prospectus supplement will disclose the estimated offering expenses. (3) The expenses of administering our dividend reinvestment plan (“DRIP”) are included in operating expenses. The DRIP does not allow shareholders to sell shares through the DRIP. If a shareholder wishes to sell shares they would be required to select a broker of their choice and pay any fees or other costs associated with the sale. (4) Operating expenses in this table represent the estimated annual operating expenses of CSWC and its consolidated subsidiaries based on actual operating expenses for the year ended March 31, 2023. We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board of Directors. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals including, without limitation, compensation expenses related to salaries, discretionary bonuses and restricted stock grants. (5) Interest payments on borrowed funds represents our estimated annual interest payments based on actual interest rate terms under our Credit Facility and our anticipated drawdowns from our Credit Facility, our actual interest rate terms under the SBA Debentures and our anticipated drawdowns of the SBA Debentures, the 4.50% Notes due 2026 (the "January 2026 Notes") and the 3.375% Notes due 2026 (the "October 2026 Notes"). As of March 31, 2023, we had $235.0 million outstanding under our Credit Facility, $120.0 million outstanding under the SBA Debentures, $140.0 million in aggregate principal of our January 2026 Notes outstanding and $150.0 million in aggregate principal of our October 2026 Notes outstanding. Any future issuances of debt securities will be made at the discretion of management and our board of directors after evaluating the investment opportunities and economic situation of the Company and the market as a whole. (6) Income tax provision relates to the accrual of (a) deferred and current tax provision (benefit) for U.S. federal income taxes and (b) excise, state and other taxes. Deferred taxes are non-cash in nature and may vary significantly from period to period. We are required to include deferred taxes in calculating our annual expenses even though deferred taxes are not currently payable or receivable. Income tax provision represents the estimated annual income tax expense of CSWC and its consolidated subsidiaries based on actual income tax expense for the year ended March 31, 2023. | ||||||||||||||
Interest Expenses on Borrowings [Percent] | 7.54% | ||||||||||||||
Acquired Fund Fees and Expenses [Percent] | 1.52% | ||||||||||||||
Other Annual Expenses [Abstract] | |||||||||||||||
Other Annual Expense 1 [Percent] | 3.62% | ||||||||||||||
Other Annual Expense 2 [Percent] | 0.06% | ||||||||||||||
Total Annual Expenses [Percent] | 12.74% | ||||||||||||||
Expense Example [Table Text Block] | The following example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming 5.0% annual return $ 127 $ 353 $ 545 $ 910 The example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses may be greater or less than those shown. While the example assumes, as required by the SEC, a 5.0% annual return, our performance will vary and may result in a return greater or less than 5.0%. In addition, while | ||||||||||||||
Expense Example, Year 01 | $ 127 | ||||||||||||||
Expense Example, Years 1 to 3 | 353 | ||||||||||||||
Expense Example, Years 1 to 5 | 545 | ||||||||||||||
Expense Example, Years 1 to 10 | $ 910 | ||||||||||||||
Purpose of Fee Table , Note [Text Block] | The following table is intended to assist you in understanding the costs and expenses you will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever there is a reference to fees or expenses paid by “you,” “us” or “CSWC,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as investors in us. | ||||||||||||||
Other Transaction Fees, Note [Text Block] | In the event that we conduct an offering of our securities, a corresponding prospectus supplement will disclose the estimated offering expenses. | ||||||||||||||
Other Expenses, Note [Text Block] | Operating expenses in this table represent the estimated annual operating expenses of CSWC and its consolidated subsidiaries based on actual operating expenses for the year ended March 31, 2023. We do not have an investment adviser and are internally managed by our executive officers under the supervision of our Board of Directors. As a result, we do not pay investment advisory fees, but instead we pay the operating costs associated with employing investment management professionals including, without limitation, compensation expenses related to salaries, discretionary bonuses and restricted stock grants. Income tax provision relates to the accrual of (a) deferred and current tax provision (benefit) for U.S. federal income taxes and (b) excise, state and other taxes. Deferred taxes are non-cash in nature and may vary significantly from period to period. We are required to include deferred taxes in calculating our annual expenses even though deferred taxes are not currently payable or receivable. Income tax provision represents the estimated annual income tax expense of CSWC and its consolidated subsidiaries based on actual income tax expense for the year ended March 31, 2023. | ||||||||||||||
Acquired Fund Fees and Expenses, Note [Text Block] | Acquired fund fees and expenses represent the estimated indirect expense incurred due to our investment in I-45 SLF LLC, a joint venture with Main Street Capital Corporation, based upon the actual amount incurred for the fiscal year ended March 31, 2023. | ||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities [Table Text Block] | Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) (dollars in thousands) Credit Facility 2023 $ 235,000 2.35 — N/A 2022 205,000 1.93 — N/A 2021 120,000 1.87 — N/A 2020 154,000 1.89 — N/A 2019 141,000 2.49 — N/A 2018 40,000 4.16 — N/A 2017 25,000 12.40 — N/A December 2022 Notes 2023 $ — — — N/A 2022 — — — N/A 2021 — — — N/A 2020 77,136 1.89 — 22.01 2019 77,136 2.49 — 25.50 2018 57,500 4.16 — 25.40 2017 — — — N/A October 2024 Notes 2023 $ — — — N/A 2022 — — — N/A 2021 125,000 1.87 — N/A 2020 75,000 1.89 — N/A 2019 — — — N/A 2018 — — — N/A 2017 — — — N/A January 2026 Notes 2023 $ 140,000 2.35 — N/A 2022 140,000 1.93 — N/A 2021 140,000 1.87 — N/A 2020 — — — N/A 2019 — — — N/A 2018 — — — N/A 2017 — — — N/A October 2026 Notes 2023 $ 150,000 2.35 — N/A 2022 150,000 1.93 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. On August 11, 2021, we received an exemptive order from the SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of CSWC from the definition of senior securities in the asset coverage requirement applicable to CSWC under the 1940 Act. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information which the SEC expressly does not required to be disclosed for certain types of senior securities. (4) Average market value per unit for our Credit Facility, October 2024 Notes, January 2026 Notes and October 2026 Notes is not applicable because these are not registered for public trading. | ||||||||||||||
Senior Securities, Note [Text Block] | SENIOR SECURITIES Information about our senior securities is shown in the following table for the years ended March 31, 2023, 2022, 2021 2020, 2019, 2018 and 2017. The report of RSM US LLP, our independent registered public accountants for the fiscal years ended March 31, 2023, 2022, 2021 2020, 2019, and 2018, on the senior securities table as of March 31, 2023, 2022, 2021 2020, 2019, and 2018 is attached as an exhibit to this Annual Report on Form 10-K. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) (dollars in thousands) Credit Facility 2023 $ 235,000 2.35 — N/A 2022 205,000 1.93 — N/A 2021 120,000 1.87 — N/A 2020 154,000 1.89 — N/A 2019 141,000 2.49 — N/A 2018 40,000 4.16 — N/A 2017 25,000 12.40 — N/A December 2022 Notes 2023 $ — — — N/A 2022 — — — N/A 2021 — — — N/A 2020 77,136 1.89 — 22.01 2019 77,136 2.49 — 25.50 2018 57,500 4.16 — 25.40 2017 — — — N/A October 2024 Notes 2023 $ — — — N/A 2022 — — — N/A 2021 125,000 1.87 — N/A 2020 75,000 1.89 — N/A 2019 — — — N/A 2018 — — — N/A 2017 — — — N/A January 2026 Notes 2023 $ 140,000 2.35 — N/A 2022 140,000 1.93 — N/A 2021 140,000 1.87 — N/A 2020 — — — N/A 2019 — — — N/A 2018 — — — N/A 2017 — — — N/A October 2026 Notes 2023 $ 150,000 2.35 — N/A 2022 150,000 1.93 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. On August 11, 2021, we received an exemptive order from the SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of CSWC from the definition of senior securities in the asset coverage requirement applicable to CSWC under the 1940 Act. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information which the SEC expressly does not required to be disclosed for certain types of senior securities. (4) Average market value per unit for our Credit Facility, October 2024 Notes, January 2026 Notes and October 2026 Notes is not applicable because these are not registered for public trading. | ||||||||||||||
Senior Securities Averaging Method, Note [Text Block] | Average market value per unit for our Credit Facility, October 2024 Notes, January 2026 Notes and October 2026 Notes is not applicable because these are not registered for public trading. | ||||||||||||||
Senior Securities Headings, Note [Text Block] | Total amount of each class of senior securities outstanding at the end of the period presented.Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. On August 11, 2021, we received an exemptive order from the SEC to permit us to exclude the senior securities issued by SBIC I or any future SBIC subsidiary of CSWC from the definition of senior securities in the asset coverage requirement applicable to CSWC under the 1940 Act.The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information which the SEC expressly does not required to be disclosed for certain types of senior securities.Average market value per unit for our Credit Facility, October 2024 Notes, January 2026 Notes and October 2026 Notes is not applicable because these are not registered for public trading. | ||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Investment Objectives and Practices [Text Block] | INVESTMENT CRITERIA AND OBJECTIVES Our investment team has identified the following investment criteria that we believe are important in evaluating prospective investment opportunities. However, not all of these criteria have been or will be met in connection with each of our investments: • Positive and Sustainable Cash Flow : We generally seek to invest in established companies with sound historical financial performance. • Excellent Management : Management teams with a proven record of achievement, exceptional ability, unyielding determination and integrity. We believe management teams with these attributes are more likely to manage the companies in a manner that protects and enhances value. • Competitive Advantages in Markets: We primarily focus on companies having competitive advantages in their respective markets and/or operating in industries with barriers to entry, which may help protect their market position. • Strong Private Equity Sponsors: We focus on developing relationships with leading private equity firms in order to partner with these firms and provide them capital to support the acquisition and growth of their portfolio companies. • Appropriate Risk-Adjusted Returns: We focus on and price opportunities to generate returns that are attractive on a risk-adjusted basis, taking into consideration factors in addition to the ones depicted above, including credit structure, leverage levels and the general volatility and potential volatility of cash flows. We have an investment committee that is responsible for all aspects of our investment process relating to investments made by us. The current members of the investment committee are Bowen Diehl, Chief Executive Officer; Michael Sarner, Chief Financial Officer; Josh Weinstein, Senior Managing Director; and Ramona Rogers-Windsor, a member of the Board of Directors and a non-voting, observer of the investment committee. Investment Process Our investment strategy involves a team approach, whereby our investment team screens potential transactions before they are presented to the investment committee for approval. Transactions that are either above a certain hold size or outside our general investment policy will also be reviewed and approved by the Board of Directors. Our investment team generally categorizes the investment process into six distinctive stages: • Deal Generation/Origination : Deal generation and origination is maximized through long-standing and extensive relationships with private equity firms, leveraged loan syndication desks, brokers, commercial and investment bankers, entrepreneurs, service providers such as lawyers and accountants, and current and former portfolio companies and investors. • Screening : Once it is determined that a potential investment has met our investment criteria, we will screen the investment by performing preliminary due diligence, which could include discussions with the private equity firm, management team, loan syndication desk, etc. Upon successful screening of the proposed investment, the investment team makes a recommendation to move forward and prepares an initial screening memo for our investment committee. We then issue either a non-binding term sheet (in the case of a directly originated transaction), or submit an order to the loan syndication desk (in the case of a large-market syndicated loan transaction). • Term Sheet : In a directly originated transaction, the non-binding term sheet will typically include the key economic terms of our investment proposal, along with exclusivity, confidentiality, and expense reimbursement provisions, as well as other terms relevant to the particular investment. Upon acceptance of the term sheet, we will begin our formal due diligence process. In a syndicated loan transaction, rather than a formal term sheet, we will submit an order for an allocation to the syndicated loan desk. • Due Diligence : Due diligence is performed under the direction of our senior investment professionals, and involves our entire investment team as well as certain external resources who together perform due diligence to understand the relationships among the prospective portfolio company’s business plan, operations, financial performance, and legal risks. On our directly originated transactions, our due diligence often will include (1) conducting site visits with management and key personnel; (2) performing a detailed review of historical and projected financial statements, often with a third-party accounting firm, to evaluate the target company’s normalized cash flow; (3) creating our own detailed modeling projections, including a downside case which attempts to project how the business would perform in a recession based on past operating history of either the company or the industry; (4) interviewing key customers and suppliers; (5) evaluating company management, including a formal background check; (6) reviewing material contracts; (7) conducting an industry, market and strategy analysis; and (8) obtaining a review by legal, environmental or other consultants. In instances where a financial sponsor is investing in the equity in a transaction, we will leverage work done by the financial sponsor for purposes of our due diligence. In syndicated loan transactions, our due diligence may exclude direct customer and supplier interviews, and will consist of a detailed review of reports from the financial sponsor or syndication agent for industry and market analysis and legal and environmental diligence. • Document and Close : Upon completion of a satisfactory due diligence review, our investment team presents its written findings to the investment committee. For transactions that are either over a certain hold size or outside our general investment policy, the investment team will present the transaction to our Board of Directors for approval. Upon approval of the investment, we re-confirm our regulatory company compliance, process and finalize all required legal documents and fund the investment. • Post-Investment : We continuously monitor the status and progress of our portfolio companies, as well as our investment thesis developed at the time of investment. We offer managerial assistance to our portfolio companies and provide them access to our investment experience, direct industry expertise and contacts. The same investment team leader that was involved in the investment process will continue to be involved in the portfolio company post-investment. This approach provides continuity of knowledge and allows the investment team to maintain a strong business relationship with the financial sponsor, business owner and key management of our portfolio companies. As part of the monitoring process, members of our investment team will analyze monthly, quarterly and annual financial statements against previous periods, review financial projections, meet with the financial sponsor and management (when necessary), attend board meetings (when appropriate) and review all compliance certificates and covenants. Our investment team generally meets once each quarter with senior management to review the performance of our portfolio companies. We utilize an internally developed investment rating system to rate the performance of and monitor the expected level of returns for each debt investment in our portfolio. The investment rating system takes into account both quantitative and qualitative factors of the portfolio company and the investments held therein, including each investment’s expected level of returns and the collectability of our debt investments, comparisons to competitors and other industry participants and the portfolio company’s future outlook. The ratings are not intended to reflect the performance or expected level of returns of our equity investments. • Investment Rating 1 represents the least amount of risk in our portfolio. The investment is performing materially above underwriting expectations and the trends and risk factors are generally favorable. The investment generally has a higher probability of being prepaid in part or in full. • Investment Rating 2 indicates the investment is performing as expected at the time of underwriting and the trends and risk factors are generally favorable to neutral. All new loans are initially rated 2. • Investment Rating 3 involves an investment performing below underwriting expectations and the trends and risk factors are generally neutral to negative. The investment may be out of compliance with financial covenants and interest payments may be impaired, however principal payments are generally not past due. | ||||||||||||||
Risk Factors [Table Text Block] | Risk Factors Investing in our securities involves a number of significant risks. In addition to other information contained in this Annual Report on Form 10-K, investors should consider the following information before making an investment in our securities. The risks and uncertainties described below could materially adversely affect our business, financial conditions and results of operations. The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, also may impair our operations and performance. If any of the following risks, or risks not presently known to us, actually occur, the trading price of our securities could decline, and you may lose all or part of your investment. The following is a summary of the principal risk factors associated with an investment in us. Further details regarding each risk included in the below summary list can be found further below. • Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital. • Our business model depends to a significant extent upon strong referral relationships. Our inability to maintain or develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business. • All of our assets are subject to security interests under our secured Credit Facility and if we default on our obligations under the Credit Facility, we may suffer adverse consequences, including foreclosure on our assets. • In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants, that, if not complied with, could accelerate our repayment obligations under the Credit Facility—thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. • Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. • A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility. • We will become subject to U.S. federal income tax at corporate rates if we are unable to maintain our qualification as a regulated investment company under Subchapter M of the Code or satisfy regulated investment company distribution requirements. • Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith and under the direction of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments. • We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. • We operate in a highly competitive market for investment opportunities. • Our success depends on attracting and retaining qualified personnel in a competitive environment. • Our investments in portfolio companies involve a number of significant risks. • SBIC I has an SBIC license and is subject to SBA regulations, and any failure to comply with SBA regulations could have an adverse effect on our operations. • Rising credit spreads could affect the value of our investments, and rising interest rates make it more difficult for portfolio companies to make periodic payments on their loans. • The lack of liquidity in our investments may adversely affect our business. • Defaults by our portfolio companies could harm our operating results. • We generally will not control our portfolio companies. • Investing in shares of our common stock may involve an above average degree of risk. • Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV. • The January 2026 Notes and the October 2026 Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Credit Facility. • We may not be able to repurchase the January 2026 Notes and the October 2026 Notes upon a Change of Control Repurchase Event. • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the January 2026 Notes and the October 2026 Notes. RISKS RELATED TO OUR BUSINESS AND STRUCTURE Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital. Our ability to achieve our investment objective of maximizing risk-adjusted returns to shareholders depends on our ability to effectively allocate and manage capital. Capital allocation depends in part upon our investment team’s ability to identify, evaluate, invest in and monitor companies that meet our investment criteria. Accomplishing our investment objectives is largely a function of our investment team’s management of the investment process and our access to investments offering attractive risk adjusted returns. In addition, members of our investment team may be called upon, from time to time, to provide managerial assistance to some of our portfolio companies. The results of our operations depend on many factors, including the availability of opportunities for investment, readily accessible short- and long-term funding alternatives in the financial markets and economic conditions. Our ability to make new investments at attractive relative returns is also a function of our marketing and our management of the investment process, as well as conditions in the private credit markets in which we invest. If we fail to invest our capital effectively, our return on equity may be negatively impacted, which could have a material adverse effect on the price of the shares of our common stock. Any unrealized losses we experience may be an indication of future realized losses, which could reduce our income available to make distributions. As a BDC, we are required to carry our investments at market value or, if no market quotation is readily available, at fair value as determined in good faith by our Valuation Committee pursuant to a valuation methodology approved by our Board of Directors. Decreases in the market values or fair values of our investments will be recorded as unrealized losses. An unrealized loss could be an indication of a portfolio company’s inability to generate cash flow or meet its repayment obligations. This could result in realized losses in the future and ultimately in reductions of our income available to pay dividends or interest and principal on our securities and could have a material adverse effect on your investment. Our business model depends to a significant extent upon strong referral relationships. Our inability to develop or maintain these relationships, as well as the potential failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that members of our management team will maintain their relationships with financial sponsors, intermediaries, financial institutions, investment bankers, commercial bankers, financial advisors, attorneys, accountants, consultants and other individuals within our network, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If our management team fails to maintain its existing relationships or develop new relationships with sources of investment opportunities, we will not be able to effectively invest our capital. Individuals with whom members of our management team have relationships are not obligated to provide us with investment opportunities; therefore, there is no assurance that these relationships will generate investment opportunities for us. All of our assets are subject to security interests under our secured Credit Facility and if we default on our obligations under the Credit Facility, we may suffer adverse consequences, including foreclosure on our assets. All of our assets are currently pledged as collateral under our Credit Facility. If we default on our obligations under the Credit Facility, the lenders party thereto may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and prices we would not consider advantageous. Moreover, such deleveraging of the Company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the dividends that we have historically paid to our shareholders. In addition, if the lenders exercise their right to sell the assets pledged under our Credit Facility, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Credit Facility. These distressed prices could be materially below our most recent valuation of each security, which could have a significantly negative effect on NAV. In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants, that, if not complied with, could accelerate our repayment obligations under the Credit Facility—thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. We will have a continuing need for capital to finance our investments. As of March 31, 2023, the Credit Facility provides us with a revolving credit line of up to $400.0 million of which $235.0 million was drawn. The Credit Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, minimum consolidated net worth, minimum consolidated interest coverage ratio, minimum asset coverage, and maintenance of RIC tax treatment and BDC status. The Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenants, bankruptcy, and change of control. The Credit Facility permits us to fund additional loans and investments as long as we are within the conditions set out in the Credit Facility. Our continued compliance with these covenants depends on many factors, some of which are beyond our control, and there are no assurances that we will continue to comply with these covenants. If we breach a covenant under the terms of the Credit Facility and seek a waiver, we may not be able to obtain a waiver from the required lenders. Our failure to satisfy these covenants could result in foreclosure by our lenders, which would accelerate our repayment obligations under the Credit Facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations, and ability to pay distributions to our shareholders. Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. Borrowings to fund investments, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. We may borrow from banks and other lenders, including under our Credit Facility, and may issue debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Use of leverage is generally considered a speculative investment technique. As of March 31, 2023, we had $235.0 million debt outstanding out of $400 million of total commitments under our Credit Facility. Borrowings under the Credit Facility bear interest, on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.15% with no LIBOR floor. We pay 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 is secured by substantially all of our assets. If we are unable to meet our financial obligations under the Credit Facility, the lenders under the Credit Facility may exercise their remedies under the Credit Facility as the result of a default by us. As of March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million. 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. As of March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million. 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 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms by borrowing from banks or insurance companies or by issuing debt securities and there can be no assurance that such additional leverage can in fact be achieved. Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common shareholder (2) (27.20)% (16.55)% (5.90)% 4.75% 15.40% (1) Assumes $1,257.7 million in total assets, $645.0 million in debt principal outstanding, $590.4 million in net assets and a weighted-average interest rate of 5.27% on our indebtedness based on our financial data available on March 31, 2023. Actual interest payments may be different. (2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our March 31, 2023 total assets of at least 2.77%. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy. As a BDC, we are not permitted to acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. As of March 31, 2023, 86.1% of our total assets consisted of qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if those investments are not qualifying assets for purposes of the 1940 Act. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies, or we could be required to dispose of investments at inopportune or inappropriate times to comply with the 1940 Act (which could result in the dilution of our position). If we need to dispose of investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes could have a material adverse effect on our business, financial condition, results of operations, and cash flows. A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility. If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations. We will become subject to U.S. federal income tax at corporate rates if we are unable to maintain our qualification as a regulated investment company under Subchapter M of the Code or satisfy regulated investment company distribution requirements . We have elected, and intend to qualify annually, to be treated as a RIC under Subchapter M of the Code. No assurance can be given that we will be able to maintain our qualification as a RIC. To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements: • The annual distribution requirement for a RIC is generally satisfied if we timely distribute to our shareholders on an annual basis at least 90% of our net ordinary income and realized short-term capital gains in excess of realized net long-term capital losses. We will be subject to U.S. federal income tax, and possibly a 4% U.S. federal excise tax, on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements. • The source of income requirement is satisfied if we obtain at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code), or the 90% Income Test. • The asset diversification requirement is satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. Government securities, securities of other RICs, and 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 (which for these purposes includes the equity securities of a “qualified publicly traded partnership”). In addition, no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S Government securities or securities of other RICs, of one issuer; (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses; or (iii) the securities of one or more “qualified publicly traded partnerships,” or the Diversification Tests. Failure to meet these requirements may result in us having to dispose of certain unqualified investments quickly in order to prevent the loss of RIC tax treatment. If we fail to maintain RIC tax treatment for any reason and are subject to U.S. federal income tax, the resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. In addition, to the extent we have unrealized gains, we would have to establish deferred tax liabilities, which would reduce our NAV accordingly. In addition, our shareholders would lose the tax credit realized when we, as a RIC, decide to retain the net realized capital gain and make deemed distributions of net realized capital gains, and pay taxes on behalf of our shareholders at the end of the tax year. The loss of this pass-through tax treatment could have a material adverse effect on the total return of an investment in our common stock. Even if the Company qualifies as a regulated investment company, it may face tax liabilities that reduce its cash flow. If we qualify for taxation as a RIC under the Code, we generally will not be subject to U.S. federal income tax on income that we timely distribute to our shareholders as dividends. Income derived through the Taxable Subsidiary will be subject to U.S. federal income tax at corporate rates without regard to the Annual Distribution Requirement. Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market quotation, at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. Typically, there is not a public market for the securities of the privately held companies in which we have invested and will continue to invest. As a result, the Valuation Committee values these securities quarterly at fair value based on inputs from our investment team and our third-party valuation firms, subject to the oversight of our Board of Directors. The determination of fair value and, consequently, the amount of unrealized gains and losses in our portfolio are, to a certain degree, subjective and dependent on our valuation process. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because of the inherent uncertainty of the valuation of portfolio securities that do not have readily available market quotations, our fair value determinations may differ materially from the values a third party would be willing to pay for our portfolio securities or the values that would be applicable to unrestricted securities having a public market. Due to this uncertainty, our fair value determinations may cause our NAV on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our common stock based on an overstated NAV may pay a higher price than the value of our investments might warrant. Conversely, investors selling shares during a period in which the NAV understates the value of our investments may receive a lower price for their shares than the value of our investments might warrant. We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in December 2019 and the conflict between Russia and Ukraine that began in late February 2022 (see "Terrorist attacks, acts of war or natural disasters may affect any market for our common stock, impact the business in which we invest and harm our business, operating results and financial condition" for more information). Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The economic conditions caused by the COVID-19 pandemic could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets (in particular for middle-market loans), the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following, among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility and liquidity issues. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow and could also have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. Past economic downturns or recessions have had a significant negative impact on the operating performance and fair value of middle market companies. For example, between 2008 and 2009, the U.S. and global capital markets were unstable, as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our shareholders and our directors who are not "interested persons" (as such term is used under Section 2(a)(19) of the 1940 Act) of the Company, or independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. If the current market conditions (which are similar to those experienced from 2008 through 2009) continue for any substantial length of time, it could make it difficult to refinance or extend the maturity of our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Government authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. We also face an increased risk of investor, creditor or portfolio company disputes, litigation, and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions. Events outside of our control, such as the COVID-19 pandemic, could negatively affect our portfolio companies and our results of our operations and financial condition. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected—and could continue to adversely affect—operating results for us and for our portfolio companies. For example, the COVID-19 pandemic has led to, and for an unknown period of time will continue to lead to, disruptions in local, regional, national and global markets and the economies affected thereby, including the United States. With respect to U.S. and global credit markets | ||||||||||||||
Effects of Leverage [Table Text Block] | Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common shareholder (2) (27.20)% (16.55)% (5.90)% 4.75% 15.40% (1) Assumes $1,257.7 million in total assets, $645.0 million in debt principal outstanding, $590.4 million in net assets and a weighted-average interest rate of 5.27% on our indebtedness based on our financial data available on March 31, 2023. Actual interest payments may be different. (2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our March 31, 2023 total assets of at least 2.77%. | ||||||||||||||
Return at Minus Ten [Percent] | (27.20%) | ||||||||||||||
Return at Minus Five [Percent] | (16.55%) | ||||||||||||||
Return at Zero [Percent] | (5.90%) | ||||||||||||||
Return at Plus Five [Percent] | 4.75% | ||||||||||||||
Return at Plus Ten [Percent] | 15.40% | ||||||||||||||
Effects of Leverage, Purpose [Text Block] | Borrowings to fund investments, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. We may borrow from banks and other lenders, including under our Credit Facility, and may issue debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Use of leverage is generally considered a speculative investment technique. | ||||||||||||||
Share Price [Table Text Block] | Our common stock is traded on the Nasdaq Global Select Market under the symbol “CSWC.” The following table sets forth, for each fiscal quarter within the two most recent fiscal years and the current fiscal year to date, the range of high and low selling prices of our common stock as reported on the Nasdaq Global Select Market, as applicable, and the sales price as a percentage of the NAV per share of our common stock. Price Range NAV (1) High Low Premium (Discount) of High Sales Price to NAV (2) Premium (Discount) of Low Sales Price to NAV (2) Year ending March 31, 2024 First Quarter (through May 19, 2023) * $ 18.67 $ 17.22 * * Year ended March 31, 2023 Fourth Quarter $ 16.37 $ 20.20 $ 16.34 23.40 % (0.18) % Third Quarter 16.25 19.72 16.28 21.36 0.18 Second Quarter 16.53 21.23 16.70 28.43 1.03 First Quarter 16.54 24.40 17.79 47.52 7.56 Year ended March 31, 2022 Fourth Quarter $ 16.86 $ 26.61 $ 22.78 57.83 % 35.11 % Third Quarter 16.19 28.41 23.75 75.48 46.70 Second Quarter 16.36 28.33 23.28 73.17 42.30 First Quarter 16.58 28.10 22.16 69.48 33.66 (1) NAV per share, is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) Calculated as the respective high or low share price divided by NAV and subtracting 1. * Not determinable at the time of filing. | ||||||||||||||
Lowest Price or Bid | $ 16.34 | $ 16.28 | $ 16.70 | $ 17.79 | $ 22.78 | $ 23.75 | $ 23.28 | $ 22.16 | |||||||
Highest Price or Bid | $ 20.20 | $ 19.72 | $ 21.23 | $ 24.40 | $ 26.61 | $ 28.41 | $ 28.33 | $ 28.10 | |||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 23.40% | 21.36% | 28.43% | 47.52% | 57.83% | 75.48% | 73.17% | 69.48% | |||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (0.18%) | 0.18% | 1.03% | 7.56% | 35.11% | 46.70% | 42.30% | 33.66% | |||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||
Long Term Debt [Table Text Block] | Financing Transactions In accordance with the 1940 Act, 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 March 31, 2023, the Company’s asset coverage was 235%. Credit Facility In August 2016, CSWC entered into a senior secured credit facility (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 (as amended or otherwise modified from time to time, 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. 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. 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. On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants. 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 Agreement 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 Agreement, 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 March 31, 2023, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I. At March 31, 2023, CSWC had $235.0 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 $13.2 million, $6.2 million and $6.8 million for the years ended March 31, 2023, 2022 and 2021, respectively. The weighted average interest rate on the Credit Facility was 5.22% and 2.50% for the years ended March 31, 2023 and 2022, respectively. Average borrowings for the years ended March 31, 2023 and 2022 were $213.7 million and $173.5 million, respectively. As of March 31, 2023 and 2022, CSWC was in compliance with all financial covenants under the Credit Agreement. 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 the October 2024 Notes 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 $125.0 million 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. The Company did not recognize any interest expense related to the October 2024 Notes for the year ended March 31, 2023. For the years ended March 31, 2022 and 2021, the Company recognized interest expense related to the October 2024 Notes, including amortization of deferred issuance costs, of $3.6 million and $6.3 million, respectively. From April 1, 2021 through September 24, 2021 (the redemption date of the October 2024 Notes), average borrowings were $125.0 million. 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 March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of March 31, 2023, the fair value of the January 2026 Notes was $122.8 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 $6.6 million, $6.7 million and $1.2 million for the years ended March 31, 2023, 2022 and 2021, respectively. For each of the years ended March 31, 2023 and 2022, 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 March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of March 31, 2023, the fair value of the October 2026 Notes was $132.2 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 $5.8 million and $3.1 million for the years ended March 31, 2023, respectively. For the year ended March 31, 2023, average borrowings were $150.0 million. Since the issuance of the October 2026 Notes on August 27, 2021 through March 31, 2022, average borrowings were $132.9 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. On November 22, 2022, SBIC I received an additional leverage commitment in the amount of $50.0 million to be issued on or prior to September 30, 2027. As of March 31, 2023, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of March 31, 2023, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $10.0 million remains unused. 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 March 31, 2023, the carrying amount of SBA Debentures was $116.3 million on an aggregate principal amount of $120.0 million. As of March 31, 2023, the fair value of the SBA Debentures was $115.8 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 820. The Company recognized interest expense and fees related to SBA Debentures of $3.2 million and $0.3 million for the years ended March 31, 2023 and 2022, respectively. The weighted average interest rate on the SBA Debentures was 3.38% and 1.30% for the years ended March 31, 2023 and 2022, respectively. For the years ended March 31, 2023 and 2022, average borrowings were $82.6 million and $17.0 million, respectively. As of March 31, 2023, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate March 31, 2023 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 4.435% 40,000 3/22/2023 3/1/2033 5.215% 40,000 $ 120,000 | ||||||||||||||
