Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2022 | Jan. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 814-00704 | |
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-0423116 | |
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE | |
Entity Address, Address Line Two | SUITE 100 | |
Entity Address, City or Town | MCLEAN | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22102 | |
City Area Code | 703 | |
Local Phone Number | 287-5800 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 33,455,485 | |
Entity Central Index Key | 0001321741 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, $0.001 par value per share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | GAIN | |
Security Exchange Name | NASDAQ | |
5.00% Notes due 2026 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 5.00% Notes due 2026 | |
Trading Symbol | GAINN | |
Security Exchange Name | NASDAQ | |
4.875% Notes due 2028 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 4.875% Notes due 2028 | |
Trading Symbol | GAINZ | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | |||
ASSETS | |||||
Investments at fair value | $ 760,463 | $ 714,396 | [1] | ||
Cash and cash equivalents | 1,978 | 14,190 | |||
Restricted cash and cash equivalents | 869 | 305 | |||
Interest receivable | 4,078 | 3,042 | |||
Due from administrative agent | 1,821 | 6,406 | |||
Deferred financing costs, net | 566 | 895 | |||
Other assets, net | 1,789 | 1,178 | |||
TOTAL ASSETS | 771,564 | 740,412 | |||
Borrowings: | |||||
Line of credit at fair value (Cost of $29,600 and $0, respectively) | 29,600 | 0 | |||
Notes payable, net | 257,119 | 256,252 | |||
Secured borrowing | 0 | 5,096 | |||
Total borrowings | 286,719 | 261,348 | |||
Accounts payable and accrued expenses | 1,763 | 799 | |||
Interest payable | 2,296 | 2,190 | |||
Fees due to related party | 30,726 | 29,915 | |||
Other liabilities | 869 | 330 | |||
TOTAL LIABILITIES | 322,373 | 294,582 | |||
Commitments and contingencies | [2] | ||||
TOTAL NET ASSETS | 449,191 | 445,830 | |||
ANALYSIS OF NET ASSETS | |||||
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 33,447,001 and 33,205,023 shares issued and outstanding, respectively | 33 | 33 | |||
Capital in excess of par value | 399,808 | 397,948 | |||
Cumulative net unrealized appreciation (depreciation) of investments | 38,083 | 45,148 | |||
Underdistributed (overdistributed) net investment income | 427 | (12,995) | |||
Accumulated net realized gain in excess of distributions | 10,840 | 15,696 | |||
Total distributable earnings | 49,350 | 47,849 | |||
TOTAL NET ASSETS | $ 449,191 | $ 445,830 | |||
NET ASSET VALUE PER SHARE (in USD per share) | $ 13.43 | $ 13.43 | |||
Adviser | |||||
Borrowings: | |||||
Fees due to related party | [3] | $ 30,162 | $ 29,288 | ||
Administrator | |||||
Borrowings: | |||||
Fees due to related party | [3] | 564 | 627 | ||
Non-Control/Non-Affiliate Investments | |||||
ASSETS | |||||
Investments at fair value | 501,343 | [4] | 442,124 | [5] | |
Affiliate Investments | |||||
ASSETS | |||||
Investments at fair value | 258,407 | [6] | 271,559 | [7] | |
Control Investments | |||||
ASSETS | |||||
Investments at fair value | $ 713 | [8] | $ 713 | [9] | |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2] Refer to Note 10 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | ||
Cost | $ 722,380 | $ 669,248 | [1] | |
Line of credit at cost | $ 29,600 | $ 0 | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common stock, shares, issued (In shares) | 33,447,001 | 33,205,023 | ||
Common stock, shares, outstanding (in shares) | 33,447,001 | 33,205,023 | ||
Non-Control/Non-Affiliate Investments | ||||
Cost | $ 431,305 | [2] | $ 388,773 | [3] |
Affiliate Investments | ||||
Cost | 290,455 | [4] | 279,855 | [5] |
Control Investments | ||||
Cost | $ 620 | [6] | $ 620 | [7] |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[3]Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.[4]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[5]Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.[6]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.[7]Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
INVESTMENT INCOME | |||||
Interest income | $ 16,067 | $ 13,344 | $ 43,045 | $ 43,634 | |
Dividend income | 4,466 | 0 | 10,847 | 1,592 | |
Success fee income | 1,061 | 3,398 | 7,794 | 8,080 | |
Total investment income | 21,594 | 16,742 | 61,686 | 53,306 | |
EXPENSES | |||||
Base management fee | [1] | 3,789 | 3,630 | 10,965 | 10,527 |
Loan servicing fee | [1] | 2,080 | 1,768 | 5,754 | 5,430 |
Incentive fee | [1] | 3,945 | 2,587 | 7,722 | 22,186 |
Administration fee | [1] | 410 | 437 | 1,352 | 1,407 |
Interest expense on borrowings | 4,074 | 3,918 | 11,715 | 9,300 | |
Dividends on mandatorily redeemable preferred stock | 0 | 0 | 0 | 2,306 | |
Amortization of deferred financing costs and discounts | 452 | 447 | 1,350 | 1,355 | |
Professional fees | 331 | 444 | 1,564 | 1,093 | |
Other general and administrative expenses | 780 | 562 | 2,793 | 2,735 | |
Expenses before credits from Adviser | 15,861 | 13,793 | 43,215 | 56,339 | |
Credits to base management fee – loan servicing fee | [1] | (2,080) | (1,768) | (5,754) | (5,430) |
Credits to fees from Adviser - other | [1] | (756) | (3,682) | (3,131) | (5,863) |
Total expenses, net of credits to fees | 13,025 | 8,343 | 34,330 | 45,046 | |
NET INVESTMENT INCOME | 8,569 | 8,399 | 27,356 | 8,260 | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 3,844 | 22,049 | 10,598 | 22,444 | |
Net unrealized appreciation (depreciation) | 3,366 | (20,102) | (7,065) | 54,916 | |
Net realized and unrealized gain (loss) | 7,210 | 1,947 | 3,533 | 77,360 | |
Net increase in net assets from operations | $ 15,779 | $ 10,346 | $ 30,889 | $ 85,620 | |
BASIC AND DILUTED PER COMMON SHARE: | |||||
Net investment income (loss), basic (in USD per share) | $ 0.26 | $ 0.25 | $ 0.82 | $ 0.25 | |
Net investment income (loss), diluted (in USD per share) | 0.26 | 0.25 | 0.82 | 0.25 | |
Net increase in net assets resulting from operations, basic (in USD per share) | 0.47 | 0.31 | 0.93 | 2.58 | |
Net increase in net assets resulting from operations, diluted (in USD per share) | $ 0.47 | $ 0.31 | $ 0.93 | $ 2.58 | |
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING: | |||||
Basic (in shares) | 33,316,055 | 33,205,023 | 33,246,811 | 33,205,023 | |
Diluted (in shares) | 33,316,055 | 33,205,023 | 33,246,811 | 33,205,023 | |
Cash and cash equivalents | |||||
INVESTMENT INCOME | |||||
Interest income | $ 21 | $ 1 | $ 53 | $ 1 | |
Non-Control/Non-Affiliate Investments | |||||
INVESTMENT INCOME | |||||
Interest income | 11,357 | 8,240 | 30,007 | 22,524 | |
Dividend income | 0 | 0 | 4,829 | 3 | |
Success fee income | 1,061 | 0 | 7,794 | 1,650 | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 473 | 113 | 7,504 | 256 | |
Net unrealized appreciation (depreciation) | 2,683 | 6,275 | 16,687 | 38,278 | |
Affiliate Investments | |||||
INVESTMENT INCOME | |||||
Interest income | 4,689 | 5,100 | 12,985 | 20,609 | |
Dividend income | 4,466 | 0 | 6,018 | 1,589 | |
Success fee income | 0 | 3,398 | 0 | 6,430 | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 3,371 | 21,936 | 3,371 | 24,186 | |
Net unrealized appreciation (depreciation) | 683 | (26,377) | (23,752) | 19,757 | |
Control Investments | |||||
INVESTMENT INCOME | |||||
Interest income | 0 | 3 | 0 | 500 | |
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | 0 | 0 | (277) | 0 | |
Net unrealized appreciation (depreciation) | 0 | 0 | 0 | (3,119) | |
Other | |||||
REALIZED AND UNREALIZED GAIN (LOSS) | |||||
Net realized gain (loss) | $ 0 | $ 0 | $ 0 | $ (1,998) | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands | 3 Months Ended | ||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | ||
Investment Company, Net Assets [Roll Forward] | |||||||
Net Assets, beginning balance | $ 442,470 | $ 446,409 | $ 445,830 | $ 440,701 | $ 420,538 | $ 382,364 | |
OPERATIONS | |||||||
Net investment income (loss) | 8,569 | 11,416 | 7,371 | 8,399 | 2,165 | (2,304) | |
Net realized gain on investments | 3,844 | 2,302 | 4,452 | 22,049 | 464 | 1,929 | |
Net realized loss on other | 0 | (1,998) | |||||
Net unrealized appreciation (depreciation) of investments | 3,366 | (10,643) | 212 | (20,102) | 27,504 | 47,514 | |
Net increase in net assets from operations | 15,779 | 3,075 | 12,035 | 10,346 | 28,135 | 47,139 | |
DISTRIBUTIONS | |||||||
Distribution to common stockholders from net investment income | [1] | (7,360) | (4,678) | (3,188) | (7,456) | (5,490) | (6,593) |
Distributions to common stockholders from net realized gains | [1] | (4,652) | (2,797) | (8,268) | (3,002) | (2,482) | (2,372) |
Net decrease in net assets from distributions | [1] | (12,012) | (7,475) | (11,456) | (10,458) | (7,972) | (8,965) |
CAPITAL ACTIVITY | |||||||
Issuance of common stock | 2,996 | 467 | 0 | 0 | 0 | 0 | |
Discounts, commissions, and offering costs for issuance of common stock | (42) | (6) | 0 | 0 | 0 | 0 | |
Net increase in net assets from capital activity | 2,954 | 461 | 0 | 0 | 0 | 0 | |
NET INCREASE (DECREASE) IN NET ASSETS | 6,721 | (3,939) | 579 | (112) | 20,163 | 38,174 | |
Net Assets, ending balance | $ 449,191 | $ 442,470 | $ 446,409 | $ 440,589 | $ 440,701 | $ 420,538 | |
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||||||||
Dec. 31, 2022 | [1] | Sep. 30, 2022 | [1] | Jun. 30, 2022 | [1] | Dec. 31, 2021 | [1] | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [1] | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||
Net investment income (loss) (in USD per share) | $ 0.22 | $ 0.14 | $ 0.10 | $ 0.23 | $ 0.16 | $ 0.20 | $ 0.46 | $ 0.59 | ||||||
Gain (loss) on investment (in USD per share) | $ 0.14 | $ 0.08 | $ 0.25 | $ 0.09 | $ 0.08 | $ 0.07 | $ 0.47 | $ 0.24 | ||||||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net increase in net assets resulting from operations | $ 30,889 | $ 85,620 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | |||
Purchase of investments | (133,506) | (84,550) | |
Principal repayments of investments | 50,300 | 46,898 | |
Net proceeds from the sale and recapitalization of investments | 35,533 | 50,018 | |
Net realized gain on investments | (10,598) | (22,444) | |
Net unrealized depreciation (appreciation) of investments | 7,065 | (54,916) | |
Amortization of premiums, discounts, and acquisition costs, net | (12) | (14) | |
Amortization of deferred financing costs and discounts | 1,350 | 1,355 | |
Bad debt expense, net of recoveries | 202 | 698 | |
Changes in assets and liabilities: | |||
(Increase) decrease in interest receivable | (1,036) | 156 | |
Decrease (increase) in due from administrative agent | 4,585 | (643) | |
(Increase) decrease in other assets, net | (597) | 378 | |
Increase in accounts payable and accrued expenses | 964 | 782 | |
Increase in interest payable | 106 | 1,672 | |
Increase (decrease) in other liabilities | 593 | 435 | |
Net cash (used in) provided by operating activities | (13,405) | 39,293 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of common stock | 3,463 | 0 | |
Discounts, commissions, and offering costs for issuance of common stock | (48) | 0 | |
Proceeds from line of credit | 82,900 | 111,700 | |
Repayments on line of credit | (53,300) | (134,100) | |
Proceeds from issuance of notes payable | 0 | 134,550 | |
Redemption of mandatorily redeemable preferred stock | 0 | (94,371) | |
Deferred financing and offering costs | (315) | (3,431) | |
Distributions paid to common stockholders | (30,943) | (27,395) | |
Net cash provided by (used in) financing activities | 1,757 | (13,047) | |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS | (11,648) | 26,246 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD | 14,495 | 2,398 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH, AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD | 2,847 | 28,644 | |
CASH PAID FOR INTEREST | 10,329 | 6,437 | |
Adviser | |||
Changes in assets and liabilities: | |||
(Decrease) increase in fee due to related party | [1] | 820 | 13,887 |
Administrator | |||
Changes in assets and liabilities: | |||
(Decrease) increase in fee due to related party | [1] | (63) | (39) |
Investment, Unaffiliated and Affiliated Issuer, Excluding Other | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | |||
Net realized gain on investments | (10,598) | (24,442) | |
Other | |||
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities: | |||
Net realized gain on investments | $ 0 | $ 1,998 | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. Supplemental disclosures of non-cash operating activities: • In August 2022, in conjunction with a refinancing at Ginsey Home Solutions, Inc. ("Ginsey"), there was a $5.1 million payment made by Ginsey to extinguish our secured borrowing liability. Refer to Note 3 - Investments and Note 5 - Borrowings for further discussion. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions | 1 Months Ended |
Aug. 31, 2022 USD ($) | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | |
Payment to extinguish secured borrowing liability | $ 5.1 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands | Dec. 31, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Mar. 31, 2022 | Aug. 31, 2012 | |||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 722,380 | $ 669,248 | [1] | |||||
Fair Value | $ 760,463 | $ 714,396 | [1] | |||||
Investment owned, percent of net assets | 169.30% | [2],[3],[4],[5] | 160.20% | [1],[6],[7],[8],[9] | ||||
Buildings and Real Estate | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | $ 63,127 | $ 0 | ||||||
Diversified/Conglomerate Manufacturing | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 9,140 | 14,064 | ||||||
Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 269,749 | 307,403 | ||||||
Healthcare, Education, and Childcare | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 37,638 | 39,252 | ||||||
Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 147,533 | 125,440 | ||||||
Hotels, Motels, Inns, and Gaming | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 59,308 | 37,923 | ||||||
Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 48,146 | 46,514 | ||||||
Aerospace and Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 20,891 | 25,296 | ||||||
Cargo Transport | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 15,265 | 14,533 | ||||||
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 18,109 | 13,823 | ||||||
Mining, Steel, Iron and Non-Precious Metals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 23,044 | 24,250 | ||||||
Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 19,453 | 32,467 | ||||||
Chemicals, Plastics, and Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Fair Value | 26,618 | 26,618 | ||||||
Secured First Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | 473,189 | 429,457 | ||||||
Fair Value | 447,491 | 425,087 | ||||||
Secured Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | 84,158 | 81,147 | ||||||
Fair Value | 76,169 | 67,958 | ||||||
Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | 149,099 | 143,079 | ||||||
Fair Value | 221,774 | 217,599 | ||||||
Common Equity/ Equivalents | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | 15,934 | 15,565 | ||||||
Fair Value | 15,029 | 3,752 | ||||||
Non-Control/Non-Affiliate Investments | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | 431,305 | [10] | 388,773 | [11] | ||||
Fair Value | $ 501,343 | [10] | $ 442,124 | [11] | ||||
Investment owned, percent of net assets | 111.60% | [2],[3],[4],[5],[10] | 99.20% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 283,631 | [10] | $ 233,881 | [11] | ||||
Fair Value | $ 283,344 | [10] | $ 233,673 | [11] | ||||
Investment owned, percent of net assets | 63.10% | [2],[3],[4],[5],[10] | 52.40% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Buildings and Real Estate | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [10] | |||||||
Fair Value | [10] | |||||||
Investment owned, percent of net assets | [2],[3],[4],[5],[10] | 8.50% | ||||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 5,750 | [10] | $ 5,200 | [11] | ||||
Fair Value | $ 5,463 | [10] | $ 4,992 | [11] | ||||
Investment owned, percent of net assets | 1.20% | [2],[3],[4],[5],[10] | 1.10% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 110,450 | [10] | $ 128,450 | [11] | ||||
Fair Value | $ 110,450 | [10] | $ 128,450 | [11] | ||||
Investment owned, percent of net assets | 24.60% | [2],[3],[4],[5],[10] | 28.80% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Healthcare, Education, and Childcare | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 4.50% | [2],[3],[4],[5],[10] | 4.50% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 36,750 | [10] | $ 24,550 | [11] | ||||
Fair Value | $ 36,750 | [10] | $ 24,550 | [11] | ||||
Investment owned, percent of net assets | 8.20% | [2],[3],[4],[5],[10] | 5.50% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Hotels, Motels, Inns, and Gaming | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 44,450 | [10] | $ 27,700 | [11] | ||||
Fair Value | $ 44,450 | [10] | $ 27,700 | [11] | ||||
Investment owned, percent of net assets | 9.90% | [2],[3],[4],[5],[10] | 6.20% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 6.20% | [2],[3],[4],[5],[10] | 6.30% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 54,340 | [10] | $ 67,947 | [11] | ||||
Fair Value | $ 49,551 | [10] | $ 66,917 | [11] | ||||
Investment owned, percent of net assets | 11% | [2],[3],[4],[5],[10] | 15% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[11] | 3% | ||||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Aerospace and Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 25,696 | [10] | $ 25,296 | [11] | ||||
Fair Value | $ 20,891 | [10] | $ 25,296 | [11] | ||||
Investment owned, percent of net assets | 4.60% | [2],[3],[4],[5],[10] | 5.70% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Automobile | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [11] | $ 1,500 | ||||||
Fair Value | [11] | $ 1,498 | ||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[11] | 0.30% | ||||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Cargo Transport | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 2.90% | [2],[3],[4],[5],[10] | 2.90% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 15,644 | [10] | $ 14,864 | [11] | ||||
Fair Value | $ 15,644 | [10] | $ 13,823 | [11] | ||||
Investment owned, percent of net assets | 3.50% | [2],[3],[4],[5],[10] | 3.10% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 79,240 | [10] | $ 73,220 | [11] | ||||
Fair Value | $ 166,168 | [10] | $ 139,927 | [11] | ||||
Investment owned, percent of net assets | 37% | [2],[3],[4],[5],[10] | 31.40% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Buildings and Real Estate | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [2],[3],[4],[5],[10] | 5.50% | ||||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 18,201 | [10] | $ 33,181 | [11] | ||||
Fair Value | $ 51,623 | [10] | $ 67,884 | [11] | ||||
Investment owned, percent of net assets | 11.50% | [2],[3],[4],[5],[10] | 15.20% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Healthcare, Education, and Childcare | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 3.90% | [2],[3],[4],[5],[10] | 4.30% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 16,236 | [10] | $ 16,236 | [11] | ||||
Fair Value | $ 35,255 | [10] | $ 24,748 | [11] | ||||
Investment owned, percent of net assets | 7.90% | [2],[3],[4],[5],[10] | 5.60% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Hotels, Motels, Inns, and Gaming | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 3.30% | [2],[3],[4],[5],[10] | 2.30% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 4.30% | [2],[3],[4],[5],[10] | 4% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Preferred Equity | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0.60% | [2],[3],[4],[5],[10] | 0% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 14,094 | [10] | $ 13,725 | [11] | ||||
Fair Value | $ 2,280 | [10] | $ 1,607 | [11] | ||||
Investment owned, percent of net assets | 0.50% | [2],[3],[4],[5],[10] | 0.40% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Diversified/Conglomerate Manufacturing | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[11] | 0% | ||||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[10] | 0% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Aerospace and Defense | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[10] | 0% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Cargo Transport | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0.50% | [2],[3],[4],[5],[10] | 0.40% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[10] | 0% | [6],[7],[8],[9],[11] | ||||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[10] | 0% | [6],[7],[8],[9],[11] | ||||
Affiliate Investments | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 290,455 | [12] | $ 279,855 | [13] | ||||
Fair Value | $ 258,407 | [12] | $ 271,559 | [13] | ||||
Investment owned, percent of net assets | 57.50% | [2],[3],[4],[5],[12] | 60.80% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 189,558 | [12] | $ 195,576 | [13] | ||||
Fair Value | $ 164,147 | [12] | $ 191,414 | [13] | ||||
Investment owned, percent of net assets | 36.50% | [2],[3],[4],[5],[12] | 42.90% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Manufacturing | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0.80% | [2],[3],[4],[5],[12] | 2% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 100,498 | [12],[14] | $ 95,498 | [13] | ||||
Fair Value | $ 82,509 | [12],[14] | $ 91,474 | [13] | ||||
Investment owned, percent of net assets | 18.40% | [2],[3],[4],[5],[12] | 20.50% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 9% | [2],[3],[4],[5],[12] | 5.60% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 4,300 | [12] | $ 4,200 | [13] | ||||
Fair Value | $ 2,411 | [12] | $ 4,200 | [13] | ||||
Investment owned, percent of net assets | 0.50% | [2],[3],[4],[5],[12] | 1% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Mining, Steel, Iron and Non-Precious Metals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [13] | $ 18,250 | ||||||
Fair Value | [13] | $ 18,250 | ||||||
Investment owned, percent of net assets | 4.10% | [2],[3],[4],[5],[12] | 4.10% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 16,800 | [12] | $ 16,800 | [13] | ||||
Fair Value | $ 16,800 | [12] | $ 16,800 | [13] | ||||
Investment owned, percent of net assets | 3.70% | [2],[3],[4],[5],[12] | 3.70% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured First Lien Debt | Chemicals, Plastics, and Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[13] | 6% | ||||||
Affiliate Investments | Secured Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 29,818 | [12] | $ 13,200 | [13] | ||||
Fair Value | $ 26,618 | [12] | $ 1,041 | [13] | ||||
Investment owned, percent of net assets | 5.90% | [2],[3],[4],[5],[12] | 0.20% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured Second Lien Debt | Personal and Non-Durable Consumer Products (Manufacturing Only) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [13] | $ 13,200 | ||||||
Fair Value | [13] | $ 1,041 | ||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0.20% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Secured Second Lien Debt | Chemicals, Plastics, and Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [2],[3],[4],[5],[12] | 5.90% | ||||||
Affiliate Investments | Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 69,859 | [12] | $ 69,859 | [13] | ||||
Fair Value | $ 55,606 | [12] | $ 77,672 | [13] | ||||
Investment owned, percent of net assets | 12.40% | [2],[3],[4],[5],[12] | 17.40% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Diversified/Conglomerate Manufacturing | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 24,309 | [12] | $ 24,309 | [13] | ||||
Fair Value | $ 13,131 | [12] | $ 19,084 | [13] | ||||
Investment owned, percent of net assets | 2.90% | [2],[3],[4],[5],[12] | 4.30% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Home and Office Furnishings, Housewares, and Durable Consumer Products | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 7.80% | [2],[3],[4],[5],[12] | 8.50% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Personal and Non-Durable Consumer Products (Manufacturing Only) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Mining, Steel, Iron and Non-Precious Metals | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 1.10% | [2],[3],[4],[5],[12] | 1.30% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0.60% | [2],[3],[4],[5],[12] | 3.30% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Preferred Equity | Chemicals, Plastics, and Rubber | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Common Equity/ Equivalents | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 1,220 | [12] | $ 1,220 | [13] | ||||
Fair Value | $ 12,036 | [12] | $ 1,432 | [13] | ||||
Investment owned, percent of net assets | 2.70% | [2],[3],[4],[5],[12] | 0.30% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Common Equity/ Equivalents | Diversified/Conglomerate Services | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 2.70% | [2],[3],[4],[5],[12] | 0.10% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Common Equity/ Equivalents | Personal and Non-Durable Consumer Products (Manufacturing Only) | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0% | [6],[7],[8],[9],[13] | ||||
Affiliate Investments | Common Equity/ Equivalents | Telecommunications | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | 0% | [2],[3],[4],[5],[12] | 0.20% | [6],[7],[8],[9],[13] | ||||
Control Investments | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 620 | [15] | $ 620 | [16] | ||||
Fair Value | $ 713 | [15] | $ 713 | [16] | ||||
Investment owned, percent of net assets | 0.20% | [2],[3],[4],[5],[15] | 0.20% | [6],[7],[8],[9],[16] | ||||
Control Investments | Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[16] | 0.20% | ||||||
Control Investments | Preferred Equity | Buildings and Real Estate | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [6],[7],[8],[9],[16] | 0.20% | ||||||
Control Investments | Common Equity/ Equivalents | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 620 | [15] | $ 620 | [16] | ||||
Fair Value | $ 713 | [15] | $ 713 | [16] | ||||
Investment owned, percent of net assets | [2],[3],[4],[5],[15] | 0.20% | ||||||
Control Investments | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned, percent of net assets | [2],[3],[4],[5],[15] | 0.20% | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | ||||||||
Schedule of Investments [Line Items] | ||||||||
Units | [17],[18],[19],[20],[21] | 0.035 | ||||||
Cost | [17],[18],[19] | $ 0 | ||||||
Fair Value | [17],[18],[19] | 921 | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 2,800 | [14],[22],[23],[24] | 2,800 | [13],[18],[19],[20],[21] | ||||
Cost | 2,800 | [14],[22] | 2,800 | [13],[18],[19] | ||||
Fair Value | $ 2,800 | [14],[22] | $ 2,800 | [13],[18],[19] | ||||
Investment, reference rate and spread | 11% | [2],[3],[4],[5],[14],[22] | 11% | [6],[7],[8],[9],[13],[18],[19] | ||||
Investment interest rate | 15.40% | [2],[3],[4],[5],[14],[22] | 13% | [6],[7],[8],[9],[13],[18],[19] | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [17],[18],[19],[20],[21] | 14,304 | ||||||
Cost | [17],[18],[19] | $ 4,722 | ||||||
Fair Value | [17],[18],[19] | 14,746 | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[19],[20],[21] | 14,000 | ||||||
Cost | [13],[18],[19] | 14,000 | ||||||
Fair Value | [13],[18],[19] | $ 14,000 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[19] | 11% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[19] | 13% | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | ||||||||
Schedule of Investments [Line Items] | ||||||||
Units | [12],[14],[22],[23],[24],[25] | 0.035 | ||||||
Cost | [12],[14],[22],[25] | $ 0 | ||||||
Fair Value | [12],[14],[22],[25] | 0 | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[22],[23],[24] | 14,000 | ||||||
Cost | [14],[22] | 14,000 | ||||||
Fair Value | [14],[22] | $ 14,000 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[22] | 11% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[22] | 15.40% | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [14],[22],[23],[24],[25] | 14,304 | ||||||
Cost | [14],[22],[25] | $ 4,722 | ||||||