Effective Allocation And Management Of Capital Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital. Our ability to achieve our investment objective of maximizing risk-adjusted returns to shareholders depends on our ability to effectively allocate and manage capital. Capital allocation depends in part upon our investment team’s ability to identify, evaluate, invest in and monitor companies that meet our investment criteria. Accomplishing our investment objectives is largely a function of our investment team’s management of the investment process and our access to investments offering attractive risk adjusted returns. In addition, members of our investment team may be called upon, from time to time, to provide managerial assistance to some of our portfolio companies. The results of our operations depend on many factors, including the availability of opportunities for investment, readily accessible short- and long-term funding alternatives in the financial markets and economic conditions. Our ability to make new investments at attractive relative returns is also a function of our marketing and our management of the investment process, as well as conditions in the private credit markets in which we invest. If we fail to invest our capital effectively, our return on equity may be negatively impacted, which could have a material adverse effect on the price of the shares of our common stock. | ||||||||||||||
Future Realized Losses Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Any unrealized losses we experience may be an indication of future realized losses, which could reduce our income available to make distributions. As a BDC, we are required to carry our investments at market value or, if no market quotation is readily available, at fair value as determined in good faith by our Valuation Committee pursuant to a valuation methodology approved by our Board of Directors. Decreases in the market values or fair values of our investments will be recorded as unrealized losses. An unrealized loss could be an indication of a portfolio company’s inability to generate cash flow or meet its repayment obligations. This could result in realized losses in the future and ultimately in reductions of our income available to pay dividends or interest and principal on our securities and could have a material adverse effect on your investment. | ||||||||||||||
Referral Relationship Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our business model depends to a significant extent upon strong referral relationships. Our inability to develop or maintain these relationships, as well as the potential failure of these relationships to generate investment opportunities, could adversely affect our business. | ||||||||||||||
Credit Facility Default Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | All of our assets are subject to security interests under our secured Credit Facility and if we default on our obligations under the Credit Facility, we may suffer adverse consequences, including foreclosure on our assets. All of our assets are currently pledged as collateral under our Credit Facility. If we default on our obligations under the Credit Facility, the lenders party thereto may have the right to foreclose upon and sell, or otherwise transfer, the collateral | ||||||||||||||
Debt Obligation Covenants Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants, that, if not complied with, could accelerate our repayment obligations under the Credit Facility—thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. We will have a continuing need for capital to finance our investments. As of March 31, 2023, the Credit Facility provides us with a revolving credit line of up to $400.0 million of which $235.0 million was drawn. The Credit Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, minimum consolidated net worth, minimum consolidated interest coverage ratio, minimum asset coverage, and maintenance of RIC tax treatment and BDC status. The Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenants, bankruptcy, and change of control. The Credit Facility permits us to fund additional loans and investments as long as we are within the conditions set out in the Credit Facility. Our continued compliance with these covenants depends on many factors, some of which are beyond our control, and there are no assurances that we will continue to comply with these covenants. If we breach a covenant under the terms of the Credit Facility and seek a waiver, we may not be able to obtain a waiver from the required lenders. Our failure to satisfy these covenants could result in foreclosure by our lenders, which would accelerate our repayment obligations under the Credit Facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations, and ability to pay distributions to our shareholders. | ||||||||||||||
Leverage Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. Borrowings to fund investments, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. We may borrow from banks and other lenders, including under our Credit Facility, and may issue debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Use of leverage is generally considered a speculative investment technique. As of March 31, 2023, we had $235.0 million debt outstanding out of $400 million of total commitments under our Credit Facility. Borrowings under the Credit Facility bear interest, on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.15% with no LIBOR floor. We pay 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 is secured by substantially all of our assets. If we are unable to meet our financial obligations under the Credit Facility, the lenders under the Credit Facility may exercise their remedies under the Credit Facility as the result of a default by us. As of March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million. 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. As of March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million. 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 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms by borrowing from banks or insurance companies or by issuing debt securities and there can be no assurance that such additional leverage can in fact be achieved. Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. | ||||||||||||||
Qualifying Assets Failure To Qualify Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy. As a BDC, we are not permitted to acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. As of March 31, 2023, 86.1% of our total assets consisted of qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if those investments are not qualifying assets for purposes of the 1940 Act. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies, or we could be required to dispose of investments at inopportune or inappropriate times to comply with the 1940 Act (which could result in the dilution of our position). If we need to dispose of investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes could have a material adverse effect on our business, financial condition, results of operations, and cash flows. | ||||||||||||||
Operating Flexibility Failure To Qualify Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility. If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations. | ||||||||||||||
Tax Qualification Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We will become subject to U.S. federal income tax at corporate rates if we are unable to maintain our qualification as a regulated investment company under Subchapter M of the Code or satisfy regulated investment company distribution requirements . We have elected, and intend to qualify annually, to be treated as a RIC under Subchapter M of the Code. No assurance can be given that we will be able to maintain our qualification as a RIC. To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements: • The annual distribution requirement for a RIC is generally satisfied if we timely distribute to our shareholders on an annual basis at least 90% of our net ordinary income and realized short-term capital gains in excess of realized net long-term capital losses. We will be subject to U.S. federal income tax, and possibly a 4% U.S. federal excise tax, on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements. • The source of income requirement is satisfied if we obtain at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code), or the 90% Income Test. • The asset diversification requirement is satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. Government securities, securities of other RICs, and 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 (which for these purposes includes the equity securities of a “qualified publicly traded partnership”). In addition, no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S Government securities or securities of other RICs, of one issuer; (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses; or (iii) the securities of one or more “qualified publicly traded partnerships,” or the Diversification Tests. Failure to meet these requirements may result in us having to dispose of certain unqualified investments quickly in order to prevent the loss of RIC tax treatment. If we fail to maintain RIC tax treatment for any reason and are subject to U.S. federal income tax, the resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. In addition, to the extent we have unrealized gains, we would have to establish deferred tax liabilities, which would reduce our NAV accordingly. In addition, our shareholders would lose the tax credit realized when we, as a RIC, decide to retain the net realized capital gain and make deemed distributions of net realized capital gains, and pay taxes on behalf of our shareholders at the end of the tax year. The loss of this pass-through tax treatment could have a material adverse effect on the total return of an investment in our common stock. | ||||||||||||||
Tax Liability Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Even if the Company qualifies as a regulated investment company, it may face tax liabilities that reduce its cash flow. If we qualify for taxation as a RIC under the Code, we generally will not be subject to U.S. federal income tax on income that we timely distribute to our shareholders as dividends. Income derived through the Taxable Subsidiary will be subject to U.S. federal income tax at corporate rates without regard to the Annual Distribution Requirement. | ||||||||||||||
Fair Value Valuation Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market quotation, at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. Typically, there is not a public market for the securities of the privately held companies in which we have invested and will continue to invest. As a result, the Valuation Committee values these securities quarterly at fair value based on inputs from our investment team and our third-party valuation firms, subject to the oversight of our Board of Directors. The determination of fair value and, consequently, the amount of unrealized gains and losses in our portfolio are, to a certain degree, subjective and dependent on our valuation process. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because of the inherent uncertainty of the valuation of portfolio securities that do not have readily available market quotations, our fair value determinations may differ materially from the values a third party would be willing to pay for our portfolio securities or the values that would be applicable to unrestricted securities having a public market. Due to this uncertainty, our fair value determinations may cause our NAV on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our common stock based on an overstated NAV may pay a higher price than the value of our investments might warrant. Conversely, investors selling | ||||||||||||||
Capital Markets Disruptions And Economic Uncertainty Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in December 2019 and the conflict between Russia and Ukraine that began in late February 2022 (see "Terrorist attacks, acts of war or natural disasters may affect any market for our common stock, impact the business in which we invest and harm our business, operating results and financial condition" for more information). Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The economic conditions caused by the COVID-19 pandemic could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets (in particular for middle-market loans), the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following, among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility and liquidity issues. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow and could also have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. Past economic downturns or recessions have had a significant negative impact on the operating performance and fair value of middle market companies. For example, between 2008 and 2009, the U.S. and global capital markets were unstable, as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our shareholders and our directors who are not "interested persons" (as such term is used under Section 2(a)(19) of the 1940 Act) of the Company, or independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. If the current market conditions (which are similar to those experienced from 2008 through 2009) continue for any substantial length of time, it could make it difficult to refinance or extend the maturity of our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Government authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. | ||||||||||||||
Events Outside Of Our Control Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Events outside of our control, such as the COVID-19 pandemic, could negatively affect our portfolio companies and our results of our operations and financial condition. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected—and could continue to adversely affect—operating results for us and for our portfolio companies. For example, the COVID-19 pandemic has led to, and for an unknown period of time will continue to lead to, disruptions in local, regional, national and global markets and the economies affected thereby, including the United States. With respect to U.S. and global credit markets and the economy in general, the COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain disruptions, labor difficulties and shortages, commodity inflation and elements of economic and financial market instability in the United States and globally. Such effects will likely continue for the duration of the pandemic, for some period thereafter. COVID-19 and the resulting economic dislocations have had adverse consequences for the business operations and financial performance of some of our portfolio companies, which may, in turn, impact the valuation of our investments and have adversely affected, and threaten to continue to adversely affect, our operations. We are unable to predict the duration of these business and supply chain disruptions, the extent to which the economic conditions caused by COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. With respect to loans to portfolio companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for PIK interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business, or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. Portfolio companies may also be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods. Depending on the duration and extent of the disruption to the business operations of our portfolio companies, we expect some portfolio companies, particularly those in vulnerable industries, to experience financial distress and possibly to default on their financial obligations to us and/or their other capital providers. In addition, if such portfolio companies are subjected to prolonged and severe financial distress, we expect some of them to substantially curtail their operations, defer capital expenditures, and lay off workers. These developments would be likely to permanently impair their businesses and result in a reduction in the value of our investments in them. Any potential impact to our results of operations will depend, to a large extent, on future developments and new information that could emerge regarding the duration and severity of the COVID-19 pandemic and the actions taken by authorities and other entities to contain the spread or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results and financial condition. | ||||||||||||||
Inflation Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. Certain of our portfolio companies may be impacted by inflation, which may, in turn, impact the valuation of such portfolio companies. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. | ||||||||||||||
Political, Social And Economic Uncertainty Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Political, social and economic uncertainty creates and exacerbates risks. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) could occur, potentially creating uncertainty and significantly impacting issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions, or markets, including in established markets, such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with other phenomena, including, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; economic recessions or downturns; and difficulties in obtaining and/or enforcing legal judgments. Following the November 2022 elections in the United States, the Democratic Party controls the Presidency and the Senate, with the Republican Party controlling the House of Representatives. Despite political tensions and uncertainty in a divided legislature, changes in federal policy, including tax policies, and at regulatory agencies may occur over time through policy and personnel changes, which can lead to changes involving the level of oversight and regulation of the financial services industry as well as changes in tax rates. The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. | ||||||||||||||
Effect Of Global Climate Change Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The effect of global climate change may impact the operations and valuation of our portfolio companies. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition through, for example, decreased revenues, which may, in turn, impact the valuation of such portfolio companies. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. In December 2015, the United Nations adopted a climate accord (the “Paris Agreement”), which the United States rejoined in 2021, with the long-term goal of limiting global warming and the short-term goal of significantly reducing greenhouse gas emissions. Additionally, the Inflation Reduction Act of 2022 included several measures designed to combat climate change, including restrictions on methane emissions. As a result, some of our portfolio companies may become subject to new or strengthened regulations or legislation, which could increase their operating costs and/or decrease their revenues, which may, in turn, impact their ability to make payments on our investments. | ||||||||||||||
Environmental, Social And Governance Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Environmental, social and governance factors may adversely affect our business or cause us to alter our business strategy.Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business. For example, the SEC has announced that it may require disclosure of certain ESG-related matters. At this time, there is uncertainty regarding the scope of such proposals or when they would become effective (if at all). Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our prospective portfolio companies conduct our businesses and adversely affect our profitability. | ||||||||||||||
Downgrades To U.S. Credit Rating, Automatic Spending Cuts, Or Government Shutdown Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Downgrades of the U.S. credit rating, automatic spending cuts, or another government shutdown could negatively impact our liquidity, financial condition, and results of operations. U.S. debt ceiling and budget deficit concerns have increased the possibility of credit-rating downgrades, or a recession in the U.S. Although U.S. lawmakers have passed legislation to raise the federal debt ceiling on multiple occasions, including in December 2021, ratings agencies have threatened to lower the long-term sovereign credit rating on the United States. The impact of the increased debt ceiling and/or downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time resulting in, among other things, inadequate funding for and/or the shutdown of certain government agencies, including the SEC and the SBA, on which the operation of our business may rely. Inadequate funding for and/or the shutdown of these or other government agencies prevents them from performing their normal business functions, which could impact, among other things, (i) our and our portfolio companies’ ability to access the public markets and obtain necessary capital in order to, among other things, properly capitalize, continue or expand operations, or, in the case of portfolio investments held by us, liquidate such investments; (ii) the ability for SBIC I to originate loans; and (iii) the ability of other governmental agencies to timely review and process regulatory submissions of our portfolio companies, as applicable. Continued adverse political and economic conditions, including a prolonged U.S. federal government shutdown, could have a material adverse effect on our business, financial condition and results of operations. | ||||||||||||||
Bank Relationship Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us. The financial markets recently have encountered volatility associated with concerns about the balance sheets of banks, especially small and regional banks that may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted and others may be materially and adversely impacted. Our business is dependent on bank relationships, including small and regional banks, and we are proactively monitoring the financial health of banks with which we (or our portfolio companies) do or may in the future do business. To the extent that our portfolio companies work with banks that are negatively impacted by the foregoing, such portfolio companies’ ability to access their own cash, cash equivalents and investments may be threatened. In addition, such affected portfolio companies may not be able to enter into new banking arrangements or credit facilities or receive the benefits of their existing banking arrangements or credit facilities. Any such developments could harm our business, financial condition, and operating results, and prevent us from fully implementing our investment plan. Continued strain on the banking system may adversely impact our business, financial condition and results of operations. | ||||||||||||||
Change In Laws Or Regulation Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Changes in the laws or regulations governing our business or the operations of our portfolio companies, changes in the interpretations thereof or of newly enacted laws or regulations, and any failure by us to comply with these laws or regulations could require changes to certain business practices of us or our portfolio companies, negatively affect the profitability of the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and foreclosure procedures and other trade practices. These laws and regulations, as well as their interpretation, may be changed from time to time, and new laws and regulations may be enacted. Any change in the laws or regulations, the interpretations of such laws and regulations, or newly enacted laws or | ||||||||||||||
Competitive Market Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We operate in a highly competitive market for investment opportunities . We compete for attractive investment opportunities with other financial institutions, including BDCs, junior capital lenders, and banks. Some of these competitors are substantially larger and have greater financial, technical and marketing resources, and some are subject to different, and frequently less stringent, regulations. Our competitors may have a lower cost of funds and may have access to funding sources that are not available to us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC and the Code imposes on us as a RIC. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and there can be no assurance that we will be able to identify and make investments that satisfy our objectives. A significant increase in the number and/or size of our competitors in our target market could force us to accept less attractive investment terms, which may impact our return on these investments. We cannot assure you that the competitive pressures we face will not have a materially adverse effect on our business, financial condition and results of operation. | ||||||||||||||
Qualified Personnel Attraction And Retention Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our success depends on attracting and retaining qualified personnel in a competitive environment. Sourcing, selecting, structuring and closing our investments depends upon the diligence and skill of our management. Our management’s capabilities may significantly impact our results of operations. Our success requires that we retain investment and operations personnel in a competitive environment. Our ability to attract and retain personnel with the requisite credentials, experience and skills depends on several factors, including, but not limited to, our ability to offer competitive wages, benefits and professional growth opportunities. Many of the entities, including investment funds (such as private equity funds and debt funds) and traditional financial services companies, with which we compete for experienced personnel have greater resources than we have. The competitive environment for qualified personnel may require us to take certain measures to ensure that we are able to attract and retain experienced personnel. Such measures may include increasing the attractiveness of our overall compensation packages, altering the structure of our compensation packages through the use of additional forms of compensation or other steps. The inability to attract and retain experienced personnel could potentially have an adverse effect on our business. | ||||||||||||||
Asset Coverage Requirement Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Effective April 25, 2019, our asset coverage requirement was reduced from 200% to 150%, which could increase the risk of investing in the Company. The 1940 Act generally prohibits BDCs from incurring indebtedness unless immediately after such borrowing it has an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our total assets). However, on March 23, 2018, the SBCAA was signed into law, which included various changes to regulations under the federal securities laws that impact BDCs. The SBCAA included changes to the 1940 Act to allow BDCs to decrease their asset coverage requirement from 200% to 150%, if certain requirements are met. On April 25, 2018, the Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the minimum asset coverage ratio applicable to the Company was decreased from 200% to 150%, which became effective April 25, 2019. Additionally, the Board of Directors also approved a resolution that limits the Company’s issuance of senior securities such that the asset coverage ratio, taking into account such issuance, would not be less than 166%, at any time after the effective date. We are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to reduce its asset coverage requirement to 150%, its leverage capacity and usage, and risks related to leverage. In addition, on August 11, 2021, we received an exemptive order from the 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. Leverage is generally considered a speculative investment technique and increases the risk of investing in our securities. Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then leveraging would cause the NAV attributable to our common stock to increase more sharply than it | ||||||||||||||
Compliance Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We expend significant financial and other resources to comply with the requirements of being a public company. As a public entity, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s time and attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. | ||||||||||||||
Transactions With Affiliates Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our ability to enter into transactions with our affiliates is restricted. We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act, and we generally are prohibited from buying or selling any security from or to an affiliate, absent the prior approval of our independent directors. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we are prohibited from buying or selling any security from or to that person or certain of that person’s affiliates, or entering into prohibited joint transactions with that person, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. | ||||||||||||||
Regulatory Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital. Our business requires capital to operate and grow. We may acquire such additional capital from the following sources: Senior Securities . We may issue debt securities, preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as senior securities. As a result of issuing senior securities, we will be exposed to additional risks, including the following: • Under the provisions of the 1940 Act and effective April 25, 2019, we are permitted, as a BDC, to issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% immediately after each issuance of senior securities. The Board also approved a resolution that limits the Company's issuance of senior securities such that the asset coverage ratio, taking into account such issuance, would not be less than 166%, at any time after the effective date. In addition, on August 11, 2021, we received an exemptive order from the 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. If the value of our assets declines, we may be unable to satisfy this requirement. If that happens, we will be prohibited from issuing debt securities and/or borrowing money from banks or other financial institutions and may not be permitted to declare a dividend or make any distribution to shareholders or repurchase shares until such time as we satisfy this test. • Any amounts that we use to service our debt will not be available for dividends to our common shareholders. • It is likely that any senior securities or other indebtedness we issue will be governed by an indenture or other instrument containing covenants restricting our operating flexibility. Additionally, some of these securities or other indebtedness may be rated by rating agencies, and in obtaining a rating for such securities and other indebtedness, we may be required to abide by operating and investment guidelines that further restrict operating and financial flexibility. • We and, indirectly, our shareholders will bear the cost of issuing and servicing such securities and other indebtedness. • Any unsecured debt issued by us would rank (1) pari passu with our future unsecured indebtedness and effectively subordinated to all of our existing and future secured indebtedness, to the extent of the value of the assets securing such indebtedness, and (2) structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries • Upon a liquidation of the Company, holders of our debt securities and lenders with respect to other borrowings would receive a distribution of our available assets prior to the holders of our common stock. Future offerings of additional debt securities, which would be senior to our common stock upon liquidation, or equity securities, which could dilute our existing shareholders, may harm the value of our common stock. Additional Common Stock . The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior shareholder approval of issuances below current NAV per share provided that our Board of Directors determines that such sale is in the best interests of the Company and its shareholders. We do not intend to seek shareholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2023 annual meeting of shareholders. However, in the event we change our position, we will seek requisite approval of our shareholders. See “-Shareholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities that are convertible to shares of our common stock” for a discussion of the risks related to us issuing shares of our common stock below NAV. If we raise additional funds by issuing more common stock or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our shareholders at that time would decrease, and they may experience dilution. Moreover, we can offer no assurance that we will be able to issue and sell additional equity securities in the future, on favorable terms or at all. | ||||||||||||||
Small Business Administration Regulatory Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | SBIC I has an SBIC license and is subject to SBA regulations, and any failure to comply with SBA regulations could have an adverse effect on our operations. 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, and is regulated by the SBA. The SBA places certain limitations on the financing terms of investments by SBICs in portfolio companies, regulates the types of financing, prohibits investing in small businesses with certain characteristics or in certain industries and requires capitalization thresholds that limit distributions to us. Accordingly, compliance with SBIC requirements may cause SBIC I to forego attractive investment opportunities that are not permitted under SBA regulations and/or to invest at less competitive rates in order to find investments that qualify under the SBA regulations. Further, SBA regulations require that an SBIC be periodically examined and audited by the SBA to determine its compliance with the relevant SBA regulations. If SBIC I fails to comply with applicable regulations, the SBA could, depending on the severity of the violation, limit or prohibit SBIC I’s use of the debentures, declare outstanding debentures immediately due and payable, and/or limit SBIC I from making new investments. In addition, the SBA could revoke or suspend SBIC I’s license for willful or repeated violation of, or willful or repeated failure to observe, any provision of the Small Business Investment Act of 1958, as amended, or any rule or regulation promulgated thereunder. These actions by the SBA would, in turn, negatively affect our operations because SBIC I is our wholly owned subsidiary. We do not have any prior experience managing an SBIC. Our lack of experience in complying with SBA regulations may hinder our ability to take advantage of SBIC I’s access to SBA-guaranteed debentures. | ||||||||||||||
Shareholder Dilution Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Shareholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities that are convertible to shares of our common stock. The 1940 Act prohibits us from selling shares of our common stock at a price below the current NAV per share of such stock, with certain exceptions. One such exception is prior shareholder approval of issuances below NAV provided that our Board of Directors determines that such sale is in the best interests of the Company and its shareholders. We do not intend to seek shareholder authorization to sell shares of our common stock below the then current NAV per share of our common stock at our 2023 annual meeting of shareholders. However, in the event we change our position, we will seek the requisite approval of our shareholders. If we were to sell shares of our common stock below NAV per share, such sales would result in an immediate dilution to the NAV per share. This dilution would occur as a result of the sale of shares at a price below the then current NAV per share of our common stock and a proportionately greater decrease in a shareholder’s interest in our earnings and assets and voting interest in us than the increase in our assets resulting from such issuance. Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted. Notwithstanding the foregoing, the example below illustrates the effect of dilution to existing shareholders resulting from the sale of common stock at prices below the NAV of such shares. In addition, if we issue securities that are convertible to shares of common stock, the exercise or conversion of such securities would increase the number of outstanding shares of our common stock. Any such exercise would be dilutive on the voting power of existing shareholders, and could be dilutive with regard to dividends and our NAV, and other economic aspects of the common stock. | ||||||||||||||
Legislative Or Taxation Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Legislative or other actions relating to taxes could have a negative effect on us. Legislative or other actions relating to taxes could have a negative effect on us. The rules governing U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. We cannot predict with certainty how any changes in the tax laws might affect us, our shareholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation or regulations could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our shareholders of such qualification, or could have other adverse consequences. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities. | ||||||||||||||
Information Systems Dependency Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our shareholders. Our business is highly dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics (including the COVID-19 pandemic); • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our shareholders. | ||||||||||||||
Cybersecurity Systems Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | A failure of cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster, such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or consequential employee error could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. If a significant number of our employees were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised. We, and the third-party service providers with which we do business, depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. We may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, or system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. Third parties with which we do business may also be sources of cybersecurity or other technological risks. We outsource certain functions, and these relationships allow for the storage and processing of our information, as well as counterparty, employee and borrower information. Cybersecurity failures or breaches by service providers (including, but not limited to, accountants, transfer agents, and custodians), and the issuers of securities in which we invest, also have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate its NAV, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputation damages, reimbursement of other compensation costs, or additional compliance costs. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents with increased costs and other consequences, including those as described above. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. Our service providers may be impacted by operating restrictions, which may include requiring employees to continue to work from remote locations. Policies of extended periods of remote working could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit weaknesses in a remote work environment. Accordingly, the risks described above are heightened under current conditions, which may continue for an unknown duration. | ||||||||||||||
Terrorist Attacks, Acts Of War Or Natural Disasters Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Terrorist attacks, acts of war or natural disasters may affect any market for our common stock, impact the businesses in which we invest and harm our business, operating results and financial condition. Terrorist attacks, acts of war or natural disasters may disrupt our operations, as well as the operations of the businesses in which we invest. These events have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, or natural disasters could further weaken the domestic or global economy. These events could create additional uncertainties, which may negatively affect the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks and natural disasters are generally uninsurable. The continued threat of global terrorism and the impact of military and other action will likely continue to cause volatility in the economies of certain countries, contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide and various aspects thereof, including in prices of commodities. Our portfolio investments may involve significant strategic assets having a national or regional profile. The nature of these assets could expose them to a greater risk of being the subject of a terrorist attack than other assets or businesses. In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the United States. In response to the ongoing military action by Russia, various countries, including the United States, the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; result in a decline in the value and liquidity of Russian securities; result in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; weaken the value of the ruble; downgrade the country’s credit rating; freeze Russian securities and/or funds invested in prohibited assets and impair the ability to trade in Russian securities and/or other assets; and have other adverse consequences on the Russian government, economy, companies and region. The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on the Company’s investments and performance, which may, in turn, impact the valuation of such portfolio companies. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively impact such countries and the companies in which the Company invests. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the Company’s performance and the value of an investment in the Company. | ||||||||||||||
Securities Litigation Or Shareholder Activism Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our business and operations may be negatively affected if we become subject to securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of our investment strategy and impact our stock price. In the past, following periods of volatility in the market price of a company’s securities, securities class-action litigation has often been brought against that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing in the BDC space. While we are currently not subject to any securities litigation or shareholder activism, due to the potential volatility of our stock price and for a variety of other reasons, we may in the future become the target of securities litigation or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our Board of Directors’ attention and resources from our business. Additionally, such securities litigation and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder activism. | ||||||||||||||
Investment Portfolio Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our investments in portfolio companies involve a number of significant risks. We primarily invest in privately held U.S. middle market companies. Investments in privately held middle market companies involve a number of significant risks, including the following: • These companies are more likely to depend on the management talents and efforts of a small group of key employees. Therefore, the death, disability, resignation, termination, or significant under-performance of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us. • These companies may have unpredictable operating results, could become parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. • Private companies generally have less publicly available information about their businesses, operations and financial condition. Consequently, we rely on the ability of our management team and investment professionals to obtain adequate information to evaluate the potential returns from making investments in these portfolio companies. If we are unable to uncover all material information about the portfolio company, we may not make a fully informed investment decision and may lose all or part of our investment. • These companies may have shorter operating histories, narrower product lines, smaller market shares and/or more significant customer concentration than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. • These companies may have limited financial resources and may be unable to meet their obligations under their debt instruments that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees from subsidiaries or affiliates of our portfolio companies that we may have obtained in connection with our investment, as well as a corresponding decrease in the value of the equity components of our investments. In addition, in the course of providing significant managerial assistance to certain of our portfolio companies, certain of our officers and directors may serve as directors on the boards of these companies. To the extent that litigation arises out of our investments in these companies, our officers and directors may be named as defendants in such litigation, which could result in an expenditure of funds for claims in excess of our directors’ and officers’ insurance coverage (through our indemnification of our officers and directors) and the diversion of management’s time and resources. | ||||||||||||||
Liquidity Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The lack of liquidity in our investments may adversely affect our business. We invest, and will continue to invest, in portfolio companies whose securities are not publicly traded. These securities generally are subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. As a result, we do not expect to achieve liquidity in our investments in the near-term. The illiquidity of these investments may make it difficult for us to sell these investments when desired. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments and, as a result, we may suffer losses. | ||||||||||||||
Default Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Defaults by our portfolio companies could harm our operating results. Portfolio companies may fail to satisfy financial, operating or other covenants imposed by us or other lenders, which could lead to non-payment of interest and other defaults and, potentially, acceleration of its loans and foreclosure on its secured assets. These events could trigger cross-defaults under other agreements and jeopardize the portfolio company’s ability to meet its obligations, including under the debt or equity securities we hold. We may also incur expenses to the extent necessary to recover upon a default or to negotiate new terms, which may include the waiver of certain financial covenants, with the defaulting portfolio company. | ||||||||||||||
Unrealized Gain Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We may not realize gains from our equity investments . We may purchase common stock and other equity securities, including warrants, alongside our debt investments. Although equity securities have historically generated higher average total returns than fixed-income securities over the long term, equity securities have also experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment depends on our portfolio company's success. Investments in equity securities involve a number of significant risks, including the risk of further dilution as a result of additional issuances, inability to access additional capital and failure to pay current distributions. Investments in preferred securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights. In addition, we may from time to time make non-control, equity investments in portfolio companies. Our goal is ultimately to realize gains upon our disposition of these equity interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We also may be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell the underlying equity interests. We often seek puts or similar rights to give us the right to sell our equity securities back to the portfolio company issuer; however, we may be unable to exercise these put rights for the consideration provided in our investment documents if the issuer is in financial distress. | ||||||||||||||
Debt Investments Prepayment Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. We are subject to the risk that the debt investments we make in our portfolio companies may be prepaid prior to maturity, the specific timing of which we do not control. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments could negatively impact our return on equity, which could result in a decline in the market price of our securities. | ||||||||||||||
Interest Rate Exposure Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We are exposed to risks associated with changes in interest rates. Because we have borrowed and intend to continue to borrow money to make investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In response to market indicators showing a rise in inflation, since March 2022, the Federal Reserve has been rapidly increasing interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make an investment in shares of our common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock. Further, rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. It is possible that the Federal Reserve's tightening cycle could also result in a recession in the United States. In the current and any future periods of rising interest rates, to the extent we borrow money subject to a floating interest rate (such as under the Credit Facility), our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum (or “floor”) interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may temporarily increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner if market rates remain lower than the existing floor rate. | ||||||||||||||
Subordinated Debt Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. Even though we may have structured our investments as secured debt, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, and based upon principles of equitable subordination, a bankruptcy court could subordinate all or a portion of our claim to that of other creditors and transfer any lien securing our subordinated claim to the bankruptcy estate. The principles of equitable subordination based on case law generally provide that a claim may be subordinated only if its holder is guilty of misconduct or where the secured debt is re-characterized as an equity investment and the senior lender has actually provided significant managerial assistance to the bankrupt debtor. We may also be subject to lender liability claims for actions taken by us with respect to a borrower’s business or instances where we exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken in rendering significant managerial assistance or actions to compel and collect payments from the borrower outside the ordinary course of business. | ||||||||||||||
Regulatory Restriction Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | As a RIC, we may have certain regulatory restrictions that could preclude us from making additional investments in our portfolio companies. We may not have the ability to make additional investments in our portfolio companies. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to that company or have the opportunity to increase our investment or make follow-on investments. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation, or may reduce the expected return on the investment. | ||||||||||||||
Interest Rate Regulatory Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The interest rates of our loans to our portfolio companies, any LIBOR-linked securities, and other financial obligations that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR. The London Interbank Offered Rate (“LIBOR”) is an index rate that historically has been widely used in lending transactions and remains a common reference rate for setting the floating interest rate on private loans. LIBOR typically has been the reference rate used in floating-rate loans extended to our portfolio companies and, to some degree, is expected to continue to be used as a reference rate until such time that private markets have fully transitioned to using the Secured Overnight Financing Rate (“SOFR”), or other alternative reference rates recommended by applicable market regulators. Uncertainty relating to the LIBOR calculation process, the valuation of LIBOR alternatives, and other economic consequences from the phasing out of LIBOR may adversely affect our results of operations, financial condition and liquidity. On March 5, 2021, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the ICE Benchmark Administration ("IBA") (the entity regulated by the FCA that is responsible for calculating LIBOR) had notified the FCA of its intent, among other things, to cease providing overnight, 1, 3, 6 and 12 months USD LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. On November 16, 2021, the FCA issued a statement confirming that starting January 1, 2022, entities supervised by the FCA will be prohibited from using LIBORs, including USD LIBOR, that will be discontinued as of December 31, 2021 as well as, except in very limited circumstances, those tenors of USD LIBOR that will be discontinued or declared non-representative after June 30, 2023. While LIBOR will cease to exist or be declared non-representative, there continues to be uncertainty regarding the nature of potential changes to specific USD LIBOR tenors, the development and acceptance of alternative reference rates and other reforms. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for LIBORs and other interbank offered rates ("IBORs"). To identify a successor rate for USD LIBOR, the Alternative Reference Rates Committee (“ARRC”), U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified SOFR as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARRC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. On July 29, 2021, the ARRC also recommended a forward-looking term rate based on SOFR published by CME Group. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions. There can be no guarantee that SOFR will become the dominant alternative to USD LIBOR or that SOFR will be widely used and other alternatives may or may not be developed and adopted with additional consequences. New York and several other states have passed laws intended to apply to U.S. dollar LIBOR-based contracts, securities, and instruments governed by those states’ laws. These laws established fallbacks for LIBOR when there is no or insufficient fallback rates in these contracts. The federal Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law on March 15, 2022. The federal legislation provides a statutory fallback mechanism on a nation-wide basis to replace U.S. dollar LIBOR with a benchmark rate, selected by the Federal Reserve Board and based on SOFR, for certain contracts that reference U.S. dollar LIBOR and contain no or insufficient fallback provisions. The New York and other state laws were superseded by the LIBOR Act. On December 16, 2022, the Federal Reserve Board adopted a final rule implementing certain provisions of the LIBOR Act (“Regulation ZZ”). Regulation ZZ specifies that on the LIBOR replacement date, which is the first London banking day after June 30, 2023, the Federal Reserve Board-selected benchmark replacement, based on SOFR and including any tenor spread adjustment as provided by Regulation ZZ, will replace references to overnight, 1, 3, 6, and 12-month LIBOR in certain contracts that do not mature before the LIBOR replacement date and that do not contain adequate fallback language. Regulation ZZ could apply to certain of our investments that reference LIBOR to the extent that they do not have fallback provisions or adequate fallback provisions. The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us, valuation measurements used by us that include LIBOR as an input, our operational processes or our overall financial condition or results of operations. For instance, if the LIBOR reference rate of our LIBOR-linked securities, loans, and other financial obligations is higher than an alternative reference rate, such as SOFR, on our alternative reference rate-linked portfolio investments, the difference between the total interest income earned on interest earning assets and the total interest expense incurred on interest bearing liabilities may be compressed, reducing our net interest income and potentially adversely affecting our operating results. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new alternative reference rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we could be required, in such situations, to negotiate modifications to credit agreements governing such instruments, in order to replace LIBOR with such alternative reference rate and to incorporate any conforming changes to applicable credit spreads or margins. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result, on our results of operations. Such adverse impacts and the uncertainty of the transition could result in disputes and litigation with counterparties and borrowers regarding the implementation of alternative reference rates. | ||||||||||||||
Portfolio Control Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We generally will not control our portfolio companies. We do not, and do not expect to, control most of our portfolio companies, even though we may have board representation or board observation rights, and our debt agreements may contain certain restrictive covenants. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree, and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity of our investments in private companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings. | ||||||||||||||
Priority Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. Further, in cases where we invest in unsecured subordinated debt, we would not have any lien on the collateral. In each of these cases, if there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Certain loans that we make are either secured by a second priority security interest in the same collateral pledged by a portfolio company to secure senior debt owed by the portfolio company to commercial banks or other traditional lenders, or in the case of unsecured subordinated debt, we have no lien at all on the assets. Often the senior lender has procured covenants from the portfolio company prohibiting the incurrence of additional secured debt without the senior lender’s consent. Prior to and as a condition of permitting the portfolio company to borrow money from us secured by the same collateral pledged to the senior lender, or in the case where we invest in unsecured subordinated debt, the senior lender will require assurances that it will control the disposition of any collateral in the event of bankruptcy or other default. In many cases, the senior lender will require us to enter into an “intercreditor agreement” prior to permitting the portfolio company to borrow from us. Typically, the intercreditor agreements we are requested to execute expressly subordinate our debt instruments to those held by the senior lender and further provide that the senior lender will control: (1) the commencement of foreclosure or other proceedings to liquidate and collect on the collateral, subject to a negotiated “standstill period” after which we can initiate; (2) the nature, timing and conduct of foreclosure or other collection proceedings, subject to a negotiated “standstill period” after which we can initiate; (3) the amendment of any collateral document; (4) the release of the security interests in respect of any collateral; and (5) the waiver of defaults under any security agreement. Because of the control we may cede to senior lenders under intercreditor agreements we may enter, we may be unable to realize the proceeds of any collateral securing some of our loans. | ||||||||||||||
New Senior Debt Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in those companies. We invest primarily in the secured term debt of middle market companies and equity issued by middle market companies. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, these debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying its senior creditors, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we | ||||||||||||||
Healthcare Laws And Other Regulation Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Changes in healthcare laws and other regulations, or the enforcement or interpretation of such laws or regulations, applicable to some of our portfolio companies’ businesses may constrain their ability to offer their products and services. Our investments in the healthcare sector are subject to substantial risk. Changes in healthcare or other laws and regulations, or the enforcement or interpretation of such laws or regulations, applicable to the businesses of some of our portfolio companies may occur that could increase their compliance and other costs of doing business, require significant systems enhancements, or render their products or services less profitable or obsolete, any of which could have a material adverse effect on their results of operations. Healthcare companies often must obtain and maintain regulatory approvals to market many of their products, change prices for certain regulated products and consummate some of their acquisitions and divestitures. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. There has also been an increased political and regulatory focus on healthcare laws in recent years, and new legislation could have a material effect on the business and operations of some of our portfolio companies. | ||||||||||||||
Market Price Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The market price of our common stock may fluctuate significantly . The market price of our common stock will fluctuate with market conditions and other factors. Our common stock is intended for long-term investors and should not be treated as a trading vehicle. The market price and liquidity of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies; • exclusion of our common stock from certain market indices, such as the Russell 2000 Financial Services Index, which could reduce the ability of certain investment funds to own our common stock and put short-term selling pressure on our common stock; • changes in regulatory policies, accounting pronouncements or tax guidelines, particularly with respect to BDCs or RICs; • failure to qualify for RIC tax treatment; • our origination activity, including the pace of, and competition for, new investment opportunities; • changes or perceived changes in earnings or variations of operating results; • changes or perceived changes in the value of our portfolio of investments; • any shortfall in our investment income or net investment income or any increase in losses from levels expected by investors or securities analysts; • proposed, or completed, offerings of our securities, including securities other than our common stock; • departure of our key personnel; • operating performance of companies comparable to us; • credit market changes; • general economic trends and other external factors; and • loss of a major funding source. | ||||||||||||||
Own Share Dealing Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Investing in shares of our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objectives may result in a higher amount of risk, volatility or loss of principal than alternative investment options. Our investments in portfolio companies may be highly speculative, and therefore, an investment in our common stock may not be suitable for investors with lower risk tolerance. | ||||||||||||||
Market Discount Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV. Our common stock is listed on The Nasdaq Global Select Market. Shareholders desiring liquidity may sell their shares on The Nasdaq Global Select Market at current market value, which could be below NAV. Shares of closed-end investment companies frequently trade at discounts from NAV, which is a risk separate and distinct from the risk that a fund’s performance will cause its NAV to decrease. We cannot predict whether our common stock will trade at, above or below NAV. In addition, if our common stock trades below our NAV per share, we will generally not be able to issue additional common stock at the market price unless our shareholders approve such a sale and our Board of Directors make certain determinations. See “Shareholders may incur dilution if we sell shares of our common stock in one or more offerings at prices below the then current NAV per share of our common stock or issue securities that are convertible to shares of our common stock” for a discussion of the risks related to us issuing shares of our common stock below NAV. | ||||||||||||||
Subordinated Note Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The January 2026 Notes and the October 2026 Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Credit Facility. Each of the January 2026 Notes and the October 2026 Notes (collectively, the “Notes”) are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred (including our Credit Facility) or may incur in the future (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of March 31, 2023, we had $235.0 million in outstanding indebtedness under our Credit Facility, which is secured by (1) substantially all of the present and future property and assets of the Company and the guarantors and (2) 100.0% of the equity interests in the Company’s wholly owned subsidiaries (except for the assets held in SBIC I). | ||||||||||||||
Indenture Limited Protection Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | The indenture under which the January 2026 Notes and the October 2026 Notes were issued contain limited protection for holders of the January 2026 Notes and the October 2026 Notes. The respective indenture under which the January 2026 Notes and the October 2026 Notes were issued offer limited protection to holders of the January 2026 Notes and the October 2026 Notes. The terms of the respective indenture and the January 2026 Notes and the October 2026 Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on the investment of the holders of the January 2026 Notes and the October 2026 Notes, respectively. In particular, the terms of the respective indenture and the January 2026 Notes and the October 2026 Notes will not place any restrictions on our or our subsidiaries’ ability to: • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in those entities and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in each case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from incurring additional borrowings, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowings; • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, except that we have agreed that, for the period of time during which the Notes are outstanding, we will not violate Section 18(a)(1)(B) as modified by (i) Section 61(a)(2) of the 1940 Act or any successor provisions and after giving effect to any exemptive relief granted to us by the SEC and (ii) the following two exceptions: (A) we will be permitted to declare a cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, but only up to such amount as is necessary for us to maintain our status as a RIC under Subchapter M of the Code; and (B) this restriction will not be triggered unless and until such time as our asset coverage has not been in compliance with the minimum asset coverage required by 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 us by the SEC) for more than six consecutive months. If Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act were currently applicable to us in connection with this offering, these provisions would generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, were below 150% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase; • sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); • enter into transactions with affiliates; • create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; • make investments; or • create restrictions on the payment of dividends or other amounts to us from our subsidiaries. In addition, the respective indenture governing the January 2026 Notes and the October 2026 Notes will require us to make an offer to purchase the January 2026 Notes and the October 2026 Notes in connection with a change of control or any other event, respectively. Furthermore, the terms of the respective indenture and the January 2026 Notes and the October 2026 Notes do not protect holders of the January 2026 Notes and the October 2026 Notes, respectively, in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow, or liquidity. Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the January 2026 Notes and the October 2026 Notes), and take a number of other actions that are not limited by the terms of each of the January 2026 Notes and the October 2026 Notes may have important consequences for you as a holder of the January 2026 Notes and the October 2026 Notes, including making it more difficult for us to satisfy our obligations with respect to the January 2026 Notes and the October 2026 Notes or negatively affecting the market value of the January 2026 Notes and the October 2026 Notes. Other debt we issue or incur in the future could contain more protections for its holders than the respective indenture and the January 2026 Notes and the October 2026 Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for, trading levels, and prices of the January 2026 Notes and the October 2026 Notes. | ||||||||||||||
Change Of Control Repurchase Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We may not be able to repurchase the January 2026 Notes and the October 2026 Notes upon a Change of Control Repurchase Event. Upon a Change of Control Repurchase Event (as defined in the relevant indenture), holders of the January 2026 Notes and the October 2026 Notes may require us to repurchase for cash some or all of the January 2026 Notes and the October 2026 Notes, respectively, at a repurchase price equal to 100% of the aggregate principal amount of the January 2026 Notes and the October 2026 Notes, respectively, being repurchased, plus their respective accrued and unpaid interest to, but not including, the repurchase date. We may not be able to repurchase the January 2026 Notes and/or the October 2026 Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Before making any such repurchase of the January 2026 Notes or the October 2026 Notes, we would also have to comply with certain requirements under our Credit Facility, to the extent such requirements remain in effect at such time, or otherwise obtain consent from the lenders under our Credit Facility. The terms of our Credit Facility also provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under our Credit Facility at that time and to terminate our Credit Facility. In addition, the occurrence of a Change of Control Repurchase Event enabling the holders of the January 2026 Notes and/or the October 2026 Notes to require the mandatory purchase of the January 2026 Notes and/or the October 2026 Notes, respectively, would likely constitute an event of default under our Credit Facility, entitling the lenders to accelerate any indebtedness outstanding under our Credit Facility at that time and to terminate our Credit Facility. Our and our subsidiaries' future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered January 2026 Notes or the October 2026 Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the respective indenture governing the January 2026 Notes or the October 2026 Notes, respectively, and a cross-default under the agreements governing certain of our other indebtedness, including under the agreements governing our Credit Facility, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the January 2026 Notes or the October 2026 Notes exercise their respective right to require us to repurchase the | ||||||||||||||
Active Market Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | While a trading market developed after issuing the January 2026 Notes and the October 2026 Notes, we cannot assure you that an active trading market for the January 2026 Notes and the October 2026 Notes will be maintained.While a trading market developed after issuing the January 2026 Notes and the October 2026 Notes, we cannot assure you that an active and liquid market for the January 2026 Notes and the October 2026 Notes will be maintained. We do not intend to list the January 2026 Notes or the October 2026 Notes on any securities exchange or for quotation of the January 2026 Notes or the October 2026 Notes on any automated dealer quotation system. If the January 2026 Notes or the October 2026 Notes are traded after their initial issuance, they may trade at a discount to their public offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, our financial condition, performance and prospects, general economic conditions, including the impact of COVID-19, or other relevant factors. The underwriters may discontinue any market-making in the January 2026 Notes or the October 2026 Notes at any time at their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid trading market will be maintained for the January 2026 Notes and the October 2026 Notes, that holders will be able to sell their respective January 2026 Notes or October 2026 Notes at a particular time or that the price the holder receive when he or she sell will be favorable. To the extent an active trading market is not maintained, the liquidity and trading price for the January 2026 Notes and the October 2026 Notes may be adversely affected. | ||||||||||||||
Default Payment Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the January 2026 Notes and the October 2026 Notes. Any default under the agreements governing our indebtedness, including a default under our Credit Facility, the respective indenture governing the January 2026 Notes and the October 2026 Notes, or other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the January 2026 Notes and the October 2026 Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness (including the Credit Facility, the January 2026 Notes and the October 2026 Notes), we could be in default under the terms of the agreements governing such indebtedness, including the Notes. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Credit Facility or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under the Credit Facility or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes, our other debt, and to fund other liquidity needs. If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may in the future need to refinance or restructure our debt, including the Notes, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the lenders under the Credit Facility, the holders of the Notes, or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt. If we breach our covenants under the Credit Facility, the respective indenture governing the January 2026 Notes and the October 2026 Notes, or any of our other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders thereof. If this occurs, we would be in default under the Credit Facility, the Notes, the respective indenture governing the January 2026 Notes and the October 2026 Notes, or other debt, the lenders or holders could exercise rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. Because the Credit Facility has, and any future credit facilities will likely have, customary cross-default provisions, if the indebtedness under the January 2026 Notes and the October 2026 Notes, the Credit Facility or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. | ||||||||||||||
Redemption Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Terms relating to redemption may materially adversely affect the return on our debt securities.The January 2026 Notes are redeemable, in whole or in part, at any time at our option prior to October 31, 2025, at par plus a "make-whole" premium, and thereafter at par. The October 2026 Notes are redeemable, in whole or in part, at any time at our option prior to July 1, 2026 at par plus a "make-whole" premium, and thereafter at par. We may choose to redeem the January 2026 Notes or the October 2026 Notes at times when prevailing interest rates are lower than the interest rate paid on the January 2026 Notes or the October 2026 Notes. | ||||||||||||||
Dividend Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We currently intend to pay quarterly dividends. However, in the future we may not pay any dividends depending on a variety of factors. While we intend to pay dividends to our shareholders out of taxable income available for distribution, there can be no assurance that we will do so. Any dividends that we do pay may be payable in cash, in our common stock, or in stock in any of our holdings or in a combination of all three. All dividends will be paid at the discretion of our Board of Directors and will depend upon our financial condition, maintenance of our RIC tax treatment, and compliance with applicable BDC regulations. | ||||||||||||||
Dividend Payment Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We currently pay dividends in cash. However, in the future we may choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We may distribute taxable dividends that are payable in part in our common stock. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable by us in cash or in shares of stock (at the shareholders election) would satisfy the annual distribution requirement for a RIC. The IRS has issued a revenue procedure providing that a dividend payable in stock or in cash at the election of the shareholders will be treated as a taxable dividend eligible for the dividends paid deduction provided that at least 20% of the total dividend is payable in cash and certain other requirements are satisfied. Taxable shareholders receiving such dividends will be required to include the full amount of the dividend as ordinary income (or as long-term capital gain to the extent such dividend is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our common stock at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividends payable in stock. If a significant number of our shareholders determine to sell shares of our common stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our common stock. | ||||||||||||||
Capital Raise Terms Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | We may not be able to invest a significant portion of the net proceeds from future capital raises on acceptable terms, which could harm our financial condition and operating results. Delays in investing the net proceeds raised in an offering may cause our performance to be worse than that of other fully invested BDCs or other lenders or investors pursuing comparable investment strategies. We cannot assure you that we will be able to identify any investments that meet our investment objective or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of any offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results. In the event that we cannot invest our net proceeds as desired we will invest the net proceeds from any offering primarily in cash, cash equivalents, U.S. Government securities and other high-quality debt investments that mature in one year or less from the time of investment. These securities may have lower yields than our other investments and accordingly may result in lower distributions, if any, during such period. | ||||||||||||||
Texas Law And Charter Takeover Price Risk [Member] | |||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||
Risk [Text Block] | Provisions of Texas law and our charter could deter takeover attempts and have an adverse impact on the price of our common stock. | ||||||||||||||
Credit Facility [Member] | |||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities Amount | $ 235,000,000 | $ 205,000,000 | $ 120,000,000 | $ 154,000,000 | $ 141,000,000 | $ 40,000,000 | $ 25,000,000 | ||||||||
Senior Securities Coverage per Unit | $ 2.35 | $ 1.93 | $ 1.87 | $ 1.89 | $ 2.49 | $ 4.16 | $ 12.40 | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||
Long Term Debt, Title [Text Block] | Credit Facility | ||||||||||||||
Long Term Debt, Structuring [Text Block] | In August 2016, CSWC entered into a senior secured credit facility (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 (as amended or otherwise modified from time to time, 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. 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. 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. On November 16, 2022, CSWC entered into an Incremental Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $20 million, which increased total commitments from $380 million to $400 million. The $20 million increase was provided by one existing lender and one new lender, bringing the total bank syndicate to eleven participants. The Credit Agreement 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 Agreement, 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 March 31, 2023, substantially all of the Company’s assets were pledged as collateral for the Credit Facility, except for assets held in SBIC I. At March 31, 2023, CSWC had $235.0 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 $13.2 million, $6.2 million and $6.8 million for the years ended March 31, 2023, 2022 and 2021, respectively. The weighted average interest rate on the Credit Facility was 5.22% and 2.50% for the years ended March 31, 2023 and 2022, respectively. Average borrowings for the years ended March 31, 2023 and 2022 were $213.7 million and $173.5 million, respectively. As of March 31, 2023 and 2022, CSWC was in compliance with all financial covenants under the Credit Agreement. | ||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | 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. | ||||||||||||||
December 2022 Notes [Member] | |||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 0 | $ 77,136,000 | $ 77,136,000 | $ 57,500,000 | $ 0 | ||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 0 | $ 1.89 | $ 2.49 | $ 4.16 | $ 0 | ||||||||
Senior Securities Average Market Value per Unit | $ 22.01 | $ 25.50 | $ 25.40 | ||||||||||||
October 2024 Notes [Member] | |||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities Amount | $ 0 | $ 0 | $ 125,000,000 | $ 75,000,000 | $ 0 | $ 0 | $ 0 | ||||||||
Senior Securities Coverage per Unit | $ 0 | $ 0 | $ 1.87 | $ 1.89 | $ 0 | $ 0 | $ 0 | ||||||||
January 2026 Notes [Member] | |||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities Amount | $ 140,000,000 | $ 140,000,000 | $ 140,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Senior Securities Coverage per Unit | $ 2.35 | $ 1.93 | $ 1.87 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||
Long Term Debt, Title [Text Block] | January 2026 Notes | ||||||||||||||
Long Term Debt, Structuring [Text Block] | 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 March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million on an aggregate principal amount of $140.0 million at a weighted average effective yield of 4.46%. As of March 31, 2023, the fair value of the January 2026 Notes was $122.8 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 $6.6 million, $6.7 million and $1.2 million for the years ended March 31, 2023, 2022 and 2021, respectively. For each of the years ended March 31, 2023 and 2022, average borrowings were $140.0 million. | ||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | 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. | ||||||||||||||
October 2026 Notes [Member] | |||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||
Senior Securities Amount | $ 150,000,000 | $ 150,000,000 | |||||||||||||
Senior Securities Coverage per Unit | $ 2.35 | $ 1.93 | |||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||
Long Term Debt, Title [Text Block] | October 2026 Notes | ||||||||||||||
Long Term Debt, Structuring [Text Block] | 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 March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million on an aggregate principal amount of $150.0 million at a weighted average effective yield of 3.5%. As of March 31, 2023, the fair value of the October 2026 Notes was $132.2 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 $5.8 million and $3.1 million for the years ended March 31, 2023, respectively. For the year ended March 31, 2023, average borrowings were $150.0 million. Since the issuance of the October 2026 Notes on August 27, 2021 through March 31, 2022, average borrowings were $132.9 million. | ||||||||||||||
Long Term Debt, Dividends and Covenants [Text Block] | 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. | ||||||||||||||
SBA Debentures [Member] | |||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||
Long Term Debt, Title [Text Block] | SBA Debentures | ||||||||||||||
Long Term Debt, Structuring [Text Block] | 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. On November 22, 2022, SBIC I received an additional leverage commitment in the amount of $50.0 million to be issued on or prior to September 30, 2027. As of March 31, 2023, SBIC I had regulatory capital of $65.0 million and leverageable capital of $65.0 million. As of March 31, 2023, SBIC I had a total leverage commitment from the SBA in the amount of $130.0 million, of which $10.0 million remains unused. 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 March 31, 2023, the carrying amount of SBA Debentures was $116.3 million on an aggregate principal amount of $120.0 million. As of March 31, 2023, the fair value of the SBA Debentures was $115.8 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 820. The Company recognized interest expense and fees related to SBA Debentures of $3.2 million and $0.3 million for the years ended March 31, 2023 and 2022, respectively. The weighted average interest rate on the SBA Debentures was 3.38% and 1.30% for the years ended March 31, 2023 and 2022, respectively. For the years ended March 31, 2023 and 2022, average borrowings were $82.6 million and $17.0 million, respectively. As of March 31, 2023, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate March 31, 2023 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 4.435% 40,000 3/22/2023 3/1/2033 5.215% 40,000 $ 120,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
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. Prior to the merger of CSMC into CSWC that became effective December 31, 2020, we consolidated the results of CSWC's wholly owned management company. |
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 March 31, 2023, the Company has 86.1% 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; and (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; and (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 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. |