Fair Value | [14],[22],[25] | $ 2,653 | ||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [17],[18],[20],[21] | 4,900 | ||||||
Cost | [17],[18] | $ 4,900 | ||||||
Fair Value | [17],[18] | 17,150 | ||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [18],[20],[21] | 48,000 | ||||||
Cost | [18] | 48,000 | ||||||
Fair Value | [18] | $ 48,000 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[18] | 10% | ||||||
Investment interest rate | [6],[7],[8],[9],[18] | 12% | ||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,653 | [14],[23],[24],[25] | 6,653 | [17],[18],[20],[21] | ||||
Cost | $ 6,653 | [14],[25] | $ 6,653 | [17],[18] | ||||
Fair Value | 35,255 | [14],[25] | 21,485 | [17],[18] | ||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 17,700 | [14],[23],[24] | 17,700 | [18],[20],[21] | ||||
Cost | 17,700 | [14] | 17,700 | [18] | ||||
Fair Value | $ 17,700 | [14] | $ 17,700 | [18] | ||||
Investment, reference rate and spread | 10% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 14.40% | [2],[3],[4],[5],[14] | 12% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 6,850 | [14],[23],[24] | $ 6,850 | [18],[20],[21] | ||||
Cost | 6,850 | [14] | 6,850 | [18] | ||||
Fair Value | $ 6,850 | [14] | $ 6,850 | [18] | ||||
Investment, reference rate and spread | 10% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 14.40% | [2],[3],[4],[5],[14] | 12% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,995 | [14],[23],[24],[25] | 6,995 | [17],[18],[20],[21] | ||||
Cost | $ 6,995 | [14],[25] | $ 6,995 | [17],[18] | ||||
Fair Value | 27,539 | [14],[25] | 25,374 | [17],[18] | ||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 21,100 | [14],[23],[24] | 21,100 | [18],[20],[21] | ||||
Cost | 21,100 | [14] | 21,100 | [18] | ||||
Fair Value | $ 21,100 | [14] | $ 21,100 | [18] | ||||
Investment, reference rate and spread | 11.80% | [2],[3],[4],[5],[14] | 11.80% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 16.10% | [2],[3],[4],[5],[14] | 12.80% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 6,400 | [14],[23],[24] | $ 6,400 | [18],[20],[21] | ||||
Cost | 6,400 | [14] | 6,400 | [18] | ||||
Fair Value | $ 6,400 | [14] | $ 6,400 | [18] | ||||
Investment, reference rate and spread | 13% | [2],[3],[4],[5],[14] | 13% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 17.40% | [2],[3],[4],[5],[14] | 14% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [26] | $ 0 | ||||||
Fair Value | [26] | 0 | ||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [20],[21],[27] | 1,500 | ||||||
Cost | [27] | 1,500 | ||||||
Fair Value | [27] | $ 1,498 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[27] | 8% | ||||||
Investment interest rate | [6],[7],[8],[9],[27] | 10% | ||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [14],[23],[24],[25] | 21,000 | ||||||
Cost | [14],[25] | $ 21,000 | ||||||
Fair Value | [14],[25] | 24,877 | ||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24] | 38,250 | ||||||
Cost | [14] | 38,250 | ||||||
Fair Value | [14] | $ 38,250 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14] | 11% | ||||||
Investment interest rate | [2],[3],[4],[5],[14] | 15.40% | ||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | ||||||||
Schedule of Investments [Line Items] | ||||||||
Units | 0.08 | [14],[23],[24],[25] | 0.08 | [17],[18],[20],[21] | ||||
Cost | $ 500 | [14],[25] | $ 500 | [17],[18] | ||||
Fair Value | 2,249 | [14],[25] | 1,533 | [17],[18] | ||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 13,000 | [23],[24],[28] | 13,000 | [20],[21],[27] | ||||
Cost | 13,000 | [28] | 12,987 | [27] | ||||
Fair Value | $ 13,016 | [28] | $ 13,000 | [27] | ||||
Investment, reference rate and spread | 9% | [2],[3],[4],[5],[28] | 9% | [6],[7],[8],[9],[27] | ||||
Investment interest rate | 13.40% | [2],[3],[4],[5],[28] | 11% | [6],[7],[8],[9],[27] | ||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 8,199 | [14],[22],[23],[24],[25] | 8,199 | [13],[17],[18],[19],[20],[21] | ||||
Cost | $ 8,199 | [14],[22],[25] | $ 8,199 | [13],[17],[18],[19] | ||||
Fair Value | 0 | [14],[22],[25] | 0 | [13],[17],[18],[19] | ||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [19],[20],[21],[27] | 9,210 | ||||||
Cost | [19],[27] | 9,210 | ||||||
Fair Value | [19],[27] | $ 9,072 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[19],[27] | 5.50% | ||||||
Investment interest rate | [6],[7],[8],[9],[19],[27] | 7.50% | ||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[22],[23],[24],[29] | 9,210 | ||||||
Cost | [14],[22],[29] | 9,210 | ||||||
Fair Value | [14],[22],[29] | $ 3,677 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[22] | 5.50% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[22] | 9.90% | ||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 8,560 | [14],[23],[24],[25] | 8,560 | [17],[18],[20],[21] | ||||
Cost | $ 8,560 | [14],[25] | $ 8,560 | [17],[18] | ||||
Fair Value | 17,638 | [14],[25] | 19,252 | [17],[18] | ||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 20,000 | [14],[23],[24] | 20,000 | [18],[20],[21] | ||||
Cost | 20,000 | [14] | 20,000 | [18] | ||||
Fair Value | $ 20,000 | [14] | $ 20,000 | [18] | ||||
Investment, reference rate and spread | 10.50% | [2],[3],[4],[5],[14] | 10.50% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 14.90% | [2],[3],[4],[5],[14] | 13% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 4,239 | [22],[23],[24],[25],[30] | 6,290 | [11],[17],[19],[20],[21],[31] | ||||
Cost | $ 21 | [22],[25],[30] | $ 30 | [11],[17],[19],[31] | ||||
Fair Value | $ 31 | [22],[25],[30] | $ 74 | [11],[17],[19],[31] | ||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 16,957 | [14],[23],[24],[25] | 16,957 | [17],[18],[20],[21] | ||||
Cost | $ 11,513 | [14],[25] | $ 11,513 | [17],[18] | ||||
Fair Value | 0 | [14],[25] | 0 | [17],[18] | ||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 6,900 | [14],[23],[24] | 6,500 | [18],[20],[21] | ||||
Cost | 6,900 | [14] | 6,500 | [18] | ||||
Fair Value | $ 5,610 | [14] | $ 6,500 | [18] | ||||
Investment, reference rate and spread | 4.10% | [2],[3],[4],[5],[14] | 4.10% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 8.50% | [2],[3],[4],[5],[14] | 7.10% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 18,796 | [14],[23],[24] | $ 18,796 | [18],[20],[21] | ||||
Cost | 18,796 | [14] | 18,796 | [18] | ||||
Fair Value | $ 15,281 | [14] | $ 18,796 | [18] | ||||
Investment, reference rate and spread | 7% | [2],[3],[4],[5],[14] | 7% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 11.40% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 5,000 | |||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | Secured First Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 12,200 | |||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | Secured Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 13,300 | $ 13,300 | [19],[32] | |||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 63,747 | [14],[23],[24],[25] | 63,747 | [17],[18],[20],[21] | ||||
Cost | $ 8 | [14],[25] | $ 8 | [17],[18] | ||||
Fair Value | $ 0 | [14],[25] | $ 0 | [17],[18] | ||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 19,280 | [14],[23],[24],[25] | 19,280 | [17],[18],[20],[21] | ||||
Cost | $ 9,583 | [14],[25] | $ 9,583 | [17],[18] | ||||
Fair Value | 0 | [14],[25] | 3,263 | [17],[18] | ||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 12,200 | [14],[23],[24] | 13,300 | [19],[20],[21],[32] | ||||
Cost | [14] | 12,200 | ||||||
Fair Value | $ 12,200 | [14] | $ 13,300 | [19],[32] | ||||
Investment, reference rate and spread | 10% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[19],[32] | ||||
Investment interest rate | 14.40% | [2],[3],[4],[5],[14] | 13.50% | [6],[7],[8],[9],[19],[32] | ||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | [17],[18] | $ 620 | ||||||
Fair Value | [17],[18] | $ 713 | ||||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock | Control Investments | Common Equity/ Equivalents | Leisure, Amusement, Motion Pictures, and Entertainment | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [17],[18],[20],[21] | 100 | ||||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [14],[23],[24],[25] | 100 | ||||||
Cost | [14],[25] | $ 620 | ||||||
Fair Value | [14],[25] | $ 713 | ||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. | Preferred Equity | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 10,100 | |||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 10,080 | [14],[23],[24],[25] | 10,080 | [17],[18],[20],[21] | ||||
Cost | $ 0 | [14],[25] | $ 10,080 | [17],[18] | ||||
Fair Value | 13,188 | [14],[25] | 17,807 | [17],[18] | ||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 57,700 | [14],[23],[24] | 27,700 | [18],[20],[21] | ||||
Cost | 57,700 | [14] | 27,700 | [18] | ||||
Fair Value | $ 57,700 | [14] | $ 27,700 | [18] | ||||
Investment, reference rate and spread | 7.50% | [2],[3],[4],[5],[14] | 9.50% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 11.90% | [2],[3],[4],[5],[14] | 12% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 67,490 | [14],[23],[24],[25] | 67,490 | [13],[17],[18],[20],[21] | ||||
Cost | $ 6,749 | [14],[25] | $ 6,749 | [13],[17],[18] | ||||
Fair Value | 13,131 | [14],[25] | 16,405 | [13],[17],[18] | ||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 22,000 | [14],[23],[24] | 22,000 | [13],[18],[20],[21] | ||||
Cost | 22,000 | [14] | 22,000 | [13],[18] | ||||
Fair Value | $ 22,000 | [14] | $ 22,000 | [13],[18] | ||||
Investment, reference rate and spread | 11% | [2],[3],[4],[5],[14] | 11% | [6],[7],[8],[9],[13],[18] | ||||
Investment interest rate | 15.40% | [2],[3],[4],[5],[14] | 13% | [6],[7],[8],[9],[13],[18] | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[20],[21],[26] | $ 0 | ||||||
Cost | [13],[26] | 0 | ||||||
Fair Value | [13],[26] | 0 | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 16,500 | [14],[23],[24],[29] | 16,500 | [13],[18],[20],[21],[33] | ||||
Cost | 16,500 | [14],[29] | 16,500 | [13],[18],[33] | ||||
Fair Value | $ 10,556 | [14],[29] | $ 15,023 | [13],[18],[33] | ||||
Investment, reference rate and spread | 6% | [2],[3],[4],[5],[14],[29] | 6% | [6],[7],[8],[9],[13],[18],[33] | ||||
Investment interest rate | 10.40% | [2],[3],[4],[5],[14],[29] | 8% | [6],[7],[8],[9],[13],[18],[33] | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | $ 26,000 | ||||||
Cost | [13],[18],[33] | 26,000 | ||||||
Fair Value | [13],[18],[33] | $ 23,672 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 10.30% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 11.80% | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | $ 2,438 | ||||||
Cost | [13],[18],[33] | 2,438 | ||||||
Fair Value | [13],[18],[33] | $ 2,219 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 6% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 8% | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | $ 5,000 | ||||||
Cost | [14],[29] | 5,000 | ||||||
Fair Value | [14],[29] | $ 3,199 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 6% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 10.40% | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | $ 26,000 | ||||||
Cost | [14],[29] | 26,000 | ||||||
Fair Value | [14],[29] | $ 16,634 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 10.30% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 14.60% | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | $ 2,438 | ||||||
Cost | [14],[29] | 2,438 | ||||||
Fair Value | [14],[29] | $ 1,560 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 6% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 10.40% | ||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 10,920 | [14],[23],[24],[25] | 10,920 | [13],[17],[18],[20],[21] | ||||
Cost | $ 10,920 | [14],[25] | $ 10,920 | [13],[17],[18] | ||||
Fair Value | $ 0 | [14],[25] | $ 0 | [13],[17],[18] | ||||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 11,206 | [14],[23],[24],[25] | 11,206 | [17],[18],[20],[21] | ||||
Cost | $ 11,206 | [14],[25] | $ 11,206 | [17],[18] | ||||
Fair Value | 10,896 | [14],[25] | 7,553 | [17],[18] | ||||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 25,250 | [14],[23],[24] | 25,250 | [18],[20],[21] | ||||
Cost | 25,250 | [14] | 25,250 | [18] | ||||
Fair Value | $ 25,250 | [14] | $ 25,250 | [18] | ||||
Investment, reference rate and spread | 10% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 14.40% | [2],[3],[4],[5],[14] | 12.50% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 2,000 | [14],[23],[24] | $ 0 | [18],[20],[21] | ||||
Cost | 2,000 | [14] | 0 | [18] | ||||
Fair Value | $ 2,000 | [14] | $ 0 | [18] | ||||
Investment, reference rate and spread | 8% | [2],[3],[4],[5],[14] | 8% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 12.40% | [2],[3],[4],[5],[14] | 10% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,600 | [14],[23],[24],[25] | 6,600 | [17],[18],[20],[21] | ||||
Cost | $ 6,600 | [14],[25] | $ 6,600 | [17],[18] | ||||
Fair Value | 14,858 | [14],[25] | 10,223 | [17],[18] | ||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 42,450 | [14],[23],[24] | 27,700 | [18],[20],[21] | ||||
Cost | 42,450 | [14] | 27,700 | [18] | ||||
Fair Value | $ 42,450 | [14] | $ 27,700 | [18] | ||||
Investment, reference rate and spread | 10.50% | [2],[3],[4],[5],[14] | 10.50% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 14.90% | [2],[3],[4],[5],[14] | 12.50% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 14,360,000 | [14],[23],[24],[25] | 14,360,000 | [17],[18],[20],[21] | ||||
Cost | $ 1,219 | [14],[25] | $ 1,219 | [17],[18] | ||||
Fair Value | $ 12,036 | [14],[25] | $ 511 | [17],[18] | ||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,180 | [14],[23],[24],[25] | 6,180 | [13],[17],[18],[20],[21] | ||||
Cost | $ 0 | [14],[25] | $ 0 | [13],[17],[18] | ||||
Fair Value | 35,028 | [14],[25] | 37,842 | [13],[17],[18] | ||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 40,500 | [14],[23],[24] | 25,000 | [13],[18],[20],[21] | ||||
Cost | 40,500 | [14] | 25,000 | [13],[18] | ||||
Fair Value | $ 40,500 | [14] | $ 25,000 | [13],[18] | ||||
Investment, reference rate and spread | 9.50% | [2],[3],[4],[5],[14] | 9.50% | [6],[7],[8],[9],[13],[18] | ||||
Investment interest rate | 13.90% | [2],[3],[4],[5],[14] | 11% | [6],[7],[8],[9],[13],[18] | ||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [13],[17],[18],[20],[21] | 158,598 | ||||||
Cost | [13],[17],[18] | $ 19,730 | ||||||
Fair Value | [13],[17],[18] | 0 | ||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [14],[23],[24],[25] | 158,598 | ||||||
Cost | [14],[25] | $ 19,730 | ||||||
Fair Value | [14],[25] | 0 | ||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 26,618 | [14],[23],[24] | 26,618 | [18],[20],[21] | ||||
Cost | 26,618 | [14] | 26,618 | [18] | ||||
Fair Value | $ 26,618 | [14] | $ 26,618 | [18] | ||||
Investment, reference rate and spread | 5.50% | [2],[3],[4],[5],[14] | 5.50% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 9.90% | [2],[3],[4],[5],[14] | 7% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [23],[24],[28] | $ 2,550 | ||||||
Cost | [28] | 2,550 | ||||||
Fair Value | [28] | $ 2,423 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[28] | 7% | ||||||
Investment interest rate | [2],[3],[4],[5],[28] | 11.40% | ||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [20],[21],[27] | $ 2,000 | ||||||
Cost | [27] | 2,000 | ||||||
Fair Value | [27] | $ 1,920 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[27] | 7% | ||||||
Investment interest rate | [6],[7],[8],[9],[27] | 9% | ||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 4,221 | [14],[23],[24],[25] | 3,195 | [17],[18],[20],[21] | ||||
Cost | $ 1,830 | [14],[25] | $ 1,452 | [17],[18] | ||||
Fair Value | 0 | [14],[25] | 0 | [17],[18] | ||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 3,200 | [23],[24],[28] | 3,200 | [20],[21],[27] | ||||
Cost | 3,200 | [28] | 3,200 | [27] | ||||
Fair Value | $ 3,040 | [28] | $ 3,072 | [27] | ||||
Investment, reference rate and spread | 11% | [2],[3],[4],[5],[28] | 11% | [6],[7],[8],[9],[27] | ||||
Investment interest rate | 15.40% | [2],[3],[4],[5],[28] | 13% | [6],[7],[8],[9],[27] | ||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 221,500 | [14],[23],[24],[25] | 221,500 | [11],[17],[18],[20],[21] | ||||
Cost | $ 222 | [14],[25] | $ 222 | [11],[17],[18] | ||||
Fair Value | $ 0 | [14],[25] | $ 0 | [11],[17],[18] | ||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 29,577 | [14],[23],[24],[25] | 29,577 | [17],[18],[20],[21] | ||||
Cost | $ 4,643 | [14],[25] | $ 4,643 | [17],[18] | ||||
Fair Value | 2,465 | [14],[25] | 0 | [17],[18] | ||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 3,128 | [14],[23],[24] | 3,128 | [20],[21],[27],[33] | ||||
Cost | 3,128 | [14] | 3,128 | [27],[33] | ||||
Fair Value | $ 3,128 | [14] | $ 2,909 | [27],[33] | ||||
Investment, reference rate and spread | 7% | [2],[3],[4],[5],[14] | 7% | [6],[7],[8],[9],[27],[33] | ||||
Investment interest rate | 11.40% | [2],[3],[4],[5],[14] | 9% | [6],[7],[8],[9],[27],[33] | ||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | $ 12,516 | [14],[23],[24] | $ 11,736 | [20],[21],[27],[33] | ||||
Cost | 12,516 | [14] | 11,736 | [27],[33] | ||||
Fair Value | $ 12,516 | [14] | $ 10,914 | [27],[33] | ||||
Investment, reference rate and spread | 7% | [2],[3],[4],[5],[14] | 7% | [6],[7],[8],[9],[27],[33] | ||||
Investment interest rate | 11.40% | [2],[3],[4],[5],[14] | 9% | [6],[7],[8],[9],[27],[33] | ||||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 4,000 | [14],[23],[24],[25] | 4,000 | [17],[18],[20],[21] | ||||
Cost | $ 4,000 | [14],[25] | $ 4,000 | [17],[18] | ||||
Fair Value | 19,452 | [14],[25] | 17,820 | [17],[18] | ||||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | 27,981 | [14],[23],[24] | 27,981 | [18],[20],[21] | ||||
Cost | 27,981 | [14] | 27,981 | [18] | ||||
Fair Value | $ 27,981 | [14] | $ 27,981 | [18] | ||||
Investment, reference rate and spread | 11% | [2],[3],[4],[5],[14] | 11% | [6],[7],[8],[9],[18] | ||||
Investment interest rate | 15.40% | [2],[3],[4],[5],[14] | 13% | [6],[7],[8],[9],[18] | ||||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,640 | [14],[23],[24],[25] | 6,640 | [13],[17],[18],[20],[21] | ||||
Cost | $ 6,640 | [14],[25] | $ 6,640 | [13],[17],[18] | ||||
Fair Value | 0 | [14],[25] | 2,679 | [13],[17],[18] | ||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21] | 28,560 | ||||||
Cost | [13],[18] | 28,560 | ||||||
Fair Value | [13],[18] | $ 28,560 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18] | 10.50% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18] | 12% | ||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24] | 28,560 | ||||||
Cost | [14] | 28,560 | ||||||
Fair Value | [14] | $ 28,560 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14] | 10.50% | ||||||
Investment interest rate | [2],[3],[4],[5],[14] | 14.90% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation | Secured Second Lien Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Cost | $ 13,200 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | $ 3,400 | ||||||
Cost | [13],[18],[33] | 3,400 | ||||||
Fair Value | [13],[18],[33] | $ 3,400 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 5% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 9% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | $ 800 | ||||||
Cost | [13],[18],[33] | 800 | ||||||
Fair Value | [13],[18],[33] | $ 800 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 5% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 9% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 751 | [14],[23],[24],[25] | 751 | [17],[18],[20],[21] | ||||
Cost | $ 1 | [14],[25] | $ 1 | [17],[18] | ||||
Fair Value | 0 | [14],[25] | 0 | [17],[18] | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | 1,500 | ||||||
Cost | [13],[18],[33] | 1,500 | ||||||
Fair Value | [13],[18],[33] | $ 118 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 4% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 7% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | 3,400 | ||||||
Cost | [14],[29] | 3,400 | ||||||
Fair Value | [14],[29] | $ 2,411 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 5% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 9.40% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | $ 900 | ||||||
Cost | [14],[29] | 900 | ||||||
Fair Value | [14],[29] | $ 0 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 5% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 9.40% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [17],[18],[20],[21] | 6,899 | ||||||
Cost | [17],[18] | $ 6,899 | ||||||
Fair Value | [17],[18] | 0 | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | [14],[23],[24],[25] | 6,899 | ||||||
Cost | [14],[25] | $ 6,899 | ||||||
Fair Value | [14],[25] | 0 | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21],[33] | 11,700 | ||||||
Cost | [13],[18],[33] | 11,700 | ||||||
Fair Value | [13],[18],[33] | $ 923 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18],[33] | 4% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18],[33] | 7% | ||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24],[29] | 3,200 | ||||||
Cost | [14],[29] | 3,200 | ||||||
Fair Value | [14],[29] | $ 0 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14],[29] | 4% | ||||||
Investment interest rate | [2],[3],[4],[5],[14],[29] | 8.40% | ||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | ||||||||
Schedule of Investments [Line Items] | ||||||||
Shares | 6,000 | [14],[23],[24],[25] | 6,000 | [13],[17],[18],[20],[21] | ||||
Cost | $ 6,000 | [14],[25] | $ 6,000 | [13],[17],[18] | ||||
Fair Value | 4,794 | [14],[25] | 6,000 | [13],[17],[18] | ||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21] | 18,250 | ||||||
Cost | [13],[18] | 18,250 | ||||||
Fair Value | [13],[18] | $ 18,250 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18] | 10% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18] | 11.50% | ||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [13],[18],[20],[21] | $ 0 | ||||||
Cost | [13],[18] | 0 | ||||||
Fair Value | [13],[18] | $ 0 | ||||||
Investment, reference rate and spread | [6],[7],[8],[9],[13],[18] | 8.50% | ||||||
Investment interest rate | [6],[7],[8],[9],[13],[18] | 10% | ||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||
Schedule of Investments [Line Items] | ||||||||
Principal amount | [14],[23],[24] | 18,250 | ||||||
Cost | [14] | 18,250 | ||||||
Fair Value | [14] | $ 18,250 | ||||||
Investment, reference rate and spread | [2],[3],[4],[5],[14] | 10% | ||||||
Investment interest rate | [2],[3],[4],[5],[14] | 14.40% | ||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2] Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $641.0 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2022, our investment in Funko Acquisition Holdings, LLC ("Funko") was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate ("LIBOR" or "L"), which was 4.4% as of December 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2022, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 0.5% as of March 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Mar. 31, 2022 | ||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 169.30% | [1],[2],[3],[4] | 160.20% | [5],[6],[7],[8],[9] | 169.30% | [1],[2],[3],[4] | 160.20% | [5],[6],[7],[8],[9] | ||
Investment company, committed capital | $ 0 | $ 14,500 | ||||||||
Investments owned, fair value | $ 760,463 | $ 714,396 | [9] | $ 760,463 | $ 714,396 | [9] | ||||
Percentage threshold of qualified assets representing total assets in order to acquire non-qualified assets | 70% | 70% | 70% | 70% | ||||||
Investment, interest rate, paid in cash | 4.40% | 0.50% | 4.40% | 0.50% | ||||||
Secured borrowing | $ 0 | $ 5,096 | $ 0 | $ 5,096 | ||||||
Cumulative net unrealized appreciation | 140,800 | 140,800 | ||||||||
Cumulative gross unrealized depreciation | 97,100 | 97,100 | ||||||||
Cumulative gross unrealized appreciation for federal income tax purposes | 43,800 | 43,800 | ||||||||
Based on a tax cost | 670,600 | 670,600 | ||||||||
Mining, Steel, Iron and Non-Precious Metals | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 23,044 | $ 24,250 | $ 23,044 | $ 24,250 | ||||||
Funko Acquisition Holdings, LLC | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Percentage of acquired non-qualifying assets of total assets | 0.10% | 0.10% | 0.10% | 0.10% | ||||||
Collateral Pledged | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 641,000 | $ 537,500 | $ 641,000 | $ 537,500 | ||||||
Secured First Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 447,491 | 425,087 | 447,491 | 425,087 | ||||||
Secured Second Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 76,169 | 67,958 | 76,169 | 67,958 | ||||||
Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 221,774 | 217,599 | 221,774 | 217,599 | ||||||
Common Equity/ Equivalents | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 15,029 | 3,752 | 15,029 | 3,752 | ||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [10],[11],[12] | 921 | 921 | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[13],[14] | $ 0 | [5],[6],[7],[8],[11],[12],[15] | $ 0 | [1],[2],[3],[4],[13],[14] | $ 0 | [5],[6],[7],[8],[11],[12],[15] | ||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[13],[14] | 11% | [5],[6],[7],[8],[11],[12],[15] | 11% | [1],[2],[3],[4],[13],[14] | 11% | [5],[6],[7],[8],[11],[12],[15] | ||
Investment interest rate | 15.40% | [1],[2],[3],[4],[13],[14] | 13% | [5],[6],[7],[8],[11],[12],[15] | 15.40% | [1],[2],[3],[4],[13],[14] | 13% | [5],[6],[7],[8],[11],[12],[15] | ||
Investments owned, fair value | $ 2,800 | [13],[14] | $ 2,800 | [11],[12],[15] | $ 2,800 | [13],[14] | $ 2,800 | [11],[12],[15] | ||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [10],[11],[12] | $ 14,746 | $ 14,746 | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[12],[15] | 11% | 11% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[12],[15] | 13% | 13% | |||||||
Investments owned, fair value | [11],[12],[15] | $ 14,000 | $ 14,000 | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[14],[16],[17] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[14] | 11% | 11% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[14] | 15.40% | 15.40% | |||||||
Investments owned, fair value | [13],[14] | $ 14,000 | $ 14,000 | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[14],[17] | 2,653 | 2,653 | |||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [10],[11] | $ 17,150 | $ 17,150 | |||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11] | 10% | 10% | |||||||
Investment interest rate | [5],[6],[7],[8],[11] | 12% | 12% | |||||||
Investments owned, fair value | [11] | $ 48,000 | $ 48,000 | |||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 35,255 | [13],[17] | $ 21,485 | [10],[11] | $ 35,255 | [13],[17] | $ 21,485 | [10],[11] | ||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 14.40% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | 14.40% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 17,700 | [13] | $ 17,700 | [11] | $ 17,700 | [13] | $ 17,700 | [11] | ||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 14.40% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | 14.40% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 6,850 | [13] | $ 6,850 | [11] | $ 6,850 | [13] | $ 6,850 | [11] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 27,539 | [13],[17] | $ 25,374 | [10],[11] | $ 27,539 | [13],[17] | $ 25,374 | [10],[11] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 11.80% | [1],[2],[3],[4],[13] | 11.80% | [5],[6],[7],[8],[11] | 11.80% | [1],[2],[3],[4],[13] | 11.80% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 16.10% | [1],[2],[3],[4],[13] | 12.80% | [5],[6],[7],[8],[11] | 16.10% | [1],[2],[3],[4],[13] | 12.80% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 21,100 | [13] | $ 21,100 | [11] | $ 21,100 | [13] | $ 21,100 | [11] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 13% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | 13% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 17.40% | [1],[2],[3],[4],[13] | 14% | [5],[6],[7],[8],[11] | 17.40% | [1],[2],[3],[4],[13] | 14% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 6,400 | [13] | $ 6,400 | [11] | $ 6,400 | [13] | $ 6,400 | [11] | ||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [18] | $ 0 | 0 | |||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Guaranty | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment company, committed capital | [5],[6],[7],[8],[18] | $ 1,000 | ||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[19] | 8% | 8% | |||||||