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. At March 31, 2023 and March 31, 2022, cash held in money market funds amounted to $8.9 million and $6.5 million, respectively. 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 March 31, 2023 and March 31, 2022, cash balances totaling $20.3 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 the 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 March 31, 2023, investments on non-accrual status represented approximately 0.3% of our total investment portfolio's fair value and approximately 1.3% 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 years ended March 31, 2023 and 2022, approximately 3.2% 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. |
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 |
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 |
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 Topic 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 years ended March 31, 2023, 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 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, generally are 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. On December 21, 2022, the FASB issued ASU 2022-06 "Reference rate reform (Topic 848)—Deferral of the Sunset Date of Topic 848," which defers the sunset date of ASC 848 until December 31, 2024. ASU 2022-06 became effective upon issuance. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, 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 year ended March 31, 2023. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: First lien loans 1,2 $ 1,000,984 83.0 % 169.5 % $ 1,018,595 83.5 % Second lien loans 2 35,820 3.0 6.1 44,038 3.6 Subordinated debt 3 791 0.1 0.1 763 0.1 Preferred equity 63,393 5.2 10.7 43,634 3.6 Common equity & warrants 54,144 4.5 9.2 32,322 2.6 I-45 SLF LLC 4 51,256 4.2 8.7 80,800 6.6 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 March 31, 2023 and March 31, 2022, the fair value of the first lien last out loans are $50.1 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 March 31, 2023 and March 31, 2022, the fair value of the split lien term loans included in first lien loans is $45.0 million and $36.4 million, respectively. As of March 31, 2023 and March 31, 2022, the fair value of the split lien term loans included in second lien loans is $20.2 million and $33.9 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.4 million and $0.7 million as of March 31, 2023 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 15 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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: Media & Marketing $ 149,357 12.4 % 25.3 % $ 139,750 11.5 % Business Services 146,727 12.2 24.9 147,056 12.1 Healthcare Services 126,971 10.5 21.5 143,455 11.8 Consumer Services 91,913 7.6 15.6 91,142 7.5 Consumer Products and Retail 86,385 7.2 14.6 86,607 7.1 Food, Agriculture & Beverage 68,833 5.7 11.7 73,223 6.0 Healthcare Products 66,355 5.5 11.2 67,555 5.5 Technology Products & Components 59,718 5.0 10.1 43,016 3.5 I-45 SLF LLC 1 51,256 4.2 8.7 80,800 6.6 Transportation & Logistics 48,494 4.0 8.2 42,049 3.4 Software & IT Services 47,641 3.9 8.1 47,563 3.9 Financial Services 40,420 3.3 6.8 30,950 2.5 Industrial Products 32,518 2.7 5.5 25,827 2.1 Environmental Services 29,753 2.5 5.0 34,869 2.9 Education 26,357 2.2 4.5 25,995 2.1 Industrial Services 25,460 2.1 4.3 24,920 2.0 Energy Services (Midstream) 22,829 1.9 3.9 23,337 1.9 Specialty Chemicals 17,839 1.5 3.0 17,531 1.4 Energy Services (Upstream) 17,730 1.5 3.0 17,402 1.4 Telecommunications 17,386 1.4 2.9 21,796 1.9 Distribution 16,315 1.4 2.8 18,755 1.5 Containers & Packaging 10,131 0.8 1.7 10,656 0.9 Aerospace & Defense 6,000 0.5 1.0 5,898 0.5 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 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 15 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 March 31, 2023 and March 31, 2022: Fair Value Percentage of Total Portfolio Percentage of Net Assets Cost Percentage of Total Portfolio (dollars in thousands) March 31, 2023: Northeast $ 269,569 22.3 % 45.7 % $ 255,995 21.0 % Southeast 235,782 19.5 39.9 236,333 19.4 Southwest 234,127 19.4 39.6 231,467 19.0 West 233,079 19.3 39.5 232,109 19.0 Midwest 156,233 13.1 26.4 158,989 13.0 I-45 SLF LLC 1 51,256 4.2 8.7 80,800 6.6 International 26,342 2.2 4.5 24,459 2.0 $ 1,206,388 100.0 % 204.3 % $ 1,220,152 100.0 % 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 15 for further discussion. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule Investment Portfolio by Level | The following fair value hierarchy tables set forth our investment portfolio by level as of March 31, 2023 and March 31, 2022 (in thousands): Fair Value Measurements at March 31, 2023 Using Asset Category Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs First lien loans $ 1,000,984 $ — $ — $ 1,000,984 Second lien loans 35,820 — — 35,820 Subordinated debt 791 — — 791 Preferred equity 63,393 — — 63,393 Common equity & warrants 54,144 — — 54,144 Investments measured at net asset value 1 51,256 — — — Total Investments $ 1,206,388 $ — $ — $ 1,155,132 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 March 31, 2023 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 March 31, 2023 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 March 31, 2023 Unobservable Weighted Type Technique (in thousands) Inputs Range Average First lien loans Income Approach $ 953,918 Discount Rate 6.9% - 26.2% 13.0% Third Party Broker Quote 5.1 - 96.5 93.9 Market Approach 41,923 Cost 94.1 - 98.1 97.9 Enterprise Value Waterfall Approach 5,143 EBITDA Multiple 9.4x - 9.4x 9.4x Discount Rate 27.2% - 27.2% 27.2% Second lien loans Income Approach 32,226 Discount Rate 18.3% - 34.3% 25.1% Third Party Broker Quote 61.3 - 61.3 61.3 Enterprise Value Waterfall Approach 3,594 EBITDA Multiple 9.4x - 9.4x 9.4x Discount Rate 27.2% - 27.2% 27.2% Subordinated debt Market Approach 205 Cost 100.0 - 100.0 100.0 Enterprise Value Waterfall Approach 586 EBITDA Multiple 6.0x - 7.7x 6.6x Discount Rate 20.2% - 25.0% 21.8% Preferred equity Enterprise Value Waterfall Approach 59,518 EBITDA Multiple 4.7x - 16.7x 9.8x Discount Rate 11.7% - 30.8% 17.1% Market Approach 3,875 Cost 100.0 - 100.0 100.0 Common equity & warrants Enterprise Value Waterfall Approach 53,064 EBITDA Multiple 5.5x - 18.6x 9.5x Discount Rate 11.4% - 36.6% 18.2% Market Approach 1,080 Cost 100.0 - 100.0 100.0 Total Level 3 Investments $ 1,155,132 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 year ended March 31, 2023 and 2022 (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 March 31, 2023 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 739,872 $ (17,150) $ 415,332 $ (128,932) $ 5,577 $ — $ (13,715) $ 1,000,984 $ (13,189) Second lien loans 52,645 (7,127) 2,990 (12,310) 314 (692) — 35,820 (5,923) Subordinated debt 1,317 (398) 385 — 74 — (587) 791 (294) Preferred equity 44,663 (3,360) 7,788 — — — 14,302 63,393 (267) Common equity & warrants 40,514 10,547 5,747 — — (2,664) — 54,144 11,730 Total Investments $ 879,011 $ (17,488) $ 432,242 $ (141,242) $ 5,965 $ (3,356) $ — $ 1,155,132 $ (7,943) Fair Value March 31, 2021 Realized & Unrealized Gains (Losses) Purchases of Investments 1 Repayments PIK Interest Capitalized Divestitures Conversion/Reclassification of Security Fair Value March 31, 2022 YTD Unrealized Appreciation (Depreciation) on Investments held at period end First lien loans $ 524,161 $ 719 $ 464,758 $ (247,538) $ 2,455 $ — $ (4,683) $ 739,872 $ (960) Second lien loans 36,919 (2,325) 18,902 (7,223) 1,217 (53) 5,208 52,645 (2,699) Subordinated debt 11,534 422 364 (11,521) 518 — — 1,317 322 Preferred equity 22,608 11,889 10,691 — — — (525) 44,663 11,363 Common equity & warrants 36,052 12,035 4,308 — — (11,881) — 40,514 7,401 Total Investments $ 631,274 $ 22,740 $ 499,023 $ (266,282) $ 4,190 $ (11,934) $ — $ 879,011 $ 15,427 1 Includes purchases of new investments, as well as discount accretion on existing investments. |
Effects of Leverage | Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common shareholder (2) (27.20)% (16.55)% (5.90)% 4.75% 15.40% (1) Assumes $1,257.7 million in total assets, $645.0 million in debt principal outstanding, $590.4 million in net assets and a weighted-average interest rate of 5.27% on our indebtedness based on our financial data available on March 31, 2023. Actual interest payments may be different. (2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our March 31, 2023 total assets of at least 2.77%. |
Risk Factors | Risk Factors Investing in our securities involves a number of significant risks. In addition to other information contained in this Annual Report on Form 10-K, investors should consider the following information before making an investment in our securities. The risks and uncertainties described below could materially adversely affect our business, financial conditions and results of operations. The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, also may impair our operations and performance. If any of the following risks, or risks not presently known to us, actually occur, the trading price of our securities could decline, and you may lose all or part of your investment. The following is a summary of the principal risk factors associated with an investment in us. Further details regarding each risk included in the below summary list can be found further below. • Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital. • Our business model depends to a significant extent upon strong referral relationships. Our inability to maintain or develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business. • All of our assets are subject to security interests under our secured Credit Facility and if we default on our obligations under the Credit Facility, we may suffer adverse consequences, including foreclosure on our assets. • In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants, that, if not complied with, could accelerate our repayment obligations under the Credit Facility—thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. • Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. • A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility. • We will become subject to U.S. federal income tax at corporate rates if we are unable to maintain our qualification as a regulated investment company under Subchapter M of the Code or satisfy regulated investment company distribution requirements. • Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith and under the direction of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments. • We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies, which may, in turn, impact the valuation of such portfolio companies. • We operate in a highly competitive market for investment opportunities. • Our success depends on attracting and retaining qualified personnel in a competitive environment. • Our investments in portfolio companies involve a number of significant risks. • SBIC I has an SBIC license and is subject to SBA regulations, and any failure to comply with SBA regulations could have an adverse effect on our operations. • Rising credit spreads could affect the value of our investments, and rising interest rates make it more difficult for portfolio companies to make periodic payments on their loans. • The lack of liquidity in our investments may adversely affect our business. • Defaults by our portfolio companies could harm our operating results. • We generally will not control our portfolio companies. • Investing in shares of our common stock may involve an above average degree of risk. • Shares of closed-end investment companies, including BDCs, may trade at a discount to their NAV. • The January 2026 Notes and the October 2026 Notes are unsecured and therefore are effectively subordinated to any existing and future secured indebtedness, including indebtedness under our Credit Facility. • We may not be able to repurchase the January 2026 Notes and the October 2026 Notes upon a Change of Control Repurchase Event. • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the January 2026 Notes and the October 2026 Notes. RISKS RELATED TO OUR BUSINESS AND STRUCTURE Our financial condition and results of operations will depend on our ability to effectively allocate and manage capital. Our ability to achieve our investment objective of maximizing risk-adjusted returns to shareholders depends on our ability to effectively allocate and manage capital. Capital allocation depends in part upon our investment team’s ability to identify, evaluate, invest in and monitor companies that meet our investment criteria. Accomplishing our investment objectives is largely a function of our investment team’s management of the investment process and our access to investments offering attractive risk adjusted returns. In addition, members of our investment team may be called upon, from time to time, to provide managerial assistance to some of our portfolio companies. The results of our operations depend on many factors, including the availability of opportunities for investment, readily accessible short- and long-term funding alternatives in the financial markets and economic conditions. Our ability to make new investments at attractive relative returns is also a function of our marketing and our management of the investment process, as well as conditions in the private credit markets in which we invest. If we fail to invest our capital effectively, our return on equity may be negatively impacted, which could have a material adverse effect on the price of the shares of our common stock. Any unrealized losses we experience may be an indication of future realized losses, which could reduce our income available to make distributions. As a BDC, we are required to carry our investments at market value or, if no market quotation is readily available, at fair value as determined in good faith by our Valuation Committee pursuant to a valuation methodology approved by our Board of Directors. Decreases in the market values or fair values of our investments will be recorded as unrealized losses. An unrealized loss could be an indication of a portfolio company’s inability to generate cash flow or meet its repayment obligations. This could result in realized losses in the future and ultimately in reductions of our income available to pay dividends or interest and principal on our securities and could have a material adverse effect on your investment. Our business model depends to a significant extent upon strong referral relationships. Our inability to develop or maintain these relationships, as well as the potential failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that members of our management team will maintain their relationships with financial sponsors, intermediaries, financial institutions, investment bankers, commercial bankers, financial advisors, attorneys, accountants, consultants and other individuals within our network, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. If our management team fails to maintain its existing relationships or develop new relationships with sources of investment opportunities, we will not be able to effectively invest our capital. Individuals with whom members of our management team have relationships are not obligated to provide us with investment opportunities; therefore, there is no assurance that these relationships will generate investment opportunities for us. All of our assets are subject to security interests under our secured Credit Facility and if we default on our obligations under the Credit Facility, we may suffer adverse consequences, including foreclosure on our assets. All of our assets are currently pledged as collateral under our Credit Facility. If we default on our obligations under the Credit Facility, the lenders party thereto may have the right to foreclose upon and sell, or otherwise transfer, the collateral subject to their security interests. In such event, we may be forced to sell our investments to raise funds to repay our outstanding borrowings in order to avoid foreclosure and these forced sales may be at times and prices we would not consider advantageous. Moreover, such deleveraging of the Company could significantly impair our ability to effectively operate our business in the manner in which we have historically operated. As a result, we could be forced to curtail or cease new investment activities and lower or eliminate the dividends that we have historically paid to our shareholders. In addition, if the lenders exercise their right to sell the assets pledged under our Credit Facility, such sales may be completed at distressed sale prices, thereby diminishing or potentially eliminating the amount of cash available to us after repayment of the amounts outstanding under the Credit Facility. These distressed prices could be materially below our most recent valuation of each security, which could have a significantly negative effect on NAV. In addition to regulatory limitations on our ability to raise capital, our current debt obligations contain various covenants, that, if not complied with, could accelerate our repayment obligations under the Credit Facility—thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. We will have a continuing need for capital to finance our investments. As of March 31, 2023, the Credit Facility provides us with a revolving credit line of up to $400.0 million of which $235.0 million was drawn. The Credit Facility contains customary terms and conditions, including, without limitation, affirmative and negative covenants such as information reporting requirements, minimum consolidated net worth, minimum consolidated interest coverage ratio, minimum asset coverage, and maintenance of RIC tax treatment and BDC status. The Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenants, bankruptcy, and change of control. The Credit Facility permits us to fund additional loans and investments as long as we are within the conditions set out in the Credit Facility. Our continued compliance with these covenants depends on many factors, some of which are beyond our control, and there are no assurances that we will continue to comply with these covenants. If we breach a covenant under the terms of the Credit Facility and seek a waiver, we may not be able to obtain a waiver from the required lenders. Our failure to satisfy these covenants could result in foreclosure by our lenders, which would accelerate our repayment obligations under the Credit Facility and thereby have a material adverse effect on our business, liquidity, financial condition, results of operations, and ability to pay distributions to our shareholders. Because we borrow money to make investments, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. Borrowings to fund investments, also known as leverage, magnify the potential for loss on investments in our indebtedness and gain or loss on investments in our equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. We may borrow from banks and other lenders, including under our Credit Facility, and may issue debt securities or enter into other types of borrowing arrangements in the future. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not leveraged our business. Similarly, any decrease in our income would cause net investment income to decline more sharply than it would have had we not leveraged our business. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Use of leverage is generally considered a speculative investment technique. As of March 31, 2023, we had $235.0 million debt outstanding out of $400 million of total commitments under our Credit Facility. Borrowings under the Credit Facility bear interest, on a per annum basis at a rate equal to the applicable LIBOR rate plus 2.15% with no LIBOR floor. We pay 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 is secured by substantially all of our assets. If we are unable to meet our financial obligations under the Credit Facility, the lenders under the Credit Facility may exercise their remedies under the Credit Facility as the result of a default by us. As of March 31, 2023, the carrying amount of the January 2026 Notes was $139.1 million. 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. As of March 31, 2023, the carrying amount of the October 2026 Notes was $147.3 million. 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 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 subordinated to all of our existing and future secured indebtedness, including borrowings under our Credit Facility. Our ability to achieve our investment objective may depend in part on our ability to access additional leverage on favorable terms by borrowing from banks or insurance companies or by issuing debt securities and there can be no assurance that such additional leverage can in fact be achieved. Illustration. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common shareholder (2) (27.20)% (16.55)% (5.90)% 4.75% 15.40% (1) Assumes $1,257.7 million in total assets, $645.0 million in debt principal outstanding, $590.4 million in net assets and a weighted-average interest rate of 5.27% on our indebtedness based on our financial data available on March 31, 2023. Actual interest payments may be different. (2) In order for us to cover our annual interest payments on indebtedness, we must achieve annual returns on our March 31, 2023 total assets of at least 2.77%. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy. As a BDC, we are not permitted to acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. As of March 31, 2023, 86.1% of our total assets consisted of qualifying assets. However, we may be precluded from investing in what we believe are attractive investments if those investments are not qualifying assets for purposes of the 1940 Act. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies, or we could be required to dispose of investments at inopportune or inappropriate times to comply with the 1940 Act (which could result in the dilution of our position). If we need to dispose of investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes could have a material adverse effect on our business, financial condition, results of operations, and cash flows. A failure on our part to maintain our status as a BDC would significantly reduce our operating flexibility. If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations. We will become subject to U.S. federal income tax at corporate rates if we are unable to maintain our qualification as a regulated investment company under Subchapter M of the Code or satisfy regulated investment company distribution requirements . We have elected, and intend to qualify annually, to be treated as a RIC under Subchapter M of the Code. No assurance can be given that we will be able to maintain our qualification as a RIC. To maintain RIC tax treatment under the Code, we must meet the following annual distribution, income source and asset diversification requirements: • The annual distribution requirement for a RIC is generally satisfied if we timely distribute to our shareholders on an annual basis at least 90% of our net ordinary income and realized short-term capital gains in excess of realized net long-term capital losses. We will be subject to U.S. federal income tax, and possibly a 4% U.S. federal excise tax, on any income that we do not timely distribute to our shareholders. Our U.S. federal income tax liability may be reduced to the extent that we make certain distributions during the following calendar year and satisfy other procedural requirements. • The source of income requirement is satisfied if we obtain at least 90% of our gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or foreign currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code), or the 90% Income Test. • The asset diversification requirement is satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents, U.S. Government securities, securities of other RICs, and 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 (which for these purposes includes the equity securities of a “qualified publicly traded partnership”). In addition, no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S Government securities or securities of other RICs, of one issuer; (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses; or (iii) the securities of one or more “qualified publicly traded partnerships,” or the Diversification Tests. Failure to meet these requirements may result in us having to dispose of certain unqualified investments quickly in order to prevent the loss of RIC tax treatment. If we fail to maintain RIC tax treatment for any reason and are subject to U.S. federal income tax, the resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. In addition, to the extent we have unrealized gains, we would have to establish deferred tax liabilities, which would reduce our NAV accordingly. In addition, our shareholders would lose the tax credit realized when we, as a RIC, decide to retain the net realized capital gain and make deemed distributions of net realized capital gains, and pay taxes on behalf of our shareholders at the end of the tax year. The loss of this pass-through tax treatment could have a material adverse effect on the total return of an investment in our common stock. Even if the Company qualifies as a regulated investment company, it may face tax liabilities that reduce its cash flow. If we qualify for taxation as a RIC under the Code, we generally will not be subject to U.S. federal income tax on income that we timely distribute to our shareholders as dividends. Income derived through the Taxable Subsidiary will be subject to U.S. federal income tax at corporate rates without regard to the Annual Distribution Requirement. Our portfolio investments generally are not publicly traded. As a result, the fair value of these investments may not be readily determinable and will be recorded at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. As a result, there may be uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market quotation, at fair value as determined in good faith by the Valuation Committee, subject to the oversight of our Board of Directors. Typically, there is not a public market for the securities of the privately held companies in which we have invested and will continue to invest. As a result, the Valuation Committee values these securities quarterly at fair value based on inputs from our investment team and our third-party valuation firms, subject to the oversight of our Board of Directors. The determination of fair value and, consequently, the amount of unrealized gains and losses in our portfolio are, to a certain degree, subjective and dependent on our valuation process. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because of the inherent uncertainty of the valuation of portfolio securities that do not have readily available market quotations, our fair value determinations may differ materially from the values a third party would be willing to pay for our portfolio securities or the values that would be applicable to unrestricted securities having a public market. Due to this uncertainty, our fair value determinations may cause our NAV on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our common stock based on an overstated NAV may pay a higher price than the value of our investments might warrant. Conversely, investors selling shares during a period in which the NAV understates the value of our investments may receive a lower price for their shares than the value of our investments might warrant. We are currently operating in a period of capital markets disruptions and economic uncertainty. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business, financial condition and results of operations. From time to time, capital markets may experience periods of disruption and instability. The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in December 2019 and the conflict between Russia and Ukraine that began in late February 2022 (see "Terrorist attacks, acts of war or natural disasters may affect any market for our common stock, impact the business in which we invest and harm our business, operating results and financial condition" for more information). Even after the COVID-19 pandemic subsides, the U.S. economy, as well as most other major economies, may continue to experience a recession, and we anticipate our businesses would be materially and adversely affected by a prolonged recession in the United States and other major markets. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. The economic conditions caused by the COVID-19 pandemic could have, an adverse impact on the ability of lenders to originate loans, the volume and type of loans originated, the ability of borrowers to make payments and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to the Company, among other things. With respect to the U.S. credit markets (in particular for middle-market loans), the COVID-19 outbreak has resulted in, and until fully resolved is likely to continue to result in, the following, among other things: (i) increased draws by borrowers on revolving lines of credit and other financing instruments; (ii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; and (iii) greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility and liquidity issues. These and future market disruptions and/or illiquidity could have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations and our ability to grow and could also have a material negative impact on our operating results and the fair values of our debt and equity investments. We may have to access, if available, alternative markets for debt and equity capital, and a severe disruption in the global financial markets, deterioration in credit and financing conditions or uncertainty regarding U.S. government spending and deficit levels or other global economic conditions could have a material adverse effect on our business, financial condition and results of operations. Past economic downturns or recessions have had a significant negative impact on the operating performance and fair value of middle market companies. For example, between 2008 and 2009, the U.S. and global capital markets were unstable, as evidenced by periodic disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major financial institutions. Despite actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Equity capital may be difficult to raise during periods of adverse or volatile market conditions because, subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than NAV without first obtaining approval for such issuance from our shareholders and our directors who are not "interested persons" (as such term is used under Section 2(a)(19) of the 1940 Act) of the Company, or independent directors. Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. If the current market conditions (which are similar to those experienced from 2008 through 2009) continue for any substantial length of time, it could make it difficult to refinance or extend the maturity of our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in a rising interest rate environment. If any of these conditions appear, they may have an adverse effect on our business, financial condition, and results of operations. These events could limit our investment originations, limit our ability to increase returns to equity holders through the effective use of leverage, and negatively impact our operating results. In addition, significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell our investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Government authorities worldwide have taken increased measures to stabilize the markets and support economic growth. The success of these measures is unknown and they may not be sufficient to address the market dislocations or avert severe and prolonged reductions in economic activity. We also face an increased risk of investor, creditor or portfolio company disputes, litigation, and governmental and regulatory scrutiny as a result of the effects of COVID-19 on economic and market conditions. Events outside of our control, such as the COVID-19 pandemic, could negatively affect our portfolio companies and our results of our operations and financial condition. Periods of market volatility have occurred and could continue to occur in response to pandemics or other events outside of our control. These types of events have adversely affected—and could continue to adversely affect—operating results for us and for our portfolio companies. For example, the COVID-19 pandemic has led to, and for an unknown period of time will continue to lead to, disruptions in local, regional, national and global markets and the economies affected thereby, including the United States. With respect to U.S. and global credit markets |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings Outstanding | The Company had the following borrowings outstanding as of March 31, 2023 and March 31, 2022 (amounts in thousands): March 31, 2023 Outstanding Balance Unamortized Debt Issuance Costs and Debt Discount/Premium (1) Recorded Value SBA Debentures $ 120,000 $ (3,670) $ 116,330 Credit Facility 235,000 — 235,000 January 2026 Notes 140,000 (949) 139,051 October 2026 Notes 150,000 (2,737) 147,263 $ 645,000 $ (7,356) $ 637,644 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 March 31, 2023, the Company's issued and outstanding SBA Debentures mature as follows (amounts in thousands): Pooling Date (1) Maturity Date Fixed Interest Rate March 31, 2023 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 4.435% 40,000 3/22/2023 3/1/2033 5.215% 40,000 $ 120,000 (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. |
Summary of Contractual Payment Obligations | A summary of the Company's contractual payment obligations for the repayment of outstanding indebtedness at March 31, 2023 is as follows: Years Ending March 31, 2024 2025 2026 2027 2028 Thereafter Total SBA Debentures $ — $ — $ — $ — $ — $ 120,000 $ 120,000 Credit Facility — — — 235,000 — — 235,000 January 2026 Notes — — 140,000 — — — 140,000 October 2026 Notes — — — 150,000 — — 150,000 Total $ — $ — $ 140,000 $ 385,000 $ — $ 120,000 $ 645,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Distributions | Our distributions for the tax years ended December 31, 2022 and 2021 were as follows: Payment Date Cash Dividend Tax Year Ended December 31, 2022 March 31, 2022 $ 0.48 June 30, 2022 1 0.63 September 30, 2022 0.50 December 31, 2022 2 0.57 $ 2.18 Tax Year Ended December 31, 2021 March 31, 2021 3 $ 0.52 June 30, 2021 3 0.53 September 30, 2021 3 0.54 December 31, 2021 4 0.97 $ 2.56 Tax Year Ended December 31, 2020 March 31, 2020 3 $ 0.51 June 30, 2020 3 0.51 September 30, 2020 3 0.51 December 31, 2020 3 0.51 $ 2.04 1 On June 30, 2022, CSWC paid a regular dividend of $0.48 per share and a special dividend of $0.15 per share. 2 On December 31, 2022, CSWC paid a regular dividend of $0.52 per share and a supplemental dividend of $0.05 per share. 3 On each of these dates, the dividend paid included a supplemental dividend of $0.10 per share. 4 On December 31, 2021, CSWC paid a regular dividend of $0.47 per share and a supplemental dividend of $0.50 per share. The tax character of distributions paid for the tax years ended December 31, 2022 and 2021 was as follows (amounts in thousands): Twelve Months Ended December 31, 2022 2021 Ordinary income $ 60,960 $ 56,633 Distributions of long term capital gains — — Distributions on tax basis 1 $ 60,960 $ 56,633 1 Includes only those distributions which reduce estimated taxable income. |
Book and Tax Basis Differences Relating to Dividends and Distributions | Book and tax basis differences relating to dividends and distributions to our shareholders and other permanent book and tax differences are typically reclassified among the CSWC’s capital accounts. In addition, the character of income and gains to be distributed is determined in accordance with income tax regulations that may differ from U.S. GAAP; accordingly, for the years ended March 31, 2023 and 2022, CSWC reclassified for book purposes amounts arising from permanent book/tax differences related to the tax treatment of return of capital and/or deemed distributions, tax treatment of investments upon disposition, and non-deductible expenses, as follows (amounts in thousands): Years Ended March 31, 2023 2022 Additional capital $ (6,420) $ (7,648) Total distributable earnings 6,420 7,648 |
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 years ended March 31, 2023, 2022 and 2021: Years Ended March 31, Reconciliation of RIC Distributable Income 1 2023 2022 2021 Net increase in net assets from operations $ 33,093 $ 42,815 $ 50,883 Net unrealized depreciation (appreciation) on investments 18,589 (11,467) (28,755) Income/gain (expense/loss) recognized for tax on pass-through entities 962 3,753 (11,000) (Gain) loss recognized on dispositions (1,473) 152 2,206 Capital loss carryover 2 12,796 (878) 17,924 Net operating income - wholly-owned subsidiary 809 (10,757) (378) Dividend income from wholly-owned subsidiary 1,068 4,000 — Non-deductible tax expense 628 65 1,066 Loss on extinguishment of debt (2,726) 12,268 — Non-deductible compensation 3,243 3,679 — Compensation related book/tax differences 812 36 — Interest on non-accrual loans 3,343 4,171 — Other book/tax differences 1,191 1,530 870 Estimated distributable income before deductions for distributions $ 72,335 $ 49,367 $ 32,816 Distributions 3 : Ordinary $ 70,034 $ 57,518 $ 38,917 Capital gains — — — Deemed distributions — — — Distributions payable 3 — — — Estimated annual RIC undistributed taxable income $ 2,301 $ (8,151) $ (6,101) 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 March 31, 2023, the Company had long-term capital loss carryforwards of $30.2 million to offset future capital gains. These capital loss carryforwards are not subject to expiration. 3 Includes only those distributions which reduce estimated distributable income. |
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the significant components of the deferred tax assets and liabilities as of March 31, 2023 and March 31, 2022 (amounts in thousands): March 31, 2023 March 31, 2022 Deferred tax asset: Net operating loss carryforwards $ — $ — Interest 219 185 Total deferred tax asset 219 185 Deferred tax liabilities: Net unrealized appreciation on investments (11,413) (4,899) Net basis differences in portfolio investments (923) (1,033) Total deferred tax liabilities (12,336) (5,932) Total net deferred tax (liabilities) assets $ (12,117) $ (5,747) |
Schedule of Significant Components of Income Tax Provision | The following table sets forth the significant components of income tax provision as of March 31, 2023, 2022 and 2021 (amounts in thousands): Years Ended March 31, Components of Income Tax Provision 2023 2022 2021 162(m) limitation $ — $ — $ 122 Excise tax 630 65 637 Write-off of deferred tax asset — — 1,837 Tax (benefit) provision related to Taxable Subsidiary (301) 550 50 Stock compensation benefits — — (207) Other — — 3 Total income tax provision (benefit) $ 329 $ 615 $ 2,442 |
Components of Estimated Tax Basis RIC Accumulated Earnings | As of March 31, 2023, 2022 and 2021, the components of estimated RIC accumulated earnings on a tax basis were as follows (amounts in thousands): Years Ended March 31, Components of RIC Accumulated Earnings on a Tax Basis 1 2023 2022 2021 Undistributed ordinary income - tax basis $ 16,070 $ 12,682 $ 21,083 Undistributed net realized (loss) gain (30,201) (17,252) (17,924) Unrealized (depreciation) appreciation on investments (61,710) (20,126) (766) Other temporary differences (13,639) — (663) Components of distributable earnings at year-end $ (89,480) $ (24,696) $ 1,730 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. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Shares Sold | The following table summarizes certain information relating to shares sold under the Equity ATM Program: Years Ended March 31, 2023 2022 Number of shares sold 8,435,462 3,872,031 Gross proceeds received (in thousands) $ 161,216 $ 99,636 Net proceeds received (in thousands) 1 $ 158,798 $ 98,142 Weighted average price per share $ 19.11 $ 25.73 1 Net proceeds reflects proceeds after deducting commissions to the sales agents on shares sold and offering expenses. As of March 31, 2023, no proceeds remained receivable. As of March 31, 2022, $1.7 million in proceeds remained receivable and was included in other receivables in the Consolidated Statement of Assets and Liabilities.. |
Summary of Share Repurchases | The following table summarizes certain information relating to shares repurchased in connection with the vesting of restricted stock awards: Years Ended March 31, 2023 2022 Number of shares repurchased 49,590 52,124 Aggregate cost of shares repurchased (in thousands) $ 1,021 $ 1,408 Weighted average price per share $ 20.59 $ 27.01 |
STOCK BASED COMPENSATION PLANS
STOCK BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023: 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, 2021 429,776 $ 17.05 2.5 Granted 172,945 27.60 — Vested (167,072) 17.71 — Forfeited (39,656) 16.07 — Unvested at March 31, 2022 395,993 $ 21.48 2.4 Granted 199,042 21.25 — Vested (148,774) 20.49 — Forfeited (13,550) 24.71 — Unvested at March 31, 2023 432,711 $ 21.61 2.4 The following table summarizes the restricted stock outstanding under the Non-Employee Director Plan as of March 31, 2023: 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 — $ — — Granted 12,105 20.66 — Vested — — — Forfeited — — — Unvested at March 31, 2023 12,105 $ 20.66 0.4 |
RETIREMENT PLANS (Tables)
RETIREMENT PLANS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Pension Costs | The following tables set forth the Retirement Restoration Plan’s net pension benefit and benefit obligation amounts at March 31, 2023, 2022 and 2021, as well as amounts recognized in our Consolidated Statements of Assets and Liabilities at March 31, 2023 and 2022 (amounts in thousands): Years ended March 31, 2023 2022 2021 Net pension cost Interest cost on projected benefit obligation $ 90 $ 79 $ 96 Net amortization 33 37 35 Net pension cost from restoration plan $ 123 $ 116 $ 131 Years ended March 31, 2023 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 2,707 $ 2,979 $ 3,082 Interest cost 90 79 96 Actuarial (gain) loss (2,052) (104) 42 Benefits paid (147) (247) (241) Benefit obligation at end of year $ 598 $ 2,707 $ 2,979 Years ended March 31, 2023 2022 Amounts recognized in our Consolidated Statements of Assets and Liabilities Projected benefit obligation $ (598) $ (2,707) Net actuarial (gain) loss recognized as a component of equity (1,128) 957 Total $ (1,726) $ (1,750) Accumulated benefit obligation $ (598) $ (2,707) |
Schedule of Changes in Benefit Obligation | The following tables set forth the Retirement Restoration Plan’s net pension benefit and benefit obligation amounts at March 31, 2023, 2022 and 2021, as well as amounts recognized in our Consolidated Statements of Assets and Liabilities at March 31, 2023 and 2022 (amounts in thousands): Years ended March 31, 2023 2022 2021 Net pension cost Interest cost on projected benefit obligation $ 90 $ 79 $ 96 Net amortization 33 37 35 Net pension cost from restoration plan $ 123 $ 116 $ 131 Years ended March 31, 2023 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 2,707 $ 2,979 $ 3,082 Interest cost 90 79 96 Actuarial (gain) loss (2,052) (104) 42 Benefits paid (147) (247) (241) Benefit obligation at end of year $ 598 $ 2,707 $ 2,979 Years ended March 31, 2023 2022 Amounts recognized in our Consolidated Statements of Assets and Liabilities Projected benefit obligation $ (598) $ (2,707) Net actuarial (gain) loss recognized as a component of equity (1,128) 957 Total $ (1,726) $ (1,750) Accumulated benefit obligation $ (598) $ (2,707) |
Schedule of Amounts Recognized in Consolidated Statements of Assets and Liabilities | The following tables set forth the Retirement Restoration Plan’s net pension benefit and benefit obligation amounts at March 31, 2023, 2022 and 2021, as well as amounts recognized in our Consolidated Statements of Assets and Liabilities at March 31, 2023 and 2022 (amounts in thousands): Years ended March 31, 2023 2022 2021 Net pension cost Interest cost on projected benefit obligation $ 90 $ 79 $ 96 Net amortization 33 37 35 Net pension cost from restoration plan $ 123 $ 116 $ 131 Years ended March 31, 2023 2022 2021 Change in benefit obligation Benefit obligation at beginning of year $ 2,707 $ 2,979 $ 3,082 Interest cost 90 79 96 Actuarial (gain) loss (2,052) (104) 42 Benefits paid (147) (247) (241) Benefit obligation at end of year $ 598 $ 2,707 $ 2,979 Years ended March 31, 2023 2022 Amounts recognized in our Consolidated Statements of Assets and Liabilities Projected benefit obligation $ (598) $ (2,707) Net actuarial (gain) loss recognized as a component of equity (1,128) 957 Total $ (1,726) $ (1,750) Accumulated benefit obligation $ (598) $ (2,707) |