Investment interest rate | [5],[6],[7],[8],[19] | 10% | 10% | |||||||
Investments owned, fair value | [19] | $ 1,498 | $ 1,498 | |||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[17] | $ 24,877 | $ 24,877 | |||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13] | 11% | 11% | |||||||
Investment interest rate | [1],[2],[3],[4],[13] | 15.40% | 15.40% | |||||||
Investments owned, fair value | [13] | $ 38,250 | $ 38,250 | |||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 2,249 | [13],[17] | $ 1,533 | [10],[11] | $ 2,249 | [13],[17] | $ 1,533 | [10],[11] | ||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 9% | [1],[2],[3],[4],[20] | 9% | [5],[6],[7],[8],[19] | 9% | [1],[2],[3],[4],[20] | 9% | [5],[6],[7],[8],[19] | ||
Investment interest rate | 13.40% | [1],[2],[3],[4],[20] | 11% | [5],[6],[7],[8],[19] | 13.40% | [1],[2],[3],[4],[20] | 11% | [5],[6],[7],[8],[19] | ||
Investments owned, fair value | $ 13,016 | [20] | $ 13,000 | [19] | $ 13,016 | [20] | $ 13,000 | [19] | ||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 0 | [13],[14],[17] | $ 0 | [10],[11],[12],[15] | $ 0 | [13],[14],[17] | $ 0 | [10],[11],[12],[15] | ||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[12],[19] | 5.50% | 5.50% | |||||||
Investment interest rate | [5],[6],[7],[8],[12],[19] | 7.50% | 7.50% | |||||||
Investments owned, fair value | [12],[19] | $ 9,072 | $ 9,072 | |||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[14] | 5.50% | 5.50% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[14] | 9.90% | 9.90% | |||||||
Investments owned, fair value | [13],[14],[21] | $ 3,677 | $ 3,677 | |||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 17,638 | [13],[17] | $ 19,252 | [10],[11] | $ 17,638 | [13],[17] | $ 19,252 | [10],[11] | ||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10.50% | [1],[2],[3],[4],[13] | 10.50% | [5],[6],[7],[8],[11] | 10.50% | [1],[2],[3],[4],[13] | 10.50% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 14.90% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | 14.90% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 20,000 | [13] | $ 20,000 | [11] | $ 20,000 | [13] | $ 20,000 | [11] | ||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 31 | [14],[17],[22] | 74 | [10],[12],[23],[24] | 31 | [14],[17],[22] | 74 | [10],[12],[23],[24] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 0 | [13],[17] | $ 0 | [10],[11] | $ 0 | [13],[17] | $ 0 | [10],[11] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 4.10% | [1],[2],[3],[4],[13] | 4.10% | [5],[6],[7],[8],[11] | 4.10% | [1],[2],[3],[4],[13] | 4.10% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 8.50% | [1],[2],[3],[4],[13] | 7.10% | [5],[6],[7],[8],[11] | 8.50% | [1],[2],[3],[4],[13] | 7.10% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 5,610 | [13] | $ 6,500 | [11] | $ 5,610 | [13] | $ 6,500 | [11] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[11] | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 11.40% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | 11.40% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 15,281 | [13] | $ 18,796 | [11] | $ 15,281 | [13] | $ 18,796 | [11] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 0 | [13],[17] | 0 | [10],[11] | 0 | [13],[17] | 0 | [10],[11] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 0 | [13],[17] | $ 3,263 | [10],[11] | $ 0 | [13],[17] | $ 3,263 | [10],[11] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[12],[25] | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[12],[25] | ||
Investment interest rate | 14.40% | [1],[2],[3],[4],[13] | 13.50% | [5],[6],[7],[8],[12],[25] | 14.40% | [1],[2],[3],[4],[13] | 13.50% | [5],[6],[7],[8],[12],[25] | ||
Investments owned, fair value | $ 12,200 | [13] | $ 13,300 | [12],[25] | $ 12,200 | [13] | $ 13,300 | [12],[25] | ||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[17] | 713 | 713 | |||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 13,188 | [13],[17] | $ 17,807 | [10],[11] | $ 13,188 | [13],[17] | $ 17,807 | [10],[11] | ||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 7.50% | [1],[2],[3],[4],[13] | 9.50% | [5],[6],[7],[8],[11] | 7.50% | [1],[2],[3],[4],[13] | 9.50% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 11.90% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | 11.90% | [1],[2],[3],[4],[13] | 12% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 57,700 | [13] | $ 27,700 | [11] | $ 57,700 | [13] | $ 27,700 | [11] | ||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 13,131 | [13],[17] | $ 16,405 | [10],[11],[15] | $ 13,131 | [13],[17] | $ 16,405 | [10],[11],[15] | ||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11],[15] | 11% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11],[15] | ||
Investment interest rate | 15.40% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11],[15] | 15.40% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11],[15] | ||
Investments owned, fair value | $ 22,000 | [13] | $ 22,000 | [11],[15] | $ 22,000 | [13] | $ 22,000 | [11],[15] | ||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment company, committed capital | [5],[6],[7],[8],[15],[18] | $ 9,250 | ||||||||
Investments owned, fair value | [15],[18] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 6% | [1],[2],[3],[4],[13],[21] | 6% | [5],[6],[7],[8],[11],[15],[26] | 6% | [1],[2],[3],[4],[13],[21] | 6% | [5],[6],[7],[8],[11],[15],[26] | ||
Investment interest rate | 10.40% | [1],[2],[3],[4],[13],[21] | 8% | [5],[6],[7],[8],[11],[15],[26] | 10.40% | [1],[2],[3],[4],[13],[21] | 8% | [5],[6],[7],[8],[11],[15],[26] | ||
Investments owned, fair value | $ 10,556 | [13],[21] | $ 15,023 | [11],[15],[26] | $ 10,556 | [13],[21] | $ 15,023 | [11],[15],[26] | ||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 10.30% | 10.30% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 11.80% | 11.80% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 23,672 | $ 23,672 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 6% | 6% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 8% | 8% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 2,219 | $ 2,219 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [1],[2],[3],[4],[13],[21] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 6% | 6% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 10.40% | 10.40% | |||||||
Investments owned, fair value | [13],[21] | $ 3,199 | $ 3,199 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 10.30% | 10.30% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 14.60% | 14.60% | |||||||
Investments owned, fair value | [13],[21] | $ 16,634 | $ 16,634 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 6% | 6% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 10.40% | 10.40% | |||||||
Investments owned, fair value | [13],[21] | $ 1,560 | $ 1,560 | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 0 | [13],[17] | 0 | [10],[11],[15] | 0 | [13],[17] | 0 | [10],[11],[15] | ||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 10,896 | [13],[17] | $ 7,553 | [10],[11] | $ 10,896 | [13],[17] | $ 7,553 | [10],[11] | ||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | 10% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 14.40% | [1],[2],[3],[4],[13] | 12.50% | [5],[6],[7],[8],[11] | 14.40% | [1],[2],[3],[4],[13] | 12.50% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 25,250 | [13] | $ 25,250 | [11] | $ 25,250 | [13] | $ 25,250 | [11] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | $ 0 | [1],[2],[3],[4],[13] | $ 2,000 | [5],[6],[7],[8],[11] | $ 0 | [1],[2],[3],[4],[13] | $ 2,000 | [5],[6],[7],[8],[11] | ||
Investment, reference rate and spread | 8% | [1],[2],[3],[4],[13] | 8% | [5],[6],[7],[8],[11] | 8% | [1],[2],[3],[4],[13] | 8% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 12.40% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | 12.40% | [1],[2],[3],[4],[13] | 10% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 2,000 | [13] | $ 0 | [11] | $ 2,000 | [13] | $ 0 | [11] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 14,858 | [13],[17] | $ 10,223 | [10],[11] | $ 14,858 | [13],[17] | $ 10,223 | [10],[11] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 10.50% | [1],[2],[3],[4],[13] | 10.50% | [5],[6],[7],[8],[11] | 10.50% | [1],[2],[3],[4],[13] | 10.50% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 14.90% | [1],[2],[3],[4],[13] | 12.50% | [5],[6],[7],[8],[11] | 14.90% | [1],[2],[3],[4],[13] | 12.50% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 42,450 | [13] | $ 27,700 | [11] | $ 42,450 | [13] | $ 27,700 | [11] | ||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 12,036 | [13],[17] | 511 | [10],[11] | 12,036 | [13],[17] | 511 | [10],[11] | ||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 35,028 | [13],[17] | $ 37,842 | [10],[11],[15] | $ 35,028 | [13],[17] | $ 37,842 | [10],[11],[15] | ||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 9.50% | [1],[2],[3],[4],[13] | 9.50% | [5],[6],[7],[8],[11],[15] | 9.50% | [1],[2],[3],[4],[13] | 9.50% | [5],[6],[7],[8],[11],[15] | ||
Investment interest rate | 13.90% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11],[15] | 13.90% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11],[15] | ||
Investments owned, fair value | $ 40,500 | [13] | $ 25,000 | [11],[15] | $ 40,500 | [13] | $ 25,000 | [11],[15] | ||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [10],[11],[15] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[17] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 5.50% | [1],[2],[3],[4],[13] | 5.50% | [5],[6],[7],[8],[11] | 5.50% | [1],[2],[3],[4],[13] | 5.50% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 9.90% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[11] | 9.90% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 26,618 | [13] | $ 26,618 | [11] | $ 26,618 | [13] | $ 26,618 | [11] | ||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [1],[2],[3],[4],[20] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [1],[2],[3],[4],[20] | 7% | 7% | |||||||
Investment interest rate | [1],[2],[3],[4],[20] | 11.40% | 11.40% | |||||||
Unused fee percentage | [1],[2],[3],[4],[20] | 0.30% | ||||||||
Investments owned, fair value | [20] | $ 2,423 | $ 2,423 | |||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [5],[6],[7],[8],[19] | $ 150 | $ 150 | |||||||
Investment, reference rate and spread | [5],[6],[7],[8],[19] | 7% | 7% | |||||||
Investment interest rate | [5],[6],[7],[8],[19] | 9% | 9% | |||||||
Unused fee percentage | [5],[6],[7],[8],[19] | 0.30% | ||||||||
Investments owned, fair value | [19] | $ 1,920 | $ 1,920 | |||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 0 | [13],[17] | $ 0 | [10],[11] | $ 0 | [13],[17] | $ 0 | [10],[11] | ||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[20] | 11% | [5],[6],[7],[8],[19] | 11% | [1],[2],[3],[4],[20] | 11% | [5],[6],[7],[8],[19] | ||
Investment interest rate | 15.40% | [1],[2],[3],[4],[20] | 13% | [5],[6],[7],[8],[19] | 15.40% | [1],[2],[3],[4],[20] | 13% | [5],[6],[7],[8],[19] | ||
Investments owned, fair value | $ 3,040 | [20] | $ 3,072 | [19] | $ 3,040 | [20] | $ 3,072 | [19] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 0 | [13],[17] | 0 | [10],[11],[24] | 0 | [13],[17] | 0 | [10],[11],[24] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 2,465 | [13],[17] | $ 0 | [10],[11] | $ 2,465 | [13],[17] | $ 0 | [10],[11] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[19],[26] | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[19],[26] | ||
Investment interest rate | 11.40% | [1],[2],[3],[4],[13] | 9% | [5],[6],[7],[8],[19],[26] | 11.40% | [1],[2],[3],[4],[13] | 9% | [5],[6],[7],[8],[19],[26] | ||
Investments owned, fair value | $ 3,128 | [13] | $ 2,909 | [19],[26] | $ 3,128 | [13] | $ 2,909 | [19],[26] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[19],[26] | 7% | [1],[2],[3],[4],[13] | 7% | [5],[6],[7],[8],[19],[26] | ||
Investment interest rate | 11.40% | [1],[2],[3],[4],[13] | 9% | [5],[6],[7],[8],[19],[26] | 11.40% | [1],[2],[3],[4],[13] | 9% | [5],[6],[7],[8],[19],[26] | ||
Investments owned, fair value | $ 12,516 | [13] | $ 10,914 | [19],[26] | $ 12,516 | [13] | $ 10,914 | [19],[26] | ||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 19,452 | [13],[17] | $ 17,820 | [10],[11] | $ 19,452 | [13],[17] | $ 17,820 | [10],[11] | ||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | 11% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11] | 11% | [1],[2],[3],[4],[13] | 11% | [5],[6],[7],[8],[11] | ||
Investment interest rate | 15.40% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | 15.40% | [1],[2],[3],[4],[13] | 13% | [5],[6],[7],[8],[11] | ||
Investments owned, fair value | $ 27,981 | [13] | $ 27,981 | [11] | $ 27,981 | [13] | $ 27,981 | [11] | ||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 0 | [13],[17] | $ 2,679 | [10],[11],[15] | $ 0 | [13],[17] | $ 2,679 | [10],[11],[15] | ||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15] | 10.50% | 10.50% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15] | 12% | 12% | |||||||
Investments owned, fair value | [11],[15] | $ 28,560 | $ 28,560 | |||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13] | 10.50% | 10.50% | |||||||
Investment interest rate | [1],[2],[3],[4],[13] | 14.90% | 14.90% | |||||||
Investments owned, fair value | [13] | $ 28,560 | $ 28,560 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [5],[6],[7],[8],[11],[15],[26] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 5% | 5% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 9% | 9% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 3,400 | $ 3,400 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [5],[6],[7],[8],[11],[15],[26] | $ 100 | $ 100 | |||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 5% | 5% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 9% | 9% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 800 | $ 800 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | 0 | [13],[17] | 0 | [10],[11] | 0 | [13],[17] | 0 | [10],[11] | ||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [5],[6],[7],[8],[11],[15],[26] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 4% | 4% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 7% | 7% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 118 | $ 118 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [1],[2],[3],[4],[13],[21] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 5% | 5% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 9.40% | 9.40% | |||||||
Investments owned, fair value | [13],[21] | $ 2,411 | $ 2,411 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [1],[2],[3],[4],[13],[21] | $ 0 | $ 0 | |||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 5% | 5% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 9.40% | 9.40% | |||||||
Investments owned, fair value | [13],[21] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [10],[11] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | [13],[17] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15],[26] | 4% | 4% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15],[26] | 7% | 7% | |||||||
Investments owned, fair value | [11],[15],[26] | $ 923 | $ 923 | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13],[21] | 4% | 4% | |||||||
Investment interest rate | [1],[2],[3],[4],[13],[21] | 8.40% | 8.40% | |||||||
Investments owned, fair value | [13],[21] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investments owned, fair value | $ 4,794 | [13],[17] | $ 6,000 | [10],[11],[15] | $ 4,794 | [13],[17] | $ 6,000 | [10],[11],[15] | ||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15] | 10% | 10% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15] | 11.50% | 11.50% | |||||||
Investments owned, fair value | [11],[15] | $ 18,250 | $ 18,250 | |||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Line of credit facility, available | [5],[6],[7],[8],[11],[15] | $ 2 | $ 2 | |||||||
Investment, reference rate and spread | [5],[6],[7],[8],[11],[15] | 8.50% | 8.50% | |||||||
Investment interest rate | [5],[6],[7],[8],[11],[15] | 10% | 10% | |||||||
Investments owned, fair value | [11],[15] | $ 0 | $ 0 | |||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment, reference rate and spread | [1],[2],[3],[4],[13] | 10% | 10% | |||||||
Investment interest rate | [1],[2],[3],[4],[13] | 14.40% | 14.40% | |||||||
Investments owned, fair value | [13] | $ 18,250 | $ 18,250 | |||||||
Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 111.60% | [1],[2],[3],[4],[27] | 99.20% | [5],[6],[7],[8],[24] | 111.60% | [1],[2],[3],[4],[27] | 99.20% | [5],[6],[7],[8],[24] | ||
Investments owned, fair value | $ 501,343 | [27] | $ 442,124 | [24] | $ 501,343 | [27] | $ 442,124 | [24] | ||
Non-Control/Non-Affiliate Investments | Secured First Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 63.10% | [1],[2],[3],[4],[27] | 52.40% | [5],[6],[7],[8],[24] | 63.10% | [1],[2],[3],[4],[27] | 52.40% | [5],[6],[7],[8],[24] | ||
Investments owned, fair value | $ 283,344 | [27] | $ 233,673 | [24] | $ 283,344 | [27] | $ 233,673 | [24] | ||
Non-Control/Non-Affiliate Investments | Secured Second Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 11% | [1],[2],[3],[4],[27] | 15% | [5],[6],[7],[8],[24] | 11% | [1],[2],[3],[4],[27] | 15% | [5],[6],[7],[8],[24] | ||
Investments owned, fair value | $ 49,551 | [27] | $ 66,917 | [24] | $ 49,551 | [27] | $ 66,917 | [24] | ||
Non-Control/Non-Affiliate Investments | Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 37% | [1],[2],[3],[4],[27] | 31.40% | [5],[6],[7],[8],[24] | 37% | [1],[2],[3],[4],[27] | 31.40% | [5],[6],[7],[8],[24] | ||
Investments owned, fair value | $ 166,168 | [27] | $ 139,927 | [24] | $ 166,168 | [27] | $ 139,927 | [24] | ||
Non-Control/Non-Affiliate Investments | Common Equity/ Equivalents | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 0.50% | [1],[2],[3],[4],[27] | 0.40% | [5],[6],[7],[8],[24] | 0.50% | [1],[2],[3],[4],[27] | 0.40% | [5],[6],[7],[8],[24] | ||
Investments owned, fair value | $ 2,280 | [27] | $ 1,607 | [24] | $ 2,280 | [27] | $ 1,607 | [24] | ||
Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 57.50% | [1],[2],[3],[4],[16] | 60.80% | [5],[6],[7],[8],[15] | 57.50% | [1],[2],[3],[4],[16] | 60.80% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | $ 258,407 | [16] | $ 271,559 | [15] | $ 258,407 | [16] | $ 271,559 | [15] | ||
Affiliate Investments | Secured First Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 36.50% | [1],[2],[3],[4],[16] | 42.90% | [5],[6],[7],[8],[15] | 36.50% | [1],[2],[3],[4],[16] | 42.90% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | $ 164,147 | [16] | $ 191,414 | [15] | $ 164,147 | [16] | $ 191,414 | [15] | ||
Affiliate Investments | Secured First Lien Debt | Mining, Steel, Iron and Non-Precious Metals | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 4.10% | [1],[2],[3],[4],[16] | 4.10% | [5],[6],[7],[8],[15] | 4.10% | [1],[2],[3],[4],[16] | 4.10% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | [15] | $ 18,250 | $ 18,250 | |||||||
Affiliate Investments | Secured Second Lien Debt | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 5.90% | [1],[2],[3],[4],[16] | 0.20% | [5],[6],[7],[8],[15] | 5.90% | [1],[2],[3],[4],[16] | 0.20% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | $ 26,618 | [16] | $ 1,041 | [15] | $ 26,618 | [16] | $ 1,041 | [15] | ||
Affiliate Investments | Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 12.40% | [1],[2],[3],[4],[16] | 17.40% | [5],[6],[7],[8],[15] | 12.40% | [1],[2],[3],[4],[16] | 17.40% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | $ 55,606 | [16] | $ 77,672 | [15] | $ 55,606 | [16] | $ 77,672 | [15] | ||
Affiliate Investments | Preferred Equity | Mining, Steel, Iron and Non-Precious Metals | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 1.10% | [1],[2],[3],[4],[16] | 1.30% | [5],[6],[7],[8],[15] | 1.10% | [1],[2],[3],[4],[16] | 1.30% | [5],[6],[7],[8],[15] | ||
Affiliate Investments | Common Equity/ Equivalents | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 2.70% | [1],[2],[3],[4],[16] | 0.30% | [5],[6],[7],[8],[15] | 2.70% | [1],[2],[3],[4],[16] | 0.30% | [5],[6],[7],[8],[15] | ||
Investments owned, fair value | $ 12,036 | [16] | $ 1,432 | [15] | $ 12,036 | [16] | $ 1,432 | [15] | ||
Control Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | 0.20% | [1],[2],[3],[4],[28] | 0.20% | [5],[6],[7],[8],[29] | 0.20% | [1],[2],[3],[4],[28] | 0.20% | [5],[6],[7],[8],[29] | ||
Investments owned, fair value | $ 713 | [28] | $ 713 | [29] | $ 713 | [28] | $ 713 | [29] | ||
Control Investments | Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | [5],[6],[7],[8],[29] | 0.20% | 0.20% | |||||||
Control Investments | Common Equity/ Equivalents | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Investment owned, percent of net assets | [1],[2],[3],[4],[28] | 0.20% | 0.20% | |||||||
Investments owned, fair value | $ 713 | [28] | $ 713 | [29] | $ 713 | [28] | $ 713 | [29] | ||
[1] Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $641.0 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2022, our investment in Funko Acquisition Holdings, LLC ("Funko") was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate ("LIBOR" or "L"), which was 4.4% as of December 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2022, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 0.5% as of March 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Gladstone Investment Corporation (“Gladstone Investment”) was incorporated under the General Corporation Law of the State of Delaware on February 18, 2005, and completed an initial public offering on June 22, 2005. The terms “the Company,” “we,” “our” and “us” all refer to Gladstone Investment and its consolidated subsidiaries. We are an externally advised, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are applying the guidance of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies” (“ASC 946”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). We were established for the purpose of investing in debt and equity securities of established private businesses in the United States (“U.S.”). Debt investments primarily take the form of two types of loans: secured first lien loans and secured second lien loans. Equity investments primarily take the form of preferred or common equity (or warrants or options to acquire the foregoing), often in connection with buyouts and other recapitalizations. Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness and make distributions to stockholders that grow over time, and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. We intend that our investment portfolio over time will consist of approximately 75.0% in debt investments and 25.0% in equity investments, at cost. As of December 31, 2022, our investment portfolio was comprised of 77.2% in debt investments and 22.8% in equity investments, at cost. Gladstone Business Investment, LLC (“Business Investment”), a wholly-owned subsidiary of ours, was established on August 11, 2006 for the sole purpose of holding certain investments pledged as collateral under our line of credit. The financial statements of Business Investment are consolidated with those of Gladstone Investment. We are externally managed by Gladstone Management Corporation (the “Adviser”), an affiliate of ours and a U.S. Securities and Exchange Commission (“SEC”) registered investment adviser, pursuant to an investment advisory and management agreement (the “Advisory Agreement”). Administrative services are provided by Gladstone Administration, LLC (the “Administrator”), an affiliate of ours and the Adviser, pursuant to an administration agreement (the “Administration Agreement”). Refer to Note 4 — Related Party Transactions for more information regarding these arrangements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended December 31, 2022 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2023 or any future interim period. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in our annual report on Form 10-K for the fiscal year ended March 31, 2022, as filed with the SEC on May 11, 2022. Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its investment adviser as a valuation designee (the "Valuation Designee") to perform fair value determinations for its investment portfolio, subject to the active oversight of such board. Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ Valuation Designee. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company’s chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's recommendations to the entire Board of Directors so that the full Board of Directors may review and approve in good faith the Valuation Designee’s determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns ICE’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates ICE’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from ICE’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and whether the Valuation Team’s recommended fair value is reasonable in light of the Policy and other facts and circumstances before determining fair value. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then makes a recommendation to our Valuation Committee and Board of Directors as to the fair value. Our Board of Directors reviews the recommended fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances before determining fair value. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of December 31, 2022, our loans to Edge Adhesives Holdings, Inc., J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) and The Mountain Corporation (“The Mountain”) were on non-accrual status, with an aggregate debt cost basis of $66.6 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $38.0 million, or 7.3% of the fair value of all debt investments in our portfolio. As of March 31, 2022, our loans to J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. were on non-accrual status, with an aggregate debt cost basis of $77.2 million, or 15.1% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $60.0 million, or 12.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. As of December 31, 2022 and March 31, 2022, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. Dividend Income Recognition We accrue dividend income on preferred and common equity securities to the extent that such amounts are expected to be collected and if we have the option to collect such amounts in cash or other consideration. Related Party Fees We are party to the Advisory Agreement with the Adviser, which is owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). We are also party to the Administration Agreement with the Administrator, which is owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. Refer to Note 4 — Related Party Transactions for additional information regarding these related party fees and agreements. Recent Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, we determine the fair value of our investments to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. • Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; • Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and • Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. As of December 31, 2022 and March 31, 2022, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs. We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the nine months ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and March 31, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2022: Secured first lien debt $ 447,491 $ — $ — $ 447,491 Secured second lien debt 76,169 — — 76,169 Preferred equity 221,774 — — 221,774 Common equity/equivalents 15,029 — 31 (A) 14,998 Total Investments as of December 31, 2022 $ 760,463 $ — $ 31 $ 760,432 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2022: Secured first lien debt $ 425,087 $ — $ — $ 425,087 Secured second lien debt 67,958 — — 67,958 Preferred equity 217,599 — — 217,599 Common equity/equivalents 3,752 — 74 (A) 3,678 Total Investments as of March 31, 2022 $ 714,396 $ — $ 74 $ 714,322 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of December 31, 2022 and March 31, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs December 31, 2022 March 31, 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 283,344 $ 233,673 Secured second lien debt 49,551 66,917 Preferred equity 166,168 139,927 Common equity/equivalents (A) 2,249 1,533 Total Non-Control/Non-Affiliate Investments 501,312 442,050 Affiliate Investments Secured first lien debt 164,147 191,414 Secured second lien debt 26,618 1,041 Preferred equity 55,606 77,672 Common equity/equivalents 12,036 1,432 Total Affiliate Investments 258,407 271,559 Control Investments Secured first lien debt — — Secured second lien debt — — Preferred equity — — Common equity/equivalents 713 713 Total Control Investments 713 713 Total investments at fair value using Level 3 inputs $ 760,432 $ 714,322 (A) Excludes our investment in Funko with a fair value of $31 thousand and $74 thousand as of December 31, 2022 and March 31, 2022, respectively, which was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of December 31, 2022 and March 31, 2022. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Unobservable Range / Weighted-Average as of December 31, March 31, December 31, March 31, Secured first $ 442,028 $ 411,023 TEV EBITDA multiple 3.1x – 7.9x / 6.2x 3.4x – 9.3x / 7.0x EBITDA $3,973–$18,548 / $10,962 $3,990 - $13,707/$8,221 Revenue multiple 0.3x – 0.6x / 0.3x 0.7x – 0.7x / 0.7x Revenue $12,461 – $107,907 / $88,029 $14,072 – $14,072/$14,072 5,463 14,064 Yield Analysis Discount Rate 15.1% – 18.9% / 17.2% 11.3% – 15.2% / 14.6% Secured second 63,153 39,637 TEV EBITDA multiple 5.6x – 7.8x / 6.7x 5.6x – 6.8x / 6.0x EBITDA $3,221 – $6,669 / $5,113 $3,953 – $5,488 / $4,959 Revenue multiple 0.5x –0.5x / 0.5x 0.7x – 0.7x /0.7x Revenue $12,461 – $12,461 / $12,461 $14,072 – $14,072 / $14,072 13,016 28,321 Yield Analysis Discount Rate 13.3% – 13.3% / 13.3% 10.0% – 12.2% / 11.6% Preferred 221,774 217,599 TEV EBITDA multiple 3.1x – 7.9x / 5.9x 3.4x – 9.3x / 6.8x EBITDA $3,973 – $18,548 / $9,640 $1,210 – $13,707 / $6,926 Revenue multiple 0.3x – 0.6x / 0.4x 0.7x – 0.7x / 0.7x Revenue $12,461 – $107,907 / $53,486 $14,072 – $14,072 / $14,072 Common equity/ equivalents (A) 14,998 3,678 TEV EBITDA multiple 4.3x – 7.8x / 7.2x 4.8x – 8.4x / 5.8x EBITDA $969 – $27,118 / $5,302 $829 – $13,707 / $5,709 Revenue multiple 0.5x – 0.5x / 0.5x 0.7x – 0.7x / 0.7x Revenue $12,461 – $12,461 / $12,461 $14,072 – $14,072 / $14,072 Total $ 760,432 $ 714,322 (A) Fair value as of both December 31, 2022 and March 31, 2022 excludes our investment in Funko with a fair value of $31 thousand and $74 thousand, respectively, which was valued using Level 2 inputs. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2022 and 2021 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Equity Common Total Three Months ended December 31, 2022: Fair value as of September 30, 2022 $ 420,907 $ 76,751 $ 229,430 $ 10,789 $ 737,877 Total gain (loss): Net realized gain (loss) (A) — (10,000) 13,372 — 3,372 Net unrealized appreciation (depreciation) (B) (2,516) (266) (7,656) 3,829 (6,609) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 — — 10,001 New investments, repayments and settlements (C): Issuances / originations 29,900 1,183 — 380 31,463 Settlements / repayments (800) (1,500) — — (2,300) Sales (D) — — (13,372) — (13,372) Transfers (E) — — — — — Fair value as of December 31, 2022 $ 447,491 $ 76,169 $ 221,774 $ 14,998 $ 760,432 Secured Secured Preferred Equity Common Total Nine Months Ended December 31, 2022 Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,318 — 10,318 Net unrealized appreciation (depreciation) (B) (21,328) (4,800) 10,405 10,940 (4,783) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C): Issuances / originations 106,950 5,188 21,000 380 133,518 Settlements / repayments (48,800) (6,596) — — (55,396) Sales (D) — — (35,298) — (35,298) Transfers (E) (14,418) 14,418 — — — Fair value as of December 31, 2022 $ 447,491 $ 76,169 $ 221,774 $ 14,998 $ 760,432 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months ended December 31, 2021: Fair value as of September 30, 2021 $ 431,413 $ 68,489 $ 228,931 $ 7,592 $ 736,425 Total gain (loss): Net realized gain (loss) (A) — — 21,939 — 21,939 Net unrealized appreciation (depreciation) (B) (1,741) (200) 12,427 (5,166) 5,320 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — (25,425) — (25,425) New investments, repayments and settlements (C) : Issuances / originations 37,000 5 — — 37,005 Settlements / repayments (32,838) — — — (32,838) Sales — — (41,768) — (41,768) Transfers (E) — — — — — Fair value as of December 31, 2021 $ 433,834 $ 68,294 $ 196,104 $ 2,426 $ 700,658 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Nine Months Ended December 31, 2021: Fair value as of March 31, 2021 $ 368,688 $ 102,897 $ 159,478 $ 2,671 $ 633,734 Total gain (loss): Net realized gain (loss) (A) — — 23,725 — 23,725 Net unrealized appreciation (depreciation) (B) 1,491 3,925 91,782 (16,279) 80,919 Reversal of previously recorded (appreciation) depreciation upon realization (B) 60 — (26,053) — (25,993) New investments, repayments and settlements (C) : Issuances / originations 65,450 6,515 12,600 — 84,565 Settlements / repayments (46,898) — — — (46,898) Sales — — (49,394) — (49,394) Transfers (E) 45,043 (45,043) (16,034) 16,034 — Fair value as of December 31, 2021 $ 433,834 $ 68,294 $ 196,104 $ 2,426 $ 700,658 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments. (D) The three and nine months ended December 31, 2022, includes $13.4 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World"). The nine months ended December 31, 2022 also includes $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc. (E) There were no transfers in the three months ended December 31, 2022. For the nine months ended December 31, 2022, transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. For the three and nine months ended December 31, 2021, transfers include preferred equity of SOG Specialty Knives & Tools, LLC with a total cost and fair value of $0.6 million and $0.0 million, respectively, which was converted into common equity of Gladstone SOG Investments, Inc. in December 2021. For the nine months ended December 31, 2021, transfers also include (1) secured second lien debt of J.R. Hobbs with a total cost basis and fair value of $52.5 million and $52.4 million, respectively, which was converted into secured first lien debt in June 2021, (2) secured first lien debt of D.P.M.S., Inc. with a total cost basis and fair value of $12.3 million and $7.3 million, respectively, which was converted into secured second lien debt of Galaxy Technologies Holdings, Inc. (“Galaxy Technologies Holdings”) in September 2021, and (3) preferred equity of Galaxy Technologies, Inc. with a total cost basis and fair value of $11.5 million and $16.0 million, respectively, which was converted into common equity of Galaxy Technologies Holdings in September 2021. Investment Activity During the nine months ended December 31, 2022, the following significant transactions occurred: • In May 2022, we invested an additional $6.4 million in the form of secured first lien debt in Nocturne Villa Rentals, Inc. ("Nocturne") to fund an add-on acquisition. • In June 2022, we sold our investment in Bassett Creek Services, Inc. ("Bassett Creek"), which resulted in success fee income of $3.0 million and a realized gain on preferred equity of $4.7 million. In connection with the sale, we received net cash proceeds of $57.6 million, including the repayment of our debt investment of $48.0 million at par. • In June 2022, we invested $21.0 million in a new portfolio company, Dema/Mai Holdings, Inc. (“Dema/Mai”), in the form of preferred equity to acquire Mai Mechanical, LLC, a leading provider of plumbing and mechanical services focused on multi-family residential construction headquartered in Denver, Colorado, from J.R. Hobbs, an existing portfolio company. In July 2022, we invested an additional $39.1 million in the form of secured first lien debt in Dema/Mai to fund the acquisition of Dema Plumbing, a plumbing and mechanical systems installation and service provider to single-family residential homebuilders. • In July 2022, we recapitalized our investment in Horizon and invested an additional $30.0 million in the form of secured first lien debt. In connection with this investment, we received equity proceeds of $12.3 million, which were recognized as a $10.1 million return of preferred equity cost basis and a realized gain of $2.2 million, as well as dividend income of $3.1 million and success fee income of $1.7 million. • In August 2022, in conjunction with a refinancing at Ginsey, our $13.3 million secured second lien debt investment was reduced to $12.2 million and converted to secured first lien debt. The reduction in our cost basis was the result of a $5.1 million payment made by Ginsey to extinguish our secured borrowing liability, which was partially offset by an additional investment in Ginsey of $4.0 million. Refer to Note 5 - Borrowings for discussion of the secured borrowing liability. • In October 2022, we invested an additional $8.4 million in the form of secured first lien debt in Nocturne to fund an add-on acquisition. • In November 2022, our $1.5 million secured second lien debt investment in Country Club Enterprises, LLC ("CCE") was repaid at par. In connection with the repayment, we received success fee income of $1.1 million and our $1.0 million guaranty was released. Refer to Note 10 - Commitments and Contingencies for discussion of the guaranty. • In December 2022, we recapitalized our investment in Old World and invested an additional $15.5 million in the form of secured first lien debt. In connection with this investment, we received proceeds of $17.9 million, of which $13.4 million was recognized as a realized gain and $4.5 million was recognized as dividend income. • In December 2022, we entered into a new $3.2 million secured second lien term loan with The Mountain, replacing our previously outstanding second lien term loan and second lien delayed draw term loan with an aggregate cost basis of $13.2 million, which resulted in a realized loss of $10.0 million. Investment Concentrations As of December 31, 2022, our investment portfolio consisted of investments in 25 portfolio companies located in 19 states across 14 different industries with an aggregate fair value of $760.5 million. Our investments in Old World, Horizon, Dema/Mai, Brunswick Bowling Products, Inc., and Nocturne represented our five largest portfolio investments at fair value and collectively comprised $328.7 million, or 43.2%, of our total investment portfolio at fair value as of December 31, 2022. The following table summarizes our investments by security type as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 473,189 65.5 % $ 447,491 58.8 % $ 429,457 64.2 % $ 425,087 59.5 % Secured second lien debt 84,158 11.7 % 76,169 10.0 % 81,147 12.1 % 67,958 9.5 % Total debt 557,347 77.2 % 523,660 68.8 % 510,604 76.3 % 493,045 69.0 % Preferred equity 149,099 20.6 % 221,774 29.2 % 143,079 21.4 % 217,599 30.5 % Common equity/equivalents 15,934 2.2 % 15,029 2.0 % 15,565 2.3 % 3,752 0.5 % Total equity/equivalents 165,033 22.8 % 236,803 31.2 % 158,644 23.7 % 221,351 31.0 % Total investments $ 722,380 100.0 % $ 760,463 100.0 % $ 669,248 100.0 % $ 714,396 100.0 % Investments at fair value consisted of the following industry classifications as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Fair Value Percentage of Fair Value Percentage of Total Investments Diversified/Conglomerate Services $ 269,749 35.5 % $ 307,403 43.0 % Home and Office Furnishings, Housewares, and Durable Consumer Products 147,533 19.4 % 125,440 17.6 % Buildings and Real Estate 63,127 8.3 % — — % Hotels, Motels, Inns, and Gaming 59,308 7.8 % 37,923 5.3 % Leisure, Amusement, Motion Pictures, and Entertainment 48,146 6.3 % 46,514 6.5 % Healthcare, Education, and Childcare 37,638 5.0 % 39,252 5.5 % Chemicals, Plastics, and Rubber 26,618 3.5 % 26,618 3.7 % Mining, Steel, Iron and Non-Precious Metals 23,044 3.0 % 24,250 3.4 % Aerospace and Defense 20,891 2.7 % 25,296 3.5 % Telecommunications 19,453 2.6 % 32,467 4.6 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 18,109 2.4 % 13,823 1.9 % Cargo Transport 15,265 2.0 % 14,533 2.0 % Diversified/Conglomerate Manufacturing 9,140 1.2 % 14,064 2.0 % Other < 2.0% 2,442 0.3 % 6,813 1.0 % Total investments $ 760,463 100.0 % $ 714,396 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Location Fair Value Percentage of Fair Value Percentage of Northeast $ 273,897 36.0 % $ 194,100 27.2 % West 198,589 26.1 % 158,607 22.2 % South 173,259 22.8 % 188,978 26.4 % Midwest 114,718 15.1 % 172,711 24.2 % Total investments $ 760,463 100.0 % $ 714,396 100.0 % The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2022: Amount For the remaining three months ending March 31, 2023 $ 27,500 For the fiscal years ending March 31: 2024 55,468 2025 89,614 2026 202,419 2027 144,096 Thereafter 38,250 Total contractual repayments $ 557,347 Investments in equity securities 165,033 Total cost basis of investments held as of December 31, 2022: $ 722,380 Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities . We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of December 31, 2022 and March 31, 2022, we had gross receivables from portfolio companies of $2.5 million and $1.7 million, respectively. As of December 31, 2022 and March 31, 2022, the allowance for uncollectible receivables was $1.5 million and $1.3 million, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions with the Adviser We pay the Adviser certain fees as compensation for its services under the Advisory Agreement, consisting of a base management fee and an incentive fee and a loan servicing fee for the Adviser’s role as servicer pursuant to the Credit Facility, all as described below. On July 12, 2022, our Board of Directors, including a majority of the directors who are not parties to the Advisory Agreement or interested persons of either party, approved the annual renewal of the Advisory Agreement through August 31, 2023. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our vice chairman and chief operating officer) serve as directors and executive officers of the Adviser, which is 100% indirectly owned and controlled by Mr. Gladstone. David Dullum (our president) is also the executive vice president of private equity (buyouts) of the Adviser. Michael LiCalsi, our general counsel and secretary (who also serves as the Administrator’s president, general counsel and secretary), is also the executive vice president of administration, general counsel, and secretary of our Adviser. The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Average total assets subject to base management fee (A) $ 757,800 $ 726,000 $ 731,000 $ 701,800 Multiplied by prorated annual base management fee of 2.0% 0.5 % 0.5 % 1.5 % 1.5 % Base management fee (B) 3,789 3,630 10,965 10,527 Credits to fees from Adviser - other (B) (756) (3,682) (3,131) (5,863) Net base management fee $ 3,033 $ (52) $ 7,834 $ 4,664 Loan servicing fee (B) 2,080 1,768 5,754 5,430 Credits to base management fee - loan servicing fee (B) (2,080) (1,768) (5,754) (5,430) Net loan servicing fee $ — $ — $ — $ — Incentive fee – income-based $ 2,503 $ 2,197 $ 7,016 $ 5,892 Incentive fee – capital gains-based (C) 1,442 390 706 16,294 Total incentive fee (B) $ 3,945 $ 2,587 $ 7,722 $ 22,186 Credits to fees from Adviser - other (B) — — — — Net total incentive fee $ 3,945 $ 2,587 $ 7,722 $ 22,186 (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . (C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2.0%, computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective period and adjusted appropriately for any share issuances or repurchases during the period. Additionally, pursuant to the requirements of the 1940 Act, the Adviser makes available significant managerial assistance to our portfolio companies. The Adviser may also provide other services to our portfolio companies under certain agreements and may receive fees for services other than managerial assistance. Such services may include: (i) assistance obtaining, sourcing or structuring credit facilities, long term loans or additional equity from unaffiliated third parties; (ii) negotiating important contractual financial relationships; (iii) consulting services regarding restructuring of the portfolio company and financial modeling as it relates to raising additional debt and equity capital from unaffiliated third parties; and (iv) taking a primary role in interviewing, vetting and negotiating employment contracts with candidates in connection with adding and retaining key portfolio company management team members. The Adviser non-contractually, unconditionally, and irrevocably credits 100% of any fees received for such services against the base management fee that we would otherwise be required to pay to the Adviser; however, pursuant to the terms of the Advisory Agreement, a small percentage of certain of such fees, totaling $40.0 thousand and $0.1 million for the three and nine months ended December 31, 2022, respectively, and $0.1 million and $0.2 million for the three and nine months ended December 31, 2021, respectively, was retained by the Adviser in the form of reimbursement, at cost, for tasks completed by personnel of the Adviser, primarily related to the valuation of portfolio companies. Loan Servicing Fee The Adviser also services the loans held by our wholly-owned subsidiary, Business Investment (the borrower under the Credit Facility), in return for which the Adviser receives a 2.0% annual fee based on the monthly aggregate outstanding balance of loans pledged under the Credit Facility. Since Business Investment is a consolidated subsidiary of ours, coupled with the fact that the total base management fee paid to the Adviser pursuant to the Advisory Agreement cannot exceed 2.0% of total assets (less any uninvested cash or cash equivalents resulting from borrowings) during any given calendar year, we treat payment of the loan servicing fee pursuant to the Credit Facility as a pre-payment of the base management fee under the Advisory Agreement. Accordingly, these loan servicing fees are 100% non-contractually, unconditionally, and irrevocably credited back to us by the Adviser. Incentive Fee The incentive fee payable to the Adviser under our Advisory Agreement consists of two parts: an income-based incentive fee and a capital gains-based incentive fee. The income-based incentive fee rewards the Adviser if our quarterly net investment income (before giving effect to any incentive fee) exceeds 1.75% of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immediately preceding calendar quarter, adjusted appropriately for any share issuances or repurchases during the period (the “Hurdle Rate”). The income-based incentive fee with respect to our pre-incentive fee net investment income is payable quarterly to the Adviser and is computed as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the Hurdle Rate; • 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter. The second part of the incentive fee is a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0% of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year. The capital gains-based incentive fee payable to the Adviser is calculated based on (i) cumulative aggregate realized capital gains since our inception, less (ii) cumulative aggregate realized capital losses since our inception, less (iii) the entire portfolio’s aggregate unrealized capital depreciation, if any, as of the date of the calculation. If this number is positive at the applicable calculation date, then the capital gains-based incentive fee for such year equals 20.0% of such amount, less the aggregate amount of any capital gains-based incentive fees paid in respect of our portfolio in all prior years. For calculation purposes, cumulative aggregate realized capital gains, if any, equals the sum of the excess between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the deficit between the net sales price of each investment, when sold, and the original cost of such investment since our inception. The entire portfolio’s aggregate unrealized capital depreciation, if any, equals the sum of the deficit between the fair value of each investment security as of the applicable calculation date and the original cost of such investment security. As of and for the nine months ended December 31, 2022, no capital gains-based incentive fees were contractually due to the Adviser. During the year ended March 31, 2022, capital gains-based incentive fees of $5.3 million were contractually due and paid to the Adviser. In accordance with GAAP, accrual of the capital gains-based incentive fee is determined as if our investments had been liquidated at their fair values as of the end of the reporting period. Therefore, GAAP requires that the capital gains-based incentive fee accrual consider the aggregate unrealized capital appreciation in the calculation, as a capital gains-based incentive fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that any such unrealized capital appreciation will be realized in the future. Accordingly, a GAAP accrual is calculated at the end of the reporting period based on (i) cumulative aggregate realized capital gains since our inception, plus (ii) the entire portfolio’s aggregate unrealized capital appreciation, if any, less (iii) cumulative aggregate realized capital losses since our inception, less (iv) the entire portfolio’s aggregate unrealized capital depreciation, if any. If such amount is positive at the end of a reporting period, a capital gains-based incentive fee equal to 20.0% of such amount, less the aggregate amount of capital gains-based incentive fees accrued in all prior years, is recorded, regardless of whether such amount is contractually due under the terms of the Advisory Agreement. If such amount is negative, then there is no accrual for such period and prior period accruals are reversed, as appropriate. During the three and nine months ended December 31, 2022, we recorded capital gains-based incentive fees of $1.4 million and $0.7 million, respectively. During the three and nine months ended December 31, 2021, we recorded capital gains-based incentive fees of $0.4 million and $16.3 million, respectively. Transactions with the Administrator We reimburse the Administrator pursuant to the Administration Agreement for our allocable portion of the Administrator’s expenses incurred while performing services to us, which are primarily rent and salaries and benefits expenses of the Administrator’s employees, including our chief financial officer and treasurer, chief valuation officer, chief compliance officer, and general counsel and secretary, and their respective staffs. Two of our executive officers, David Gladstone (our chairman and chief executive officer) and Terry Lee Brubaker (our vice chairman and chief operating officer) serve as members of the board of managers and executive officers of the Administrator, which is 100% indirectly owned and controlled by Mr. Gladstone. Another of our officers, Mr. LiCalsi (our general counsel and secretary), serves as the Administrator’s president as well as the executive vice president of administration, general counsel, and secretary for the Adviser. Our allocable portion of the Administrator’s expenses is generally derived by multiplying the Administrator’s total expenses by the approximate percentage of time during the current quarter the Administrator’s employees performed services for us in relation to their time spent performing services for all companies serviced by the Administrator. On July 12, 2022, our Board of Directors, including a majority of the directors who are not parties to the Administration Agreement or interested persons of either party, approved the annual renewal of the Administration Agreement through August 31, 2023. Administration fees for the three and nine months ended December 31, 2022 were $0.4 million and $1.4 million, respectively, and for the three and nine months ended December 31, 2021 were $0.4 million and $1.4 million, respectively. Transactions with Gladstone Securities, LLC Gladstone Securities, LLC (“Gladstone Securities”) is a privately held broker dealer registered with the Financial Industry Regulatory Authority and insured by the Securities Investor Protection Corporation. Gladstone Securities is an affiliate of ours, as its parent company is 100% owned and controlled by David Gladstone, our chairman and chief executive officer. Mr. Gladstone also serves on the board of managers of Gladstone Securities. Other Transactions From time to time, Gladstone Securities provides services, such as investment banking and due diligence services, to certain of our portfolio companies, for which it receives a fee. Any such fees paid by portfolio companies to Gladstone Securities do not impact the fees we pay to the Adviser or the non-contractual, unconditional, and irrevocable credits against the base management fee. During the three and nine months ended December 31, 2022, the fees received by Gladstone Securities from our portfolio companies totaled $0.3 million and $1.6 million, respectively. During the three and nine months ended December 31, 2021, the fees received by Gladstone Securities from our portfolio companies totaled $2.8 million and $3.2 million, respectively. Related Party Fees Due Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of December 31, As of March 31, 2022 2022 Base management and loan servicing fee due to Adviser, net of credits $ 953 $ 1,648 Incentive fee due to Adviser (A) 28,605 27,577 Other due to Adviser 604 63 Total fees due to Adviser 30,162 29,288 Fee due to Administrator 564 627 Total related party fees due $ 30,726 $ 29,915 (A) Includes a capital gains-based incentive fee of $26.1 million and $25.4 million as of December 31, 2022 and March 31, 2022, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. Net expenses receivable from Gladstone Capital Corporation, one of our affiliated funds, for reimbursement purposes, which includes certain co-investment expenses, totaled $16 thousand and $27 thousand, as of December 31, 2022 and March 31, 2022, respectively. These amounts are generally settled in the quarter subsequent to being incurred and have been included in Other assets, net on the accompanying Consolidated Statements of Assets and Liabilities. |
BORROWINGS