Schedule of Assumptions Used | The following assumptions were used in estimating the actuarial present value of the projected benefit obligations: Years ended March 31, 2023 2022 2021 Discount rate 5.00 % 3.50 % 2.75 % The following assumptions were used in estimating the net periodic (income)/expense: Years ended March 31, 2023 2022 2021 Discount rate 3.50 % 2.75 % 3.25 % |
Schedule of Expected Benefit Payments | Following are the expected benefit payments for the next five years and in the aggregate for the years 2029-2033 (amounts in thousands): 2024 2025 2026 2027 2028 2029-2033 Restoration Plan $ 47 $ 47 $ 47 $ 46 $ 46 $ 221 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Unused Commitments to Extend Credit | The balances of unfunded debt commitments as of March 31, 2023 and March 31, 2022 were as follows (amounts in thousands): March 31, March 31, Portfolio Company 2023 2022 Revolving Loans Acacia BuyerCo V LLC $ 2,000 $ — Acceleration, LLC 1,300 — Air Conditioning Specialist, Inc. 1,200 1,000 American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.) 154 117 ArborWorks, LLC 1,000 3,000 ATS Operating, LLC 2,000 1,500 Cadmium, LLC — 308 Catbird NYC, LLC 4,000 4,000 Cavalier Buyer, Inc. 2,000 — Central Medical Supply LLC 1,200 1,200 Dynamic Communities, LLC — 500 Exact Borrower, LLC 2,500 — Fast Sandwich, LLC — 3,100 FM Sylvan, Inc. 8,000 — Gains Intermediate, LLC 2,500 — GPT Industries, LLC 3,000 — GrammaTech, Inc. 2,500 2,500 GS Operating, LLC — 1,540 Gulf Pacific Acquisition, LLC 657 — ISI Enterprises, LLC 2,000 1,200 Island Pump and Tank, LLC 1,000 — ITA Holdings Group, LLC — 1,250 Klein Hersh, LLC — 938 Lash OpCo, LLC 138 481 Lighting Retrofit International, LLC (DBA Envocore) 2,083 2,083 Lightning Intermediate II, LLC 1,852 — Mako Steel LP 943 943 Microbe Formulas LLC 1,627 — Muenster Milling Company, LLC 7,000 5,000 NeuroPsychiatric Hospitals, LLC — 600 New Skinny Mixes, LLC 4,000 — NinjaTrader, Inc. 2,500 2,500 NWN Parent Holdings, LLC 480 1,380 March 31, March 31, Portfolio Company 2023 2022 Opco Borrower, LLC (DBA Giving Home Health Care) 833 — Outerbox, LLC 2,000 — Pipeline Technique Ltd. 2,833 — Roof OpCo, LLC 3,056 3,056 Roseland Management, LLC 1,425 1,425 RTIC Subsidiary Holdings LLC 548 — Shearwater Research, Inc. 2,446 2,446 SIB Holdings, LLC — 655 South Coast Terminals LLC 1,935 1,935 Spotlight AR, LLC 2,000 2,000 Student Resource Center, LLC — 1,333 Systec Corporation (DBA Inspire Automation) 400 1,150 Versicare Management LLC 2,500 — Wall Street Prep, Inc. 1,000 1,000 Well-Foam, Inc. 4,500 4,500 Winter Services Operations, LLC 4,444 2,000 Zenfolio Inc. — 1,000 Total Revolving Loans 87,554 57,640 Delayed Draw Term Loans AAC New Holdco Inc. 199 — Acacia BuyerCo V LLC 2,500 — Acceleration, LLC 5,000 — Central Medical Supply LLC 1,400 1,400 CityVet Inc. — 7,000 Exact Borrower, LLC 2,500 — Flip Electronics, LLC — 2,818 FoodPharma Subsidiary Holdings, LLC — 5,470 Gains Intermediate, LLC 5,000 — GS Operating, LLC — 3,205 Gulf Pacific Acquisition, LLC 1,212 — 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 NeuroPsychiatric Hospitals, LLC — 10,000 New Skinny Mixes, LLC 3,000 — NinjaTrader, Inc. 4,692 4,692 Roof OpCo, LLC — 4,644 Shearwater Research, Inc. — 3,262 SIB Holdings, LLC — 1,871 Systec Corporation (DBA Inspire Automation) — 3,000 US CourtScript Holdings, Inc. — — Versicare Management LLC 2,600 — Winter Services Operations, LLC 4,444 4,444 Zips Car Wash, LLC - B — 3,801 March 31, March 31, Portfolio Company 2023 2022 Total Delayed Draw Term Loans 37,083 71,274 Total Unfunded Debt Commitments $ 124,637 $ 128,914 The balances of unfunded equity commitments as of March 31, 2023 and March 31, 2022 were as follows (amounts in thousands): March 31, March 31, 2023 2022 Unfunded Equity Commitments Catbird NYC, LLC $ 125 $ 125 Infolinks Media Buyco, LLC 412 412 I-45 SLF LLC — 4,800 Total Unfunded Equity Commitments $ 537 $ 5,337 |
Schedule of Unfunded Debt | The following table provides additional information on the Company’s unfunded debt commitments regarding expirations (amounts in thousands): March 31, March 31, 2023 2022 Unfunded Debt Commitments Expiring during: 2023 $ — $ 39,946 2024 31,625 37,321 2025 10,637 5,000 2026 6,712 8,194 2027 38,062 38,453 2028 35,318 — 2029 2,283 — Total Unfunded Debt Commitments $ 124,637 $ 128,914 |
Schedule of Future Minimum Payments | The following table shows future minimum payments under the Company's operating leases as of March 31, 2023 (in thousands): Year ending March 31, Rent Commitment 2024 $ 406 2025 416 2026 426 2027 436 2028 446 Thereafter 2,132 Total $ 4,262 |
SELECTED QUARTERLY FINANCIAL _2
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following presents a summary of the unaudited quarterly consolidated financial information for the years ended March 31, 2023 and 2022 (in thousands except per share amounts): First Second Third Fourth 2023 Quarter Quarter Quarter Quarter Total Net investment income $ 12,438 $ 14,444 $ 19,425 $ 22,404 $ 68,711 Net realized gain (loss) on investments, net of tax 2,320 (8,635) (11,086) 372 (17,029) Net change in unrealized (depreciation) appreciation on investments, net of tax (12,248) 3,649 (5,390) (4,600) (18,589) Net increase (decrease) in net assets from operations 2,510 9,458 2,949 18,176 33,093 Pre-tax net investment income per share 0.50 0.54 0.60 0.65 2.30 Net investment income per share 0.49 0.52 0.62 0.64 2.29 Net increase (decrease) in net assets from operations per share 0.10 0.34 0.09 0.52 1.10 First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Total Net investment income $ 9,043 $ 9,726 $ 11,899 $ 12,019 $ 42,687 Net realized (loss) gain on investments (952) 3,496 2,715 575 5,834 Net change in unrealized appreciation (depreciation) on investments, net of tax 7,051 (691) (2,054) 7,161 11,467 Realized loss on extinguishment of debt — (17,087) — — (17,087) Realized loss on disposal of fixed assets — — — (86) (86) Net increase (decrease) in net assets from operations 15,142 (4,556) 12,560 19,669 42,815 Pre-tax net investment income per share 0.45 0.45 0.51 0.50 1.90 Net investment income per share 0.43 0.43 0.51 0.50 1.87 Net increase (decrease) in net assets from operations per share 0.71 (0.20) 0.54 0.81 1.87 |
SUMMARY OF PER SHARE INFORMAT_2
SUMMARY OF PER SHARE INFORMATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Summary of Per Share Data | The following presents a summary of per share data for the years ended March 31, 2023, 2022, 2021, 2020, 2019, 2018, and 2017 (share amounts presented in thousands). Years Ended March 31, Per Share Data: 2023 2022 2021 2020 2019 2018 2017 Investment income 1 $ 3.97 $ 3.60 $ 3.57 $ 3.45 $ 3.10 $ 2.18 $ 1.48 Operating expenses 1 (1.67) (1.70) (1.78) (1.76) (1.62) (1.16) (0.87) Income taxes 1 (0.01) (0.03) (0.13) (0.12) (0.06) (0.01) (0.11) Net investment income 1 2.29 1.87 1.66 1.57 1.42 1.01 0.50 Net realized (loss) gain, net of tax 1 (0.57) 0.26 (0.45) 2.35 1.24 0.10 0.50 Net unrealized (depreciation) appreciation on investments, net of tax 1 (0.62) 0.50 1.51 (5.16) (0.68) 1.34 0.49 Realized loss on extinguishment of debt 1 — (0.75) (0.05) — — — — Total increase (decrease) from investment operations 1.10 1.88 2.67 (1.24) 1.98 2.45 1.49 Accretive effect of share issuances and repurchases 0.50 1.45 0.30 0.45 0.06 (0.04) — Dividends to shareholders (2.28) (2.52) (2.05) (2.75) (2.27) (0.99) (0.79) Spin-off Compensation Plan Distribution, net of tax — — — — — (0.03) (0.08) Issuance of restricted stock 1,2 (0.14) (0.10) (0.16) (0.06) (0.23) (0.18) (0.15) Common stock withheld for payroll taxes upon vesting of restricted stock (0.01) (0.03) — — (0.01) (0.01) — Exercise of employee stock options 3 — — — — (0.12) 0.01 (0.09) Share based compensation expense 0.10 0.14 0.14 0.16 0.13 0.11 0.08 Change in restoration plan 0.06 0.01 — (0.01) (0.01) (0.05) — Repurchase of common stock — — — 0.15 — — — Other 4 0.18 0.02 (0.02) (0.19) 0.01 0.01 — (Decrease) increase in net asset value (0.49) 0.85 0.88 (3.49) (0.46) 1.28 0.46 Net asset value Beginning of period 16.86 16.01 15.13 18.62 19.08 17.80 17.34 End of period $ 16.37 $ 16.86 $ 16.01 $ 15.13 $ 18.62 $ 19.08 $ 17.80 Ratios and Supplemental Data Ratio of operating expenses to average net assets 10.06 % 10.31 % 11.51 % 9.87 % 8.61 % 6.35 % 4.95 % Ratio of net investment income to average net assets 13.75 % 11.31 % 10.74 % 8.77 % 7.53 % 5.51 % 2.83 % Portfolio turnover 13.68 % 33.91 % 18.81 % 22.76 % 23.38 % 25.42 % 23.57 % Total investment return 5 (15.36) % 18.10 % 118.56 % (37.52) % 38.34 % 6.61 % 27.88 % Total return based on change in NAV 6 10.62 % 21.05 % 19.37 % (3.97) % 9.49 % 12.75 % 7.21 % Per share market value at the end of the period $ 17.78 $ 23.73 $ 22.16 $ 11.42 $ 21.04 $ 17.02 $ 16.91 Weighted-average basic shares outstanding 30,016 22,840 19,060 18,000 16,074 16,074 15,825 Weighted-average diluted shares outstanding 30,016 22,840 19,060 18,000 16,139 16,139 15,877 Common shares outstanding at end of period 36,076 24,959 21,005 17,998 17,503 16,162 16,011 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 Net decrease is due to the exercise of employee stock options at prices less than beginning of period net asset value. 4 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. 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) | 12 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Summary of Subsidiary Financial Information | Below is certain summarized financial information for I-45 SLF LLC as of March 31, 2023 and March 31, 2022 and for the years ended March 31, 2023, 2022 and 2021 (amounts in thousands): March 31, 2023 March 31, 2022 Selected Balance Sheet Information: Investments, at fair value (cost $169,874 and $187,714) $ 143,712 $ 176,704 Cash and cash equivalents 6,478 9,949 Interest receivable 1,145 850 Accounts receivable 1,038 123 Deferred financing costs and other assets 416 1,518 Total assets $ 152,789 $ 189,144 Senior credit facility payable $ 86,000 $ 114,500 Other liabilities 2,674 2,596 Total liabilities $ 88,674 $ 117,096 Members’ equity 64,115 72,048 Total liabilities and members' equity $ 152,789 $ 189,144 Years Ended March 31, 2023 2022 2021 Selected Statement of Operations Information: Total revenues $ 16,914 $ 12,804 $ 13,930 Total expenses (7,542) (4,166) (4,565) Net investment income 9,372 8,638 9,365 Net unrealized (depreciation) appreciation (15,153) (4,569) 30,467 Net realized gains (losses) 1,224 1,047 (15,313) Net (decrease) increase in members’ equity resulting from operations $ (4,557) $ 5,116 $ 24,519 |
Schedule of Investments in an_2
Schedule of Investments in and Advances to Affiliates (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Investments in and Advances to Affiliates [Abstract] | |
Schedule of Investments in and Advances to Affiliates | SCHEDULE 12-14 Schedule of Investments in and Advances to Affiliates (In thousands) Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Control Investments I-45 SLF LLC 80% LLC equity interest $ — $ 7,337 $ 57,603 $ 4,800 $ — $ — $ (11,147) $ 51,256 Total Control Investments $ — $ 7,337 $ 57,603 $ 4,800 $ — $ — $ (11,147) $ 51,256 Affiliate Investments Air Conditioning Specialists, Inc. Revolving Loan $ 800 $ 15 $ — $ 1,384 $ (600) $ — $ 16 $ 800 First Lien 27,438 1,905 12,535 14,574 (170) — 499 27,438 766,738.93 Preferred Units — — 634 186 — — 382 1,202 Catbird NYC, LLC Revolving Loan — 36 — 16 — — (16) — First Lien 15,500 1,635 15,884 59 (400) — (43) 15,500 1,000,000 Class A Units — 88 1,221 — — — 437 1,658 500,000 Class B Units — 53 572 — — — 142 714 Central Medical Supply LLC Revolving Loan 300 49 290 6 — — — 296 First Lien 7,500 950 7,260 29 — — 113 7,402 Delayed Draw Term Loan 100 25 97 6 — — (4) 99 1,380,500 Preferred Units — — 641 — — — (284) 357 Chandler Signs, LLC 1,500,000 units of Class A-1 common stock — — 924 — — — 2,291 3,215 Delphi Intermediate Healthco LLC First Lien 1,649 108 1,402 108 — — (1,510) — First Lien 1,829 98 1,472 97 — — (1,569) — Protective Advance 1,448 79 526 922 — — (1,448) — 1,681.04 Common Units — — 2,460 — — — (2,460) — Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Dynamic Communities, LLC Revolving Loan — 1 — — — 1 (1) — First Lien — 286 10,323 12 (11,159) — 824 — First Lien - Term Loan A 3,846 249 — 9,554 (4,604) (1,124) (3) 3,823 First Lien - Term Loan B 3,867 118 — 9,423 (4,484) (1,095) (1) 3,843 Senior subordinated debt — 41 650 41 (587) (104) — — 2,000,000 Preferred units — — 1,274 — — (2,000) 726 — 250,000 Class A Preferred units — — — 250 — — 375 625 5,435,211.03 Class B Preferred units — — — 2,218 — — — 2,218 255,984.22 Class C Preferred units — — — — — — — — 2,500,000 Common units — — — — — — — — GPT Industries, LLC Revolving loan — 5 — (58) — — 58 — First lien 6,150 148 — 6,030 — — — 6,030 1,000,000 Class A Preferred Units — — — 1,000 — — — 1,000 GrammaTech, Inc. Revolving Loan — 10 — 9 — — (9) — First Lien 10,031 1,336 9,775 67 (1,500) 15 1,674 10,031 1,000 Class A units — — 674 — — — (674) — 360.06 Class A-1 units — — 38 304 — — 30 372 ITA Holdings Group, LLC Revolving loan 7,000 786 750 6,241 — — 23 7,014 First Lien - Term Loan 10,114 1,232 10,041 98 — — (25) 10,114 First Lien - Term Loan B 5,057 766 5,061 47 — — (40) 5,068 First Lien - PIK Note A 3,271 545 2,959 538 — — (242) 3,255 First Lien - PIK Note B 129 13 117 12 — — (1) 128 Warrants — — 3,199 — — — 847 4,046 9.25% Class A membership interest — — 3,063 — — — 1,285 4,348 Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Lighting Retrofit International, LLC (DBA Envocore) Revolving Loan — 34 — 833 (833) — — — First Lien 5,143 393 4,780 — (53) — 416 5,143 Second Lien 5,208 — 3,104 — — — 490 3,594 208,333.3333 Series A Preferred units — — — — — — — — 203,124.9999 Common units — — — — — — — — Outerbox, LLC Revolving Loan — 9 — (25) — — 25 — First Lien 14,625 982 — 14,429 — — 123 14,552 6,308.2584 Class A common units — — — 631 — — 142 773 Roseland Management, LLC Revolving Loan 575 81 575 2 — — (22) 555 First Lien 15,051 1,883 14,125 1,132 (145) — (588) 14,524 3,364 Class A-2 Units — — — 202 — — 492 694 1,100 Class A-1 units — — — 66 — — 95 161 16,084 Class A units — — 1,905 — — — (1,483) 422 SIMR, LLC First Lien — — 10,588 191 (13,081) (211) 2,513 — First Lien - Incremental — — — 191 (191) — — — 9,374,510.2 Class B Common Units — — — — — (6,107) 6,107 — 904,903.31 Class W Units — — — — — — — — Sonobi, Inc. 500,000 Class A Common units — — 2,960 — — — (1,211) 1,749 STATinMED, LLC First Lien 7,288 699 — 7,479 (191) — — 7,288 Delayed Draw Term Loan 122 6 — 121 — — 1 122 4,718.62 Class A Preferred Units — — — 4,838 — — (1,071) 3,767 39,097.96 Class B Preferred Units — — — 1,400 — — (1,400) — Portfolio Company Type of Investment (1) March 31, 2023 Principal Amount - Debt Investments Amount of Interest or Dividends Credited in Income (2) Fair Value at March 31, 2022 Gross Additions (3) Gross Reductions (4) Amount of Realized Gain/(Loss) (5) Amount of Unrealized Gain/(Loss) Fair Value at March 31, 2023 Student Resource Center LLC First Lien 8,889 195 — 8,727 — — (7) 8,720 10,502,487.46 Preferred units — — — 5,845 — — — 5,845 2,000,000 Preferred units — — — — — — — — Total Affiliate Investments $ 162,930 $ 14,859 $ 131,879 $ 99,235 $ (37,998) (10,625) $ 6,014 $ 188,505 Total Control & Affiliate Investments $ 162,930 $ 22,196 $ 189,482 $ 104,035 $ (37,998) $ (10,625) $ (5,133) $ 239,761 (1) The principal amount and ownership detail as shown in the Consolidated Schedules of Investments. (2) Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively. (3) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category. (4) Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category. (5) The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Schedule of Investments [Line Items] | |
Qualifying assets | 86.10% |
Nonqualified assets | 11.30% |
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 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended | 12 Months Ended | ||||
Jul. 18, 2011 | Mar. 31, 2023 USD ($) investment | Mar. 31, 2022 USD ($) investment | Mar. 31, 2023 USD ($) investment | Mar. 31, 2022 USD ($) investment | Mar. 31, 2021 USD ($) | |
Accounting Policies [Abstract] | ||||||
FDIC Insured amount | $ 8,900,000 | $ 6,500,000 | $ 8,900,000 | $ 6,500,000 | ||
FDIC uninsured amount | $ 20,300,000 | $ 10,200,000 | $ 20,300,000 | $ 10,200,000 | ||
Concentration Risk [Line Items] | ||||||
Non-cash interest income percent | 3.20% | 3.70% | ||||
Number of PIK investments | investment | 3 | 2 | 3 | 2 | ||
Non-cash PIK interest income percent | 4.60% | 3.90% | ||||
Remaining lease term | 9 years 6 months | 9 years 6 months | ||||
Interest or penalties expense | $ 0 | $ 0 | $ 0 | |||
Right to grant period | 10 years | |||||
Percentage of Total Portfolio at Fair Value | Credit risk | Investment Owned, Non-accrual Status | ||||||
Concentration Risk [Line Items] | ||||||
Percentage of Total Portfolio | 0.30% | 1.50% | ||||
Percentage of Total Portfolio at Cost | Credit risk | Investment Owned, Non-accrual Status | ||||||
Concentration Risk [Line Items] | ||||||
Percentage of Total Portfolio | 1.30% | 2.60% |
INVESTMENTS - Investment Portfo
INVESTMENTS - Investment Portfolio, at Fair Value and Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 1,206,388 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Percent of net assets | 204.30% | [1],[2] | 222.50% | |
Cost | $ 1,220,152 | [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 | $ 1,000,984 | $ 739,872 | ||
Percent of net assets | 169.50% | 175.80% | ||
Cost | $ 1,018,595 | $ 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 | 83% | 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 | 83.50% | 79.40% | ||
Second lien loans | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 35,820 | $ 52,645 | ||
Percent of net assets | 6.10% | 12.50% | ||
Cost | $ 44,038 | $ 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 | 3% | 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 | 3.60% | 6% | ||
Subordinated debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 791 | $ 1,317 | ||
Percent of net assets | 0.10% | 0.30% | ||
Cost | $ 763 | $ 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 | 0.10% | 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 | $ 63,393 | $ 44,663 | ||
Percent of net assets | 10.70% | 10.60% | ||
Cost | $ 43,634 | $ 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 | 5.20% | 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 | 3.60% | 2.70% | ||
Common equity & warrants | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 54,144 | $ 40,514 | ||
Percent of net assets | 9.20% | 9.60% | ||
Cost | $ 32,322 | $ 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 | 4.50% | 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 | 2.60% | 3.70% | ||
I-45 SLF LLC | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 51,256 | $ 57,603 | ||
Percent of net assets | 8.70% | 13.70% | ||
Cost | $ 80,800 | $ 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 | 4.20% | 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 | 6.60% | 8.10% | ||
Southeast | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 235,782 | $ 136,588 | ||
Percent of net assets | 39.90% | 32.50% | ||
Cost | $ 236,333 | $ 138,929 | ||
Southeast | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19.50% | 14.60% | ||
Southeast | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19.40% | 14.90% | ||
Northeast | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 269,569 | $ 225,578 | ||
Percent of net assets | 45.70% | 53.60% | ||
Cost | $ 255,995 | $ 221,780 | ||
Northeast | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 22.30% | 24.10% | ||
Northeast | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 21% | 23.60% | ||
West | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 233,079 | $ 163,924 | ||
Percent of net assets | 39.50% | 38.90% | ||
Cost | $ 232,109 | $ 153,292 | ||
West | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19.30% | 17.50% | ||
West | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19% | 16.30% | ||
Southwest | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 234,127 | $ 206,057 | ||
Percent of net assets | 39.60% | 49% | ||
Cost | $ 231,467 | $ 204,443 | ||
Southwest | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19.40% | 22% | ||
Southwest | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 19% | 21.80% | ||
Midwest | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 156,233 | $ 132,308 | ||
Percent of net assets | 26.40% | 31.40% | ||
Cost | $ 158,989 | $ 129,354 | ||
Midwest | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 13.10% | 14.10% | ||
Midwest | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 13% | 13.80% | ||
I-45 SLF LLC | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 51,256 | $ 57,603 | ||
Percent of net assets | 8.70% | 13.70% | ||
Cost | $ 80,800 | $ 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 | 4.20% | 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 | 6.60% | 8.10% | ||
International | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 26,342 | $ 14,556 | ||
Percent of net assets | 4.50% | 3.40% | ||
Cost | $ 24,459 | $ 14,505 | ||
International | Percentage of Total Portfolio at Fair Value | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.20% | 1.60% | ||
International | Percentage of Total Portfolio at Cost | Geographic | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2% | 1.50% | ||
Media & Marketing | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 149,357 | $ 43,463 | ||
Percent of net assets | 25.30% | 10.30% | ||
Cost | $ 139,750 | $ 33,049 | ||
Media & Marketing | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 12.40% | 4.60% | ||
Media & Marketing | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 11.50% | 3.50% | ||
Business Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 146,727 | $ 123,697 | ||
Percent of net assets | 24.90% | 29.40% | ||
Cost | $ 147,056 | $ 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 | 12.20% | 13.20% | ||
Business Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 12.10% | 13.30% | ||
Healthcare Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 126,971 | $ 88,131 | ||
Percent of net assets | 21.50% | 21% | ||
Cost | $ 143,455 | $ 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 | 10.50% | 9.40% | ||
Healthcare Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 11.80% | 10.30% | ||
Consumer Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 91,913 | $ 71,730 | ||
Percent of net assets | 15.60% | 17% | ||
Cost | $ 91,142 | $ 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 | 7.60% | 7.70% | ||
Consumer Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 7.50% | 7.60% | ||
Consumer Products and Retail | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 86,385 | $ 90,457 | ||
Percent of net assets | 14.60% | 21.50% | ||
Cost | $ 86,607 | $ 88,375 | ||
Consumer Products and Retail | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 7.20% | 9.70% | ||
Consumer Products and Retail | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 7.10% | 9.40% | ||
Food, Agriculture & Beverage | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 68,833 | $ 48,876 | ||
Percent of net assets | 11.70% | 11.60% | ||
Cost | $ 73,223 | $ 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 | 5.70% | 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 | 6% | 5% | ||
Healthcare Products | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 66,355 | $ 32,054 | ||
Percent of net assets | 11.20% | 7.60% | ||
Cost | $ 67,555 | $ 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 | 5.50% | 3.40% | ||
Healthcare Products | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 5.50% | 3.50% | ||
Technology Products & Components | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 59,718 | $ 37,047 | ||
Percent of net assets | 10.10% | 8.80% | ||
Cost | $ 43,016 | $ 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 | 5% | 4% | ||
Technology Products & Components | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 3.50% | 3.30% | ||
I-45 SLF LLC | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 51,256 | $ 57,603 | ||
Percent of net assets | 8.70% | 13.70% | ||
Cost | $ 80,800 | $ 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 | 4.20% | 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 | 6.60% | 8.10% | ||
Transportation & Logistics | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 48,494 | $ 34,038 | ||
Percent of net assets | 8.20% | 8.10% | ||
Cost | $ 42,049 | $ 29,513 | ||
Transportation & Logistics | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 4% | 3.60% | ||
Transportation & Logistics | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 3.40% | 3.10% | ||
Software & IT Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 47,641 | $ 33,414 | ||
Percent of net assets | 8.10% | 7.90% | ||
Cost | $ 47,563 | $ 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 | 3.90% | 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 | 3.90% | 3.70% | ||
Financial Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 40,420 | $ 39,305 | ||
Percent of net assets | 6.80% | 9.30% | ||
Cost | $ 30,950 | $ 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 | 3.30% | 4.20% | ||
Financial Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.50% | 3.30% | ||
Industrial Products | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 32,518 | $ 13,891 | ||
Percent of net assets | 5.50% | 3.30% | ||
Cost | $ 25,827 | $ 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 | 2.70% | 1.50% | ||
Industrial Products | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.10% | 1.50% | ||
Environmental Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 29,753 | $ 20,641 | ||
Percent of net assets | 5% | 4.90% | ||
Cost | $ 34,869 | $ 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 | 2.50% | 2.20% | ||
Environmental Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.90% | 2.50% | ||
Education | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 26,357 | $ 32,072 | ||
Percent of net assets | 4.50% | 7.60% | ||
Cost | $ 25,995 | $ 32,119 | ||
Education | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.20% | 3.40% | ||
Education | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2.10% | 3.40% | ||
Industrial Services | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 25,460 | $ 11,614 | ||
Percent of net assets | 4.30% | 2.80% | ||
Cost | $ 24,920 | $ 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 | 2.10% | 1.20% | ||
Industrial Services | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 2% | 1.20% | ||
Energy Services (Midstream) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 22,829 | $ 13,465 | ||
Percent of net assets | 3.90% | 3.20% | ||
Cost | $ 23,337 | $ 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 | 1.90% | 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 | 1.90% | 1.50% | ||
Specialty Chemicals | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 17,839 | $ 17,749 | ||
Percent of net assets | 3% | 4.20% | ||
Cost | $ 17,531 | $ 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 | 1.50% | 1.90% | ||
Specialty Chemicals | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.40% | 1.90% | ||
Energy Services (Upstream) | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 17,730 | $ 17,910 | ||
Percent of net assets | 3% | 4.30% | ||
Cost | $ 17,402 | $ 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 | 1.50% | 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 | 1.40% | 1.90% | ||
Telecommunications | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 17,386 | $ 18,736 | ||
Percent of net assets | 2.90% | 4.50% | ||
Cost | $ 21,796 | $ 22,341 | ||
Telecommunications | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.40% | 2% | ||
Telecommunications | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.90% | 2.40% | ||
Distribution | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 16,315 | $ 54,798 | ||
Percent of net assets | 2.80% | 13% | ||
Cost | $ 18,755 | $ 54,035 | ||
Distribution | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.40% | 5.90% | ||
Distribution | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.50% | 5.80% | ||
Containers & Packaging | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 10,131 | $ 10,671 | ||
Percent of net assets | 1.70% | 2.50% | ||
Cost | $ 10,656 | $ 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 | 0.80% | 1.10% | ||
Containers & Packaging | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 0.90% | 1.10% | ||
Aerospace & Defense | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 6,000 | $ 6,800 | ||
Percent of net assets | 1% | 1.60% | ||
Cost | $ 5,898 | $ 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 | 0.50% | 0.70% | ||
Aerospace & Defense | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 0.50% | 0.70% | ||
Commodities & Mining | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 10,877 | |||
Percent of net assets | 2.60% | |||
Cost | $ 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 | 1.20% | |||
Commodities & Mining | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 1.20% | |||
Restaurants | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 5,367 | |||
Percent of net assets | 1.30% | |||
Cost | $ 4,556 | |||
Restaurants | Percentage of Total Portfolio at Fair Value | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 0.60% | |||
Restaurants | Percentage of Total Portfolio at Cost | Industry | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Percentage of Total Portfolio | 0.50% | |||
Paper & Forest Products | ||||
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 | 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 | 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 | $ 50,100 | $ 38,600 | ||
Split lien term loans included in first lien loans | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 45,000 | 36,400 | ||
Split lien term loans included in second lien loans | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 20,200 | 33,900 | ||
Unsecured convertible Note | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 400 | $ 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 - Fair Value Measurements 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 March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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 $852.4 million.[10]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans. |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Privately held debt and equity instruments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Percent of investment assets | 100% | 100% |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule Investment Portfolio by Level (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | $ 1,206,388 | [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 | 1,155,132 | |||
Total Investments | 879,011 | |||
Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 1,206,388 | 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 | 1,155,132 | 879,011 | ||
Recurring | Net Asset Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments measured at net asset value | $ 51,256 | 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 | $ 1,000,984 | 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 | 1,000,984 | 739,872 | ||
Recurring | Second lien loans | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 35,820 | 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 | 35,820 | 52,645 | ||
Recurring | Subordinated debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 791 | 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 | 791 | 1,317 | ||
Recurring | Preferred equity | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 63,393 | 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 | 63,393 | 44,663 | ||
Recurring | Common equity & warrants | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total Investments | 54,144 | 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 | $ 54,144 | $ 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 - Fair Value Measurements 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 | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | ||
Fair Value | ||||
Total Investments | $ 1,206,388 | [1],[2],[3] | $ 936,614 | [4],[5],[6] |
Significant Unobservable Inputs (Level 3) | ||||
Fair Value | ||||
Total Investments | 1,155,132 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 953,918 | $ 645,034 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.069 | 0.073 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 5.1 | 5.5 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.262 | 0.306 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 96.5 | 96.5 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.130 | 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 | 93.9 | 93.2 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 41,923 | $ 94,838 | ||
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Cost | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 94.1 | 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 | 98.1 | 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 | 97.9 | 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) | First lien loans | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 5,143 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.272 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.4 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.272 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.4 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.272 | |||
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.4 | |||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 32,226 | $ 49,541 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.183 | 0.103 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 61.3 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.343 | 0.378 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 61.3 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.251 | 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 | 61.3 | 97.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | ||||
Fair Value | ||||
Total Investments | $ 3,594 | $ 3,104 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.272 | 0.221 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.4 | 8.3 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.272 | 0.221 | ||
Significant Unobservable Inputs (Level 3) | Second lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.4 | 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 | 0.272 | 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 | 9.4 | 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 | $ 205 | $ 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 | $ 586 | $ 495 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.202 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 6 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.250 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 7.7 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.218 | 0.205 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 6.6 | 8.1 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 3,875 | $ 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 | $ 59,518 | $ 41,563 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.117 | 0.125 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 4.7 | 6.9 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.308 | 0.408 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 16.7 | 18.8 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.171 | 0.178 | ||
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 9.8 | 10.6 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | ||||
Fair Value | ||||
Total Investments | $ 2,090 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Minimum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 158.7 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Income Approach | Maximum | Third Party Broker Quote | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 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 | 158.7 | |||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | ||||
Fair Value | ||||
Total Investments | $ 1,080 | $ 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 | $ 53,064 | $ 36,667 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.114 | 0.101 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 5.5 | 4.2 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | Discount Rate | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 0.366 | 0.322 | ||
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple | ||||
Fair Value Measurement Input | ||||
Investments, measurement input | 18.6 | 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 | 0.182 | 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 | 9.5 | 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 - Fair Value Measurements 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 | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and Unrealized Gain (Loss), Investment and Derivative, Operating, after Tax | Realized and Unrealized Gain (Loss), Investment and Derivative, Operating, after Tax |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income Extensible List Not Disclosed Flag | YTD Unrealized Appreciation (Depreciation) on Investments held at period end | YTD Unrealized Appreciation (Depreciation) on Investments held at period end |
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) | (17,488) | 22,740 |
Purchases of Investments | 432,242 | 499,023 |
Repayments | (141,242) | (266,282) |
PIK Interest Capitalized | 5,965 | 4,190 |
Divestitures | (3,356) | (11,934) |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 1,155,132 | 879,011 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (7,943) | 15,427 |
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) | (17,150) | 719 |
Purchases of Investments | 415,332 | 464,758 |
Repayments | (128,932) | (247,538) |
PIK Interest Capitalized | 5,577 | 2,455 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | (13,715) | (4,683) |
Fair value. ending balance | 1,000,984 | 739,872 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (13,189) | (960) |
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) | (7,127) | (2,325) |
Purchases of Investments | 2,990 | 18,902 |
Repayments | (12,310) | (7,223) |
PIK Interest Capitalized | 314 | 1,217 |
Divestitures | (692) | (53) |
Conversion/Reclassification of Security | 0 | 5,208 |
Fair value. ending balance | 35,820 | 52,645 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (5,923) | (2,699) |
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) | (398) | 422 |
Purchases of Investments | 385 | 364 |
Repayments | 0 | (11,521) |
PIK Interest Capitalized | 74 | 518 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | (587) | 0 |
Fair value. ending balance | 791 | 1,317 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (294) | 322 |
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) | (3,360) | 11,889 |
Purchases of Investments | 7,788 | 10,691 |
Repayments | 0 | 0 |
PIK Interest Capitalized | 0 | 0 |
Divestitures | 0 | 0 |
Conversion/Reclassification of Security | 14,302 | (525) |
Fair value. ending balance | 63,393 | 44,663 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | (267) | 11,363 |
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) | 10,547 | 12,035 |
Purchases of Investments | 5,747 | 4,308 |
Repayments | 0 | 0 |
PIK Interest Capitalized | 0 | 0 |
Divestitures | (2,664) | (11,881) |
Conversion/Reclassification of Security | 0 | 0 |
Fair value. ending balance | 54,144 | 40,514 |
YTD Unrealized Appreciation (Depreciation) on Investments held at period end | $ 11,730 | $ 7,401 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||||||||
May 11, 2022 USD ($) | Sep. 24, 2021 USD ($) | Aug. 09, 2021 USD ($) lender | Aug. 08, 2021 USD ($) lender | Apr. 20, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Sep. 24, 2021 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Nov. 22, 2022 USD ($) | Nov. 16, 2022 USD ($) lender | May 10, 2022 USD ($) | 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 | 235% | ||||||||||||||||||||||||||
Recorded Value | $ 528,588,000 | $ 528,588,000 | $ 637,644,000 | $ 528,588,000 | |||||||||||||||||||||||
Realized loss on extinguishment of debt | 0 | $ 0 | $ (17,087,000) | $ 0 | 0 | (17,087,000) | $ (1,007,000) | ||||||||||||||||||||
Outstanding Balance | 535,000,000 | 535,000,000 | 645,000,000 | 535,000,000 | |||||||||||||||||||||||
January 2026 Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Aggregate principal amount | 140,000,000 | 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 | 150,000,000 | |||||||||||||||||||||||
SBA Debentures | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Aggregate principal amount | 40,000,000 | 40,000,000 | 120,000,000 | 40,000,000 | |||||||||||||||||||||||
Notes | January 2026 Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Recorded Value | 138,714,000 | 138,714,000 | 139,051,000 | 138,714,000 | |||||||||||||||||||||||
Interest expense | 6,600,000 | 6,700,000 | 1,200,000 | ||||||||||||||||||||||||
Aggregate principal amount | $ 75,000,000 | $ 65,000,000 | |||||||||||||||||||||||||
Fixed Interest Rate | 4.50% | ||||||||||||||||||||||||||
Average borrowings | $ 140,000,000 | 140,000,000 | |||||||||||||||||||||||||
Weighted average interest rate | 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 | 140,000,000 | |||||||||||||||||||||||
Notes | January 2026 Notes | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Fair value | 122,800,000 | ||||||||||||||||||||||||||
Notes | October 2026 Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Recorded Value | 146,522,000 | 146,522,000 | 147,263,000 | 146,522,000 | |||||||||||||||||||||||
Interest expense | 5,800,000 | 3,100,000 | |||||||||||||||||||||||||
Aggregate principal amount | $ 50,000,000 | $ 100,000,000 | |||||||||||||||||||||||||
Fixed Interest Rate | 3.375% | 3.375% | |||||||||||||||||||||||||
Average borrowings | 132,900,000 | $ 150,000,000 | |||||||||||||||||||||||||
Issuance price percent received | 99.993% | 99.418% | |||||||||||||||||||||||||
Yield-to-maturity | 3.50% | 3.375% | 3.50% | ||||||||||||||||||||||||
Redemption price, percentage | 100% | ||||||||||||||||||||||||||
Outstanding Balance | 150,000,000 | $ 150,000,000 | $ 150,000,000 | 150,000,000 | |||||||||||||||||||||||
Notes | October 2026 Notes | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Fair value | 132,200,000 | ||||||||||||||||||||||||||
Notes | October 2024 Notes | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Interest expense | $ 0 | $ 3,600,000 | 6,300,000 | ||||||||||||||||||||||||
Aggregate principal amount | $ 50,000,000 | $ 10,000,000 | $ 65,000,000 | ||||||||||||||||||||||||
Fixed Interest Rate | 5.375% | ||||||||||||||||||||||||||
Repurchased face amount | $ 125,000,000 | $ 125,000,000 | |||||||||||||||||||||||||
Percentage of principal amount redeemed | 100% | ||||||||||||||||||||||||||
Realized loss on disposal of fixed assets | 1,800,000 | ||||||||||||||||||||||||||
Realized loss on extinguishment of debt | $ 15,200,000 | ||||||||||||||||||||||||||
Average borrowings | $ 125,000,000 | ||||||||||||||||||||||||||
Weighted average interest rate | 5.375% | 5.375% | 5.375% | ||||||||||||||||||||||||
Unsecured Debt | SBA Debentures | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Recorded Value | $ 38,352,000 | $ 38,352,000 | 116,330,000 | $ 38,352,000 | |||||||||||||||||||||||
Interest expense | $ 3,200,000 | $ 300,000 | |||||||||||||||||||||||||
Weighted-average interest rate | 3.38% | 1.30% | |||||||||||||||||||||||||
Average borrowings | $ 82,600,000 | $ 17,000,000 | |||||||||||||||||||||||||
Outstanding Balance | $ 40,000,000 | $ 40,000,000 | 120,000,000 | 40,000,000 | |||||||||||||||||||||||