BORROWINGS | 9 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Revolving Line of Credit On March 8, 2021, we, through our wholly-owned subsidiary, Business Investment, entered into Amendment No. 6 to the Credit Facility with KeyBank National Association (“KeyBank”) as administrative agent, lead arranger, managing agent and lender, the Adviser, as servicer, and certain other lenders party thereto. The revolving period was extended to February 29, 2024, and if not renewed or extended by such date, all principal and interest will be due and payable on February 28, 2026 (two years after the revolving period end date). As of December 31, 2022, the Credit Facility provided a one-year extension option that may be exercised on or before March 8, 2023, subject to approval by all lenders. On August 10, 2020, we, through Business Investment, entered into Amendment No. 5 to the Credit Facility. Among other things, Amendment No. 5 amended the Credit Facility to (i) add London Interbank Offered Rate (“LIBOR”) replacement language; (ii) implement a 0.5% LIBOR floor; (iii) reduce the facility size from $200.0 million to $180.0 million, which may be expanded to $300.0 million through additional commitments; and (iv) provide certain other changes to existing terms and covenants. Advances under the Credit Facility generally bear interest at 30-day LIBOR, subject to a floor of 0.5%, plus 2.85% per annum until February 29, 2024, with the margin then increasing to 3.10% for the period from February 29, 2024 to February 28, 2025, and increasing further to 3.35% thereafter. The Credit Facility has an unused commitment fee on the daily unused commitment amount of 0.50% per annum if the average unused commitment amount for the period is less than or equal to 50% of the total commitment amount, 0.75% per annum if the average unused commitment amount for the period is greater than 50% but less than or equal to 65% of the total commitment amount, and 1.00% per annum if the average unused commitment amount for the period is greater than 65% of the total commitment amount. The following tables summarize noteworthy information related to the Credit Facility: As of December 31, 2022 As of March 31, 2022 Commitment amount $ 180,000 $ 180,000 Borrowings outstanding at cost $ 29,600 $ — Availability (A) $ 150,400 $ 180,000 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2022 2021 2022 2021 Weighted-average borrowings outstanding $ 26,054 $ 21,184 $ 12,621 $ 23,959 Effective interest rate (B) 12.8 % 11.1 % 19.8 % 10.1 % Commitment (unused) fees incurred $ 394 $ 406 $ 1,279 $ 1,191 (A) Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $150.4 million and $180.0 million as of December 31, 2022 and March 31, 2022, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. Among other things, the Credit Facility contains a performance guaranty that requires us to maintain: (i) a minimum net worth (defined in the Credit Facility to include our mandatory redeemable term preferred stock) of the greater of $210.0 million or $210.0 million plus 50% of all equity and subordinated debt raised, minus 50% of any equity or subordinated debt redeemed or retired after November 16, 2016, which equated to $288.0 million as of December 31, 2022; (ii) asset coverage with respect to senior securities representing indebtedness of at least 150% (or such percentage as may be set forth in Section 18 of the 1940 Act, as modified by Section 61 of the 1940 Act); and (iii) our status as a BDC under the 1940 Act and as a RIC under the Code. As of December 31, 2022, and as defined in the performance guaranty of the Credit Facility, we had a net worth of $705.7 million, asset coverage on our senior securities representing indebtedness of 250.5%, calculated in compliance with the requirements of Sections 18 and 61 of the 1940 Act, and an active status as a BDC and RIC. As of December 31, 2022, we were in compliance with all covenants under the Credit Facility. Fair Value We elected to apply the fair value option of ASC Topic 825, “ Financial Instruments ,” to the Credit Facility, which was consistent with our application of ASC 820 to our investments. Generally, the fair value of the Credit Facility is determined using a yield analysis, which includes a DCF calculation and also takes into account the assumptions the Valuation Team believes market participants would use, including the estimated remaining life, counterparty credit risk, current market yield and interest rate spreads of similar securities as of the measurement date. As of December 31, 2022 and March 31, 2022, the discount rate used to determine the fair value of the Credit Facility was 30-day LIBOR, with a 0.5% floor, plus 2.85% per annum, plus an unused commitment fee of 1.0%. Generally, an increase or decrease in the discount rate used in the DCF calculation may result in a corresponding decrease or increase, respectively, in the fair value of the Credit Facility. As of each of December 31, 2022 and March 31, 2022, the Credit Facility was valued using Level 3 inputs and any changes in its fair value are recorded in Net unrealized appreciation (depreciation) of other on our accompanying Consolidated Statements of Operations. The following tables provide relevant information and disclosures about the Credit Facility as of December 31, 2022 and March 31, 2022, and for the three and nine months ended December 31, 2022 and 2021, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) December 31, 2022 March 31, 2022 Credit Facility $ 29,600 $ — Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2022: Fair value at September 30, 2022 $ 16,600 Borrowings 41,400 Repayments (28,400) Unrealized appreciation (depreciation) — Fair value at December 31, 2022 $ 29,600 Nine Months Ended December 31, 2022: Fair value at March 31, 2022 $ — Borrowings 82,900 Repayments (53,300) Unrealized appreciation (depreciation) — Fair value at December 31, 2022 $ 29,600 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2021: Fair value at September 30, 2021 $ 8,900 Borrowings 49,000 Repayments (57,900) Unrealized appreciation (depreciation) — Fair value at December 31, 2021 $ — Nine Months Ended December 31, 2021: Fair value at March 31, 2021 $ 22,400 Borrowings 111,700 Repayments (134,100) Unrealized appreciation (depreciation) — Fair value at December 31, 2021 $ — The fair value of the collateral under the Credit Facility was $641.0 million and $537.5 million as of December 31, 2022 and March 31, 2022, respectively. Notes Payable 5.00% Notes due 2026 In March 2021, we completed a public offering of 5.00% Notes due 2026 with an aggregate principal amount of $127.9 million (the “2026 Notes”), which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2026 Notes are traded under the ticker symbol “GAINN” on the Nasdaq Global Select Market (“Nasdaq”). The 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 1, 2023. The 2026 Notes bear interest at a rate of 5.00% per year, which is payable quarterly in arrears. The indenture relating to the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we will provide the holders of the 2026 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 2026 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $4.1 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending May 1, 2026, the maturity date. 4.875% Notes due 2028 In August 2021, we completed a public offering of 4.875% Notes due 2028 with an aggregate principal amount of $134.6 million (the “2028 Notes”), which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after November 1, 2023. The 2028 Notes bear interest at a rate of 4.875% per year, which is payable quarterly in arrears. The indenture relating to the 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. The 2028 Notes are recorded at the aggregate principal amount, less underwriting discounts, commissions, and offering costs, on our accompanying Consolidated Statements of Assets and Liabilities . Total underwriting discounts, commissions, and offering costs related to this offering were $3.3 million, which have been recorded as discounts to the aggregate principal amount on our accompanying Consolidated Statements of Assets and Liabilities and are being amortized over the period ending November 1, 2028, the maturity date. The following tables summarize our 2026 Notes and 2028 Notes as of December 31, 2022 and March 31, 2022: As of December 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,369) Notes payable, net (C) $ 257,119 As of March 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (6,236) Notes payable, net (C) $ 256,252 (A) The 2026 Notes can be redeemed at our option at any time on or after May 1, 2023. The 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. (B) As of December 31, 2022 and March 31, 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 250.5% and 252.9%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . The fair value, based on the last reported closing prices, of the 2026 Notes and 2028 Notes as of December 31, 2022 was $117.7 million and $117.3 million, respectively. The fair value, based on the last reported closing prices, of the 2026 Notes and 2028 Notes as of March 31, 2022 was $128.3 million and $134.3 million, respectively. We consider the closing prices of the 2026 Notes and 2028 Notes to be Level 1 inputs within the ASC 820 hierarchy. Secured Borrowing In August 2012, we entered into a participation agreement with a third-party related to $5.0 million of our secured second lien term debt investment in Ginsey and in May 2014, we amended the agreement with the third-party to include an additional $0.1 million. ASC Topic 860, “ Transfers and Servicing ” required us to treat the participation as a financing-type transaction. Specifically, the third-party had a senior claim to our remaining investment in the event of default by Ginsey which, in part, resulted in the loan participation bearing a rate of interest lower than the contractual rate established at origination. Therefore, our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022 reflect the entire secured second lien term debt investment in Ginsey and a corresponding $5.1 million secured borrowing liability. In conjunction with the August 2022 refinancing at Ginsey, the $5.1 million secured borrowing liability was extinguished. |
MANDATORILY REDEEMABLE PREFERRE
MANDATORILY REDEEMABLE PREFERRED STOCK | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
MANDATORILY REDEEMABLE PREFERRED STOCK | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of our 2028 Notes to voluntarily redeem all outstanding shares of our 6.375% Series E Cumulative Term Preferred Stock (or “Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. The following table summarizes dividends declared by our Board of Directors and paid by us on our Series E Term Preferred Stock during the nine months ended December 31, 2021: For the Nine Months Ended December 31, 2021 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.1328125 April 13, 2021 May 19, 2021 May 28, 2021 0.1328125 April 13, 2021 June 18, 2021 June 30, 2021 0.1328125 July 13, 2021 July 23, 2021 July 30, 2021 0.1328125 July 13, 2021 August 23, 2021 August 31, 2021 0.0796875 (B) Total $ 0.6109375 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021. (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains. We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2022 and 2021: For the Nine Months Ended December 31, 2022 : Declaration Date Record Date Payment Date Distribution per April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 Nine Months Ended December 31, 2022 $ 0.930 For the Nine Months Ended December 31, 2021 : Declaration Date Record Date Payment Date Distribution per April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 Nine Months Ended December 31, 2021 $ 0.825 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid were $30.9 million and $27.4 million for the nine months ended December 31, 2022 and 2021, respectively. For the fiscal year ended March 31, 2022, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $13.9 million of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal year ended March 31, 2022 net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $15.7 million of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. For the three months ended December 31, 2022, we recorded $0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and Accumulated net realized gain in excess of distributions and increased Underdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2022, we recorded $1.6 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Underdistributed net investment income and Accumulated net realized gain in excess of distributions on our accompanying Consolidated Statements of Assets and Liabilities . For the three months ended December 31, 2021, we recorded $0.1 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2021, we recorded $2.8 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and Overdistributed net investment income and increased Accumulated net realized gain in excess of distributions on our accompanying Consolidated Statements of Assets and Liabilities . We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the year ended March 31, 2022, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. |
REGISTRATION STATEMENT AND COMM
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | 9 Months Ended |
Dec. 31, 2022 | |
Government Assistance [Abstract] | |
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS | REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS Registration Statement On September 3, 2021, we filed a registration statement on Form N-2 (File No. 333-259302), which the SEC declared effective on October 15, 2021. The registration statement permits us to issue, through one or more transactions, up to an aggregate of $300.0 million in securities, consisting of common stock, preferred stock, subscription rights, debt securities, and warrants to purchase common stock, preferred stock, or debt securities, including through concurrent, separate offerings of such securities. As of December 31, 2022, we had the ability to issue up to $296.5 million of the securities registered under the registration statement. Common Equity Offering In August 2022, we entered into equity distribution agreements with Oppenheimer & Co. and Virtu Americas LLC (each a “Sales Agent”), under which we have the ability to issue and sell shares of our common stock, from time to time, through the Sales Agents, up to an aggregate offering price of $50.0 million in what is commonly referred to as an “at-the-market” program (“Common Stock ATM Program”). As of December 31, 2022, we had remaining capacity to sell up to an additional $46.5 million of common stock under the Common Stock ATM program. During the three months ended December 31, 2022, we sold 212,338 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $14.11 per share, raising approximately $3.0 million of gross proceeds. The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $13.91 and resulted in total net proceeds of approximately $3.0 million. All sales were above our then current estimated NAV per share. We did not sell any shares of our common stock under the common stock at-the-market program during the three months ended December 31, 2021. During the nine months ended December 31, 2022, we sold 241,978 shares of our common stock under the Common Stock ATM Program at a weighted-average gross price of $14.31 per share, raising approximately $3.5 million of gross proceeds. The weighted-average net price per share, after deducting commissions and offering costs borne by us, was $14.11 and resulted in total net proceeds of approximately $3.4 million. All sales were above our then current estimated NAV per share. We did not sell any shares of our common stock under a common stock at-the-market program during the nine months ended December 31, 2021. |
NET INCREASE (DECREASE) IN NET
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | 9 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE | NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the three and nine months ended December 31, 2022 and 2021: Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Net increase in net assets resulting from operations $ 15,779 $ 10,346 $ 30,889 $ 85,620 Basic and diluted weighted-average common shares 33,316,055 33,205,023 33,246,811 33,205,023 Basic and diluted net increase in net assets resulting from operations per weighted-average common share $ 0.47 $ 0.31 $ 0.93 $ 2.58 |
DISTRIBUTIONS TO COMMON STOCKHO
DISTRIBUTIONS TO COMMON STOCKHOLDERS | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
DISTRIBUTIONS TO COMMON STOCKHOLDERS | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of our 2028 Notes to voluntarily redeem all outstanding shares of our 6.375% Series E Cumulative Term Preferred Stock (or “Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of our Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. The following table summarizes dividends declared by our Board of Directors and paid by us on our Series E Term Preferred Stock during the nine months ended December 31, 2021: For the Nine Months Ended December 31, 2021 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.1328125 April 13, 2021 May 19, 2021 May 28, 2021 0.1328125 April 13, 2021 June 18, 2021 June 30, 2021 0.1328125 July 13, 2021 July 23, 2021 July 30, 2021 0.1328125 July 13, 2021 August 23, 2021 August 31, 2021 0.0796875 (B) Total $ 0.6109375 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021. (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“Investment Company Taxable Income”). The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains. We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2022 and 2021: For the Nine Months Ended December 31, 2022 : Declaration Date Record Date Payment Date Distribution per April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 Nine Months Ended December 31, 2022 $ 0.930 For the Nine Months Ended December 31, 2021 : Declaration Date Record Date Payment Date Distribution per April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 Nine Months Ended December 31, 2021 $ 0.825 (A) Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid were $30.9 million and $27.4 million for the nine months ended December 31, 2022 and 2021, respectively. For the fiscal year ended March 31, 2022, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $13.9 million of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal year ended March 31, 2022 net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $15.7 million of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. For the three months ended December 31, 2022, we recorded $0.3 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and Accumulated net realized gain in excess of distributions and increased Underdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2022, we recorded $1.6 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Underdistributed net investment income and Accumulated net realized gain in excess of distributions on our accompanying Consolidated Statements of Assets and Liabilities . For the three months ended December 31, 2021, we recorded $0.1 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities . For the nine months ended December 31, 2021, we recorded $2.8 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and Overdistributed net investment income and increased Accumulated net realized gain in excess of distributions on our accompanying Consolidated Statements of Assets and Liabilities . We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the year ended March 31, 2022, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Legal Proceedings We are party to certain legal proceedings incidental to the normal course of our business. We are required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Based on current knowledge, we do not believe that loss contingencies, if any, arising from pending investigations, litigation or regulatory matters will have a material adverse effect on our financial condition, results of operation or cash flows. Additionally, based on our current knowledge, we do not believe such loss contingencies are both probable and estimable and therefore, as of December 31, 2022 and March 31, 2022, we had no established reserves for such loss contingencies. Escrow Holdbacks From time to time, we enter into arrangements relating to exits of certain investments whereby specific amounts of the proceeds are held in escrow to be used to satisfy potential obligations, as stipulated in the sales agreements. We record escrow amounts in Restricted cash and cash equivalents, if received in cash but subject to potential obligations or other contractual restrictions, or as escrow receivables in Other assets, net, if not yet received in cash, on our accompanying Consolidated Statements of Assets and Liabilities . We establish reserves and holdbacks against escrow amounts if we determine that it is probable and estimable that a portion of the escrow amounts will not ultimately be released or received at the end of the escrow period. Reserves and holdbacks against escrow amounts were $0.3 million and $0.2 million as of December 31, 2022 and March 31, 2022, respectively. Financial Commitments and Obligations We may have line of credit and delayed draw term debt commitments to certain of our portfolio companies that have not been fully drawn. Since these lines of credit and delayed draw term debt commitments have expiration dates and we expect many will never be fully drawn, the total line of credit and delayed draw term debt commitment amounts do not necessarily represent future cash requirements. We estimate the fair value of the combined unused line of credit and delayed draw term debt commitments as of December 31, 2022 and March 31, 2022 to be insignificant. In conjunction with the term loan repayment by CCE in November 2022, our previously outstanding $1.0 million guaranty was released and terminated. We were not required to make any payments on this guaranty, or any guaranties that existed in previous periods. The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of December 31, 2022 and March 31, 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities: December 31, 2022 March 31, 2022 Unused line of credit and delayed draw term debt commitments $ — $ 4,250 Guaranties — 10,250 Total $ — $ 14,500 |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 9 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
FINANCIAL HIGHLIGHTS | FINANCIAL HIGHLIGHTS Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Per Common Share Data: Net asset value at beginning of period (A) $ 13.31 $ 13.27 $ 13.43 $ 11.52 Income from investment operations (B) Net investment income 0.26 0.25 0.82 0.25 Net realized gain (loss) on investments and other 0.11 0.67 0.32 0.68 Net unrealized appreciation (depreciation) of investments 0.10 (0.61) (0.21) 1.65 Total from investment operations 0.47 0.31 0.93 2.58 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.22) (0.23) (0.46) (0.59) Cash distributions to common stockholders from net realized gains (C) (0.14) (0.09) (0.47) (0.24) Net accretive effective of equity offering (D) 0.01 — 0.01 — Total from equity capital activity (0.35) (0.32) (0.92) (0.83) Other, net (B)(E) — 0.01 (0.01) — Net asset value at end of period (A) $ 13.43 $ 13.27 $ 13.43 $ 13.27 Per common share market value at beginning of period $ 12.10 $ 13.87 $ 16.13 $ 12.23 Per common share market value at end of period $ 12.91 $ 17.08 $ 12.91 $ 17.08 Total investment return (F) 9.63 % 25.52 % (14.36) % 47.50 % Common stock outstanding at end of period (A) 33,447,001 33,205,023 33,447,001 33,205,023 Statement of Assets and Liabilities Data : Net assets at end of period $ 449,191 $ 440,589 $ 449,191 $ 440,589 Average net assets (G) $ 445,431 $ 439,754 $ 446,742 $ 420,286 Senior Securities Data : Total borrowings, at cost $ 292,088 $ 267,584 $ 292,088 $ 267,584 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 11.70 % 7.59 % 10.22 % 14.29 % Ratio of net investment income (loss) to average net assets – annualized (I) 7.70 % 7.64 % 8.14 % 2.62 % (A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate. (B) Based on weighted-average basic common share data for the corresponding period. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the nine months ended December 31, 2022, the accretive effect is a result of issuing common shares at a price above the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding period and actual common shares outstanding at the end of the period) in the Per Common Share Data calculations and rounding impacts. (F) Total return equals the change in the market value of our common stock from the beginning of the period, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (H) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 14.24% and 12.55% for the three months ended December 31, 2022 and 2021, respectively, and 12.87% and 17.87% for the nine months ended December 31, 2022 and 2021, respectively. (I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets - annualized would have been 5.15% and 2.68% for the three months ended December 31, 2022 and 2021, respectively, and 5.50% and (0.96)% for the nine months ended December 31, 2022 and 2021, respectively. |
UNCONSOLIDATED SIGNIFICANT SUBS
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
UNCONSOLIDATED SIGNIFICANT SUBSIDIARIES | UNCONSOLIDATED SIGNIFICANT SUBSIDIARIESIn accordance with the SEC’s Regulation S-X, we do not consolidate portfolio company investments. Further, in accordance with ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. We did not have any unconsolidated subsidiaries that met any of the significance conditions under Rule 1-02(w) of the SEC’s Regulation S-X as of or during the nine month periods ended December 31, 2022 and 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distributions and Dividends In January 2023, our Board of Directors declared the following monthly distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 20, 2023 January 31, 2023 $ 0.08 February 17, 2023 February 28, 2023 0.08 March 3, 2023 March 15, 2023 0.24 (A) March 17, 2023 March 31, 2023 0.08 Total for the Quarter: $ 0.48 (A) Represents a supplemental distribution to common stockholders. ATM Activity Subsequent to December 31, 2022 and through February 1, 2023, we sold 8,484 shares of our common stock under our common stock ATM Program at a weighted-average gross price of $14.01 per share and raised approximately $0.1 million in net proceeds. These sales were above our then-current estimated NAV per share. |
N-2
N-2 | 9 Months Ended |
Dec. 31, 2022 $ / shares | |
Cover [Abstract] | |
Entity Central Index Key | 0001321741 |
Amendment Flag | false |
Securities Act File Number | 814-00704 |
Document Type | 10-Q |
Entity Registrant Name | GLADSTONE INVESTMENT CORPORATION\DE |
Entity Address, Address Line One | 1521 WESTBRANCH DRIVE |
Entity Address, Address Line Two | SUITE 100 |
Entity Address, City or Town | MCLEAN |
Entity Address, State or Province | VA |
Entity Address, Postal Zip Code | 22102 |
City Area Code | 703 |
Local Phone Number | 287-5800 |
Entity Emerging Growth Company | false |
Financial Highlights [Abstract] | |
Senior Securities, Note [Text Block] | As of December 31, 2022, our asset coverage ratio on our senior securities representing indebtedness was 250.5%. |
General Description of Registrant [Abstract] | |
Investment Objectives and Practices [Text Block] | We were established for the purpose of investing in debt and equity securities of established private businesses operating in the United States (“U.S.”). Our investment objectives are to: (i) achieve and grow current income by investing in debt securities of established businesses that we believe will provide stable earnings and cash flow to pay expenses, make principal and interest payments on our outstanding indebtedness, and make distributions to our stockholders that grow over time; and (ii) provide our stockholders with long-term capital appreciation in the value of our assets by investing in equity securities of established businesses, generally in combination with the aforementioned debt securities, that we believe can grow over time to permit us to sell our equity investments for capital gains. To achieve our objectives, our investment strategy is to invest in several categories of debt and equity securities, with individual investments generally totaling up to $70 million, although investment size may vary depending upon our total assets or available capital at the time of investment. We expect that our investment portfolio over time will consist of approximately 75% in debt investments and 25% in equity investments, at cost.We focus on investing in lower middle market private businesses (which we generally define as companies with annual earnings before interest, taxes, depreciation and amortization (“EBITDA”) of $3 million to $20 million) (“Lower Middle Market”) in the U.S. that meet certain criteria, including: the sustainability of the business’ free cash flow and its ability to grow it over time, adequate assets for loan collateral, experienced management teams with a significant ownership interest in the portfolio company, reasonable capitalization of the portfolio company, including an ample equity contribution or cushion based on prevailing enterprise valuation multiples, and the potential to realize appreciation and gain liquidity in our equity position, if any. We anticipate that liquidity in our equity position will be achieved through a merger or acquisition of the portfolio company, a public offering of the portfolio company’s stock, or, to a lesser extent, by exercising our right to require the portfolio company to repurchase our warrants, though there can be no assurance that we will always have these rights. We invest in portfolio companies that seek funds for management buyouts and/or growth capital to finance acquisitions, recapitalize or, to a lesser extent, refinance their existing debt facilities. We seek to avoid investing in high-risk, early-stage enterprises. |
Latest Share Price | $ 12.91 |
Latest Premium (Discount) to NAV [Percent] | 3.90% |
Latest NAV | $ 13.43 |
Notes 2026 Five Point Zero [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Long Term Debt, Title [Text Block] | 5.00% Notes due 2026 |
Long Term Debt, Structuring [Text Block] | In March 2021, we completed a public offering of the 2026 Notes with an aggregate principal amount of $127.9 million, which resulted in net proceeds of approximately $123.8 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2026 Notes are traded under the ticker symbol “GAINN” on Nasdaq. The 2026 Notes will mature on May 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 1, 2023. The 2026 Notes bear interest at a rate of 5.00% per year (which equates to $6.4 million per year), payable quarterly in arrears. |
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 2026 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we will provide the holders of the 2026 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. |
Notes 2028 Four Point Eight Seven Five [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Long Term Debt, Title [Text Block] | 4.875% Notes due 2028 |
Long Term Debt, Structuring [Text Block] | In August 2021, we completed a public offering of the 2028 Notes with an aggregate principal amount of $134.6 million, which resulted in net proceeds of approximately $131.3 million after deducting underwriting discounts, commissions and offering costs borne by us. The 2028 Notes are traded under the ticker symbol “GAINZ” on Nasdaq. The 2028 Notes will mature on November 1, 2028 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after November 1, 2023. The 2028 Notes bear interest at a rate of 4.875% per year (which equates to $6.6 million per year), payable quarterly in arrears. |
Long Term Debt, Dividends and Covenants [Text Block] | The indenture relating to the 2028 Notes contains certain covenants, including (i) an inability to incur additional debt or issue additional debt or preferred securities unless the Company’s asset coverage meets the threshold specified in the 1940 Act after such borrowing, (ii) an inability to declare any dividend or distribution (except a dividend payable in our stock) on a class of our capital stock or to purchase shares of our capital stock unless the Company’s asset coverage meets the threshold specified in the 1940 Act at the time of (and giving effect to) such declaration or purchase, and (iii) if, at any time, we are not subject to the reporting requirements of the Exchange Act, we will provide the holders of the 2028 Notes and the trustee with audited annual consolidated financial statements and unaudited interim consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements and Basis of Presentation | Unaudited Interim Financial Statements and Basis of Presentation We prepare our interim financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of SEC Regulation S-X. Accordingly, we have not included in this quarterly report all of the information and notes required by GAAP for annual financial statements. The accompanying Consolidated Financial Statements include our accounts and those of our wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. In accordance with Article 6 of Regulation S-X, we do not consolidate portfolio company investments. Under the investment company rules and regulations pursuant to the American Institute of Certified Public Accountants Audit and Accounting Guide for Investment Companies, codified in ASC 946, we are precluded from consolidating any entity other than another investment company, except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to the investment company or its consolidated subsidiaries. In our opinion, all adjustments, consisting solely of normal recurring accruals, necessary for the fair statement of financial statements for the interim periods have been included. The results of operations for the three and nine months ended December 31, 2022 are not necessarily indicative of results that ultimately may be achieved for the fiscal year ending March 31, 2023 or any future interim period. The interim financial statements and notes thereto should be read in conjunction with the financial |
Use of Estimates | Use of Estimates Preparing financial statements requires management to make estimates and assumptions that affect the amounts reported in our accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements . Actual results may differ from those estimates. |
Investment Valuation Policy | Investment Valuation Policy Accounting Recognition We record our investments at fair value in accordance with the FASB ASC Topic 820, “ Fair Value Measurements and Disclosures” (“ASC 820”) and the 1940 Act. Investment transactions are recorded on the trade date. Realized gains or losses are generally measured by the difference between the net proceeds from the repayment or sale and the cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily reflects the change in investment fair values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Board Responsibility In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which permits a BDC’s board of directors to designate its investment adviser as a valuation designee (the "Valuation Designee") to perform fair value determinations for its investment portfolio, subject to the active oversight of such board. Our board of directors (the “Board of Directors”) has approved investment valuation policies and procedures pursuant to Rule 2a-5 (the “Policy”) and, in July 2022, designated the Adviser to serve as the Board of Directors’ Valuation Designee. In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing and determining, in good faith, the fair value of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight includes receiving written fair value determinations and supporting materials provided by the Valuation Designee, in coordination with the Administrator and with the oversight by the Company’s chief valuation officer (collectively, the “Valuation Team”). The Valuation Committee of our Board of Directors (comprised entirely of independent directors) meets to review the valuation determinations and supporting materials, discusses the information provided by the Valuation Team, determines whether the Valuation Team has followed the Policy, and reviews other facts and circumstances, including current valuation risks, conflicts of interest, material valuation matters, appropriateness of valuation methodologies, back-testing results, price challenges/overrides, and ongoing monitoring and oversight of pricing services. After the Valuation Committee concludes its meeting, it and the chief valuation officer, representing the Valuation Designee, present the Valuation Committee’s findings on the Valuation Designee's recommendations to the entire Board of Directors so that the full Board of Directors may review and approve in good faith the Valuation Designee’s determined fair values of such investments in accordance with the Policy. There is no single standard for determining fair value (especially for privately-held businesses), as fair value depends upon the specific facts and circumstances of each individual investment. In determining the fair value of our investments, the Valuation Team, led by the chief valuation officer, uses the Policy, and each quarter the Valuation Committee and Board of Directors review the Policy to determine if changes thereto are advisable and whether the Valuation Team has applied the Policy consistently. Use of Third-Party Valuation Firms The Valuation Team engages third-party valuation firms to provide independent assessments of fair value of certain of our investments. ICE Data Pricing and Reference Data, LLC (“ICE”), a valuation specialist, generally provides estimates of fair value on our debt investments. The Valuation Team generally assigns ICE’s estimates of fair value to our debt investments where we do not have the ability to effectuate a sale of the applicable portfolio company. The Valuation Team corroborates ICE’s estimates of fair value using one or more of the valuation techniques discussed below. The Valuation Team’s estimate of value on a specific debt investment may significantly differ from ICE’s. When this occurs, our Valuation Committee and Board of Directors review whether the Valuation Team has followed the Policy and whether the Valuation Team’s recommended fair value is reasonable in light of the Policy and other facts and circumstances before determining fair value. We may engage other independent valuation firms to provide earnings multiple ranges, as well as other information, and evaluate such information for incorporation into the total enterprise value (“TEV”) of certain of our investments. Generally, at least once per year, we engage an independent valuation firm to value or review the valuation of each of our significant equity investments, which includes providing the information noted above. The Valuation Team evaluates such information for incorporation into our TEV, including review of all inputs provided by the independent valuation firm. The Valuation Team then makes a recommendation to our Valuation Committee and Board of Directors as to the fair value. Our Board of Directors reviews the recommended fair value and whether it is reasonable in light of the Policy and other relevant facts and circumstances before determining fair value. Valuation Techniques In accordance with ASC 820, the Valuation Team uses the following techniques when valuing our investment portfolio: • Total Enterprise Value — In determining the fair value using a TEV, the Valuation Team first calculates the TEV of the portfolio company by incorporating some or all of the following factors: the portfolio company’s ability to make payments and other specific portfolio company attributes; the earnings of the portfolio company (the trailing or projected twelve month revenue or earnings before interest, taxes, depreciation and amortization (“EBITDA”)); EBITDA multiples obtained from our indexing methodology whereby the original transaction EBITDA multiple at the time of our closing is indexed to a general subset of comparable disclosed transactions and EBITDA multiples from recent sales to third parties of similar securities in similar industries; a comparison to publicly traded securities in similar industries; and other pertinent factors. The Valuation Team generally reviews industry statistics and may use outside experts when gathering this information. Once the TEV is determined for a portfolio company, the Valuation Team generally allocates the TEV to the portfolio company’s securities based on the facts and circumstances of the securities, which typically results in the allocation of fair value to securities based on the order of their relative priority in the capital structure. Generally, the Valuation Team uses TEV to value our equity investments and, in the circumstances where we have the ability to effectuate a sale of a portfolio company, our debt investments. TEV is primarily calculated using EBITDA and EBITDA multiples; however, TEV may also be calculated using revenue and revenue multiples or a discounted cash flow (“DCF”) analysis whereby future expected cash flows of the portfolio company are discounted to determine a net present value using estimated risk-adjusted discount rates, which incorporate adjustments for nonperformance and liquidity risks. • Yield Analysis — The Valuation Team generally determines the fair value of our debt investments for which we do not have the ability to effectuate a sale of the applicable portfolio company using the yield analysis, which includes a DCF calculation and assumptions that the Valuation Team believes market participants would use, including: estimated remaining life, current market yield, current leverage, and interest rate spreads. This technique develops a modified discount rate that incorporates risk premiums including, among other things, increased probability of default, increased loss upon default, and increased liquidity risk. Generally, the Valuation Team uses the yield analysis to corroborate both estimates of value provided by ICE and market quotes. • Market Quotes — For our investments for which a limited market exists, we generally base fair value on readily available and reliable market quotations, which are corroborated by the Valuation Team (generally by using the yield analysis described above). In addition, the Valuation Team assesses trading activity for similar investments and evaluates variances in quotations and other market insights to determine if any available quoted prices are reliable. Typically, the Valuation Team uses the lower indicative bid price in the bid-to-ask price range obtained from the respective originating syndication agent’s trading desk on or near the valuation date. The Valuation Team may take further steps to consider additional information to validate that price in accordance with the Policy. For securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date. For restricted securities that are publicly traded, we generally base fair value on the closing market price of the securities we hold as of the reporting date less a discount for the restriction, which includes consideration of the nature and term to expiration of the restriction. • Investments in Funds — For equity investments in other funds for which we cannot effectuate a sale of the fund, the Valuation Team generally determines the fair value of our invested capital at the net asset value (“NAV”) provided by the fund. Any invested capital that is not yet reflected in the NAV provided by the fund is valued at par value. The Valuation Team may also determine fair value of our investments in other investment funds based on the capital accounts of the underlying entity. In addition to the valuation techniques listed above, the Valuation Team may also consider other factors when determining the fair value of our investments, including: the nature and realizable value of the collateral, including external parties’ guaranties, any relevant offers or letters of intent to acquire the portfolio company, timing of expected loan repayments, and the markets in which the portfolio company operates. Fair value measurements of our investments may involve subjective judgments and estimates and, due to the uncertainty inherent in valuing these securities, the determinations of fair value may fluctuate from period to period and may differ materially from the values that could be obtained if a ready market for these securities existed. Our NAV could be materially affected if the determinations regarding the fair value of our investments are materially different from the values that we ultimately realize upon our disposal of such securities. Additionally, changes in the market environment and other events that may occur over the life of the investment may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which it is recorded. Refer to Note 3 — Investments for additional information regarding fair value measurements and our application of ASC 820. |
Revenue Recognition | Revenue Recognition Interest Income Recognition Interest income, adjusted for amortization of premiums, amendment fees and acquisition costs and the accretion of discounts, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 90 days or more past due, or if our qualitative assessment indicates that the debtor is unable to service its debt or other obligations, we will place the loan on non-accrual status and cease recognizing interest income on that loan until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, we remain contractually entitled to this interest. Interest payments received on non-accrual loans may be recognized as income or applied to the cost basis, depending upon management’s judgment. Generally, non-accrual loans are restored to accrual status when past-due principal and interest are paid and, in management’s judgment, are likely to remain current, or, due to a restructuring, the interest income is deemed to be collectible. As of December 31, 2022, our loans to Edge Adhesives Holdings, Inc., J.R. Hobbs Co. – Atlanta, LLC (“J.R. Hobbs”) and The Mountain Corporation (“The Mountain”) were on non-accrual status, with an aggregate debt cost basis of $66.6 million, or 12.0% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $38.0 million, or 7.3% of the fair value of all debt investments in our portfolio. As of March 31, 2022, our loans to J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. were on non-accrual status, with an aggregate debt cost basis of $77.2 million, or 15.1% of the cost basis of all debt investments in our portfolio, and an aggregate fair value of $60.0 million, or 12.2% of the fair value of all debt investments in our portfolio. Paid-in-kind (“PIK”) interest, computed at the contractual rate specified in the loan agreement, is added to the principal balance of the loan and recorded as interest income. As of December 31, 2022 and March 31, 2022, we did not have any loans with a PIK interest component. Success Fee Income Recognition We record success fees as income when earned, which often occurs upon receipt of cash. Success fees are generally contractually due upon a change of control in a portfolio company, typically resulting from an exit or sale, and are non-recurring. |
Related Party Fees | Related Party Fees We are party to the Advisory Agreement with the Adviser, which is owned and controlled by our chairman and chief executive officer. In accordance with the Advisory Agreement, we pay the Adviser fees as compensation for its services, consisting of a base management fee and an incentive fee. Additionally, we pay the Adviser a loan servicing fee as compensation for its services as servicer under the terms of the Fifth Amended and Restated Credit Agreement dated April 30, 2013, as amended from time to time (the "Credit Facility"). We are also party to the Administration Agreement with the Administrator, which is owned and controlled by our chairman and chief executive officer, whereby we pay separately for administrative services. |
Recent Accounting Pronouncements | Recent Accounting PronouncementsIn June 2022, the FASB issued Accounting Standards Update 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”), which clarifies the measurement and presentation of fair value for equity securities subject to contractual restrictions that prohibit the sale of the equity security. ASU 2022-03 is effective for annual reporting periods beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. Our early adoption of ASU 2022-03 did not have a material impact on our financial position, results of operations or cash flows |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | As of December 31, 2022 and March 31, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy: Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2022: Secured first lien debt $ 447,491 $ — $ — $ 447,491 Secured second lien debt 76,169 — — 76,169 Preferred equity 221,774 — — 221,774 Common equity/equivalents 15,029 — 31 (A) 14,998 Total Investments as of December 31, 2022 $ 760,463 $ — $ 31 $ 760,432 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2022: Secured first lien debt $ 425,087 $ — $ — $ 425,087 Secured second lien debt 67,958 — — 67,958 Preferred equity 217,599 — — 217,599 Common equity/equivalents 3,752 — 74 (A) 3,678 Total Investments as of March 31, 2022 $ 714,396 $ — $ 74 $ 714,322 (A) Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of December 31, 2022 and March 31, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type: Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs December 31, 2022 March 31, 2022 Non-Control/Non-Affiliate Investments Secured first lien debt $ 283,344 $ 233,673 Secured second lien debt 49,551 66,917 Preferred equity 166,168 139,927 Common equity/equivalents (A) 2,249 1,533 Total Non-Control/Non-Affiliate Investments 501,312 442,050 Affiliate Investments Secured first lien debt 164,147 191,414 Secured second lien debt 26,618 1,041 Preferred equity 55,606 77,672 Common equity/equivalents 12,036 1,432 Total Affiliate Investments 258,407 271,559 Control Investments Secured first lien debt — — Secured second lien debt — — Preferred equity — — Common equity/equivalents 713 713 Total Control Investments 713 713 Total investments at fair value using Level 3 inputs $ 760,432 $ 714,322 (A) Excludes our investment in Funko with a fair value of $31 thousand and $74 thousand as of December 31, 2022 and March 31, 2022, respectively, which was valued using Level 2 inputs. |
Fair Value Measurement Inputs and Valuation Techniques | The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input. Quantitative Information about Level 3 Fair Value Measurements Fair Value as of Valuation Unobservable Range / Weighted-Average as of December 31, March 31, December 31, March 31, Secured first $ 442,028 $ 411,023 TEV EBITDA multiple 3.1x – 7.9x / 6.2x 3.4x – 9.3x / 7.0x EBITDA $3,973–$18,548 / $10,962 $3,990 - $13,707/$8,221 Revenue multiple 0.3x – 0.6x / 0.3x 0.7x – 0.7x / 0.7x Revenue $12,461 – $107,907 / $88,029 $14,072 – $14,072/$14,072 5,463 14,064 Yield Analysis Discount Rate 15.1% – 18.9% / 17.2% 11.3% – 15.2% / 14.6% Secured second 63,153 39,637 TEV EBITDA multiple 5.6x – 7.8x / 6.7x 5.6x – 6.8x / 6.0x EBITDA $3,221 – $6,669 / $5,113 $3,953 – $5,488 / $4,959 Revenue multiple 0.5x –0.5x / 0.5x 0.7x – 0.7x /0.7x Revenue $12,461 – $12,461 / $12,461 $14,072 – $14,072 / $14,072 13,016 28,321 Yield Analysis Discount Rate 13.3% – 13.3% / 13.3% 10.0% – 12.2% / 11.6% Preferred 221,774 217,599 TEV EBITDA multiple 3.1x – 7.9x / 5.9x 3.4x – 9.3x / 6.8x EBITDA $3,973 – $18,548 / $9,640 $1,210 – $13,707 / $6,926 Revenue multiple 0.3x – 0.6x / 0.4x 0.7x – 0.7x / 0.7x Revenue $12,461 – $107,907 / $53,486 $14,072 – $14,072 / $14,072 Common equity/ equivalents (A) 14,998 3,678 TEV EBITDA multiple 4.3x – 7.8x / 7.2x 4.8x – 8.4x / 5.8x EBITDA $969 – $27,118 / $5,302 $829 – $13,707 / $5,709 Revenue multiple 0.5x – 0.5x / 0.5x 0.7x – 0.7x / 0.7x Revenue $12,461 – $12,461 / $12,461 $14,072 – $14,072 / $14,072 Total $ 760,432 $ 714,322 (A) Fair value as of both December 31, 2022 and March 31, 2022 excludes our investment in Funko with a fair value of $31 thousand and $74 thousand, respectively, which was valued using Level 2 inputs. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2022 and 2021 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Secured Secured Preferred Equity Common Total Three Months ended December 31, 2022: Fair value as of September 30, 2022 $ 420,907 $ 76,751 $ 229,430 $ 10,789 $ 737,877 Total gain (loss): Net realized gain (loss) (A) — (10,000) 13,372 — 3,372 Net unrealized appreciation (depreciation) (B) (2,516) (266) (7,656) 3,829 (6,609) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 — — 10,001 New investments, repayments and settlements (C): Issuances / originations 29,900 1,183 — 380 31,463 Settlements / repayments (800) (1,500) — — (2,300) Sales (D) — — (13,372) — (13,372) Transfers (E) — — — — — Fair value as of December 31, 2022 $ 447,491 $ 76,169 $ 221,774 $ 14,998 $ 760,432 Secured Secured Preferred Equity Common Total Nine Months Ended December 31, 2022 Fair value as of March 31, 2022 $ 425,087 $ 67,958 $ 217,599 $ 3,678 $ 714,322 Total gain (loss): Net realized gain (loss) (A) — (10,000) 20,318 — 10,318 Net unrealized appreciation (depreciation) (B) (21,328) (4,800) 10,405 10,940 (4,783) Reversal of previously recorded (appreciation) depreciation upon realization (B) — 10,001 (12,250) — (2,249) New investments, repayments and settlements (C): Issuances / originations 106,950 5,188 21,000 380 133,518 Settlements / repayments (48,800) (6,596) — — (55,396) Sales (D) — — (35,298) — (35,298) Transfers (E) (14,418) 14,418 — — — Fair value as of December 31, 2022 $ 447,491 $ 76,169 $ 221,774 $ 14,998 $ 760,432 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Three Months ended December 31, 2021: Fair value as of September 30, 2021 $ 431,413 $ 68,489 $ 228,931 $ 7,592 $ 736,425 Total gain (loss): Net realized gain (loss) (A) — — 21,939 — 21,939 Net unrealized appreciation (depreciation) (B) (1,741) (200) 12,427 (5,166) 5,320 Reversal of previously recorded (appreciation) depreciation upon realization (B) — — (25,425) — (25,425) New investments, repayments and settlements (C) : Issuances / originations 37,000 5 — — 37,005 Settlements / repayments (32,838) — — — (32,838) Sales — — (41,768) — (41,768) Transfers (E) — — — — — Fair value as of December 31, 2021 $ 433,834 $ 68,294 $ 196,104 $ 2,426 $ 700,658 Secured First Lien Debt Secured Second Lien Debt Preferred Equity Common Equity/ Equivalents Total Nine Months Ended December 31, 2021: Fair value as of March 31, 2021 $ 368,688 $ 102,897 $ 159,478 $ 2,671 $ 633,734 Total gain (loss): Net realized gain (loss) (A) — — 23,725 — 23,725 Net unrealized appreciation (depreciation) (B) 1,491 3,925 91,782 (16,279) 80,919 Reversal of previously recorded (appreciation) depreciation upon realization (B) 60 — (26,053) — (25,993) New investments, repayments and settlements (C) : Issuances / originations 65,450 6,515 12,600 — 84,565 Settlements / repayments (46,898) — — — (46,898) Sales — — (49,394) — (49,394) Transfers (E) 45,043 (45,043) (16,034) 16,034 — Fair value as of December 31, 2021 $ 433,834 $ 68,294 $ 196,104 $ 2,426 $ 700,658 (A) Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (B) Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (C) Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments. (D) The three and nine months ended December 31, 2022, includes $13.4 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World"). The nine months ended December 31, 2022 also includes $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc. (E) There were no transfers in the three months ended December 31, 2022. For the nine months ended December 31, 2022, transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. For the three and nine months ended December 31, 2021, transfers include preferred equity of SOG Specialty Knives & Tools, LLC with a total cost and fair value of $0.6 million and $0.0 million, respectively, which was converted into common equity of Gladstone SOG Investments, Inc. in December 2021. |
Summary Investment Holdings | The following table summarizes our investments by security type as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Cost Fair Value Cost Fair Value Secured first lien debt $ 473,189 65.5 % $ 447,491 58.8 % $ 429,457 64.2 % $ 425,087 59.5 % Secured second lien debt 84,158 11.7 % 76,169 10.0 % 81,147 12.1 % 67,958 9.5 % Total debt 557,347 77.2 % 523,660 68.8 % 510,604 76.3 % 493,045 69.0 % Preferred equity 149,099 20.6 % 221,774 29.2 % 143,079 21.4 % 217,599 30.5 % Common equity/equivalents 15,934 2.2 % 15,029 2.0 % 15,565 2.3 % 3,752 0.5 % Total equity/equivalents 165,033 22.8 % 236,803 31.2 % 158,644 23.7 % 221,351 31.0 % Total investments $ 722,380 100.0 % $ 760,463 100.0 % $ 669,248 100.0 % $ 714,396 100.0 % Investments at fair value consisted of the following industry classifications as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Fair Value Percentage of Fair Value Percentage of Total Investments Diversified/Conglomerate Services $ 269,749 35.5 % $ 307,403 43.0 % Home and Office Furnishings, Housewares, and Durable Consumer Products 147,533 19.4 % 125,440 17.6 % Buildings and Real Estate 63,127 8.3 % — — % Hotels, Motels, Inns, and Gaming 59,308 7.8 % 37,923 5.3 % Leisure, Amusement, Motion Pictures, and Entertainment 48,146 6.3 % 46,514 6.5 % Healthcare, Education, and Childcare 37,638 5.0 % 39,252 5.5 % Chemicals, Plastics, and Rubber 26,618 3.5 % 26,618 3.7 % Mining, Steel, Iron and Non-Precious Metals 23,044 3.0 % 24,250 3.4 % Aerospace and Defense 20,891 2.7 % 25,296 3.5 % Telecommunications 19,453 2.6 % 32,467 4.6 % Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) 18,109 2.4 % 13,823 1.9 % Cargo Transport 15,265 2.0 % 14,533 2.0 % Diversified/Conglomerate Manufacturing 9,140 1.2 % 14,064 2.0 % Other < 2.0% 2,442 0.3 % 6,813 1.0 % Total investments $ 760,463 100.0 % $ 714,396 100.0 % Investments at fair value were included in the following geographic regions of the U.S. as of December 31, 2022 and March 31, 2022: December 31, 2022 March 31, 2022 Location Fair Value Percentage of Fair Value Percentage of Northeast $ 273,897 36.0 % $ 194,100 27.2 % West 198,589 26.1 % 158,607 22.2 % South 173,259 22.8 % 188,978 26.4 % Midwest 114,718 15.1 % 172,711 24.2 % Total investments $ 760,463 100.0 % $ 714,396 100.0 % |