Unsecured Debt | SBA Debentures | SBIC I | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Debt instrument term | 10 years | ||||||||||||||||||||||||||
Regulatory maximum borrowing capacity | $ 175,000,000 | ||||||||||||||||||||||||||
Regulatory capital | $ 87,500,000 | 65,000,000 | |||||||||||||||||||||||||
Leverage commitment amount | 130,000,000 | $ 50,000,000 | $ 40,000,000 | $ 40,000,000 | |||||||||||||||||||||||
Available leverage commitment | 65,000,000 | ||||||||||||||||||||||||||
Unused commitments | 10,000,000 | ||||||||||||||||||||||||||
Unsecured Debt | SBA Debentures | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||
Fair value | 115,800,000 | ||||||||||||||||||||||||||
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 | $ 400,000,000 | $ 335,000,000 | ||||||||||||||||||||||
Number of lenders | lender | 10 | 11 | 11 | ||||||||||||||||||||||||
Covenants increase the minimum obligors | $ 200,000,000 | $ 180,000,000 | |||||||||||||||||||||||||
Accordion feature, higher borrowing capacity option | $ 400,000,000 | ||||||||||||||||||||||||||
Accordion feature increase limit | $ 20,000,000 | ||||||||||||||||||||||||||
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 | 235,000,000 | ||||||||||||||||||||||||||
Amortization of deferred loan costs | $ 13,200,000 | ||||||||||||||||||||||||||
Interest expense | $ 6,200,000 | $ 6,800,000 | |||||||||||||||||||||||||
Weighted-average interest rate | 5.22% | 2.50% | |||||||||||||||||||||||||
Average outstanding amount | $ 213,700,000 | $ 173,500,000 | |||||||||||||||||||||||||
Outstanding Balance | $ 235,000,000 | ||||||||||||||||||||||||||
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 | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 645,000 | $ 535,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (7,356) | (6,412) |
Recorded Value | 637,644 | 528,588 |
Line of Credit | Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 235,000 | |
Unamortized Debt Issuance Costs and Debt Discount/Premium | 0 | |
Recorded Value | 235,000 | |
SBA Debentures | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 120,000 | 40,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (3,670) | (1,648) |
Recorded Value | 116,330 | 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 | (949) | (1,286) |
Recorded Value | 139,051 | 138,714 |
October 2026 Notes | Notes | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | 150,000 | 150,000 |
Unamortized Debt Issuance Costs and Debt Discount/Premium | (2,737) | (3,478) |
Recorded Value | $ 147,263 | $ 146,522 |
BORROWINGS - Schedule of Issued
BORROWINGS - Schedule of Issued and Outstanding SBA Debentures (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 USD ($) poolingDate | Mar. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 645,000 | $ 535,000 |
Unsecured Debt | SBA Debentures | ||
Debt Instrument [Line Items] | ||
Outstanding Balance | $ 120,000 | $ 40,000 |
Number of pooling date | poolingDate | 2 | |
Weighted-average interest rate | 3.38% | 1.30% |
Unsecured Debt | Debentures due September 2031 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 1.575% | |
Outstanding Balance | $ 15,000 | |
Unsecured Debt | Debentures due March 2032 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 3.209% | |
Outstanding Balance | $ 25,000 | |
Unsecured Debt | Debentures due January 2032 | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 4.435% | |
Outstanding Balance | $ 40,000 | |
Unsecured Debt | Debentures not pooled | ||
Debt Instrument [Line Items] | ||
Fixed Interest Rate | 5.215% | |
Outstanding Balance | $ 40,000 |
BORROWINGS - Contractual Paymen
BORROWINGS - Contractual Payment Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | $ 0 | |
2025 | 0 | |
2026 | 140,000 | |
2027 | 385,000 | |
2028 | 0 | |
Thereafter | 120,000 | |
Recorded Value | 645,000 | $ 535,000 |
Unsecured Debt | SBA Debentures | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 120,000 | |
Recorded Value | 120,000 | |
Line of Credit | Credit Facility | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 235,000 | |
2028 | 0 | |
Thereafter | 0 | |
Recorded Value | 235,000 | |
Notes | January 2026 Notes | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 140,000 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Recorded Value | 140,000 | 140,000 |
Notes | October 2026 Notes | ||
Debt Instrument [Line Items] | ||
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 150,000 | |
2028 | 0 | |
Thereafter | 0 | |
Recorded Value | $ 150,000 | $ 150,000 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Dividends | $ 20,900 | |||||||||||||||||||||
Dividends declared (in usd per share) | $ 0.58 | |||||||||||||||||||||
Undistributed ordinary income - tax basis | $ 16,070 | $ 12,682 | $ 21,083 | $ 16,070 | $ 12,682 | $ 21,083 | ||||||||||||||||
Cumulative undistributed taxable income (in usd per share) | $ 0.45 | $ 0.45 | ||||||||||||||||||||
Cost of investments | $ 1,210,800 | 852,400 | $ 1,210,800 | 852,400 | ||||||||||||||||||
Gross unrealized appreciation | 72,300 | 67,800 | 72,300 | 67,800 | ||||||||||||||||||
Gross unrealized depreciation | (76,800) | (61,700) | (76,800) | (61,700) | ||||||||||||||||||
Net unrealized appreciation (depreciation) | (4,500) | 6,100 | (4,500) | 6,100 | ||||||||||||||||||
Deferred tax liability | 12,117 | $ 5,747 | 12,117 | 5,747 | ||||||||||||||||||
Income tax provision | 329 | 615 | 2,442 | |||||||||||||||||||
Excise tax | 630 | 65 | 637 | |||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.57 | $ 0.50 | $ 0.63 | $ 0.48 | $ 0.97 | $ 0.54 | $ 0.53 | $ 0.52 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.18 | $ 2.56 | $ 2.04 | |||||||
RIC | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Cost of investments | 1,172,700 | 1,172,700 | ||||||||||||||||||||
Gross unrealized appreciation | 10,500 | 10,500 | ||||||||||||||||||||
Gross unrealized depreciation | (72,300) | (72,300) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) | (61,800) | (61,800) | ||||||||||||||||||||
Taxable Subsidiary | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Cost of investments | 38,100 | 38,100 | ||||||||||||||||||||
Gross unrealized appreciation | 61,800 | 61,800 | ||||||||||||||||||||
Gross unrealized depreciation | (4,500) | (4,500) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) | $ 57,300 | 57,300 | ||||||||||||||||||||
Income tax provision | $ (300) | $ 500 | $ 1,800 | |||||||||||||||||||
Regular dividends | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Dividends declared (in usd per share) | $ 0.53 | |||||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.52 | $ 0.48 | $ 0.47 | |||||||||||||||||||
Interest-related Dividends | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Percent of ordinary distributions | 89.74% | 87.40% | ||||||||||||||||||||
Non-U.S. residents and foreign corporation shareholders | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Percent of ordinary distributions | 89.74% | 87.40% | ||||||||||||||||||||
Supplemental dividends | ||||||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||||||
Dividends declared (in usd per share) | $ 0.05 | |||||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.05 | $ 0.50 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
INCOME TAXES - Distributions (D
INCOME TAXES - Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.57 | $ 0.50 | $ 0.63 | $ 0.48 | $ 0.97 | $ 0.54 | $ 0.53 | $ 0.52 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.18 | $ 2.56 | $ 2.04 | |||
Regular dividends | ||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.52 | $ 0.48 | $ 0.47 | |||||||||||||||
Special Dividend | ||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.15 | |||||||||||||||||
Supplemental dividends | ||||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||||
Dividends cash paid (in usd per share) | $ 0.05 | $ 0.50 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
INCOME TAXES - Book and Tax Bas
INCOME TAXES - Book and Tax Basis Differences Relating to Dividends and Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Additional capital | ||
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items] | ||
Total distributable earnings | $ (6,420) | $ (7,648) |
Total distributable earnings | ||
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items] | ||
Total distributable earnings | $ 6,420 | $ 7,648 |
INCOME TAXES - Schedule of Dist
INCOME TAXES - Schedule of Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Ordinary income | $ 60,960 | $ 56,633 |
Distributions of long term capital gains | 0 | 0 |
Distributions on tax basis | $ 60,960 | $ 56,633 |
INCOME TAXES - Net Assets Resul
INCOME TAXES - Net Assets Resulting From Operations To Estimated RIC Taxable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||||||
Net increase in net assets from operations | $ 18,176 | $ 2,949 | $ 9,458 | $ 2,510 | $ 19,669 | $ 12,560 | $ (4,556) | $ 15,142 | $ 33,093 | $ 42,815 | $ 50,883 |
Net unrealized depreciation (appreciation) on investments | 18,589 | (11,467) | (28,755) | ||||||||
Income/gain (expense/loss) recognized for tax on pass-through entities | 962 | 3,753 | (11,000) | ||||||||
(Gain) loss recognized on dispositions | (1,473) | 152 | 2,206 | ||||||||
Capital loss carryover | 12,796 | (878) | 17,924 | ||||||||
Net operating income - wholly-owned subsidiary | 809 | (10,757) | (378) | ||||||||
Dividend income from wholly-owned subsidiary | 1,068 | 4,000 | 0 | ||||||||
Non-deductible tax expense | 628 | 65 | 1,066 | ||||||||
Loss on extinguishment of debt | (2,726) | 12,268 | 0 | ||||||||
Non-deductible compensation | 3,243 | 3,679 | 0 | ||||||||
Compensation related book/tax differences | 812 | 36 | 0 | ||||||||
Interest on non-accrual loans | 3,343 | 4,171 | 0 | ||||||||
Other book/tax differences | 1,191 | 1,530 | 870 | ||||||||
Estimated distributable income before deductions for distributions | 72,335 | 49,367 | 32,816 | ||||||||
Ordinary | 70,034 | 57,518 | 38,917 | ||||||||
Capital gains | 0 | 0 | 0 | ||||||||
Deemed distributions | 0 | 0 | 0 | ||||||||
Distributions payable | 0 | 0 | 0 | ||||||||
Estimated annual RIC undistributed taxable income | 2,301 | $ (8,151) | $ (6,101) | ||||||||
Capital loss carryover | $ 30,200 | $ 30,200 |
INCOME TAXES - RIC Accumulated
INCOME TAXES - RIC Accumulated Earnings (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Undistributed ordinary income - tax basis | $ 16,070 | $ 12,682 | $ 21,083 |
Undistributed net realized (loss) gain | (30,201) | (17,252) | (17,924) |
Unrealized (depreciation) appreciation on investments | (61,710) | (20,126) | (766) |
Other temporary differences | (13,639) | 0 | (663) |
Components of distributable earnings at year-end | $ (89,480) | $ (24,696) | $ 1,730 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax asset: | ||
Net operating loss carryforwards | $ 0 | $ 0 |
Interest | 219 | 185 |
Total deferred tax asset | 219 | 185 |
Deferred tax liabilities: | ||
Net unrealized appreciation on investments | (11,413) | (4,899) |
Net basis differences in portfolio investments | (923) | (1,033) |
Total deferred tax liabilities | (12,336) | (5,932) |
Total net deferred tax (liabilities) assets | $ (12,117) | $ (5,747) |
INCOME TAXES - Schedule of Sign
INCOME TAXES - Schedule of Significant Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items] | |||
162(m) limitation | $ 0 | $ 0 | $ 122 |
Excise tax | 630 | 65 | 637 |
Write-off of deferred tax asset | 0 | 0 | 1,837 |
Tax (benefit) provision related to Taxable Subsidiary | 329 | 615 | 2,442 |
Stock compensation benefits | 0 | 0 | (207) |
Other | 0 | 0 | 3 |
Total income tax provision (benefit) | 329 | 615 | 2,442 |
Taxable Subsidiary | |||
Investment Company, Summary Of Dividends And Distributions, Tax Differences [Line Items] | |||
Tax (benefit) provision related to Taxable Subsidiary | (300) | 500 | 1,800 |
Total income tax provision (benefit) | $ (301) | $ 550 | $ 50 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) | 12 Months Ended | 46 Months Ended | ||||||||||
Nov. 17, 2022 USD ($) $ / shares shares | Feb. 04, 2020 USD ($) sales_agent | Jul. 18, 2011 | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Dec. 31, 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 | |||||||||||
Repurchase authorized amount | $ 20,000,000 | $ 20,000,000 | ||||||||||
Public Equity Offering | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Number of shares sold (in shares) | shares | 2,534,436 | |||||||||||
Par value, common stock (in usd per share) | $ / shares | $ 18.15 | |||||||||||
Gross proceeds received | $ 46,000,000 | |||||||||||
Net proceeds received | $ 44,100,000 | |||||||||||
Equity ATM Program | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Number of shares sold (in shares) | shares | 8,435,462 | 3,872,031 | 16,613,122 | |||||||||
Gross proceeds received | $ 161,216,000 | $ 99,636,000 | $ 344,700,000 | |||||||||
Net proceeds received | $ 158,798,000 | $ 98,142,000 | $ 339,100,000 | |||||||||
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% | ||||||||||
Weighted average price per share (in usd per share) | $ / shares | $ 19.11 | $ 25.73 | $ 20.75 | |||||||||
Available under the Equity ATM Program | $ 305,300,000 | |||||||||||
2010 Plan | Restricted Stock | ||||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||||
Right to grant period | 10 years |
SHAREHOLDERS' EQUITY - Summary
SHAREHOLDERS' EQUITY - Summary of Shares Sold (Details) - Equity ATM Program - USD ($) | 12 Months Ended | 46 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares sold (in shares) | 8,435,462 | 3,872,031 | 16,613,122 |
Gross proceeds received | $ 161,216,000 | $ 99,636,000 | $ 344,700,000 |
Net proceeds received | $ 158,798,000 | $ 98,142,000 | $ 339,100,000 |
Weighted average price per share (in usd per share) | $ 19.11 | $ 25.73 | $ 20.75 |
Remaining receivable | $ 0 | $ 1,700,000 |
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 | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased (in shares) | 49,590 | 52,124 |
Aggregate cost of shares repurchased (in thousands) | $ 1,021 | $ 1,408 |
Weighted average price per share (in usd per share) | $ 20.59 | $ 27.01 |
STOCK BASED COMPENSATION PLAN_2
STOCK BASED COMPENSATION PLANS - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Jul. 18, 2011 | Jun. 30, 2021 USD ($) | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | 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 | $ 3,705,000 | $ 3,585,000 | $ 2,944,000 | |||
Restricted Stock | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Weighted-average vesting period | 2 years 3 months 18 days | |||||
Share-based compensation expense | $ 3,700,000 | $ 3,600,000 | $ 2,900,000 | |||
Incremental compensation cost | $ 600,000 | |||||
Employee affected | 1 | |||||
Non-vested restricted stock awards | $ 7,000,000 | |||||
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 | 1,005,633 | |||||
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 | |||||
Remaining number of shares authorized (in shares) | shares | 107,895 | |||||
Term of service | 1 year | |||||
Grant market value | $ 50,000 | |||||
Weighted-average vesting period | 1 year | |||||
Share-based compensation expense | $ 200,000 |
STOCK BASED COMPENSATION PLAN_3
STOCK BASED COMPENSATION PLANS - Summary of Restricted Stock Outstanding (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
2010 Plan and 2021 Employee Plan | |||
Number of Shares | |||
Beginning balance (in shares) | 395,993 | 429,776 | |
Granted (in shares) | 199,042 | 172,945 | |
Vested (in shares) | (148,774) | (167,072) | |
Forfeited (in shares) | (13,550) | (39,656) | |
Ending balance (in shares) | 432,711 | 395,993 | 429,776 |
Weighted Average Fair Value Per Share at grant date | |||
Beginning balance (in dollars per share) | $ 21.48 | $ 17.05 | |
Granted (in dollars per share) | 21.25 | 27.60 | |
Vested (in dollars per share) | 20.49 | 17.71 | |
Forfeited (in dollars per share) | 24.71 | 16.07 | |
Ending balance (in dollars per share) | $ 21.61 | $ 21.48 | $ 17.05 |
Weighted Average Remaining Vesting Term (in Years) | |||
Weighted Average Vesting Term | 2 years 4 months 24 days | 2 years 4 months 24 days | 2 years 6 months |
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 | 4 months 24 days |
OTHER EMPLOYEE COMPENSATION (De
OTHER EMPLOYEE COMPENSATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution (up to) | 4.50% | ||
Matching contributions cost | $ 0.2 | $ 0.2 | $ 0.2 |
RETIREMENT PLANS - Schedule of
RETIREMENT PLANS - Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Interest Cost, Statement of Income or Comprehensive Income Extensible List Not Disclosed Flag | Interest cost on projected benefit obligation | Interest cost on projected benefit obligation | Interest cost on projected benefit obligation |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Amortization Of Gain (Loss), Statement of Income or Comprehensive Income Extensible List Not Disclosed Flag | Net amortization | Net amortization | Net amortization |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Actuarial (gain) loss | Actuarial (gain) loss | Actuarial (gain) loss |
Net pension cost | |||
Interest cost on projected benefit obligation | $ 90 | $ 79 | $ 96 |
Actuarial (gain) loss | 33 | 37 | 35 |
Net pension cost from restoration plan | 123 | 116 | 131 |
Change in benefit obligation | |||
Benefit obligation at beginning of year | 2,707 | 2,979 | 3,082 |
Interest cost | 90 | 79 | 96 |
Actuarial (gain) loss | (2,052) | (104) | 42 |
Benefits paid | (147) | (247) | (241) |
Benefit obligation at end of year | 598 | 2,707 | 2,979 |
Amounts recognized in our Consolidated Statements of Assets and Liabilities | |||
Projected benefit obligation | (598) | (2,707) | $ (2,979) |
Net actuarial (gain) loss recognized as a component of equity | (1,128) | 957 | |
Total | (1,726) | (1,750) | |
Accumulated benefit obligation | $ (598) | $ (2,707) |
RETIREMENT PLANS - Schedule o_2
RETIREMENT PLANS - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Actuarial discount rate | 5% | 3.50% | 2.75% |
Net periodic discount rate | 3.50% | 2.75% | 3.25% |
RETIREMENT PLANS - Actuarial Ga
RETIREMENT PLANS - Actuarial Gains or Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Actuarial discount rate | 5% | 3.50% | 2.75% |
Net periodic discount rate | 3.50% | 2.75% | 3.25% |
2024 | $ 47 | ||
2025 | 47 | ||
2026 | 47 | ||
2027 | 46 | ||
2028 | 46 | ||
2029-2033 | $ 221 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Unused Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | $ 124,637 | $ 128,914 |
Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 87,554 | 57,640 |
Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 37,083 | 71,274 |
Total Unfunded Equity Commitments | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 537 | 5,337 |
Investment, Identifier [Axis]: AAC New Holdco Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 199 | 0 |
Investment, Identifier [Axis]: ATS Operating, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 1,500 |
Investment, Identifier [Axis]: Acacia BuyerCo V LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 0 |
Investment, Identifier [Axis]: Acacia BuyerCo V LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 0 |
Investment, Identifier [Axis]: Acceleration, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 5,000 | 0 |
Investment, Identifier [Axis]: Acceleration, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,300 | 0 |
Investment, Identifier [Axis]: Air Conditioning Specialist, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,200 | 1,000 |
Investment, Identifier [Axis]: American Teleconferencing Services, Ltd. (DBA Premiere Global Services, Inc.), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 154 | 117 |
Investment, Identifier [Axis]: ArborWorks, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,000 | 3,000 |
Investment, Identifier [Axis]: Cadmium, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 308 |
Investment, Identifier [Axis]: Catbird NYC, LLC, Other | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 125 | 125 |
Investment, Identifier [Axis]: Catbird NYC, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,000 | 4,000 |
Investment, Identifier [Axis]: Cavalier Buyer, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 0 |
Investment, Identifier [Axis]: Central Medical Supply LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,400 | 1,400 |
Investment, Identifier [Axis]: Central Medical Supply LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,200 | 1,200 |
Investment, Identifier [Axis]: CityVet Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 7,000 |
Investment, Identifier [Axis]: Dynamic Communities, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 500 |
Investment, Identifier [Axis]: Exact Borrower, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 0 |
Investment, Identifier [Axis]: Exact Borrower, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 0 |
Investment, Identifier [Axis]: FM Sylvan, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 8,000 | 0 |
Investment, Identifier [Axis]: Fast Sandwich, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 3,100 |
Investment, Identifier [Axis]: Flip Electronics, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 2,818 |
Investment, Identifier [Axis]: FoodPharma Subsidiary Holdings, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 5,470 |
Investment, Identifier [Axis]: GPT Industries, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 3,000 | 0 |
Investment, Identifier [Axis]: GS Operating, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 3,205 |
Investment, Identifier [Axis]: GS Operating, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 1,540 |
Investment, Identifier [Axis]: Gains Intermediate, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 5,000 | 0 |
Investment, Identifier [Axis]: Gains Intermediate, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 0 |
Investment, Identifier [Axis]: GrammaTech, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 2,500 |
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,212 | 0 |
Investment, Identifier [Axis]: Gulf Pacific Acquisition, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 657 | 0 |
Investment, Identifier [Axis]: I-45 SLF LLC, Other | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 4,800 |
Investment, Identifier [Axis]: ISI Enterprises, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 1,200 |
Investment, Identifier [Axis]: ITA Holdings Group, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 1,250 |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,250 | 2,250 |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, Other | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 412 | 412 |
Investment, Identifier [Axis]: Island Pump and Tank, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,000 | 0 |
Investment, Identifier [Axis]: KMS, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,286 | 4,571 |
Investment, Identifier [Axis]: Klein Hersh, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 938 |
Investment, Identifier [Axis]: Lash OpCo, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 2,846 |
Investment, Identifier [Axis]: Lash OpCo, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 138 | 481 |
Investment, Identifier [Axis]: Lighting Retrofit International, LLC (DBA Envocore), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,083 | 2,083 |
Investment, Identifier [Axis]: Lightning Intermediate II, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,852 | 0 |
Investment, Identifier [Axis]: Mako Steel LP, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 943 | 943 |
Investment, Identifier [Axis]: Microbe Formulas LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,627 | 0 |
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 6,000 |
Investment, Identifier [Axis]: Muenster Milling Company, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 7,000 | 5,000 |
Investment, Identifier [Axis]: NWN Parent Holdings, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 480 | 1,380 |
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 10,000 |
Investment, Identifier [Axis]: NeuroPsychiatric Hospitals, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 600 |
Investment, Identifier [Axis]: New Skinny Mixes, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 3,000 | 0 |
Investment, Identifier [Axis]: New Skinny Mixes, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,000 | 0 |
Investment, Identifier [Axis]: NinjaTrader, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,692 | 4,692 |
Investment, Identifier [Axis]: NinjaTrader, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 2,500 |
Investment, Identifier [Axis]: Opco Borrower, LLC (DBA Giving Home Health Care), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 833 | 0 |
Investment, Identifier [Axis]: Outerbox, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 0 |
Investment, Identifier [Axis]: Pipeline Technique Ltd., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,833 | 0 |
Investment, Identifier [Axis]: RTIC Subsidiary Holdings LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 548 | 0 |
Investment, Identifier [Axis]: Roof OpCo, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 4,644 |
Investment, Identifier [Axis]: Roof OpCo, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 3,056 | 3,056 |
Investment, Identifier [Axis]: Roseland Management, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,425 | 1,425 |
Investment, Identifier [Axis]: SIB Holdings, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 1,871 |
Investment, Identifier [Axis]: SIB Holdings, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 655 |
Investment, Identifier [Axis]: Shearwater Research, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 3,262 |
Investment, Identifier [Axis]: Shearwater Research, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,446 | 2,446 |
Investment, Identifier [Axis]: South Coast Terminals LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,935 | 1,935 |
Investment, Identifier [Axis]: Spotlight AR, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,000 | 2,000 |
Investment, Identifier [Axis]: Student Resource Center, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 1,333 |
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 3,000 |
Investment, Identifier [Axis]: Systec Corporation (DBA Inspire Automation), Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 400 | 1,150 |
Investment, Identifier [Axis]: US CourtScript Holdings, Inc., Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 0 |
Investment, Identifier [Axis]: Versicare Management LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,600 | 0 |
Investment, Identifier [Axis]: Versicare Management LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 2,500 | 0 |
Investment, Identifier [Axis]: Wall Street Prep, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 1,000 | 1,000 |
Investment, Identifier [Axis]: Well-Foam, Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,500 | 4,500 |
Investment, Identifier [Axis]: Winter Services Operations, LLC, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,444 | 4,444 |
Investment, Identifier [Axis]: Winter Services Operations, LLC, Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 4,444 | 2,000 |
Investment, Identifier [Axis]: Zenfolio Inc., Revolving Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 1,000 |
Investment, Identifier [Axis]: Zips Car Wash, LLC - B, Delayed Draw Term Loans | ||
Other Commitments [Line Items] | ||
Total Unfunded Debt Commitments | $ 0 | $ 3,801 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gain Contingencies [Line Items] | |||
Lease expense | $ 0.3 | $ 0.3 | $ 0.2 |
Operating lease asset | 1.8 | 1.8 | |
Operating lease liability | $ 2.8 | $ 2.7 | |
Remaining lease term | 9 years 6 months | ||
Discount rate | 7.21% | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Letters of credit issued and outstanding | |||
Gain Contingencies [Line Items] | |||
Expiring letters of credit | $ 0.9 | ||
February 2023 | Letters of credit issued and outstanding | |||
Gain Contingencies [Line Items] | |||
Expiring letters of credit | 0.4 | ||
April 2023 | Letters of credit issued and outstanding | |||
Gain Contingencies [Line Items] | |||
Expiring letters of credit | 0.2 | ||
August 2023 | Letters of credit issued and outstanding | |||
Gain Contingencies [Line Items] | |||
Expiring letters of credit | $ 0.3 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Unfunded Debt Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | $ 124,637 | $ 128,914 |
2023 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 0 | 39,946 |
2024 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 31,625 | 37,321 |
2025 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 10,637 | 5,000 |
2026 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 6,712 | 8,194 |
2027 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 38,062 | 38,453 |
2028 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | 35,318 | 0 |
2029 | ||
Gain Contingencies [Line Items] | ||
Total Unfunded Debt Commitments | $ 2,283 | $ 0 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Future Minimum Payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 406 |
2025 | 416 |
2026 | 426 |
2027 | 436 |
2028 | 446 |
Thereafter | 2,132 |
Total | $ 4,262 |
SELECTED QUARTERLY FINANCIAL _3
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net investment income | $ 22,404 | $ 19,425 | $ 14,444 | $ 12,438 | $ 12,019 | $ 11,899 | $ 9,726 | $ 9,043 | $ 68,711 | $ 42,687 | $ 31,671 |
Net realized gain (loss) on investments, net of tax | 372 | (11,086) | (8,635) | 2,320 | 575 | 2,715 | 3,496 | (952) | (17,029) | 5,834 | (8,536) |
Net change in unrealized (depreciation) appreciation on investments, net of tax | (4,600) | (5,390) | 3,649 | (12,248) | 7,161 | (2,054) | (691) | 7,051 | (18,589) | 11,467 | 28,755 |
Realized loss on extinguishment of debt | 0 | 0 | (17,087) | 0 | 0 | (17,087) | (1,007) | ||||
Realized loss on disposal of fixed assets | (86) | 0 | 0 | 0 | 0 | (86) | 0 | ||||
Net increase (decrease) in net assets from operations | $ 18,176 | $ 2,949 | $ 9,458 | $ 2,510 | $ 19,669 | $ 12,560 | $ (4,556) | $ 15,142 | $ 33,093 | $ 42,815 | $ 50,883 |
Pre-tax net investment income per share - basic (in usd per share) | $ 0.65 | $ 0.60 | $ 0.54 | $ 0.50 | $ 0.50 | $ 0.51 | $ 0.45 | $ 0.45 | $ 2.30 | $ 1.90 | $ 1.79 |
Pre-tax net investment income per share - diluted (in usd per share) | 0.65 | 0.60 | 0.54 | 0.50 | 0.50 | 0.51 | 0.45 | 0.45 | 2.30 | 1.90 | 1.79 |
Net investment income per share – diluted (in usd per share) | 0.64 | 0.62 | 0.52 | 0.49 | 0.50 | 0.51 | 0.43 | 0.43 | 2.29 | 1.87 | 1.66 |
Net investment income per share – basic (in usd per share) | 0.64 | 0.62 | 0.52 | 0.49 | 0.50 | 0.51 | 0.43 | 0.43 | 2.29 | 1.87 | 1.66 |
Net increase in net assets from operations – diluted (in usd per share) | 0.52 | 0.09 | 0.34 | 0.10 | 0.81 | 0.54 | (0.20) | 0.71 | 1.10 | 1.87 | 2.67 |
Net increase in net assets from operations – basic (in usd per share) | $ 0.52 | $ 0.09 | $ 0.34 | $ 0.10 | $ 0.81 | $ 0.54 | $ (0.20) | $ 0.71 | $ 1.10 | $ 1.87 | $ 2.67 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Management fees from our portfolio companies. | $ 0 | $ 0 | |
Corporate Joint Venture | |||
Related Party Transaction [Line Items] | |||
Management fees from our portfolio companies. | $ 100,000 | ||
Dividends receivable | $ 1,900,000 | $ 1,900,000 | $ 1,900,000 |
SUMMARY OF PER SHARE INFORMAT_3
SUMMARY OF PER SHARE INFORMATION (Details) - $ / shares | 12 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Per Share Data: | |||||||
Investment income (in usd per share) | $ 3.97 | $ 3.60 | $ 3.57 | $ 3.45 | $ 3.10 | $ 2.18 | $ 1.48 |
Operating expenses (in usd per share) | (1.67) | (1.70) | (1.78) | (1.76) | (1.62) | (1.16) | (0.87) |
Income taxes (in usd per share) | (0.01) | (0.03) | (0.13) | (0.12) | (0.06) | (0.01) | (0.11) |
Net investment income (in usd per share) | 2.29 | 1.87 | 1.66 | 1.57 | 1.42 | 1.01 | 0.50 |
Net realized (loss) gain, net of tax (in usd per share) | (0.57) | 0.26 | (0.45) | 2.35 | 1.24 | 0.10 | 0.50 |
Net unrealized (depreciation) appreciation on investments, net of tax (in usd per share) | (0.62) | 0.50 | 1.51 | (5.16) | (0.68) | 1.34 | 0.49 |
Realized loss on extinguishment of debt (in usd per share) | 0 | (0.75) | (0.05) | 0 | 0 | 0 | 0 |
Total increase from investment operations (in usd per share) | 1.10 | 1.88 | 2.67 | (1.24) | 1.98 | 2.45 | 1.49 |
Accretive effect of share issuances and repurchases (in usd per share) | 0.50 | 1.45 | 0.30 | 0.45 | 0.06 | (0.04) | 0 |
Dividends to shareholders (in usd per share) | (2.28) | (2.52) | (2.05) | (2.75) | (2.27) | (0.99) | (0.79) |
Spin-off Compensation Plan Distribution, net of tax (in usd per share) | 0 | 0 | 0 | 0 | 0 | (0.03) | (0.08) |
Issuance of restricted stock (in usd per share) | (0.14) | (0.10) | (0.16) | (0.06) | (0.23) | (0.18) | (0.15) |
Common stock withheld for payroll taxes upon vesting of restricted stock (in usd per share) | (0.01) | (0.03) | 0 | 0 | (0.01) | (0.01) | 0 |
Exercise of employee stock options (in usd per share) | 0 | 0 | 0 | 0 | (0.12) | 0.01 | (0.09) |
Share based compensation expense (in usd per share) | 0.10 | 0.14 | 0.14 | 0.16 | 0.13 | 0.11 | 0.08 |
Change in restoration plan (in usd per share) | 0.06 | 0.01 | 0 | (0.01) | (0.01) | (0.05) | 0 |
Repurchase of common stock (in usd per share) | 0 | 0 | 0 | 0.15 | 0 | 0 | 0 |
Other (in usd per share) | 0.18 | 0.02 | (0.02) | (0.19) | 0.01 | 0.01 | 0 |
(Decrease) increase in net asset value (in usd per share) | (0.49) | 0.85 | 0.88 | (3.49) | (0.46) | 1.28 | 0.46 |
Net asset value | |||||||
Beginning of period (in usd per share) | 16.86 | 16.01 | 15.13 | 18.62 | 19.08 | 17.80 | 17.34 |
End of period (in usd per share) | $ 16.37 | $ 16.86 | $ 16.01 | $ 15.13 | $ 18.62 | $ 19.08 | $ 17.80 |
Ratios and Supplemental Data | |||||||
Ratio of operating expenses to average net assets | 10.06% | 10.31% | 11.51% | 9.87% | 8.61% | 6.35% | 4.95% |
Ratio of net investment income to average net assets | 13.75% | 11.31% | 10.74% | 8.77% | 7.53% | 5.51% | 2.83% |
Portfolio turnover | 13.68% | 33.91% | 18.81% | 22.76% | 23.38% | 25.42% | 23.57% |
Total investment return | 10.62% | 21.05% | 19.37% | (3.97%) | 9.49% | 12.75% | 7.21% |
Total return based on change in NAV | (15.36%) | 18.10% | 118.56% | (37.52%) | 38.34% | 6.61% | 27.88% |
Per share market value at the end of the period (in usd per share) | $ 17.78 | $ 23.73 | $ 22.16 | $ 11.42 | $ 21.04 | $ 17.02 | $ 16.91 |
Weighted-average common and fully diluted shares outstanding (in shares) | 30,015,533 | 22,839,835 | 19,060,131 | 18,000,000 | 16,139,000 | 16,139,000 | 15,877,000 |
Weighted average shares outstanding – basic (in share) | 30,015,533 | 22,839,835 | 19,060,131 | 18,000,000 | 16,074,000 | 16,074,000 | 15,825,000 |
Common shares outstanding at end of period (in shares) | 36,076,425 | 24,958,520 | 21,005,000 | 17,998,000 | 17,503,000 | 16,162,000 | 16,011,000 |
SIGNIFICANT SUBSIDIARIES - Narr
SIGNIFICANT SUBSIDIARIES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 18 Months Ended | 56 Months Ended | ||||||||||||||||
Mar. 30, 2023 USD ($) | Mar. 10, 2021 | Apr. 30, 2020 USD ($) | Mar. 31, 2021 | Mar. 31, 2021 | Nov. 30, 2019 | Nov. 30, 2015 USD ($) | Sep. 30, 2015 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2017 USD ($) lender | Mar. 31, 2023 USD ($) | Apr. 30, 2020 USD ($) | Mar. 25, 2021 USD ($) | |||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||||||||||||
Total assets | $ 1,257,684,000 | $ 1,257,684,000 | $ 973,957,000 | $ 1,257,684,000 | |||||||||||||||||
Total Investments | 1,206,388,000 | [1],[2],[3] | 1,206,388,000 | [1],[2],[3] | 936,614,000 | [4],[5],[6] | 1,206,388,000 | [1],[2],[3] | |||||||||||||
Dividends | 20,900,000 | ||||||||||||||||||||
Drawn | 637,644,000 | 637,644,000 | 528,588,000 | 637,644,000 | |||||||||||||||||
Secured Debt | I-45 Credit Facility | Line of Credit | |||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | $ 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 | 86,000,000 | 86,000,000 | 86,000,000 | ||||||||||||||||||
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% | |||||||||||||||||
Secured Debt | I-45 Credit Facility | Line of Credit | SOFR | |||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||||||||||||
Basis spread on variable rate | 2.41% | ||||||||||||||||||||
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 | 20,200,000 | $ 20,200,000 | $ 20,200,000 | ||||||||||||||||||
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% | 77.5875% | 76.925% | 78.25% | 78.25% | |||||||||||||||
Contributed capital | $ 80,800,000 | $ 80,800,000 | $ 80,800,000 | ||||||||||||||||||
Corporate Joint Venture | I-45 SLF LLC | |||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||||||||||||
Ownership percent | 80% | 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% | 20% | ||||||||||||||||||
I-45 SLF LLC | |||||||||||||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||||||||||||
Capital dividend | $ 10,000,000 | ||||||||||||||||||||
Total funded equity capital | $ 101,000,000 | $ 101,000,000 | $ 101,000,000 | ||||||||||||||||||
Total assets | 152,789,000 | 152,789,000 | 189,144,000 | 152,789,000 | |||||||||||||||||
Total Investments | 143,712,000 | $ 143,712,000 | 176,704,000 | $ 143,712,000 | |||||||||||||||||
Dividends | $ 9,400,000 | $ 8,600,000 | |||||||||||||||||||
[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 - Fair Value Measurements 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 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||
Cost | $ 1,220,152 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8] | ||
Total Investments | 1,206,388 | [1],[3],[9] | 936,614 | [5],[7],[10] | ||
Cash and cash equivalents | 21,585 | 11,431 | ||||
Deferred financing costs and other assets | 3,717 | 4,038 | ||||
Total assets | 1,257,684 | 973,957 | ||||
Credit facility | 235,000 | 205,000 | ||||
Other liabilities | 16,761 | 14,808 | ||||
Total liabilities | 667,276 | 553,090 | ||||
Total net assets | 590,408 | 420,867 | $ 336,251 | $ 272,222 | ||
Total liabilities and net assets | 1,257,684 | 973,957 | ||||
I-45 SLF LLC | ||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | ||||||
Cost | 169,874 | 187,714 | ||||
Total Investments | 143,712 | 176,704 | ||||
Cash and cash equivalents | 6,478 | 9,949 | ||||
Interest receivable | 1,145 | 850 | ||||
Accounts receivable | 1,038 | 123 | ||||
Deferred financing costs and other assets | 416 | 1,518 | ||||
Total assets | 152,789 | 189,144 | ||||
Credit facility | 86,000 | 114,500 | ||||
Other liabilities | 2,674 | 2,596 | ||||
Total liabilities | 88,674 | 117,096 | ||||
Total net assets | 64,115 | 72,048 | ||||
Total liabilities and net assets | $ 152,789 | $ 189,144 | ||||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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 $852.4 million.[7]Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.[8]Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.[9]The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.[10]The Company's investment portfolio is comprised entirely of debt and equity securities of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the Board of Directors, using significant unobservable Level 3 inputs. Refer to Note 4 for further discussion. |
SIGNIFICANT SUBSIDIARIES - Su_2
SIGNIFICANT SUBSIDIARIES - Summarized Financial Information Operation Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||
Net investment income | $ 22,404 | $ 19,425 | $ 14,444 | $ 12,438 | $ 12,019 | $ 11,899 | $ 9,726 | $ 9,043 | $ 68,711 | $ 42,687 | $ 31,671 |
Net unrealized depreciation (appreciation) on investments | $ (4,600) | $ (5,390) | $ 3,649 | $ (12,248) | $ 7,161 | $ (2,054) | $ (691) | $ 7,051 | (18,589) | 11,467 | 28,755 |
I-45 SLF LLC | |||||||||||
Investment Company, Nonconsolidated Subsidiary [Line Items] | |||||||||||
Total revenues | 16,914 | 12,804 | 13,930 | ||||||||
Total expenses | (7,542) | (4,166) | (4,565) | ||||||||
Net investment income | 9,372 | 8,638 | 9,365 | ||||||||
Net unrealized depreciation (appreciation) on investments | (15,153) | (4,569) | 30,467 | ||||||||
Net realized gains (losses) | 1,224 | 1,047 | (15,313) | ||||||||
Net (decrease) increase in members’ equity resulting from operations | $ (4,557) | $ 5,116 | $ 24,519 |
SIGNIFICANT SUBSIDIARIES - I-45
SIGNIFICANT SUBSIDIARIES - I-45 SLF LLC Loan Portfolio (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 1,220,152,000 | [1],[2],[3],[4] | $ 938,303,000 | [5],[6],[7],[8] | |
Investments at fair value | 1,206,388,000 | [1],[3],[9] | 936,614,000 | [5],[7],[10] | |
LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 10,651,000 | [2],[4] | 10,369,000 | [6],[8] | |
Investments at fair value | 10,440,000 | [9] | 10,404,000 | [10] | |
AAC NEW HOLDCO INC. | |||||
Schedule of Investments [Line Items] | |||||
Cost | 14,452,000 | [2],[4] | 12,636,000 | [6],[8] | |
Investments at fair value | $ 11,703,000 | [9] | $ 12,333,000 | [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] | 11.55% | |||
Principal | [11] | $ 25,000,000 | |||
Cost | [2],[4],[11] | 24,674,000 | |||
Investments at fair value | [9],[11] | $ 23,125,000 | |||
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] | 11.55% | |||
Principal | [13] | $ 3,250,000 | |||
Cost | [2],[4],[13] | 3,209,000 | |||
Investments at fair value | [9],[13] | $ 3,006,000 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Common | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14] | 374,543 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,785,000 | |||
Investments at fair value | [10] | $ 1,785,000 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | ||||
Principal | $ 274,000 | ||||
Cost | 270,000 | ||||
Investments at fair value | $ 264,000 | ||||
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 | $ 10,199,000 | $ 8,653,000 | |||
Cost | 10,199,000 | [2],[4] | 8,653,000 | [6],[8] | |
Investments at fair value | $ 9,842,000 | [9] | 8,350,000 | [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] | 1,785,000 | |||
Investments at fair value | [9] | 716,000 | |||
Investment, Identifier [Axis]: AAC NEW HOLDCO INC., Warrants (Expiration - December 11, 2025) | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | 0 | |||
Cost | 2,198,000 | [2],[4] | 2,198,000 | [6],[8] | |
Investments at fair value | $ 881,000 | [9] | $ 2,198,000 | [10] | |
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, 1,000,000 Class B-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000,000 | ||||
Investments at fair value | $ 1,000,000 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Investment interest rate | 11.43% | ||||
Principal | $ 7,500,000 | ||||
Cost | 7,332,000 | ||||
Investments at fair value | $ 7,380,000 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Investment interest rate | 11.35% | ||||
Principal | $ 5,000,000 | ||||
Cost | 4,905,000 | ||||
Investments at fair value | $ 4,920,000 | ||||
Investment, Identifier [Axis]: ACACIA BUYERCO V LLC, Revolver Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 1% | ||||
Principal | $ 0 | ||||
Cost | (37,000) | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Class A Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 1,019 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 14,000 | |||
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 | 8.15% | [12],[21] | 8.17% | [15],[22] | |
Floor | 1% | [12],[21] | 1% | [15],[22] | |
Investment interest rate | 12.90% | [12],[21] | 9.17% | [15],[22] | |
Principal | $ 19,550,000 | [21] | $ 11,875,000 | [22] | |
Cost | 19,162,000 | [2],[4],[21] | 11,600,000 | [6],[8],[22] | |
Investments at fair value | $ 19,550,000 | [9],[21] | $ 11,875,000 | [10],[22] | |
Investment, Identifier [Axis]: ACCELERATION PARTNERS, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,019 | [16],[17],[18] | 1,000 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,019,000 | [2],[4],[17],[18] | 1,000,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,223,000 | [9],[17],[18] | $ 1,153,000 | [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] | 107,000 | |||
Investments at fair value | [9],[17],[18] | $ 165,000 | |||
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] | (42,000) | |||