Investments Classified by Contractual Maturity Date | The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2022: Amount For the remaining three months ending March 31, 2023 $ 27,500 For the fiscal years ending March 31: 2024 55,468 2025 89,614 2026 202,419 2027 144,096 Thereafter 38,250 Total contractual repayments $ 557,347 Investments in equity securities 165,033 Total cost basis of investments held as of December 31, 2022: $ 722,380 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the base management fees, loan servicing fees, incentive fees, and associated non-contractual, unconditional, and irrevocable credits reflected in our accompanying Consolidated Statements of Operations : Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Average total assets subject to base management fee (A) $ 757,800 $ 726,000 $ 731,000 $ 701,800 Multiplied by prorated annual base management fee of 2.0% 0.5 % 0.5 % 1.5 % 1.5 % Base management fee (B) 3,789 3,630 10,965 10,527 Credits to fees from Adviser - other (B) (756) (3,682) (3,131) (5,863) Net base management fee $ 3,033 $ (52) $ 7,834 $ 4,664 Loan servicing fee (B) 2,080 1,768 5,754 5,430 Credits to base management fee - loan servicing fee (B) (2,080) (1,768) (5,754) (5,430) Net loan servicing fee $ — $ — $ — $ — Incentive fee – income-based $ 2,503 $ 2,197 $ 7,016 $ 5,892 Incentive fee – capital gains-based (C) 1,442 390 706 16,294 Total incentive fee (B) $ 3,945 $ 2,587 $ 7,722 $ 22,186 Credits to fees from Adviser - other (B) — — — — Net total incentive fee $ 3,945 $ 2,587 $ 7,722 $ 22,186 (A) Average total assets subject to the base management fee is defined in the Advisory Agreement as total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings, valued at the end of the applicable quarters within the respective periods and adjusted appropriately for any share issuances or repurchases during the periods. (B) Reflected as a line item on our accompanying Consolidated Statements of Operations . (C) The capital gains-based incentive fees are recorded in accordance with GAAP and do not necessarily reflect amounts contractually due under the terms of the Advisory Agreement. Amounts due to related parties on our accompanying Consolidated Statements of Assets and Liabilities were as follows: As of December 31, As of March 31, 2022 2022 Base management and loan servicing fee due to Adviser, net of credits $ 953 $ 1,648 Incentive fee due to Adviser (A) 28,605 27,577 Other due to Adviser 604 63 Total fees due to Adviser 30,162 29,288 Fee due to Administrator 564 627 Total related party fees due $ 30,726 $ 29,915 (A) Includes a capital gains-based incentive fee of $26.1 million and $25.4 million as of December 31, 2022 and March 31, 2022, respectively, recorded in accordance with GAAP requirements, and which was not contractually due under the terms of the Advisory Agreement. Refer to Note 4 — Related Party Transactions — Transactions with the Adviser — Incentive Fee for additional information, including capital gains-based incentive fee payments made. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | The following tables summarize noteworthy information related to the Credit Facility: As of December 31, 2022 As of March 31, 2022 Commitment amount $ 180,000 $ 180,000 Borrowings outstanding at cost $ 29,600 $ — Availability (A) $ 150,400 $ 180,000 For the Three Months Ended December 31, For the Nine Months Ended December 31, 2022 2021 2022 2021 Weighted-average borrowings outstanding $ 26,054 $ 21,184 $ 12,621 $ 23,959 Effective interest rate (B) 12.8 % 11.1 % 19.8 % 10.1 % Commitment (unused) fees incurred $ 394 $ 406 $ 1,279 $ 1,191 (A) Availability is subject to various constraints, characteristics and applicable advance rates based on collateral quality under the Credit Facility, which equated to an adjusted availability of $150.4 million and $180.0 million as of December 31, 2022 and March 31, 2022, respectively. (B) Excludes the impact of deferred financing costs and includes unused commitment fees. |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide relevant information and disclosures about the Credit Facility as of December 31, 2022 and March 31, 2022, and for the three and nine months ended December 31, 2022 and 2021, as required by ASC 820: Level 3 – Borrowings Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) December 31, 2022 March 31, 2022 Credit Facility $ 29,600 $ — Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2022: Fair value at September 30, 2022 $ 16,600 Borrowings 41,400 Repayments (28,400) Unrealized appreciation (depreciation) — Fair value at December 31, 2022 $ 29,600 Nine Months Ended December 31, 2022: Fair value at March 31, 2022 $ — Borrowings 82,900 Repayments (53,300) Unrealized appreciation (depreciation) — Fair value at December 31, 2022 $ 29,600 Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities Credit Facility Three Months Ended December 31, 2021: Fair value at September 30, 2021 $ 8,900 Borrowings 49,000 Repayments (57,900) Unrealized appreciation (depreciation) — Fair value at December 31, 2021 $ — Nine Months Ended December 31, 2021: Fair value at March 31, 2021 $ 22,400 Borrowings 111,700 Repayments (134,100) Unrealized appreciation (depreciation) — Fair value at December 31, 2021 $ — |
Schedule of Debt | The following tables summarize our 2026 Notes and 2028 Notes as of December 31, 2022 and March 31, 2022: As of December 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (5,369) Notes payable, net (C) $ 257,119 As of March 31, 2022: Description Ticker Date Issued Maturity Date (A) Interest Notes Principal Aggregate 2026 Notes GAINN March 2, 2021 May 1, 2026 5.00% 5,117,500 $ 25.00 $ 127,938 2028 Notes GAINZ August 18, 2021 November 1, 2028 4.875% 5,382,000 $ 25.00 134,550 Notes payable, gross (B) 10,499,500 262,488 Less: Unamortized Discounts (6,236) Notes payable, net (C) $ 256,252 (A) The 2026 Notes can be redeemed at our option at any time on or after May 1, 2023. The 2028 Notes can be redeemed at our option at any time on or after November 1, 2023. (B) As of December 31, 2022 and March 31, 2022, asset coverage on our senior securities representing indebtedness, calculated pursuant to Sections 18 and 61 of the 1940 Act, was 250.5% and 252.9%, respectively. (C) Reflected as a line item on our accompanying Consolidated Statements of Assets and Liabilities . |
MANDATORILY REDEEMABLE PREFER_2
MANDATORILY REDEEMABLE PREFERRED STOCK (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Dividends Declared | The following table summarizes dividends declared by our Board of Directors and paid by us on our Series E Term Preferred Stock during the nine months ended December 31, 2021: For the Nine Months Ended December 31, 2021 : Declaration Date Record Payment Date Dividend per Share of Series E Term Preferred Stock (A) April 13, 2021 April 23, 2021 April 30, 2021 $ 0.1328125 April 13, 2021 May 19, 2021 May 28, 2021 0.1328125 April 13, 2021 June 18, 2021 June 30, 2021 0.1328125 July 13, 2021 July 23, 2021 July 30, 2021 0.1328125 July 13, 2021 August 23, 2021 August 31, 2021 0.0796875 (B) Total $ 0.6109375 (A) We voluntarily redeemed all outstanding shares of our Series E Term Preferred Stock on August 19, 2021. (B) Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. |
NET INCREASE (DECREASE) IN NE_2
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted Net increase in net assets resulting from operations per weighted-average common share for the three and nine months ended December 31, 2022 and 2021: Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Net increase in net assets resulting from operations $ 15,779 $ 10,346 $ 30,889 $ 85,620 Basic and diluted weighted-average common shares 33,316,055 33,205,023 33,246,811 33,205,023 Basic and diluted net increase in net assets resulting from operations per weighted-average common share $ 0.47 $ 0.31 $ 0.93 $ 2.58 |
DISTRIBUTIONS TO COMMON STOCK_2
DISTRIBUTIONS TO COMMON STOCKHOLDERS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Investment Company, Cash Distributions Paid To Common Stockholders | We paid the following cash distributions to our common stockholders for the nine months ended December 31, 2022 and 2021: For the Nine Months Ended December 31, 2022 : Declaration Date Record Date Payment Date Distribution per April 12, 2022 April 22, 2022 April 29, 2022 $ 0.075 April 12, 2022 May 20, 2022 May 31, 2022 0.075 April 12, 2022 June 6, 2022 June 15, 2022 0.120 (A) April 12, 2022 June 22, 2022 June 30, 2022 0.075 July 12, 2022 July 22, 2022 July 29, 2022 0.075 July 12, 2022 August 23, 2022 August 31, 2022 0.075 July 12, 2022 September 22, 2022 September 30, 2022 0.075 October 11, 2022 October 21, 2022 October 31, 2022 0.080 October 11, 2022 November 18, 2022 November 30, 2022 0.080 October 11, 2022 December 6, 2022 December 15, 2022 0.120 (A) October 11, 2022 December 20, 2022 December 30, 2022 0.080 Nine Months Ended December 31, 2022 $ 0.930 For the Nine Months Ended December 31, 2021 : Declaration Date Record Date Payment Date Distribution per April 13, 2021 April 23, 2021 April 30, 2021 $ 0.070 April 13, 2021 May 19, 2021 May 28, 2021 0.070 April 13, 2021 June 8, 2021 June 17, 2021 0.060 (A) April 13, 2021 June 18, 2021 June 30, 2021 0.070 July 13, 2021 July 23, 2021 July 30, 2021 0.070 July 13, 2021 August 23, 2021 August 31, 2021 0.070 July 13, 2021 September 3, 2021 September 15, 2021 0.030 (A) July 13, 2021 September 22, 2021 September 30, 2021 0.070 October 12, 2021 October 22, 2021 October 29, 2021 0.075 October 12, 2021 November 19, 2021 November 30, 2021 0.075 October 12, 2021 December 7, 2021 December 15, 2021 0.090 (A) October 12, 2021 December 23, 2021 December 31, 2021 0.075 Nine Months Ended December 31, 2021 $ 0.825 (A) Represents a supplemental distribution to common stockholders. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties | The following table summarizes the principal balances of unused line of credit and delayed draw term debt commitments and guaranties as of December 31, 2022 and March 31, 2022, which are not reflected as liabilities in the accompanying Consolidated Statements of Assets and Liabilities: December 31, 2022 March 31, 2022 Unused line of credit and delayed draw term debt commitments $ — $ 4,250 Guaranties — 10,250 Total $ — $ 14,500 |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Investment Company [Abstract] | |
Investment Company, Financial Highlights | Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Per Common Share Data: Net asset value at beginning of period (A) $ 13.31 $ 13.27 $ 13.43 $ 11.52 Income from investment operations (B) Net investment income 0.26 0.25 0.82 0.25 Net realized gain (loss) on investments and other 0.11 0.67 0.32 0.68 Net unrealized appreciation (depreciation) of investments 0.10 (0.61) (0.21) 1.65 Total from investment operations 0.47 0.31 0.93 2.58 Effect of equity capital activity (B) Cash distributions to common stockholders from net investment income (C) (0.22) (0.23) (0.46) (0.59) Cash distributions to common stockholders from net realized gains (C) (0.14) (0.09) (0.47) (0.24) Net accretive effective of equity offering (D) 0.01 — 0.01 — Total from equity capital activity (0.35) (0.32) (0.92) (0.83) Other, net (B)(E) — 0.01 (0.01) — Net asset value at end of period (A) $ 13.43 $ 13.27 $ 13.43 $ 13.27 Per common share market value at beginning of period $ 12.10 $ 13.87 $ 16.13 $ 12.23 Per common share market value at end of period $ 12.91 $ 17.08 $ 12.91 $ 17.08 Total investment return (F) 9.63 % 25.52 % (14.36) % 47.50 % Common stock outstanding at end of period (A) 33,447,001 33,205,023 33,447,001 33,205,023 Statement of Assets and Liabilities Data : Net assets at end of period $ 449,191 $ 440,589 $ 449,191 $ 440,589 Average net assets (G) $ 445,431 $ 439,754 $ 446,742 $ 420,286 Senior Securities Data : Total borrowings, at cost $ 292,088 $ 267,584 $ 292,088 $ 267,584 Ratios/Supplemental Data: Ratio of net expenses to average net assets – annualized (H) 11.70 % 7.59 % 10.22 % 14.29 % Ratio of net investment income (loss) to average net assets – annualized (I) 7.70 % 7.64 % 8.14 % 2.62 % (A) B ased on actual shares of common stock outstanding at the beginning or end of the corresponding period, as appropriate. (B) Based on weighted-average basic common share data for the corresponding period. (C) The tax character of distributions is determined based on taxable income calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (D) During the nine months ended December 31, 2022, the accretive effect is a result of issuing common shares at a price above the then current NAV per share. (E) Represents the impact of the different share amounts (weighted-average basic common shares outstanding for the corresponding period and actual common shares outstanding at the end of the period) in the Per Common Share Data calculations and rounding impacts. (F) Total return equals the change in the market value of our common stock from the beginning of the period, taking into account dividends reinvested in accordance with the terms of our dividend reinvestment plan. Total return does not take into account distributions that may be characterized as a return of capital. For further information on the estimated character of our distributions to common stockholders, including changes in estimates, as applicable, refer to Note 9 — Distributions to Common Stockholders . (G) Calculated using the average balance of net assets at the end of each month of the reporting period. (H) Ratio of net expenses to average net assets is computed using total expenses, net of any non-contractual, unconditional, and irrevocable credits of fees from the Adviser. Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of expenses to average net assets - annualized would have been 14.24% and 12.55% for the three months ended December 31, 2022 and 2021, respectively, and 12.87% and 17.87% for the nine months ended December 31, 2022 and 2021, respectively. (I) Had we not received any non-contractual, unconditional, and irrevocable credits of fees from the Adviser, the ratio of net investment income (loss) to average net assets - annualized would have been 5.15% and 2.68% for the three months ended December 31, 2022 and 2021, respectively, and 5.50% and (0.96)% for the nine months ended December 31, 2022 and 2021, respectively. |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | In January 2023, our Board of Directors declared the following monthly distributions to common stockholders: Record Date Payment Date Distribution per Common Share January 20, 2023 January 31, 2023 $ 0.08 February 17, 2023 February 28, 2023 0.08 March 3, 2023 March 15, 2023 0.24 (A) March 17, 2023 March 31, 2023 0.08 Total for the Quarter: $ 0.48 (A) Represents a supplemental distribution to common stockholders. |
ORGANIZATION (Details)
ORGANIZATION (Details) | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment portfolio, debt investments, intended percent | 75% |
Investment portfolio, equity investments, intended percent | 25% |
Investment portfolio, debt investments, actual percent | 77.20% |
Investment portfolio, equity investments, actual percent | 22.80% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | Aug. 31, 2012 | |||
Summary of Investment Holdings [Line Items] | ||||||
Cost | $ 722,380 | $ 669,248 | [1] | |||
Fair Value | 760,463 | 714,396 | [1] | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [2],[3],[4] | 0 | ||||
Fair Value | [2],[3],[4] | 921 | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | ||
Fair Value | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | ||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [2],[3],[4] | 4,722 | ||||
Fair Value | [2],[3],[4] | 14,746 | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[4],[7] | 14,000 | ||||
Fair Value | [3],[4],[7] | 14,000 | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[6],[8],[9] | 0 | ||||
Fair Value | [5],[6],[8],[9] | 0 | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[6] | 14,000 | ||||
Fair Value | [5],[6] | 14,000 | ||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[6],[9] | 4,722 | ||||
Fair Value | [5],[6],[9] | 2,653 | ||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [2],[3] | 4,900 | ||||
Fair Value | [2],[3] | 17,150 | ||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3] | 48,000 | ||||
Fair Value | [3] | 48,000 | ||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,653 | [5],[9] | 6,653 | [2],[3] | ||
Fair Value | 35,255 | [5],[9] | 21,485 | [2],[3] | ||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 17,700 | [5] | 17,700 | [3] | ||
Fair Value | 17,700 | [5] | 17,700 | [3] | ||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,850 | [5] | 6,850 | [3] | ||
Fair Value | 6,850 | [5] | 6,850 | [3] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,995 | [5],[9] | 6,995 | [2],[3] | ||
Fair Value | 27,539 | [5],[9] | 25,374 | [2],[3] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 21,100 | [5] | 21,100 | [3] | ||
Fair Value | 21,100 | [5] | 21,100 | [3] | ||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,400 | [5] | 6,400 | [3] | ||
Fair Value | 6,400 | [5] | 6,400 | [3] | ||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [10] | 0 | ||||
Fair Value | [10] | 0 | ||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [11] | 1,500 | ||||
Fair Value | [11] | 1,498 | ||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[9] | 21,000 | ||||
Fair Value | [5],[9] | 24,877 | ||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5] | 38,250 | ||||
Fair Value | [5] | 38,250 | ||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 500 | [5],[9] | 500 | [2],[3] | ||
Fair Value | 2,249 | [5],[9] | 1,533 | [2],[3] | ||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 13,000 | [12] | 12,987 | [11] | ||
Fair Value | 13,016 | [12] | 13,000 | [11] | ||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 8,199 | [5],[6],[9] | 8,199 | [2],[3],[4],[7] | ||
Fair Value | 0 | [5],[6],[9] | 0 | [2],[3],[4],[7] | ||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [4],[11] | 9,210 | ||||
Fair Value | [4],[11] | 9,072 | ||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[6],[13] | 9,210 | ||||
Fair Value | [5],[6],[13] | 3,677 | ||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 8,560 | [5],[9] | 8,560 | [2],[3] | ||
Fair Value | 17,638 | [5],[9] | 19,252 | [2],[3] | ||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 20,000 | [5] | 20,000 | [3] | ||
Fair Value | 20,000 | [5] | 20,000 | [3] | ||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 21 | [6],[9],[14] | 30 | [2],[4],[15],[16] | ||
Fair Value | 31 | [6],[9],[14] | 74 | [2],[4],[15],[16] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 11,513 | [5],[9] | 11,513 | [2],[3] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,900 | [5] | 6,500 | [3] | ||
Fair Value | 5,610 | [5] | 6,500 | [3] | ||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 18,796 | [5] | 18,796 | [3] | ||
Fair Value | 15,281 | [5] | 18,796 | [3] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | $ 5,000 | |||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 8 | [5],[9] | 8 | [2],[3] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 9,583 | [5],[9] | 9,583 | [2],[3] | ||
Fair Value | 0 | [5],[9] | 3,263 | [2],[3] | ||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5] | 12,200 | ||||
Fair Value | 12,200 | [5] | 13,300 | [4],[17] | ||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[9] | 620 | ||||
Fair Value | [5],[9] | 713 | ||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 0 | [5],[9] | 10,080 | [2],[3] | ||
Fair Value | 13,188 | [5],[9] | 17,807 | [2],[3] | ||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 57,700 | [5] | 27,700 | [3] | ||
Fair Value | 57,700 | [5] | 27,700 | [3] | ||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,749 | [5],[9] | 6,749 | [2],[3],[7] | ||
Fair Value | 13,131 | [5],[9] | 16,405 | [2],[3],[7] | ||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 22,000 | [5] | 22,000 | [3],[7] | ||
Fair Value | 22,000 | [5] | 22,000 | [3],[7] | ||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [7],[10] | 0 | ||||
Fair Value | [7],[10] | 0 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 16,500 | [5],[13] | 16,500 | [3],[7],[18] | ||
Fair Value | 10,556 | [5],[13] | 15,023 | [3],[7],[18] | ||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 26,000 | ||||
Fair Value | [3],[7],[18] | 23,672 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 2,438 | ||||
Fair Value | [3],[7],[18] | 2,219 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 5,000 | ||||
Fair Value | [5],[13] | 3,199 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 26,000 | ||||
Fair Value | [5],[13] | 16,634 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 2,438 | ||||
Fair Value | [5],[13] | 1,560 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 10,920 | [5],[9] | 10,920 | [2],[3],[7] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3],[7] | ||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 11,206 | [5],[9] | 11,206 | [2],[3] | ||
Fair Value | 10,896 | [5],[9] | 7,553 | [2],[3] | ||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 25,250 | [5] | 25,250 | [3] | ||
Fair Value | 25,250 | [5] | 25,250 | [3] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 2,000 | [5] | 0 | [3] | ||
Fair Value | 2,000 | [5] | 0 | [3] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,600 | [5],[9] | 6,600 | [2],[3] | ||
Fair Value | 14,858 | [5],[9] | 10,223 | [2],[3] | ||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 42,450 | [5] | 27,700 | [3] | ||
Fair Value | 42,450 | [5] | 27,700 | [3] | ||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 1,219 | [5],[9] | 1,219 | [2],[3] | ||
Fair Value | 12,036 | [5],[9] | 511 | [2],[3] | ||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 0 | [5],[9] | 0 | [2],[3],[7] | ||
Fair Value | 35,028 | [5],[9] | 37,842 | [2],[3],[7] | ||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 40,500 | [5] | 25,000 | [3],[7] | ||
Fair Value | 40,500 | [5] | 25,000 | [3],[7] | ||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [2],[3],[7] | 19,730 | ||||
Fair Value | [2],[3],[7] | 0 | ||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[9] | 19,730 | ||||
Fair Value | [5],[9] | 0 | ||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 26,618 | [5] | 26,618 | [3] | ||
Fair Value | 26,618 | [5] | 26,618 | [3] | ||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [12] | 2,550 | ||||
Fair Value | [12] | 2,423 | ||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [11] | 2,000 | ||||
Fair Value | [11] | 1,920 | ||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 1,830 | [5],[9] | 1,452 | [2],[3] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | ||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 3,200 | [12] | 3,200 | [11] | ||
Fair Value | 3,040 | [12] | 3,072 | [11] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 222 | [5],[9] | 222 | [2],[3],[16] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3],[16] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 4,643 | [5],[9] | 4,643 | [2],[3] | ||
Fair Value | 2,465 | [5],[9] | 0 | [2],[3] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 3,128 | [5] | 3,128 | [11],[18] | ||
Fair Value | 3,128 | [5] | 2,909 | [11],[18] | ||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 12,516 | [5] | 11,736 | [11],[18] | ||
Fair Value | 12,516 | [5] | 10,914 | [11],[18] | ||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 4,000 | [5],[9] | 4,000 | [2],[3] | ||
Fair Value | 19,452 | [5],[9] | 17,820 | [2],[3] | ||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 27,981 | [5] | 27,981 | [3] | ||
Fair Value | 27,981 | [5] | 27,981 | [3] | ||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,640 | [5],[9] | 6,640 | [2],[3],[7] | ||
Fair Value | 0 | [5],[9] | 2,679 | [2],[3],[7] | ||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7] | 28,560 | ||||
Fair Value | [3],[7] | 28,560 | ||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5] | 28,560 | ||||
Fair Value | [5] | 28,560 | ||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 3,400 | ||||
Fair Value | [3],[7],[18] | 3,400 | ||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 800 | ||||
Fair Value | [3],[7],[18] | 800 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 1 | [5],[9] | 1 | [2],[3] | ||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | ||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 1,500 | ||||
Fair Value | [3],[7],[18] | 118 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 3,400 | ||||
Fair Value | [5],[13] | 2,411 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 900 | ||||
Fair Value | [5],[13] | 0 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [2],[3] | 6,899 | ||||
Fair Value | [2],[3] | 0 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[9] | 6,899 | ||||
Fair Value | [5],[9] | 0 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7],[18] | 11,700 | ||||
Fair Value | [3],[7],[18] | 923 | ||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5],[13] | 3,200 | ||||
Fair Value | [5],[13] | 0 | ||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 6,000 | [5],[9] | 6,000 | [2],[3],[7] | ||
Fair Value | 4,794 | [5],[9] | 6,000 | [2],[3],[7] | ||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7] | 18,250 | ||||
Fair Value | [3],[7] | 18,250 | ||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [3],[7] | 0 | ||||
Fair Value | [3],[7] | 0 | ||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | [5] | 18,250 | ||||
Fair Value | [5] | 18,250 | ||||
Debt Securities | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | 557,347 | 510,604 | ||||
Fair Value | 523,660 | 493,045 | ||||
Debt Securities | Investment, Identifier [Axis]: J.R. Hobbs Co. and The Mountain Corporation | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | $ 66,600 | |||||
Cost percentage | 12% | |||||
Fair Value | $ 38,000 | |||||
Fair value percentage | 7.30% | |||||
Debt Securities | Investment, Identifier [Axis]: J.R. Hobbs, The Mountain, and SFEG Holdings, Inc. | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Cost | $ 77,200 | |||||
Cost percentage | 15.10% | |||||
Fair Value | $ 60,000 | |||||
Fair value percentage | 12.20% | |||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2].[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
INVESTMENTS - Fair Value, Asset
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 760,463 | $ 714,396 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31 | 74 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 760,432 | 714,322 |
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 760,432 | 714,322 |
Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 501,312 | 442,050 |
Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 258,407 | 271,559 |
Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 713 | 713 |
Secured first lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 447,491 | 425,087 |
Secured first lien debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured first lien debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 447,491 | 425,087 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 283,344 | 233,673 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 164,147 | 191,414 |
Secured first lien debt | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 76,169 | 67,958 |
Secured second lien debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 76,169 | 67,958 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 49,551 | 66,917 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 26,618 | 1,041 |
Secured second lien debt | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 221,774 | 217,599 |
Preferred equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Preferred equity | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 221,774 | 217,599 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 166,168 | 139,927 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 55,606 | 77,672 |
Preferred equity | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Common equity/equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 15,029 | 3,752 |
Common equity/equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 0 | 0 |
Common equity/equivalents | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31 | 74 |