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] | 12.35% | |||
Principal | $ 9,228,000 | ||||
Cost | [2],[4] | 9,067,000 | |||
Investments at fair value | [9] | $ 9,228,000 | |||
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] | 13.35% | |||
Principal | $ 9,228,000 | ||||
Cost | [2],[4] | 9,066,000 | |||
Investments at fair value | [9] | $ 9,228,000 | |||
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] | 14.35% | |||
Principal | $ 9,228,000 | ||||
Cost | [2],[4] | 9,066,000 | |||
Investments at fair value | [9] | $ 9,228,000 | |||
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] | 893,000 | |||
Investments at fair value | [9],[17],[18] | $ 1,482,000 | |||
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 | 13.56% | ||||
Principal | [13] | $ 3,700,000 | |||
Cost | [2],[4],[13] | 3,616,000 | |||
Investments at fair value | [9],[13] | $ 3,700,000 | |||
Investment, Identifier [Axis]: ACE GATHERING, INC. | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[23] | 12% | |||
Floor | [12],[23] | 2% | |||
Investment interest rate | [12],[23] | 16.85% | |||
Principal | [23] | $ 7,698,000 | |||
Cost | [2],[4],[23] | 7,668,000 | |||
Investments at fair value | [9],[23] | $ 7,082,000 | |||
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] | $ 7,948,000 | |||
Cost | [6],[8],[24] | 7,881,000 | |||
Investments at fair value | [10],[24] | $ 7,765,000 | |||
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 | 12.12% | [12] | 8.25% | [15] | |
Principal | $ 27,438,000 | $ 12,778,000 | |||
Cost | 26,940,000 | [2],[4] | 12,535,000 | [6],[8] | |
Investments at fair value | $ 27,438,000 | [9] | $ 12,535,000 | [10] | |
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 766,738.93 | [16],[17],[18] | 623,693.55 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 809,000 | [2],[4],[17],[18] | 624,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,202,000 | [9],[17],[18] | $ 634,000 | [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] | |
Investment interest rate | 12.40% | ||||
Principal | $ 800,000 | [13] | $ 0 | [25] | |
Cost | 766,000 | [2],[4],[13] | (18,000) | [6],[8],[25] | |
Investments at fair value | 800,000 | [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] | 2,500,000 | |||
Investments at fair value | [9] | $ 2,691,000 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | [6],[8] | 2,500,000 | |||
Investments at fair value | [10] | $ 3,681,000 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible Note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [12] | 6% | |||
Principal | $ 173,000 | ||||
Cost | [2],[4] | 173,000 | |||
Investments at fair value | [9] | $ 201,000 | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15] | 6% | |||
Principal | $ 173,000 | ||||
Cost | [6],[8] | 173,000 | |||
Investments at fair value | [10] | $ 495,000 | |||
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
PIK | 100% | ||||
Variable rate | 6.75% | [12] | 6.75% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.49% | [12] | 7.75% | [15] | |
Principal | $ 11,716,000 | $ 12,450,000 | |||
Cost | 11,667,000 | [2],[4] | 12,388,000 | [6],[8] | |
Investments at fair value | $ 10,978,000 | [9] | $ 12,450,000 | [10] | |
Investment, Identifier [Axis]: AMERICAN NUTS OPERATIONS LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 100% | ||||
Variable rate | 8.75% | [12] | 8.75% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 14.49% | [12] | 9.75% | [15] | |
Principal | $ 11,716,000 | $ 12,450,000 | |||
Cost | 11,667,000 | [2],[4] | 12,388,000 | [6],[8] | |
Investments at fair value | $ 9,958,000 | [9] | $ 12,450,000 | [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 | 3,000,000 | [2],[4],[17],[18] | 3,000,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 0 | [9],[17],[18] | $ 4,195,000 | [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 | $ 4,899,000 | [26] | $ 4,899,000 | [27] | |
Cost | 4,858,000 | [2],[4],[26] | 4,858,000 | [6],[8],[27] | |
Investments at fair value | $ 251,000 | [9],[26] | $ 269,000 | [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 | $ 862,000 | [13],[26] | $ 899,000 | [25],[27] | |
Cost | 853,000 | [2],[4],[13],[26] | 890,000 | [6],[8],[25],[27] | |
Investments at fair value | $ 44,000 | [9],[13],[26] | $ 49,000 | [10],[25],[27] | |
Investment, Identifier [Axis]: AMWARE FULFILLMENT LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 9% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 10% | |||
Principal | $ 16,376,000 | ||||
Cost | [6],[8] | 16,375,000 | |||
Investments at fair value | [10] | $ 16,376,000 | |||
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 | 100,000 | [2],[4],[17],[18] | 100,000 | [6],[8] | |
Investments at fair value | $ 0 | [9],[17],[18] | $ 100,000 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 300% | ||||
Variable rate | 7% | [12] | 7% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 14.85% | [12] | 8% | [15] | |
Principal | $ 12,610,000 | $ 12,903,000 | |||
Cost | 12,417,000 | [2],[4] | 12,660,000 | [6],[8] | |
Investments at fair value | $ 9,470,000 | [9] | $ 12,657,000 | [10] | |
Investment, Identifier [Axis]: ARBORWORKS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 300% | ||||
Variable rate | 7% | [12],[13] | 7% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | [12],[13] | 14.83% | |||
Principal | $ 2,000,000 | [13] | $ 0 | [25] | |
Cost | 1,956,000 | [2],[4],[13] | (56,000) | [6],[8],[25] | |
Investments at fair value | $ 1,502,000 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: ASC ORTHO MANAGEMENT COMPANY, LLC, Common Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,572 | [16],[17],[18] | 2,156 | [14],[19],[20] | |
Principal | $ 0 | [17],[18] | $ 0 | [19],[20] | |
Cost | 1,026,000 | [2],[4],[17],[18] | 801,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 847,000 | [9],[17],[18] | $ 584,000 | [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] | 1,000,000 | |||
Investments at fair value | [9],[17],[18] | $ 1,000,000 | |||
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 | 10.35% | [12] | 6.50% | [15] | |
Principal | $ 9,250,000 | $ 9,250,000 | |||
Cost | 9,104,000 | [2],[4] | 9,071,000 | [6],[8] | |
Investments at fair value | $ 9,102,000 | [9] | $ 9,071,000 | [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 | 12.35% | [12] | 8.50% | [15] | |
Principal | $ 9,250,000 | $ 9,250,000 | |||
Cost | 9,102,000 | [2],[4] | 9,071,000 | [6],[8] | |
Investments at fair value | $ 9,102,000 | [9] | $ 9,071,000 | [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] | 1,000,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,000,000 | |||
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 | 11.39% | 7.50% | [15],[25] | ||
Principal | $ 500,000 | [13] | $ 1,000,000 | [25] | |
Cost | 462,000 | [2],[4],[13] | 952,000 | [6],[8],[25] | |
Investments at fair value | $ 492,000 | [9],[13] | $ 952,000 | [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 | $ 10,121,000 | ||||
Cost | [6],[8] | 10,105,000 | |||
Investments at fair value | [10] | $ 10,121,000 | |||
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 | 900,000 | [2],[4] | 900,000 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 924,000 | [10] | |
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15],[24] | 3% | |||
Variable rate | [15],[24] | 11% | |||
Floor | [15],[24] | 1% | |||
Investment interest rate | [15],[24] | 15% | |||
Principal | [24] | $ 9,064,000 | |||
Cost | [6],[8],[24] | 9,005,000 | |||
Investments at fair value | [10],[24] | $ 8,793,000 | |||
Investment, Identifier [Axis]: BLASCHAK ANTHRACITE CORPORATION (FKA BLASCHAK COAL CORP.), Second Lien- Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15],[24] | 3% | |||
Variable rate | [15],[24] | 11% | |||
Floor | [15],[24] | 1% | |||
Investment interest rate | [15],[24] | 15% | |||
Principal | [24] | $ 2,149,000 | |||
Cost | [6],[8],[24] | 2,130,000 | |||
Investments at fair value | [10],[24] | $ 2,084,000 | |||
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 | 1,132,000 | [2],[4] | 1,132,000 | [6],[8] | |
Investments at fair value | $ 1,649,000 | [9] | $ 1,420,000 | [10] | |
Investment, Identifier [Axis]: BROAD SKY NETWORKS LLC, Series C Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 89,335 | ||||
Principal | $ 0 | ||||
Cost | 89,000 | ||||
Investments at fair value | $ 130,000 | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1.50% | ||||
Investment interest rate | 12.28% | ||||
Principal | $ 6,500,000 | ||||
Cost | 6,377,000 | ||||
Investments at fair value | $ 6,377,000 | ||||
Investment, Identifier [Axis]: C&M CONVEYOR, INC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1.50% | ||||
Investment interest rate | 10.28% | ||||
Principal | $ 6,500,000 | ||||
Cost | 6,377,000 | ||||
Investments at fair value | $ 6,377,000 | ||||
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 | 12.16% | [12] | 8% | [15] | |
Principal | $ 7,385,000 | $ 7,385,000 | |||
Cost | 7,326,000 | [2],[4] | 7,313,000 | [6],[8] | |
Investments at fair value | $ 7,134,000 | [9] | $ 7,314,000 | [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 | 12.16% | [12] | 8% | [15],[25] | |
Principal | $ 615,000 | $ 308,000 | [25] | ||
Cost | 611,000 | [2],[4] | 302,000 | [6],[8],[25] | |
Investments at fair value | $ 594,000 | [9] | $ 302,000 | [10],[25] | |
Investment, Identifier [Axis]: CALIFORNIA PIZZA KITCHEN, INC., Shares of common stock | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14] | 48,423 | |||
Principal | $ 0 | ||||
Cost | [6],[8] | 1,317,000 | |||
Investments at fair value | [10] | $ 2,090,000 | |||
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 | 11.42% | [12] | 7.50% | [15] | |
Principal | $ 5,692,000 | $ 5,752,000 | |||
Cost | 5,652,000 | [2],[4] | 5,702,000 | [6],[8] | |
Investments at fair value | $ 5,692,000 | [9] | $ 5,700,000 | [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 | 1,000,000 | [2],[4],[17],[18],[28] | 1,000,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,658,000 | [9],[17],[18],[28] | $ 1,221,000 | [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 | 500,000 | [2],[4],[13],[17],[18],[28] | 500,000 | [6],[8],[19],[20],[25] | |
Investments at fair value | $ 714,000 | [9],[13],[17],[18],[28] | $ 572,000 | [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 | 11.88% | [12] | 8% | [15] | |
Principal | $ 15,500,000 | $ 15,900,000 | |||
Cost | 15,265,000 | [2],[4] | 15,606,000 | [6],[8] | |
Investments at fair value | $ 15,500,000 | [9] | $ 15,884,000 | [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 | (57,000) | [2],[4],[13] | (73,000) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 625,000 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Investment interest rate | 12.88% | ||||
Principal | $ 6,500,000 | ||||
Cost | 6,372,000 | ||||
Investments at fair value | $ 6,372,000 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 625,000 | ||||
Principal | $ 0 | ||||
Cost | 625,000 | ||||
Investments at fair value | $ 625,000 | ||||
Investment, Identifier [Axis]: CAVALIER BUYER, INC. Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (19,000) | ||||
Investments at fair value | $ 0 | ||||
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 | 13.75% | [12],[13] | 10.75% | [15] | |
Principal | $ 100,000 | [13] | $ 100,000 | ||
Cost | 87,000 | [2],[4],[13] | 81,000 | [6],[8] | |
Investments at fair value | $ 99,000 | [9],[13] | $ 97,000 | [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 | 13.75% | [12] | 10.75% | [15] | |
Principal | $ 7,500,000 | $ 7,500,000 | |||
Cost | 7,427,000 | [2],[4] | 7,398,000 | [6],[8] | |
Investments at fair value | $ 7,402,000 | [9] | $ 7,260,000 | [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 | 976,000 | [2],[4],[17],[18] | 976,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 357,000 | [9],[17],[18] | $ 641,000 | [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 | 13.75% | [12],[13] | 10.75% | [15],[25] | |
Principal | $ 300,000 | [13] | $ 300,000 | [25] | |
Cost | 287,000 | [2],[4],[13] | 281,000 | [6],[8],[25] | |
Investments at fair value | $ 296,000 | [9],[13] | $ 290,000 | [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 | 1,500,000 | [2],[4],[17],[18] | 1,500,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 3,215,000 | [9],[17],[18] | $ 924,000 | [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] | 500,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,757,000 | |||
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] | $ 13,000,000 | |||
Cost | [6],[8],[25] | 12,656,000 | |||
Investments at fair value | [10],[25] | $ 13,247,000 | |||
Investment, Identifier [Axis]: CRAFTY APES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.02% | [12],[21] | 6.21% | [15],[22] | |
Floor | 1% | [12],[21] | 1% | [15],[22] | |
Investment interest rate | 12.07% | [12],[21] | 7.21% | [15],[22] | |
Principal | $ 15,000,000 | [21] | $ 10,000,000 | [22] | |
Cost | 14,911,000 | [2],[4],[21] | 9,921,000 | [6],[8],[22] | |
Investments at fair value | $ 15,000,000 | [9],[21] | $ 10,000,000 | [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 | 3,615,000 | [2],[4] | 3,615,000 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 2,460,000 | [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] | 15.74% | |||
Principal | $ 1,649,000 | ||||
Cost | [2],[4] | 1,649,000 | |||
Investments at fair value | [9] | $ 0 | |||
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 | 14.13% | [12] | 10% | [15] | |
Principal | $ 1,829,000 | $ 1,732,000 | |||
Cost | 1,829,000 | [2],[4] | 1,732,000 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 1,472,000 | [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 | $ 1,541,000 | ||||
Cost | [6],[8] | 1,541,000 | |||
Investments at fair value | [10] | $ 1,402,000 | |||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 16.70% | [12] | 11.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 21.06% | [12] | 12.50% | [15] | |
Principal | $ 1,448,000 | $ 526,000 | |||
Cost | 1,448,000 | [2],[4] | 526,000 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 526,000 | [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 | $ 3,000,000 | ||||
Cost | [6],[8] | 2,984,000 | |||
Investments at fair value | [10] | $ 2,208,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 2,500,000 Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,500,000 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 250,000 Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 250,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 250,000 | |||
Investments at fair value | [9],[17],[18] | $ 625,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 255,984.22 Class C Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 255,984.22 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, 5,435,211.03 Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 5,435,211.03 | ||||
Principal | $ 0 | ||||
Cost | 2,218,000 | ||||
Investments at fair value | $ 2,218,000 | ||||
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 | $ 11,221,000 | ||||
Cost | [6],[8] | 11,147,000 | |||
Investments at fair value | [10] | $ 10,323,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 4.50% | |||
Floor | [12] | 2% | |||
Investment interest rate | [12] | 9.41% | |||
Principal | $ 3,846,000 | ||||
Cost | [2],[4] | 3,826,000 | |||
Investments at fair value | [9] | $ 3,823,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[26] | 6.50% | |||
Floor | [12],[26] | 2% | |||
Investment interest rate | [12],[26] | 11.41% | |||
Principal | [26] | $ 3,867,000 | |||
Cost | [2],[4],[26] | 3,844,000 | |||
Investments at fair value | [9],[26] | $ 3,843,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [14],[19],[20] | 2,000,000 | |||
Principal | [19],[20] | $ 0 | |||
Cost | [6],[8],[19],[20] | 2,000,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,274,000 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 8.50% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (1,000) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15] | 25% | |||
Principal | $ 650,000 | ||||
Cost | [6],[8] | 650,000 | |||
Investments at fair value | [10] | $ 650,000 | |||
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 | 12.91% | [12] | 9% | [15] | |
Principal | $ 8,566,000 | $ 8,938,000 | |||
Cost | 8,498,000 | [2],[4] | 8,853,000 | [6],[8] | |
Investments at fair value | $ 8,566,000 | [9] | $ 8,848,000 | [10] | |
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 615.156 | ||||
Principal | $ 0 | ||||
Cost | 615,000 | ||||
Investments at fair value | $ 770,000 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (23,000) | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.24% | ||||
Principal | $ 9,450,000 | ||||
Cost | 9,271,000 | ||||
Investments at fair value | $ 9,271,000 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.24% | ||||
Principal | $ 9,450,000 | ||||
Cost | 9,271,000 | ||||
Investments at fair value | $ 9,271,000 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Promissory Note | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 13.574% | ||||
Principal | $ 385,000 | ||||
Cost | 385,000 | ||||
Investments at fair value | $ 385,000 | ||||
Investment, Identifier [Axis]: EXACT BORROWER, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (47,000) | ||||
Investments at fair value | $ 0 | ||||
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 | $ 3,277,000 | ||||
Cost | [6],[8] | 3,262,000 | |||
Investments at fair value | [10] | $ 3,277,000 | |||
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] | (22,000) | |||
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 | 2,000,000 | [2],[4],[17],[18],[28] | 2,000,000 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 17,678,000 | [9],[17],[18],[28] | $ 6,373,000 | [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] | 12.25% | |||
Principal | $ 2,818,000 | [13] | $ 0 | [25] | |
Cost | 2,777,000 | [2],[4],[13] | (56,000) | [6],[8],[25] | |
Investments at fair value | $ 2,818,000 | [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 | 12.41% | [12] | 8.50% | [15] | |
Principal | $ 31,845,000 | $ 17,755,000 | |||
Cost | 31,214,000 | [2],[4] | 17,443,000 | [6],[8] | |
Investments at fair value | $ 31,845,000 | [9] | $ 17,755,000 | [10] | |
Investment, Identifier [Axis]: FM SYLVAN, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 1% | ||||
Investment interest rate | 12.85% | ||||
Principal | $ 11,963,000 | ||||
Cost | 11,737,000 | ||||
Investments at fair value | $ 11,963,000 | ||||
Investment, Identifier [Axis]: FM SYLVAN, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 1% | ||||
Investment interest rate | 12.94% | ||||
Principal | $ 2,000,000 | ||||
Cost | 1,816,000 | ||||
Investments at fair value | $ 2,000,000 | ||||
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 | 750,000 | [2],[4],[17],[18] | 750,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 911,000 | [9],[17],[18] | $ 750,000 | [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] | $ 2,030,000 | |||
Cost | [6],[8],[25] | 1,971,000 | |||
Investments at fair value | [10],[25] | $ 2,030,000 | |||
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 | 11.25% | [12] | 7.50% | [15] | |
Principal | $ 7,030,000 | $ 5,000,000 | |||
Cost | 6,908,000 | [2],[4] | 4,914,000 | [6],[8] | |
Investments at fair value | $ 7,030,000 | [9] | $ 5,000,000 | [10] | |
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (162,000) | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | ||||
Floor | 2% | ||||
Investment interest rate | 11.35% | ||||
Principal | $ 7,500,000 | ||||
Cost | 7,357,000 | ||||
Investments at fair value | $ 7,358,000 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8.50% | ||||
Floor | 2% | ||||
Investment interest rate | 13.35% | ||||
Principal | $ 7,500,000 | ||||
Cost | 7,356,000 | ||||
Investments at fair value | $ 7,358,000 | ||||
Investment, Identifier [Axis]: GAINS INTERMEDIATE, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (47,000) | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Class A Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000,000 | ||||
Investments at fair value | $ 1,000,000 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 2% | ||||
Investment interest rate | 13.93% | ||||
Principal | $ 6,150,000 | ||||
Cost | 6,030,000 | ||||
Investments at fair value | $ 6,030,000 | ||||
Investment, Identifier [Axis]: GPT INDUSTRIES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (58,000) | ||||
Investments at fair value | $ 0 | ||||
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 | 1,000,000 | [2],[4] | 1,000,000 | [6],[8] | |
Investments at fair value | $ 0 | [9] | $ 674,000 | [10] | |
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 360.06 | [16] | 56.259 | [14] | |
Principal | $ 0 | $ 0 | |||
Cost | 360,000 | [2],[4] | 56,000 | [6],[8] | |
Investments at fair value | $ 372,000 | [9] | $ 38,000 | [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 | 14.24% | [12] | 11.50% | [15] | |
Principal | $ 10,031,000 | $ 11,500,000 | |||
Cost | 9,967,000 | [2],[4] | 11,384,000 | [6],[8] | |
Investments at fair value | $ 10,031,000 | [9] | $ 9,775,000 | [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 | (14,000) | [2],[4],[13] | (22,000) | [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] | $ 2,516,000 | |||
Cost | [6],[8],[25] | 2,406,000 | |||
Investments at fair value | [10],[25] | $ 2,566,000 | |||
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 | $ 8,534,000 | ||||
Cost | [6],[8] | 8,367,000 | |||
Investments at fair value | [10] | $ 8,704,000 | |||
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] | $ 183,000 | |||
Cost | [6],[8],[25] | 150,000 | |||
Investments at fair value | [10],[25] | $ 187,000 | |||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,500,000 | ||||
Principal | $ 0 | ||||
Cost | 1,500,000 | ||||
Investments at fair value | $ 1,500,000 | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 1.75% | ||||
Variable rate | 7.25% | ||||
Floor | 2.50% | ||||
Investment interest rate | 14.05% | ||||
Principal | $ 4,511,000 | ||||
Cost | 4,376,000 | ||||
Investments at fair value | 4,376,000 | ||||
Investment, Identifier [Axis]: GUARDIAN FLEET SERVICES, INC. Warrants | |||||
Schedule of Investments [Line Items] | |||||
Principal | 0 | ||||
Cost | 80,000 | ||||
Investments at fair value | $ 80,000 | ||||
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% | |||
Investment interest rate | 11.11% | ||||
Principal | [13] | $ 303,000 | |||
Cost | [2],[4],[13] | 286,000 | |||
Investments at fair value | [9],[13] | $ 297,000 | |||
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] | 11.05% | |||
Principal | $ 3,642,000 | ||||
Cost | [2],[4] | 3,574,000 | |||
Investments at fair value | [9] | $ 3,573,000 | |||
Investment, Identifier [Axis]: GULF PACIFIC ACQUISITION, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13] | 6% | |||
Floor | [12],[13] | 1% | |||
Investment interest rate | 10.99% | ||||
Principal | [13] | $ 353,000 | |||
Cost | [2],[4],[13] | 335,000 | |||
Investments at fair value | [9],[13] | $ 347,000 | |||
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 | 13.10% | [12],[23] | 9.25% | [15],[24] | |
Principal | $ 15,750,000 | [23] | $ 15,750,000 | [24] | |
Cost | 15,528,000 | [2],[4],[23] | 15,473,000 | [6],[8],[24] | |
Investments at fair value | 13,120,000 | [9],[23] | 15,246,000 | [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] | 80,800,000 | |||
Investments at fair value | [9],[13],[17],[28] | $ 51,256,000 | |||
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] | 76,000,000 | |||
Investments at fair value | [10],[19],[25],[29] | $ 57,603,000 | |||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | [12],[13] | 6% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (16,000) | [2],[4],[13] | (21,000) | [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 | 5.50% | [12] | 6% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.66% | [12] | 7.01% | [15] | |
Principal | $ 7,653,000 | $ 7,731,000 | |||
Cost | 7,537,000 | [2],[4] | 7,587,000 | [6],[8] | |
Investments at fair value | 7,653,000 | [9] | 7,615,000 | [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 | 588,000 | [2],[4],[13],[17],[18] | 588,000 | [6],[8],[19],[20],[25] | |
Investments at fair value | $ 944,000 | [9],[13],[17],[18] | $ 588,000 | [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 | 11.75% | [12] | 8% | [15] | |
Principal | $ 5,000,000 | $ 5,000,000 | |||
Cost | 4,926,000 | [2],[4] | 4,908,000 | [6],[8] | |
Investments at fair value | $ 5,000,000 | [9] | $ 5,000,000 | [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 | [15],[25] | 8% | |||
Principal | $ 0 | [13] | $ 800,000 | [25] | |
Cost | (28,000) | [2],[4],[13] | 764,000 | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 800,000 | [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 | 1,000,000 | [2],[4] | 1,000,000 | [6],[8] | |
Investments at fair value | $ 1,000,000 | [9] | 1,000,000 | [10] | |
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.66% | ||||
Principal | $ 9,000,000 | ||||
Cost | 8,823,000 | ||||
Investments at fair value | $ 8,823,000 | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 750,000 | ||||
Principal | $ 0 | ||||
Cost | 750,000 | ||||
Investments at fair value | $ 750,000 | ||||
Investment, Identifier [Axis]: ISLAND PUMP AND TANK, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 2% | ||||
Investment interest rate | 12.67% | ||||
Principal | $ 500,000 | ||||
Cost | 471,000 | ||||
Investments at fair value | 471,000 | ||||
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 | 1,500,000 | [2],[4],[17],[18] | 1,500,000 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 4,348,000 | [9],[17],[18] | $ 3,063,000 | [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 | $ 3,271,000 | $ 2,959,000 | |||
Cost | 3,259,000 | [2],[4] | 2,721,000 | [6],[8] | |
Investments at fair value | $ 3,255,000 | [9] | $ 2,959,000 | [10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | [12] | 10% | [15] | |
Principal | $ 129,000 | $ 117,000 | |||
Cost | 129,000 | [2],[4] | 117,000 | [6],[8] | |
Investments at fair value | $ 128,000 | [9] | $ 117,000 | [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 | 16.35% | [12] | 12% | [15] | |
Principal | $ 5,057,000 | $ 5,036,000 | |||
Cost | 5,056,000 | [2],[4] | 5,010,000 | [6],[8] | |
Investments at fair value | $ 5,068,000 | [9] | $ 5,061,000 | [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 | 13.35% | [12] | 9% | [15] | |
Principal | $ 10,114,000 | $ 10,071,000 | |||
Cost | 10,139,000 | [2],[4] | 10,041,000 | [6],[8] | |
Investments at fair value | $ 10,114,000 | [9] | $ 10,041,000 | [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 | 14.35% | [12],[13] | 10% | [15],[25] | |
Principal | $ 7,000,000 | [13] | $ 750,000 | [25] | |
Cost | 6,974,000 | [2],[4],[13] | 733,000 | [6],[8],[25] | |
Investments at fair value | 7,014,000 | [9],[13] | 750,000 | [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] | 538,000 | |||
Investments at fair value | [10],[19],[20] | $ 3,199,000 | |||
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] | 538,000 | |||
Investments at fair value | [9],[17],[18] | $ 4,046,000 | |||
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 | $ 6,589,000 | ||||
Cost | [6],[8] | 6,558,000 | |||
Investments at fair value | [10] | $ 6,589,000 | |||
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] | 11.34% | |||
Principal | $ 6,132,000 | ||||
Cost | [2],[4] | 6,117,000 | |||
Investments at fair value | [9] | $ 6,132,000 | |||
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 | $ 23,821,000 | ||||
Cost | [6],[8] | 23,415,000 | |||
Investments at fair value | [10] | $ 24,298,000 | |||
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] | (13,000) | |||
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] | 12.44% | |||
Principal | [13],[23] | $ 2,228,000 | |||
Cost | [2],[4],[13],[23] | 2,174,000 | |||
Investments at fair value | [9],[13],[23] | $ 2,016,000 | |||
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] | 12.44% | |||
Principal | [23] | $ 15,800,000 | |||
Cost | [2],[4],[23] | 15,681,000 | |||
Investments at fair value | [9],[23] | $ 14,299,000 | |||
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] | (41,000) | |||
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] | $ 15,920,000 | |||
Cost | [6],[8],[24] | 15,773,000 | |||
Investments at fair value | [10],[24] | $ 15,920,000 | |||
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] | $ 4,154,000 | |||
Cost | [6],[8],[25] | 4,034,000 | |||
Investments at fair value | [10],[25] | $ 4,063,000 | |||
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 | 11.84% | [12] | 8.01% | [15] | |
Principal | $ 10,532,000 | $ 6,484,000 | |||
Cost | 10,315,000 | [2],[4] | 6,345,000 | [6],[8] | |
Investments at fair value | $ 10,110,000 | [9] | $ 6,341,000 | [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] | 11.89% | |||
Principal | $ 343,000 | [13] | $ 0 | [25] | |
Cost | 336,000 | [2],[4],[13] | (10,000) | [6],[8],[25] | |
Investments at fair value | $ 330,000 | [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 | 15.66% | [12] | 13% | [15] | |
Principal | $ 2,501,000 | $ 2,488,000 | |||
Cost | 2,491,000 | [2],[4] | 2,463,000 | [6],[8] | |
Investments at fair value | $ 2,501,000 | [9] | $ 2,388,000 | [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 | 14.16% | [12] | 11.50% | [15] | |
Principal | $ 11,477,000 | $ 11,422,000 | |||
Cost | 11,436,000 | [2],[4] | 11,346,000 | [6],[8] | |
Investments at fair value | $ 11,477,000 | [9] | $ 10,851,000 | [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 | 1,600,000 | [2],[4],[17],[18] | 1,600,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,692,000 | [9],[17],[18] | $ 376,000 | [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] | $ 113,000 | |||
Cost | [2],[4],[17],[18] | 113,000 | |||
Investments at fair value | [9],[17],[18] | $ 113,000 | |||
Investment, Identifier [Axis]: LGM PHARMA, LLC., Unsecured convertible note | |||||
Schedule of Investments [Line Items] | |||||
PIK | [15],[19],[20] | 25% | |||
Principal | [19],[20] | $ 88,000 | |||
Cost | [6],[8],[19],[20] | 88,000 | |||
Investments at fair value | [10],[19],[20] | $ 88,000 | |||
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 | $ 5,143,000 | $ 5,195,000 | |||
Cost | 5,143,000 | [2],[4] | 5,195,000 | [6],[8] | |
Investments at fair value | $ 5,143,000 | [9] | $ 4,780,000 | [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 | $ 0 | [13] | $ 0 | [25] | |
Cost | 0 | [2],[4],[13] | 0 | [6],[8],[25] | |
Investments at fair value | $ 0 | [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 | $ 5,208,000 | [26] | $ 5,208,000 | [27] | |
Cost | 5,208,000 | [2],[4],[26] | 5,208,000 | [6],[8],[27] | |
Investments at fair value | $ 3,594,000 | [9],[26] | $ 3,104,000 | [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] | 11.54% | |||
Principal | $ 22,714,000 | ||||
Cost | [2],[4] | 22,318,000 | |||
Investments at fair value | [9] | 22,305,000 | |||
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] | 600,000 | |||
Investments at fair value | [9],[17],[18] | $ 416,000 | |||
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% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (31,000) | |||
Investments at fair value | [9],[13] | $ 0 | |||
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 | 13.75% | [12],[23] | 10% | [15],[24] | |
Principal | $ 10,835,000 | [23] | $ 10,945,000 | [24] | |
Cost | 10,656,000 | [2],[4],[23] | 10,723,000 | [6],[8],[24] | |
Investments at fair value | $ 10,131,000 | [9],[23] | $ 10,671,000 | [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 | 12.30% | [12] | 8.38% | [15] | |
Principal | $ 7,879,000 | $ 8,032,000 | |||
Cost | 7,778,000 | [2],[4] | 7,900,000 | [6],[8] | |
Investments at fair value | $ 7,839,000 | [9] | $ 7,751,000 | [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 | 11.89% | [12],[13] | 8.23% | [15],[25] | |
Principal | $ 943,000 | [13] | $ 943,000 | [25] | |
Cost | 921,000 | [2],[4],[13] | 913,000 | [6],[8],[25] | |
Investments at fair value | $ 939,000 | [9],[13] | $ 910,000 | [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 | 12.75% | [12] | 9% | [15] | |
Principal | $ 12,344,000 | $ 12,469,000 | |||
Cost | 12,150,000 | [2],[4] | 12,232,000 | [6],[8] | |
Investments at fair value | $ 11,949,000 | [9] | $ 12,232,000 | [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 | 15.75% | [12] | 12% | [15] | |
Principal | $ 2,759,000 | $ 3,292,000 | |||
Cost | 2,715,000 | [2],[4] | 3,229,000 | [6],[8] | |
Investments at fair value | $ 2,593,000 | [9] | $ 3,229,000 | [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 | $ 770,000 | [9],[17],[18] | $ 1,536,000 | [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] | 11.09% | |||
Principal | $ 11,621,000 | ||||
Cost | [2],[4] | 11,421,000 | |||
Investments at fair value | [9] | $ 11,505,000 | |||
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] | (27,000) | |||
Investments at fair value | [9],[13] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000,000 | ||||
Investments at fair value | $ 1,185,000 | ||||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, 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] | (52,000) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.25% | [12] | 7.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 11.99% | [12] | 8.25% | [15] | |
Principal | $ 21,800,000 | $ 12,000,000 | |||
Cost | 21,457,000 | [2],[4] | 11,785,000 | [6],[8] | |
Investments at fair value | $ 21,800,000 | [9] | $ 12,000,000 | [10] | |
Investment, Identifier [Axis]: MUENSTER MILLING COMPANY, LLC, 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 | (67,000) | [2],[4],[13] | (87,000) | [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 | 2,000,000 | [2],[4],[17],[18] | 2,000,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 2,000,000 | [9],[17],[18] | $ 2,000,000 | [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 | 11.25% | [12] | 7.50% | [15] | |
Principal | $ 9,716,000 | $ 11,250,000 | |||
Cost | 9,564,000 | [2],[4] | 11,035,000 | [6],[8] | |
Investments at fair value | $ 9,550,000 | [9] | $ 11,171,000 | [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 | 12.25% | [12] | 8.50% | [15] | |
Principal | $ 9,716,000 | $ 11,250,000 | |||
Cost | 9,563,000 | [2],[4] | 11,035,000 | [6],[8] | |
Investments at fair value | $ 9,550,000 | [9] | $ 11,171,000 | [10] | |
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 8% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (82,000) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 8% | |||
Floor | [15] | 1% | |||
Investment interest rate | [15] | 9% | |||
Principal | $ 14,913,000 | ||||
Cost | [6],[8] | 14,657,000 | |||
Investments at fair value | [10] | $ 14,569,000 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 11.75% | |||
Principal | $ 7,478,000 | ||||
Cost | [2],[4] | 7,375,000 | |||
Investments at fair value | [9] | $ 7,104,000 | |||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9% | ||||
Floor | 1% | ||||
Investment interest rate | 13.75% | ||||
Principal | $ 7,478,000 | ||||
Cost | 7,375,000 | ||||
Investments at fair value | $ 6,356,000 | ||||
Investment, Identifier [Axis]: NEUROPSYCHIATRIC HOSPITALS, LLC, First Lien-Term Loan C | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 10% | ||||
Floor | 1% | ||||
Investment interest rate | 15% | ||||
Principal | $ 3,176,000 | ||||
Cost | 3,097,000 | ||||
Investments at fair value | $ 3,097,000 | ||||
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 | 12.75% | [12],[13] | 9% | [15],[25] | |
Principal | $ 4,400,000 | [13] | $ 4,400,000 | [25] | |
Cost | 4,338,000 | [2],[4],[13] | 4,317,000 | [6],[8],[25] | |
Investments at fair value | $ 4,180,000 | [9],[13] | $ 4,299,000 | [10],[25] | |
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (28,000) | ||||
Investments at fair value | $ 0 | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Investment interest rate | 12.79% | ||||
Principal | $ 13,000,000 | ||||
Cost | 12,750,000 | ||||
Investments at fair value | $ 12,753,000 | ||||
Investment, Identifier [Axis]: NEW SKINNY MIXES, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | ||||
Floor | 2% | ||||
Principal | $ 0 | ||||
Cost | (76,000) | ||||
Investments at fair value | $ 0 | ||||
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 | (28,000) | [2],[4],[13] | (45,000) | [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 | 11% | [12] | 7.25% | [15] | |
Principal | $ 23,150,000 | $ 23,150,000 | |||
Cost | 22,864,000 | [2],[4] | 22,719,000 | [6],[8] | |
Investments at fair value | $ 23,150,000 | [9] | $ 23,150,000 | [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] | 2,000,000 | |||
Investments at fair value | [10],[19],[20],[29] | $ 9,566,000 | |||
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] | 2,000,000 | |||
Investments at fair value | [9],[17],[18],[28] | $ 11,138,000 | |||
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 | (3,000) | [2],[4],[13] | (4,000) | [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 | 8% | [12] | 6.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.87% | [12] | 7.50% | [15] | |
Principal | $ 12,688,000 | $ 13,066,000 | |||
Cost | 12,519,000 | [2],[4] | 12,844,000 | [6],[8] | |
Investments at fair value | $ 12,510,000 | [9] | $ 12,818,000 | [10] | |
Investment, Identifier [Axis]: NWN PARENT HOLDINGS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12],[13] | 6.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Investment interest rate | 12.85% | [12],[13] | 7.50% | [15],[25] | |
Principal | $ 1,020,000 | [13] | $ 420,000 | [25] | |
Cost | 997,000 | [2],[4],[13] | 390,000 | [6],[8],[25] | |
Investments at fair value | $ 1,006,000 | [9],[13] | $ 412,000 | [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] | 11.50% | |||
Principal | $ 9,052,000 | ||||
Cost | [2],[4] | 8,970,000 | |||
Investments at fair value | [9] | $ 9,052,000 | |||
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% | |||
Principal | [13] | $ 0 | |||
Cost | [2],[4],[13] | (7,000) | |||
Investments at fair value | [9],[13] | $ 0 | |||
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 | $ 3,000,000 | ||||
Cost | [2],[4] | 2,755,000 | |||
Investments at fair value | [9] | 3,000,000 | |||
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] | 207,000 | |||
Investments at fair value | [9] | $ 399,000 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 6,308.2584 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 631,000 | |||
Investments at fair value | [9],[17],[18] | $ 773,000 | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6.75% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 11.56% | |||
Principal | $ 14,625,000 | ||||
Cost | [2],[4] | 14,428,000 | |||
Investments at fair value | [9] | $ 14,552,000 | |||
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] | (25,000) | |||
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] | 12.32% | |||
Principal | [17] | $ 9,750,000 | |||
Cost | [2],[4],[17] | 9,574,000 | |||
Investments at fair value | [9],[17] | $ 9,565,000 | |||
Investment, Identifier [Axis]: PIPELINE TECHNIQUE LTD., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[13],[17] | 6.25% | |||
Floor | [12],[13],[17] | 2% | |||
Investment interest rate | 14.25% | ||||
Principal | [13],[17] | $ 500,000 | |||
Cost | [2],[4],[13],[17] | 441,000 | |||
Investments at fair value | [9],[13],[17] | $ 490,000 | |||
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 | 14.31% | [12] | 10.50% | [15] | |
Principal | $ 10,500,000 | $ 10,500,000 | |||
Cost | 10,163,000 | [2],[4] | 10,066,000 | [6],[8] | |
Investments at fair value | $ 6,431,000 | [9] | $ 10,217,000 | [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] | 750,000 | |||
Investments at fair value | [9],[17],[18] | $ 750,000 | |||
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] | $ 7,578,000 | |||
Cost | [6],[8],[25] | 7,394,000 | |||
Investments at fair value | [10],[25] | $ 7,578,000 | |||
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 | 11.35% | [12] | 7% | [15] | |
Principal | $ 21,633,000 | $ 11,000,000 | |||
Cost | 21,267,000 | [2],[4] | 10,802,000 | [6],[8] | |
Investments at fair value | $ 21,071,000 | [9] | $ 10,791,000 | [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 | (42,000) | [2],[4],[13] | (53,000) | [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 | 1,517,000 | [2],[4] | 1,517,000 | [6],[8] | |
Investments at fair value | $ 422,000 | [9] | $ 1,905,000 | [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] | 66,000 | |||
Investments at fair value | [9] | $ 161,000 | |||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-2 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 3,364 | ||||
Principal | $ 0 | ||||
Cost | 202,000 | ||||
Investments at fair value | $ 694,000 | ||||
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 | 14.74% | [12] | 9% | [15] | |
Principal | $ 15,051,000 | $ 14,125,000 | |||
Cost | 15,008,000 | [2],[4] | 14,021,000 | [6],[8] | |
Investments at fair value | $ 14,524,000 | [9] | $ 14,125,000 | [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 | 14.74% | [12],[13] | 9% | [15],[25] | |
Principal | $ 575,000 | [13] | $ 575,000 | [25] | |
Cost | 566,000 | [2],[4],[13] | 564,000 | [6],[8],[25] | |
Investments at fair value | $ 555,000 | [9],[13] | $ 575,000 | [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 | 12.52% | [12] | 9% | [15] | |
Principal | $ 6,166,000 | $ 6,933,000 | |||
Cost | 6,123,000 | [2],[4] | 6,870,000 | [6],[8] | |
Investments at fair value | $ 5,364,000 | [9] | $ 6,933,000 | [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 | 12.56% | [12],[13] | 9% | [15] | |
Principal | $ 822,000 | [13] | $ 1,370,000 | ||
Cost | 813,000 | [2],[4],[13] | 1,357,000 | [6],[8] | |
Investments at fair value | $ 715,000 | [9],[13] | $ 1,370,000 | [10] | |
Investment, Identifier [Axis]: SCRIP INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12],[21] | 10.98% | |||
Floor | [12],[21] | 2% | |||
Investment interest rate | [12],[21] | 15.83% | |||
Principal | [21] | $ 16,750,000 | |||
Cost | [2],[4],[21] | 16,634,000 | |||
Investments at fair value | [9],[21] | $ 15,594,000 | |||
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 | 1,000,000 | [2],[4] | 1,000,000 | [6],[8] | |
Investments at fair value | $ 751,000 | [9] | $ 1,601,000 | [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] | $ 16,750,000 | |||
Cost | [6],[8],[22] | 16,521,000 | |||
Investments at fair value | [10],[22] | $ 16,750,000 | |||
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 | 33,000 | [2],[4],[17] | 33,000 | [6],[8],[19] | |
Investments at fair value | $ 85,000 | [9],[17] | $ 33,000 | [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 | 978,000 | [2],[4],[17] | 978,000 | [6],[8],[19] | |
Investments at fair value | $ 2,558,000 | [9],[17] | $ 979,000 | [10],[19] | |
Investment, Identifier [Axis]: SHEARWATER RESEARCH, INC., Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[19],[25] | 6.25% | |||
Floor | [15],[19],[25] | 1% | |||
Principal | [19],[25] | $ 0 | |||
Cost | [6],[8],[19],[25] | (27,000) | |||
Investments at fair value | [10],[19],[25] | $ 0 | |||
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 | 11.06% | [12],[17] | 7.25% | [15],[19] | |
Principal | $ 13,643,000 | [17] | $ 13,794,000 | [19] | |
Cost | 13,462,000 | [2],[4],[17] | 13,561,000 | [6],[8],[19] | |
Investments at fair value | $ 13,643,000 | [9],[17] | $ 13,545,000 | [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 | (30,000) | [2],[4],[13],[17] | (40,000) | [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] | 500,000 | |||
Investments at fair value | [9],[17],[18] | $ 411,000 | |||
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] | 500,000 | |||
Investments at fair value | [10],[19],[20] | $ 500,000 | |||
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] | (9,000) | |||
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 | 11.21% | [12] | 7% | [15] | |
Principal | $ 11,382,000 | $ 7,427,000 | |||
Cost | 11,235,000 | [2],[4] | 7,324,000 | [6],[8] | |
Investments at fair value | $ 11,040,000 | [9] | $ 7,323,000 | [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 | 11.23% | [12],[13] | 7% | [15],[25] | |
Principal | $ 702,000 | [13] | $ 47,000 | [25] | |
Cost | 694,000 | [2],[4],[13] | 37,000 | [6],[8],[25] | |
Investments at fair value | $ 681,000 | [9],[13] | $ 46,000 | [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] | 6,107,000 | |||
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] | $ 13,235,000 | |||
Cost | [6],[8],[27] | 13,101,000 | |||
Investments at fair value | [10],[27] | $ 10,588,000 | |||
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 | 500,000 | [2],[4],[17],[18] | 500,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 1,749,000 | [9],[17],[18] | $ 2,960,000 | [10],[19],[20] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | [12] | 6.25% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 10.03% | [12] | 7.25% | [15] | |
Principal | $ 17,839,000 | $ 18,019,000 | |||
Cost | 17,560,000 | [2],[4] | 17,676,000 | [6],[8] | |
Investments at fair value | $ 17,839,000 | [9] | $ 17,749,000 | [10] | |
Investment, Identifier [Axis]: SOUTH COAST TERMINALS, LLC, Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | [12],[13] | 6.25% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (28,000) | [2],[4],[13] | (36,000) | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 0 | [10],[25] | |
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,000,000 | ||||
Principal | $ 0 | ||||
Cost | 1,000,000 | ||||
Investments at fair value | $ 1,000,000 | ||||
Investment, Identifier [Axis]: SPECTRUM OF HOPE, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 7.50% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 12.24% | |||
Principal | $ 22,358,000 | ||||
Cost | [2],[4] | 22,020,000 | |||
Investments at fair value | [9] | $ 21,934,000 | |||
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 | 750,000 | [2],[4],[17],[18] | 750,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 972,000 | [9],[17],[18] | $ 750,000 | [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 | 11.50% | [12] | 8% | [15] | |
Principal | $ 7,481,000 | $ 7,500,000 | |||
Cost | 7,370,000 | [2],[4] | 7,359,000 | [6],[8] | |
Investments at fair value | $ 7,481,000 | [9] | $ 7,358,000 | [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 | (28,000) | [2],[4],[13] | (37,000) | [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] | 4,838,000 | |||
Investments at fair value | [9] | $ 3,767,000 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16] | 39,097.96 | |||
Principal | $ 0 | ||||
Cost | [2],[4] | 1,400,000 | |||
Investments at fair value | [9] | $ 0 | |||
Investment, Identifier [Axis]: STATINMED, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 9.50% | ||||
Floor | 2% | ||||
Investment interest rate | 14.28% | ||||
Principal | $ 122,000 | ||||
Cost | 122,000 | ||||
Investments at fair value | $ 122,000 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 9.50% | |||
Floor | [12] | 2% | |||
Investment interest rate | [12] | 14.28% | |||
Principal | $ 7,288,000 | ||||
Cost | [2],[4] | 7,288,000 | |||
Investments at fair value | [9] | $ 7,288,000 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, 10,502,487.46 Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 10,502,487.46 | ||||
Principal | $ 0 | ||||
Cost | 5,845,000 | ||||
Investments at fair value | $ 5,845,000 | ||||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15] | 8% | |||
Floor | [15] | 1% | |||
Investment interest rate | 8.50% | 9.01% | [15] | ||
Principal | $ 18,823,000 | ||||
Cost | [6],[8] | 18,489,000 | |||
Investments at fair value | [10] | $ 18,597,000 | |||
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] | 2,000,000 | |||
Investments at fair value | [10],[19],[20] | $ 1,819,000 | |||
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] | (23,000) | |||
Investments at fair value | [10],[25] | $ 0 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, First Lien - Term Loan A | |||||
Schedule of Investments [Line Items] | |||||
Principal | $ 8,889,000 | ||||
Cost | [2],[4] | 8,727,000 | |||
Investments at fair value | [9] | $ 8,720,000 | |||
Investment, Identifier [Axis]: STUDENT RESOURCE CENTER, LLC, Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | [16],[17],[18] | 2,000,000 | |||
Principal | [17],[18] | $ 0 | |||
Cost | [2],[4],[17],[18] | 0 | |||
Investments at fair value | [9],[17],[18] | $ 0 | |||
Investment, Identifier [Axis]: SYSTEC CORPORATION (DBA INSPIRE AUTOMATION), Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [15],[25] | 7.50% | |||
Floor | [15],[25] | 1% | |||
Principal | [25] | $ 0 | |||
Cost | [6],[8],[25] | (25,000) | |||
Investments at fair value | [10],[25] | $ 0 | |||
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 | 12.25% | [12] | 8.50% | [15] | |
Principal | $ 9,000,000 | $ 9,000,000 | |||
Cost | 8,886,000 | [2],[4] | 8,844,000 | [6],[8] | |
Investments at fair value | $ 9,000,000 | [9] | $ 8,820,000 | [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 | 12.32% | [12],[13] | 8.50% | [15],[25] | |
Principal | $ 1,600,000 | [13] | $ 850,000 | [25] | |
Cost | 1,576,000 | [2],[4],[13] | 816,000 | [6],[8],[25] | |
Investments at fair value | $ 1,600,000 | [9],[13] | $ 833,000 | [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 | 1,500,000 | [2],[4],[17],[18] | 1,500,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 7,833,000 | [9],[17],[18] | $ 1,500,000 | [10],[19],[20] | |
Investment, Identifier [Axis]: THE PRODUCTO GROUP, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12] | 9% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.92% | [12] | 10% | [15] | |
Principal | $ 17,655,000 | $ 12,644,000 | |||
Cost | 17,355,000 | [2],[4] | 12,401,000 | [6],[8] | |
Investments at fair value | $ 17,655,000 | [9] | $ 12,391,000 | [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 | 1,205,000 | [2],[4],[17],[18],[28] | 1,205,000 | [6],[8],[19],[20],[29] | |
Investments at fair value | $ 1,509,000 | [9],[17],[18],[28] | $ 3,000,000 | [10],[19],[20],[29] | |
Investment, Identifier [Axis]: TRAFERA, LLC (FKA TRINITY 3, LLC), First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.50% | [12],[23] | 7.75% | [15],[24] | |
Floor | 1% | [12],[23] | 1% | [15],[24] | |
Investment interest rate | 11.26% | [12],[23] | 8.75% | [15],[24] | |
Principal | $ 5,775,000 | [23] | $ 9,875,000 | [24] | |
Cost | 5,727,000 | [2],[4],[23] | 9,764,000 | [6],[8],[24] | |
Investments at fair value | $ 5,775,000 | [9],[23] | $ 9,835,000 | [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 | $ 92,000 | [17] | $ 84,000 | [19],[20] | |
Cost | 92,000 | [2],[4],[17] | 84,000 | [6],[8],[19],[20] | |
Investments at fair value | $ 92,000 | [9],[17] | $ 84,000 | [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] | 1,000,000 | |||
Investments at fair value | [9],[17],[18] | $ 1,354,000 | |||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-4 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 211,862.61 | ||||
Principal | $ 0 | ||||
Cost | 212,000 | ||||
Investments at fair value | $ 278,000 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., Class D-5 LP Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 211,465.87 | ||||
Principal | $ 0 | ||||
Cost | 211,000 | ||||
Investments at fair value | $ 275,000 | ||||
Investment, Identifier [Axis]: US COURTSCRIPT HOLDINGS, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | [12] | 6% | |||
Floor | [12] | 1% | |||
Investment interest rate | [12] | 10.87% | |||
Principal | $ 16,800,000 | ||||
Cost | [2],[4] | 16,540,000 | |||
Investments at fair value | [9] | $ 16,800,000 | |||
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 | 10.59% | [12] | 6.75% | [15] | |
Principal | $ 11,498,000 | $ 11,614,000 | |||
Cost | 11,367,000 | [2],[4] | 11,451,000 | [6],[8] | |
Investments at fair value | $ 11,498,000 | [9] | $ 11,614,000 | [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% | |||
Investment interest rate | 13.16% | ||||
Principal | [13] | $ 2,400,000 | |||
Cost | [2],[4],[13] | 2,332,000 | |||
Investments at fair value | [9],[13] | $ 2,357,000 | |||
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] | 12.85% | |||
Principal | $ 13,500,000 | ||||
Cost | [2],[4] | 13,256,000 | |||
Investments at fair value | [9] | $ 13,257,000 | |||
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] | (44,000) | |||
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 | 1,874,000 | [2],[4] | 1,874,000 | [6],[8] | |
Investments at fair value | $ 9,054,000 | [9] | $ 9,273,000 | [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 | 1,598,000 | [2],[4] | 1,598,000 | [6],[8] | |
Investments at fair value | $ 2,694,000 | [9] | $ 2,082,000 | [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 | 1,000,000 | [2],[4] | 1,000,000 | [6],[8] | |
Investments at fair value | $ 1,205,000 | [9] | $ 1,000,000 | [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 | 11.75% | [12] | 8% | [15] | |
Principal | $ 10,588,000 | $ 10,863,000 | |||
Cost | 10,436,000 | [2],[4] | 10,670,000 | [6],[8] | |
Investments at fair value | $ 10,588,000 | [9] | $ 10,656,000 | [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 | (13,000) | [2],[4],[13] | (17,000) | [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% | [12] | 8.50% | [15] | |
Floor | 1% | [12] | 1% | [15] | |
Investment interest rate | 12.75% | [12] | 9.50% | [15] | |
Principal | $ 17,730,000 | $ 17,910,000 | |||
Cost | 17,466,000 | [2],[4] | 17,583,000 | [6],[8] | |
Investments at fair value | $ 17,730,000 | [9] | $ 17,910,000 | [10] | |
Investment, Identifier [Axis]: WELL-FOAM, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 8% | [12],[13] | 8.50% | [15],[25] | |
Floor | 1% | [12],[13] | 1% | [15],[25] | |
Principal | $ 0 | [13] | $ 0 | [25] | |
Cost | (64,000) | [2],[4],[13] | (83,000) | [6],[8],[25] | |
Investments at fair value | $ 0 | [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 | (32,000) | [2],[4],[13] | (41,000) | [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 | 11.75% | [12] | 8% | [15] | |
Principal | $ 20,000,000 | $ 20,000,000 | |||
Cost | 19,693,000 | [2],[4] | 19,624,000 | [6],[8] | |
Investments at fair value | $ 20,000,000 | [9] | $ 19,520,000 | [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] | $ 2,444,000 | [25] | |
Cost | (65,000) | [2],[4],[13] | 2,362,000 | [6],[8],[25] | |
Investments at fair value | $ 0 | [9],[13] | $ 2,386,000 | [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 | 13.82% | [12] | 10% | [15] | |
Principal | $ 18,913,000 | $ 18,915,000 | |||
Cost | 18,762,000 | [2],[4] | 18,785,000 | [6],[8] | |
Investments at fair value | $ 18,478,000 | [9] | $ 18,820,000 | [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 | 13.82% | [12] | 10% | [15],[25] | |
Principal | $ 2,000,000 | $ 1,000,000 | [25] | ||
Cost | 1,994,000 | [2],[4] | 996,000 | [6],[8],[25] | |
Investments at fair value | $ 1,954,000 | [9] | $ 995,000 | [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 | 12.15% | [12] | 8.25% | [15] | |
Principal | $ 15,840,000 | $ 16,000,000 | |||
Cost | 15,611,000 | [2],[4] | 15,691,000 | [6],[8] | |
Investments at fair value | $ 15,634,000 | [9] | $ 15,691,000 | [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 | 12.12% | [12] | 8.26% | [15],[25] | |
Principal | $ 3,970,000 | $ 199,000 | [25] | ||
Cost | 3,914,000 | [2],[4] | 159,000 | [6],[8],[25] | |
Investments at fair value | 3,919,000 | [9] | 159,000 | [10],[25] | |
I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | 169,874,000 | 187,714,000 | |||
Investments at fair value | 143,712,000 | 176,704,000 | |||
I-45 SLF LLC | Burning Glass Intermediate Holding Company, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Other commitment | 246,600 | 300,000 | |||
I-45 SLF LLC | LASH OPCO, LLC | |||||
Schedule of Investments [Line Items] | |||||
Other commitment | $ 800,000 | ||||
I-45 SLF LLC | AAC NEW HOLDCO INC. | |||||
Schedule of Investments [Line Items] | |||||
Other commitment | $ 43,800 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | ||||
Principal | $ 60,000 | ||||
Cost | 59,000 | ||||
Investments at fair value | $ 58,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc, First Lein | |||||
Schedule of Investments [Line Items] | |||||
PIK | 18% | ||||
Principal | $ 2,238,000 | ||||
Cost | 2,239,000 | ||||
Investments at fair value | $ 2,160,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: AAC New Holdco Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
PIK | 8% | ||||
Variable rate | 10% | ||||
Principal | $ 1,899,000 | ||||
Cost | 1,899,000 | ||||
Investments at fair value | $ 1,833,000 | ||||
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 | 1,449,000 | ||||
Investments at fair value | 581,000 | ||||
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 | 1,449,000 | ||||
Investments at fair value | 1,449,000 | ||||
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 | 482,000 | 482,000 | |||
Investments at fair value | $ 193,000 | $ 482,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 6,058,000 | ||||
Cost | 5,975,000 | ||||
Investments at fair value | $ 5,634,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ADS Tactical, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.75% | ||||
Floor | 1% | ||||
Principal | $ 6,394,000 | ||||
Cost | 6,283,000 | ||||
Investments at fair value | $ 6,133,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Class A units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 196 | ||||
Principal | $ 0 | ||||
Cost | 0 | ||||
Investments at fair value | $ 0 | ||||
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 | $ 2,617,000 | ||||
Cost | 2,610,000 | ||||
Investments at fair value | $ 2,499,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: ATX Networks (Toronto) Corporation, Senior Subordinated Debt | |||||
Schedule of Investments [Line Items] | |||||
PIK | 10% | ||||
Principal | $ 1,081,000 | ||||
Cost | 1,081,000 | ||||
Investments at fair value | $ 729,000 | ||||
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 | $ 5,597,000 | $ 5,598,000 | |||
Cost | 5,566,000 | 5,566,000 | |||
Investments at fair value | $ 287,000 | $ 308,000 | |||
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 | $ 985,000 | $ 1,027,000 | |||
Cost | 978,000 | 1,021,000 | |||
Investments at fair value | $ 51,000 | $ 64,000 | |||
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 | $ 3,189,000 | ||||
Cost | 3,140,000 | ||||
Investments at fair value | $ 3,189,000 | ||||
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 | $ 3,157,000 | ||||
Cost | 3,113,000 | ||||
Investments at fair value | $ 3,157,000 | ||||
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 | $ 123,000 | $ 74,000 | |||
Cost | 118,000 | 67,000 | |||
Investments at fair value | $ 123,000 | $ 67,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Corel Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Principal | $ 6,440,000 | ||||
Cost | 6,311,000 | ||||
Investments at fair value | $ 6,050,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Corel, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Principal | $ 6,803,000 | ||||
Cost | 6,650,000 | ||||
Investments at fair value | $ 6,805,000 | ||||
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 | $ 4,485,000 | ||||
Cost | 4,430,000 | ||||
Investments at fair value | $ 4,261,000 | ||||
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 | $ 3,125,000 | ||||
Cost | 3,063,000 | ||||
Investments at fair value | $ 3,078,000 | ||||
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 | $ 2,606,000 | $ 4,179,000 | |||
Cost | 2,584,000 | 4,142,000 | |||
Investments at fair value | $ 2,501,000 | $ 4,158,000 | |||
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 | $ 6,673,000 | $ 6,740,000 | |||
Cost | 6,575,000 | 6,623,000 | |||
Investments at fair value | $ 6,673,000 | $ 6,740,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: GS Operating, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 0.75% | ||||
Principal | $ 4,988,000 | ||||
Cost | 4,891,000 | ||||
Investments at fair value | $ 4,988,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Geo Parent Corporation, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.25% | 5.25% | |||
Principal | $ 6,769,000 | $ 6,840,000 | |||
Cost | 6,743,000 | 6,809,000 | |||
Investments at fair value | $ 6,397,000 | $ 6,806,000 | |||
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 | $ 2,775,000 | $ 2,925,000 | |||
Cost | 2,713,000 | 2,867,000 | |||
Investments at fair value | $ 2,391,000 | $ 2,867,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: InfoGroup Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 2,850,000 | ||||
Cost | 2,845,000 | ||||
Investments at fair value | $ 2,704,000 | ||||
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 | $ 4,735,000 | $ 4,784,000 | |||
Cost | 4,678,000 | 4,719,000 | |||
Investments at fair value | $ 4,684,000 | $ 4,769,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Integro Parent Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 12.25% | 5.75% | |||
Floor | 1% | 1% | |||
Principal | $ 369,000 | $ 3,217,000 | |||
Cost | 369,000 | 3,209,000 | |||
Investments at fair value | $ 347,000 | $ 3,043,000 | |||
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 | $ 6,607,000 | $ 5,677,000 | |||
Cost | 6,562,000 | 5,659,000 | |||
Investments at fair value | $ 5,088,000 | $ 5,638,000 | |||
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 | $ 6,860,000 | $ 6,930,000 | |||
Cost | 6,836,000 | 6,884,000 | |||
Investments at fair value | $ 6,791,000 | $ 6,791,000 | |||
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 | $ 1,650,000 | $ 1,685,000 | |||
Cost | 1,641,000 | 1,677,000 | |||
Investments at fair value | $ 561,000 | $ 1,088,000 | |||
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 | $ 5,597,000 | $ 4,658,000 | |||
Cost | 5,582,000 | 4,639,000 | |||
Investments at fair value | $ 5,317,000 | $ 4,640,000 | |||
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 | $ 4,443,000 | $ 5,826,000 | |||
Cost | 4,431,000 | 5,807,000 | |||
Investments at fair value | $ 3,638,000 | $ 5,491,000 | |||
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 | $ 10,050,000 | $ 6,242,000 | |||
Cost | 10,017,000 | 6,213,000 | |||
Investments at fair value | $ 9,929,000 | $ 6,242,000 | |||
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 | $ 1,187,000 | ||||
Cost | 1,152,000 | ||||
Investments at fair value | $ 1,161,000 | ||||
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 | $ 6,113,000 | $ 4,988,000 | |||
Cost | 5,999,000 | 4,881,000 | |||
Investments at fair value | $ 5,868,000 | $ 4,878,000 | |||
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 | 749,000 | 749,000 | |||
Investments at fair value | $ 553,000 | $ 749,000 | |||
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 | $ 2,477,000 | $ 2,502,000 | |||
Cost | 2,477,000 | 2,502,000 | |||
Investments at fair value | $ 2,427,000 | $ 2,252,000 | |||
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 | $ 602,000 | $ 583,000 | |||
Cost | 602,000 | 583,000 | |||
Investments at fair value | 548,000 | 437,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lift Brands, Inc., Tranche C | |||||
Schedule of Investments [Line Items] | |||||
Principal | 565,000 | 565,000 | |||
Cost | 565,000 | 564,000 | |||
Investments at fair value | $ 514,000 | $ 423,000 | |||
I-45 SLF LLC | Investment, Identifier [Axis]: Lightbox Intermediate, L.P., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | 5% | |||
Principal | $ 6,876,000 | $ 4,948,000 | |||
Cost | 6,831,000 | 4,914,000 | |||
Investments at fair value | $ 6,636,000 | $ 4,874,000 | |||
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 | $ 4,491,000 | $ 4,623,000 | |||
Cost | 4,462,000 | 4,584,000 | |||
Investments at fair value | $ 4,401,000 | $ 4,623,000 | |||
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 | $ 2,606,000 | $ 2,663,000 | |||
Cost | 2,593,000 | 2,647,000 | |||
Investments at fair value | $ 78,000 | $ 1,807,000 | |||
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 | $ 2,159,000 | ||||
Cost | 2,125,000 | ||||
Investments at fair value | $ 2,122,000 | ||||
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 | $ 2,159,000 | ||||
Cost | 2,125,000 | ||||
Investments at fair value | $ 2,122,000 | ||||
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 | $ 2,500,000 | ||||
Cost | 2,453,000 | ||||
Investments at fair value | $ 2,483,000 | ||||
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 | $ 2,500,000 | ||||
Cost | 2,453,000 | ||||
Investments at fair value | $ 2,483,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 5,000,000 | ||||
Cost | 4,939,000 | ||||
Investments at fair value | $ 5,000,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: NinjaTrader, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 5,000,000 | ||||
Cost | 4,908,000 | ||||
Investments at fair value | $ 5,000,000 | ||||
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 | $ 2,961,000 | ||||
Cost | 2,948,000 | ||||
Investments at fair value | $ 2,950,000 | ||||
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 | $ 5,874,000 | ||||
Cost | 5,837,000 | ||||
Investments at fair value | $ 4,505,000 | ||||
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 | $ 4,936,000 | ||||
Cost | 4,936,000 | ||||
Investments at fair value | $ 4,861,000 | ||||
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 | $ 2,827,000 | ||||
Cost | 2,793,000 | ||||
Investments at fair value | $ 2,742,000 | ||||
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 | $ 2,959,000 | ||||
Cost | 2,912,000 | ||||
Investments at fair value | $ 2,914,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 2,929,000 | ||||
Cost | 2,884,000 | ||||
Investments at fair value | $ 2,841,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: SIB Holdings, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 3,000,000 | ||||
Cost | 2,945,000 | ||||
Investments at fair value | $ 2,958,000 | ||||
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 | $ 2,265,000 | ||||
Cost | 2,247,000 | ||||
Investments at fair value | $ 2,172,000 | ||||
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 | $ 2,289,000 | ||||
Cost | 2,267,000 | ||||
Investments at fair value | $ 2,254,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC , First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 6,687,000 | ||||
Cost | 6,644,000 | ||||
Investments at fair value | $ 6,637,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TEAM Services Group, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5% | ||||
Floor | 1% | ||||
Principal | $ 6,620,000 | ||||
Cost | 6,582,000 | ||||
Investments at fair value | $ 6,454,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 0.75% | ||||
Principal | $ 5,000,000 | ||||
Cost | 4,991,000 | ||||
Investments at fair value | $ 4,944,000 | ||||
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 | $ 990,000 | ||||
Cost | 950,000 | ||||
Investments at fair value | $ 974,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Tacala, LLC, Second Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 0.75% | ||||
Principal | $ 6,000,000 | ||||
Cost | 5,958,000 | ||||
Investments at fair value | $ 5,501,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 942,000 | ||||
Cost | 942,000 | ||||
Investments at fair value | $ 942,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: TestEquity, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6.25% | ||||
Floor | 1% | ||||
Principal | $ 3,805,000 | ||||
Cost | 3,804,000 | ||||
Investments at fair value | $ 3,805,000 | ||||
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 | $ 5,635,000 | ||||
Cost | 5,635,000 | ||||
Investments at fair value | $ 1,479,000 | ||||
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 | $ 5,239,000 | ||||
Cost | 5,239,000 | ||||
Investments at fair value | $ 3,714,000 | ||||
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 | $ 2,814,000 | ||||
Cost | 2,802,000 | ||||
Investments at fair value | $ 2,627,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 1,955,000 | ||||
Cost | 1,951,000 | ||||
Investments at fair value | $ 1,683,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Veregy Consolidated, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Floor | 1% | ||||
Principal | $ 1,975,000 | ||||
Cost | 1,970,000 | ||||
Investments at fair value | $ 1,936,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Principal | $ 3,565,000 | ||||
Cost | 3,531,000 | ||||
Investments at fair value | $ 3,283,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: Vida Capital, Inc.., First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 6% | ||||
Principal | $ 3,265,000 | ||||
Cost | 3,236,000 | ||||
Investments at fair value | $ 2,408,000 | ||||
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 | $ 4,875,000 | ||||
Cost | 4,751,000 | ||||
Investments at fair value | $ 2,071,000 | ||||
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 | $ 4,969,000 | ||||
Cost | 4,833,000 | ||||
Investments at fair value | $ 4,869,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lein | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 7.50% | ||||
Floor | 1% | ||||
Principal | $ 4,157,000 | ||||
Cost | 4,132,000 | ||||
Investments at fair value | $ 3,741,000 | ||||
I-45 SLF LLC | Investment, Identifier [Axis]: YS Garments, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Variable rate | 5.50% | ||||
Floor | 1% | ||||
Principal | $ 4,282,000 | ||||
Cost | 4,265,000 | ||||
Investments at fair value | $ 4,239,000 | ||||
[1]All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.[2]As of March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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 - Fair Value Measurements 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. 20 The rate presented represents a weighted-average rate for borrowings under the facility as of March 31, 2023. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event | Apr. 26, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividends (in usd per share) | $ 0.59 |
Regular dividends | |
Subsequent Event [Line Items] | |
Dividends (in usd per share) | 0.54 |
Supplemental dividends | |
Subsequent Event [Line Items] | |
Dividends (in usd per share) | $ 0.05 |
Schedule of Investments in an_3
Schedule of Investments in and Advances to Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | ||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | $ 162,930 | ||||
Amount of Interest or Dividends Credited in Income | 22,196 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 189,482 | ||||
Gross Additions | 104,035 | ||||
Gross Reductions | (37,998) | ||||
Amount of Realized Gain/(Loss) | (10,625) | ||||
Amount of Unrealized Gain/(Loss) | (5,133) | ||||
Fair Value, ending balance | 239,761 | ||||
Control investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 0 | ||||
Amount of Interest or Dividends Credited in Income | 7,337 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 57,603 | ||||
Gross Additions | 4,800 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (11,147) | ||||
Fair Value, ending balance | 51,256 | ||||
Affiliate investments | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 162,930 | ||||
Amount of Interest or Dividends Credited in Income | 14,859 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 131,879 | ||||
Gross Additions | 99,235 | ||||
Gross Reductions | (37,998) | ||||
Amount of Realized Gain/(Loss) | (10,625) | ||||
Amount of Unrealized Gain/(Loss) | 6,014 | ||||
Fair Value, ending balance | 188,505 | ||||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 27,438 | ||||
Amount of Interest or Dividends Credited in Income | 1,905 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 12,535 | ||||
Gross Additions | 14,574 | ||||
Gross Reductions | (170) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 499 | ||||
Fair Value, ending balance | $ 27,438 | ||||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 766,738.93 | ||||
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 | 186 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 382 | ||||
Fair Value, ending balance | 1,202 | ||||
Investment, Identifier [Axis]: AIR CONDITIONING SPECIALIST, INC., Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 800 | ||||
Amount of Interest or Dividends Credited in Income | 15 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 1,384 | ||||
Gross Reductions | (600) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 16 | ||||
Fair Value, ending balance | $ 800 | ||||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Membership preferred interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [1] | 3.88% | |||
Investment, Identifier [Axis]: ALLIANCE SPORTS GROUP, L.P., Preferred membership interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [2] | 3.88% | |||
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 | 88 | ||||
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) | 437 | ||||
Fair Value, ending balance | $ 1,658 | ||||
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 | 53 | ||||
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) | 142 | ||||
Fair Value, ending balance | 714 | ||||
Investment, Identifier [Axis]: CATBIRD NYC, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 15,500 | ||||
Amount of Interest or Dividends Credited in Income | 1,635 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 15,884 | ||||
Gross Additions | 59 | ||||
Gross Reductions | (400) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (43) | ||||
Fair Value, ending balance | 15,500 | ||||
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 | 36 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 16 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (16) | ||||
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 | 25 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 97 | ||||
Gross Additions | 6 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (4) | ||||
Fair Value, ending balance | 99 | ||||
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 | 950 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 7,260 | ||||
Gross Additions | 29 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 113 | ||||
Fair Value, ending balance | $ 7,402 | ||||
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) | (284) | ||||
Fair Value, ending balance | 357 | ||||
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 | 49 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 290 | ||||
Gross Additions | 6 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | $ 296 | ||||
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) | 2,291 | ||||
Fair Value, ending balance | $ 3,215 | ||||
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) | (2,460) | ||||
Fair Value, ending balance | 0 | ||||
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) | (1,510) | ||||
Fair Value, ending balance | 0 | ||||
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 | 98 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 1,472 | ||||
Gross Additions | 97 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (1,569) | ||||
Fair Value, ending balance | 0 | ||||
Investment, Identifier [Axis]: DELPHI BEHAVIORAL HEALTH GROUP, LLC, Protective Advance | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 1,448 | ||||
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 | 922 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (1,448) | ||||
Fair Value, ending balance | 0 | ||||
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 | 3,846 | ||||
Amount of Interest or Dividends Credited in Income | 249 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 9,554 | ||||
Gross Reductions | (4,604) | ||||
Amount of Realized Gain/(Loss) | (1,124) | ||||
Amount of Unrealized Gain/(Loss) | (3) | ||||
Fair Value, ending balance | 3,823 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 3,867 | ||||
Amount of Interest or Dividends Credited in Income | 118 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 9,423 | ||||
Gross Reductions | (4,484) | ||||
Amount of Realized Gain/(Loss) | (1,095) | ||||
Amount of Unrealized Gain/(Loss) | (1) | ||||
Fair Value, ending balance | $ 3,843 | ||||
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) | (2,000) | ||||
Amount of Unrealized Gain/(Loss) | 726 | ||||
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) | 1 | ||||
Amount of Unrealized Gain/(Loss) | (1) | ||||
Fair Value, ending balance | 0 | ||||
Investment, Identifier [Axis]: DYNAMIC COMMUNITIES, LLC, Senior subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 0 | ||||
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 | (587) | ||||
Amount of Realized Gain/(Loss) | (104) | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | $ 0 | ||||
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class A Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 250,000 | ||||
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 | 250 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 375 | ||||
Fair Value, ending balance | $ 625 | ||||
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class B Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 5,435,211.03 | ||||
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 | 2,218 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | $ 2,218 | ||||
Investment, Identifier [Axis]: Dynamic Communities, LLC, Class C Preferred units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 255,984.22 | ||||
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]: Dynamic Communities, LLC, Common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 2,500,000 | ||||
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 | 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]: GPT Industries, LLC Class A Preferred 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 | 0 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 1,000 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | 1,000 | ||||
Investment, Identifier [Axis]: GPT Industries, LLC First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 6,150 | ||||
Amount of Interest or Dividends Credited in Income | 148 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 6,030 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | 6,030 | ||||
Investment, Identifier [Axis]: GPT Industries, LLC 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 | (58) | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 58 | ||||
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) | (674) | ||||
Fair Value, ending balance | $ 0 | ||||
Investment, Identifier [Axis]: GRAMMATECH, INC., Class A-1 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 360.06 | ||||
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 | 304 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 30 | ||||
Fair Value, ending balance | 372 | ||||
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 | 1,336 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 9,775 | ||||
Gross Additions | 67 | ||||
Gross Reductions | (1,500) | ||||
Amount of Realized Gain/(Loss) | 15 | ||||
Amount of Unrealized Gain/(Loss) | 1,674 | ||||
Fair Value, ending balance | 10,031 | ||||
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 | 10 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 9 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (9) | ||||
Fair Value, ending balance | $ 0 | ||||
Investment, Identifier [Axis]: I-45 SLF LLC | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [1],[3],[4],[5] | 80% | |||
Investment, Identifier [Axis]: I-45 SLF LLC, LLC equity interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 80% | 80% | [2],[6],[7],[8] | ||
Principal Amount - Debt Investments | $ 0 | ||||
Amount of Interest or Dividends Credited in Income | 7,337 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 57,603 | ||||
Gross Additions | 4,800 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (11,147) | ||||
Fair Value, ending balance | $ 51,256 | ||||
Investment, Identifier [Axis]: INFOLINKS MEDIA BUYCO, LLC, LP interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 1.68% | [1],[4],[5],[9] | 1.68% | [2],[7],[8],[10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A Membership Interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 9.25% | [1],[4],[9] | 9.25% | [2],[6],[7],[10] | |
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Class A membership interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | 9.25% | ||||
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) | 1,285 | ||||
Fair Value, ending balance | 4,348 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note A | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 3,271 | ||||
Amount of Interest or Dividends Credited in Income | 545 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 2,959 | ||||
Gross Additions | 538 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (242) | ||||
Fair Value, ending balance | 3,255 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - PIK Note B | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 129 | ||||
Amount of Interest or Dividends Credited in Income | 13 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 117 | ||||
Gross Additions | 12 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (1) | ||||
Fair Value, ending balance | 128 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 10,114 | ||||
Amount of Interest or Dividends Credited in Income | 1,232 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 10,041 | ||||
Gross Additions | 98 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (25) | ||||
Fair Value, ending balance | 10,114 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, First Lien - Term Loan B | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 5,057 | ||||
Amount of Interest or Dividends Credited in Income | 766 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 5,061 | ||||
Gross Additions | 47 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (40) | ||||
Fair Value, ending balance | 5,068 | ||||
Investment, Identifier [Axis]: ITA HOLDINGS GROUP, LLC, Revolving loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 7,000 | ||||
Amount of Interest or Dividends Credited in Income | 786 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 750 | ||||
Gross Additions | 6,241 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 23 | ||||
Fair Value, ending balance | 7,014 | ||||
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) | 847 | ||||
Fair Value, ending balance | $ 4,046 | ||||
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 | 5,143 | ||||
Amount of Interest or Dividends Credited in Income | 393 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 4,780 | ||||
Gross Additions | 0 | ||||
Gross Reductions | (53) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 416 | ||||
Fair Value, ending balance | 5,143 | ||||
Investment, Identifier [Axis]: LIGHTING RETROFIT INTERNATIONAL, LLC (DBA ENVOCORE), Revolving Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 0 | ||||
Amount of Interest or Dividends Credited in Income | 34 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 833 | ||||
Gross Reductions | (833) | ||||
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), 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) | 490 | ||||
Fair Value, ending balance | $ 3,594 | ||||
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]: LIGHTNING INTERMEDIATE II, LLC (DBA VIMERGY), LLC interest | |||||
Schedule of Investments [Line Items] | |||||
Ownership percent | [1],[4],[9] | 0.88% | |||
Investment, Identifier [Axis]: OUTERBOX, LLC, Class A common units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 6,308.2584 | ||||
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 | 631 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 142 | ||||
Fair Value, ending balance | 773 | ||||
Investment, Identifier [Axis]: OUTERBOX, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 14,625 | ||||
Amount of Interest or Dividends Credited in Income | 982 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 14,429 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 123 | ||||
Fair Value, ending balance | 14,552 | ||||
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 | 9 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | (25) | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 25 | ||||
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 | 0 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (1,483) | ||||
Fair Value, ending balance | 422 | ||||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, Class A-2 Units | |||||
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 | 202 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 492 | ||||
Fair Value, ending balance | 694 | ||||
Investment, Identifier [Axis]: ROSELAND MANAGEMENT, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 15,051 | ||||
Amount of Interest or Dividends Credited in Income | 1,883 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 14,125 | ||||
Gross Additions | 1,132 | ||||
Gross Reductions | (145) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (588) | ||||
Fair Value, ending balance | 14,524 | ||||
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 | 81 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 575 | ||||
Gross Additions | 2 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (22) | ||||
Fair Value, ending balance | $ 555 | ||||
Investment, Identifier [Axis]: Roseland Management, LLC, Class A-1 Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 1,100 | ||||
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 | 66 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 95 | ||||
Fair Value, ending balance | $ 161 | ||||
Investment, Identifier [Axis]: Roseland Management, LLC, Class A-2 units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 3,364 | ||||
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) | (1,071) | ||||
Fair Value, ending balance | $ 3,767 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, Class B Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 39,097.96 | ||||
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) | (1,400) | ||||
Fair Value, ending balance | 0 | ||||
Investment, Identifier [Axis]: STATINMED, LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 7,288 | ||||
Amount of Interest or Dividends Credited in Income | 699 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 7,479 | ||||
Gross Reductions | (191) | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | 7,288 | ||||
Investment, Identifier [Axis]: STATinMED, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 122 | ||||
Amount of Interest or Dividends Credited in Income | 6 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 121 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 1 | ||||
Fair Value, ending balance | $ 122 | ||||
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) | (1,211) | ||||
Fair Value, ending balance | 1,749 | ||||
Investment, Identifier [Axis]: Student Resource Center LLC, First Lien | |||||
Schedule of Investments [Line Items] | |||||
Principal Amount - Debt Investments | 8,889 | ||||
Amount of Interest or Dividends Credited in Income | 195 | ||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||
Fair Value, beginning balance | 0 | ||||
Gross Additions | 8,727 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | (7) | ||||
Fair Value, ending balance | $ 8,720 | ||||
Investment, Identifier [Axis]: Student Resource Center LLC, Preferred units 1 | |||||
Schedule of Investments [Line Items] | |||||
Shares (in shares) | 10,502,487.46 | ||||
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 | 5,845 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | $ 5,845 | ||||
Investment, Identifier [Axis]: Student Resource Center LLC, Preferred units 2 | |||||
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 | 0 | ||||
Gross Additions | 0 | ||||
Gross Reductions | 0 | ||||
Amount of Realized Gain/(Loss) | 0 | ||||
Amount of Unrealized Gain/(Loss) | 0 | ||||
Fair Value, ending balance | $ 0 | ||||
[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]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.[3]Income producing through dividends or distributions.[4]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 March 31, 2023, approximately 13.9% of the Company's assets were non-qualifying assets.[5]The investment has an unfunded commitment as of March 31, 2023. Refer to Note 11 - Commitments and Contingencies for further discussion.[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.[9]Investment is held through a wholly-owned taxable subsidiary.[10]Investment is held through a wholly-owned taxable subsidiary. |