Common equity/equivalents | Significant Other Observable Inputs (Level 2) | Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 31 | 74 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 14,998 | 3,678 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Non-Control/Non-Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 2,249 | 1,533 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Affiliate Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | 12,036 | 1,432 |
Common equity/equivalents | Significant Unobservable Inputs (Level 3) | Control Investments | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments at fair value | $ 713 | $ 713 |
INVESTMENTS - Fair Value Measur
INVESTMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 760,463 | $ 714,396 | [1] | ||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [2],[3],[4] | 921 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | |
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [2],[3],[4] | 14,746 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[4],[7] | 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[6],[8],[9] | 0 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[6] | 14,000 | |||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[6],[9] | 2,653 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [2],[3] | 17,150 | |||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3] | 48,000 | |||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 35,255 | [5],[9] | 21,485 | [2],[3] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 17,700 | [5] | 17,700 | [3] | |
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 6,850 | [5] | 6,850 | [3] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 27,539 | [5],[9] | 25,374 | [2],[3] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 21,100 | [5] | 21,100 | [3] | |
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 6,400 | [5] | 6,400 | [3] | |
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [10] | 0 | |||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [11] | 1,498 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[9] | 24,877 | |||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5] | 38,250 | |||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 2,249 | [5],[9] | 1,533 | [2],[3] | |
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 13,016 | [12] | 13,000 | [11] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[6],[9] | 0 | [2],[3],[4],[7] | |
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [4],[11] | 9,072 | |||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[6],[13] | 3,677 | |||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 17,638 | [5],[9] | 19,252 | [2],[3] | |
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 20,000 | [5] | 20,000 | [3] | |
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 31 | [6],[9],[14] | 74 | [2],[4],[15],[16] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 5,610 | [5] | 6,500 | [3] | |
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 15,281 | [5] | 18,796 | [3] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 3,263 | [2],[3] | |
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,200 | [5] | 13,300 | [4],[17] | |
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[9] | 713 | |||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 13,188 | [5],[9] | 17,807 | [2],[3] | |
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 57,700 | [5] | 27,700 | [3] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 13,131 | [5],[9] | 16,405 | [2],[3],[7] | |
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 22,000 | [5] | 22,000 | [3],[7] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [7],[10] | 0 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 10,556 | [5],[13] | 15,023 | [3],[7],[18] | |
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 23,672 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 2,219 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 3,199 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 16,634 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 1,560 | |||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3],[7] | |
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 10,896 | [5],[9] | 7,553 | [2],[3] | |
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 25,250 | [5] | 25,250 | [3] | |
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 2,000 | [5] | 0 | [3] | |
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 14,858 | [5],[9] | 10,223 | [2],[3] | |
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 42,450 | [5] | 27,700 | [3] | |
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,036 | [5],[9] | 511 | [2],[3] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 35,028 | [5],[9] | 37,842 | [2],[3],[7] | |
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 40,500 | [5] | 25,000 | [3],[7] | |
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [2],[3],[7] | 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[9] | 0 | |||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 26,618 | [5] | 26,618 | [3] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [12] | 2,423 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [11] | 1,920 | |||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | |
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 3,040 | [12] | 3,072 | [11] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3],[16] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 2,465 | [5],[9] | 0 | [2],[3] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 3,128 | [5] | 2,909 | [11],[18] | |
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,516 | [5] | 10,914 | [11],[18] | |
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 19,452 | [5],[9] | 17,820 | [2],[3] | |
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 27,981 | [5] | 27,981 | [3] | |
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 2,679 | [2],[3],[7] | |
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7] | 28,560 | |||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5] | 28,560 | |||
Investment, Identifier [Axis]: The Mountain Corporation 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 3,400 | |||
Investment, Identifier [Axis]: The Mountain Corporation 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 800 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 0 | [5],[9] | 0 | [2],[3] | |
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 118 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 2,411 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [2],[3] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[9] | 0 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7],[18] | 923 | |||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5],[13] | 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 4,794 | [5],[9] | 6,000 | [2],[3],[7] | |
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7] | 18,250 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [3],[7] | 0 | |||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | [5] | 18,250 | |||
Significant Unobservable Inputs (Level 3) | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 760,432 | 714,322 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured First Lien Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 442,028 | 411,023 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Secured Second Lien Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 63,153 | 39,637 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Preferred Equity | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 221,774 | 217,599 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Common Equity/ Equivalents | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 14,998 | $ 3,678 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 3.1 | 3.4 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 7.9 | 9.3 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured First Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 6.2 | 7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 5.6 | 5.6 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 7.8 | 6.8 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Secured Second Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 6.7 | 6 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 3.1 | 3.4 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 7.9 | 9.3 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Preferred Equity | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 5.9 | 6.8 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 4.3 | 4.8 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 7.8 | 8.4 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA multiple | Common Equity/ Equivalents | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 7.2 | 5.8 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 3,973 | $ 3,990 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 18,548 | 13,707 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured First Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 10,962 | 8,221 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 3,221 | 3,953 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 6,669 | 5,488 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Secured Second Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 5,113 | 4,959 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 3,973 | 1,210 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 18,548 | 13,707 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Preferred Equity | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 9,640 | 6,926 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 969 | 829 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 27,118 | 13,707 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | EBITDA | Common Equity/ Equivalents | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 5,302 | $ 5,709 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.3 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.6 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured First Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.3 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Secured Second Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.3 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.6 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Preferred Equity | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.4 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue multiple | Common Equity/ Equivalents | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.5 | 0.7 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 12,461 | $ 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 107,907 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured First Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 88,029 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Secured Second Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 107,907 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Preferred Equity | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 53,486 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Total Enterprise Value | Revenue | Common Equity/ Equivalents | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 12,461 | 14,072 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured First Lien Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | 5,463 | 14,064 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Secured Second Lien Debt | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair Value | $ 13,016 | $ 28,321 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.151 | 0.113 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.189 | 0.152 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured First Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.172 | 0.146 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Minimum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.133 | 0.100 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Maximum | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.133 | 0.122 | |||
Significant Unobservable Inputs (Level 3) | Yield Analysis | Discount Rate | Secured Second Lien Debt | Weighted Average | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value, measurement input | 0.133 | 0.116 | |||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2].[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
INVESTMENTS - Fair Value, Ass_2
INVESTMENTS - Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Aug. 31, 2012 | ||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | $ 722,380 | $ 722,380 | $ 722,380 | $ 669,248 | [1] | |||||||||||
Fair Value | 760,463 | 760,463 | 760,463 | 714,396 | [1] | |||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [2],[3],[4] | 0 | ||||||||||||||
Fair Value | [2],[3],[4] | 921 | ||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 2,800 | [5],[6] | 2,800 | [5],[6] | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | ||||||||
Fair Value | 2,800 | [5],[6] | 2,800 | [5],[6] | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | ||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [2],[3],[4] | 4,722 | ||||||||||||||
Fair Value | [2],[3],[4] | 14,746 | ||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[4],[7] | 14,000 | ||||||||||||||
Fair Value | [3],[4],[7] | 14,000 | ||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[6],[8],[9] | 0 | 0 | 0 | ||||||||||||
Fair Value | [5],[6],[8],[9] | 0 | 0 | 0 | ||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[6] | 14,000 | 14,000 | 14,000 | ||||||||||||
Fair Value | [5],[6] | 14,000 | 14,000 | 14,000 | ||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[6],[9] | 4,722 | 4,722 | 4,722 | ||||||||||||
Fair Value | [5],[6],[9] | 2,653 | 2,653 | 2,653 | ||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Realized gain on preferred equity | $ 4,700 | |||||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [2],[3] | 4,900 | ||||||||||||||
Fair Value | [2],[3] | 17,150 | ||||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3] | 48,000 | ||||||||||||||
Fair Value | [3] | 48,000 | ||||||||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,653 | [5],[9] | 6,653 | [5],[9] | 6,653 | [5],[9] | 6,653 | [2],[3] | ||||||||
Fair Value | 35,255 | [5],[9] | 35,255 | [5],[9] | 35,255 | [5],[9] | 21,485 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 17,700 | [5] | 17,700 | [5] | 17,700 | [5] | 17,700 | [3] | ||||||||
Fair Value | 17,700 | [5] | 17,700 | [5] | 17,700 | [5] | 17,700 | [3] | ||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,850 | [5] | 6,850 | [5] | 6,850 | [5] | 6,850 | [3] | ||||||||
Fair Value | 6,850 | [5] | 6,850 | [5] | 6,850 | [5] | 6,850 | [3] | ||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,995 | [5],[9] | 6,995 | [5],[9] | 6,995 | [5],[9] | 6,995 | [2],[3] | ||||||||
Fair Value | 27,539 | [5],[9] | 27,539 | [5],[9] | 27,539 | [5],[9] | 25,374 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 21,100 | [5] | 21,100 | [5] | 21,100 | [5] | 21,100 | [3] | ||||||||
Fair Value | 21,100 | [5] | 21,100 | [5] | 21,100 | [5] | 21,100 | [3] | ||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,400 | [5] | 6,400 | [5] | 6,400 | [5] | 6,400 | [3] | ||||||||
Fair Value | 6,400 | [5] | 6,400 | [5] | 6,400 | [5] | 6,400 | [3] | ||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [10] | 0 | ||||||||||||||
Fair Value | [10] | 0 | ||||||||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [11] | 1,500 | ||||||||||||||
Fair Value | [11] | 1,498 | ||||||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[9] | 21,000 | 21,000 | 21,000 | ||||||||||||
Fair Value | [5],[9] | 24,877 | 24,877 | 24,877 | ||||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5] | 38,250 | 38,250 | 38,250 | ||||||||||||
Fair Value | [5] | 38,250 | 38,250 | 38,250 | ||||||||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 500 | [5],[9] | 500 | [5],[9] | 500 | [5],[9] | 500 | [2],[3] | ||||||||
Fair Value | 2,249 | [5],[9] | 2,249 | [5],[9] | 2,249 | [5],[9] | 1,533 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 13,000 | [12] | 13,000 | [12] | 13,000 | [12] | 12,987 | [11] | ||||||||
Fair Value | 13,016 | [12] | 13,016 | [12] | 13,016 | [12] | 13,000 | [11] | ||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 8,199 | [5],[6],[9] | 8,199 | [5],[6],[9] | 8,199 | [5],[6],[9] | 8,199 | [2],[3],[4],[7] | ||||||||
Fair Value | 0 | [5],[6],[9] | 0 | [5],[6],[9] | 0 | [5],[6],[9] | 0 | [2],[3],[4],[7] | ||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [4],[11] | 9,210 | ||||||||||||||
Fair Value | [4],[11] | 9,072 | ||||||||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[6],[13] | 9,210 | 9,210 | 9,210 | ||||||||||||
Fair Value | [5],[6],[13] | 3,677 | 3,677 | 3,677 | ||||||||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 8,560 | [5],[9] | 8,560 | [5],[9] | 8,560 | [5],[9] | 8,560 | [2],[3] | ||||||||
Fair Value | 17,638 | [5],[9] | 17,638 | [5],[9] | 17,638 | [5],[9] | 19,252 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 20,000 | [5] | 20,000 | [5] | 20,000 | [5] | 20,000 | [3] | ||||||||
Fair Value | 20,000 | [5] | 20,000 | [5] | 20,000 | [5] | 20,000 | [3] | ||||||||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 21 | [6],[9],[14] | 21 | [6],[9],[14] | 21 | [6],[9],[14] | 30 | [2],[4],[15],[16] | ||||||||
Fair Value | 31 | [6],[9],[14] | 31 | [6],[9],[14] | 31 | [6],[9],[14] | 74 | [2],[4],[15],[16] | ||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 11,513 | [5],[9] | 11,513 | [5],[9] | 11,513 | [5],[9] | 11,513 | [2],[3] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,900 | [5] | 6,900 | [5] | 6,900 | [5] | 6,500 | [3] | ||||||||
Fair Value | 5,610 | [5] | 5,610 | [5] | 5,610 | [5] | 6,500 | [3] | ||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 18,796 | [5] | 18,796 | [5] | 18,796 | [5] | 18,796 | [3] | ||||||||
Fair Value | 15,281 | [5] | 15,281 | [5] | 15,281 | [5] | 18,796 | [3] | ||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | $ 5,000 | |||||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 8 | [5],[9] | 8 | [5],[9] | 8 | [5],[9] | 8 | [2],[3] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 9,583 | [5],[9] | 9,583 | [5],[9] | 9,583 | [5],[9] | 9,583 | [2],[3] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 3,263 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5] | 12,200 | 12,200 | 12,200 | ||||||||||||
Fair Value | 12,200 | [5] | 12,200 | [5] | 12,200 | [5] | 13,300 | [4],[17] | ||||||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[9] | 620 | 620 | 620 | ||||||||||||
Fair Value | [5],[9] | 713 | 713 | 713 | ||||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Realized gain on preferred equity | 12,300 | |||||||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 10,080 | [2],[3] | ||||||||
Fair Value | 13,188 | [5],[9] | 13,188 | [5],[9] | 13,188 | [5],[9] | 17,807 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 57,700 | [5] | 57,700 | [5] | 57,700 | [5] | 27,700 | [3] | ||||||||
Fair Value | 57,700 | [5] | 57,700 | [5] | 57,700 | [5] | 27,700 | [3] | ||||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,749 | [5],[9] | 6,749 | [5],[9] | 6,749 | [5],[9] | 6,749 | [2],[3],[7] | ||||||||
Fair Value | 13,131 | [5],[9] | 13,131 | [5],[9] | 13,131 | [5],[9] | 16,405 | [2],[3],[7] | ||||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 22,000 | [5] | 22,000 | [5] | 22,000 | [5] | 22,000 | [3],[7] | ||||||||
Fair Value | 22,000 | [5] | 22,000 | [5] | 22,000 | [5] | 22,000 | [3],[7] | ||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [7],[10] | 0 | ||||||||||||||
Fair Value | [7],[10] | 0 | ||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 16,500 | [5],[13] | 16,500 | [5],[13] | 16,500 | [5],[13] | 16,500 | [3],[7],[18] | ||||||||
Fair Value | 10,556 | [5],[13] | 10,556 | [5],[13] | 10,556 | [5],[13] | 15,023 | [3],[7],[18] | ||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 26,000 | ||||||||||||||
Fair Value | [3],[7],[18] | 23,672 | ||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 2,438 | ||||||||||||||
Fair Value | [3],[7],[18] | 2,219 | ||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 5,000 | 5,000 | 5,000 | ||||||||||||
Fair Value | [5],[13] | 3,199 | 3,199 | 3,199 | ||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 26,000 | 26,000 | 26,000 | ||||||||||||
Fair Value | [5],[13] | 16,634 | 16,634 | 16,634 | ||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 2,438 | 2,438 | 2,438 | ||||||||||||
Fair Value | [5],[13] | 1,560 | 1,560 | 1,560 | ||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 10,920 | [5],[9] | 10,920 | [5],[9] | 10,920 | [5],[9] | 10,920 | [2],[3],[7] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3],[7] | ||||||||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 11,206 | [5],[9] | 11,206 | [5],[9] | 11,206 | [5],[9] | 11,206 | [2],[3] | ||||||||
Fair Value | 10,896 | [5],[9] | 10,896 | [5],[9] | 10,896 | [5],[9] | 7,553 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 25,250 | [5] | 25,250 | [5] | 25,250 | [5] | 25,250 | [3] | ||||||||
Fair Value | 25,250 | [5] | 25,250 | [5] | 25,250 | [5] | 25,250 | [3] | ||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 2,000 | [5] | 2,000 | [5] | 2,000 | [5] | 0 | [3] | ||||||||
Fair Value | 2,000 | [5] | 2,000 | [5] | 2,000 | [5] | 0 | [3] | ||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,600 | [5],[9] | 6,600 | [5],[9] | 6,600 | [5],[9] | 6,600 | [2],[3] | ||||||||
Fair Value | 14,858 | [5],[9] | 14,858 | [5],[9] | 14,858 | [5],[9] | 10,223 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 42,450 | [5] | 42,450 | [5] | 42,450 | [5] | 27,700 | [3] | ||||||||
Fair Value | 42,450 | [5] | 42,450 | [5] | 42,450 | [5] | 27,700 | [3] | ||||||||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 1,219 | [5],[9] | 1,219 | [5],[9] | 1,219 | [5],[9] | 1,219 | [2],[3] | ||||||||
Fair Value | 12,036 | [5],[9] | 12,036 | [5],[9] | 12,036 | [5],[9] | 511 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Realized gain on preferred equity | 13,400 | 13,400 | 13,400 | |||||||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3],[7] | ||||||||
Fair Value | 35,028 | [5],[9] | 35,028 | [5],[9] | 35,028 | [5],[9] | 37,842 | [2],[3],[7] | ||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 40,500 | [5] | 40,500 | [5] | 40,500 | [5] | 25,000 | [3],[7] | ||||||||
Fair Value | 40,500 | [5] | 40,500 | [5] | 40,500 | [5] | 25,000 | [3],[7] | ||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [2],[3],[7] | 19,730 | ||||||||||||||
Fair Value | [2],[3],[7] | 0 | ||||||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[9] | 19,730 | 19,730 | 19,730 | ||||||||||||
Fair Value | [5],[9] | 0 | 0 | 0 | ||||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 26,618 | [5] | 26,618 | [5] | 26,618 | [5] | 26,618 | [3] | ||||||||
Fair Value | 26,618 | [5] | 26,618 | [5] | 26,618 | [5] | 26,618 | [3] | ||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [12] | 2,550 | 2,550 | 2,550 | ||||||||||||
Fair Value | [12] | 2,423 | 2,423 | 2,423 | ||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [11] | 2,000 | ||||||||||||||
Fair Value | [11] | 1,920 | ||||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 1,830 | [5],[9] | 1,830 | [5],[9] | 1,830 | [5],[9] | 1,452 | [2],[3] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 3,200 | [12] | 3,200 | [12] | 3,200 | [12] | 3,200 | [11] | ||||||||
Fair Value | 3,040 | [12] | 3,040 | [12] | 3,040 | [12] | 3,072 | [11] | ||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 222 | [5],[9] | 222 | [5],[9] | 222 | [5],[9] | 222 | [2],[3],[16] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3],[16] | ||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 4,643 | [5],[9] | 4,643 | [5],[9] | 4,643 | [5],[9] | 4,643 | [2],[3] | ||||||||
Fair Value | 2,465 | [5],[9] | 2,465 | [5],[9] | 2,465 | [5],[9] | 0 | [2],[3] | ||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 3,128 | [5] | 3,128 | [5] | 3,128 | [5] | 3,128 | [11],[18] | ||||||||
Fair Value | 3,128 | [5] | 3,128 | [5] | 3,128 | [5] | 2,909 | [11],[18] | ||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 12,516 | [5] | 12,516 | [5] | 12,516 | [5] | 11,736 | [11],[18] | ||||||||
Fair Value | 12,516 | [5] | 12,516 | [5] | 12,516 | [5] | 10,914 | [11],[18] | ||||||||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 4,000 | [5],[9] | 4,000 | [5],[9] | 4,000 | [5],[9] | 4,000 | [2],[3] | ||||||||
Fair Value | 19,452 | [5],[9] | 19,452 | [5],[9] | 19,452 | [5],[9] | 17,820 | [2],[3] | ||||||||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 27,981 | [5] | 27,981 | [5] | 27,981 | [5] | 27,981 | [3] | ||||||||
Fair Value | 27,981 | [5] | 27,981 | [5] | 27,981 | [5] | 27,981 | [3] | ||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,640 | [5],[9] | 6,640 | [5],[9] | 6,640 | [5],[9] | 6,640 | [2],[3],[7] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 2,679 | [2],[3],[7] | ||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7] | 28,560 | ||||||||||||||
Fair Value | [3],[7] | 28,560 | ||||||||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5] | 28,560 | 28,560 | 28,560 | ||||||||||||
Fair Value | [5] | 28,560 | 28,560 | 28,560 | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 3,400 | ||||||||||||||
Fair Value | [3],[7],[18] | 3,400 | ||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 800 | ||||||||||||||
Fair Value | [3],[7],[18] | 800 | ||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 1 | [5],[9] | 1 | [5],[9] | 1 | [5],[9] | 1 | [2],[3] | ||||||||
Fair Value | 0 | [5],[9] | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3] | ||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 1,500 | ||||||||||||||
Fair Value | [3],[7],[18] | 118 | ||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 3,400 | 3,400 | 3,400 | ||||||||||||
Fair Value | [5],[13] | 2,411 | 2,411 | 2,411 | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 900 | 900 | 900 | ||||||||||||
Fair Value | [5],[13] | 0 | 0 | 0 | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [2],[3] | 6,899 | ||||||||||||||
Fair Value | [2],[3] | 0 | ||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[9] | 6,899 | 6,899 | 6,899 | ||||||||||||
Fair Value | [5],[9] | 0 | 0 | 0 | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7],[18] | 11,700 | ||||||||||||||
Fair Value | [3],[7],[18] | 923 | ||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5],[13] | 3,200 | 3,200 | 3,200 | ||||||||||||
Fair Value | [5],[13] | 0 | 0 | 0 | ||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 6,000 | [5],[9] | 6,000 | [5],[9] | 6,000 | [5],[9] | 6,000 | [2],[3],[7] | ||||||||
Fair Value | 4,794 | [5],[9] | 4,794 | [5],[9] | 4,794 | [5],[9] | 6,000 | [2],[3],[7] | ||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7] | 18,250 | ||||||||||||||
Fair Value | [3],[7] | 18,250 | ||||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [3],[7] | 0 | ||||||||||||||
Fair Value | [3],[7] | 0 | ||||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | [5] | 18,250 | 18,250 | 18,250 | ||||||||||||
Fair Value | [5] | 18,250 | 18,250 | 18,250 | ||||||||||||
Total | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Beginning balance | 760,432 | 760,432 | $ 700,658 | 760,432 | $ 700,658 | $ 737,877 | 714,322 | $ 736,425 | $ 633,734 | |||||||
New investments, repayments and settlements: | ||||||||||||||||
Issuances / originations | 31,463 | 37,005 | 133,518 | 84,565 | ||||||||||||
Settlements / repayments | (2,300) | (32,838) | (55,396) | (46,898) | ||||||||||||
Sales | (13,372) | (41,768) | (35,298) | (49,394) | ||||||||||||
Transfers | 0 | 0 | 0 | 0 | ||||||||||||
Ending balance | 760,432 | 760,432 | 700,658 | 760,432 | 700,658 | |||||||||||
Total | Debt and Equity Securities, Realized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | 3,372 | 21,939 | 10,318 | 23,725 | ||||||||||||
Total | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | (6,609) | 5,320 | (4,783) | 80,919 | ||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 10,001 | (25,425) | (2,249) | (25,993) | ||||||||||||
Secured First Lien Debt | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Beginning balance | 447,491 | 447,491 | 433,834 | 447,491 | 433,834 | 420,907 | 425,087 | 431,413 | 368,688 | |||||||
New investments, repayments and settlements: | ||||||||||||||||
Issuances / originations | 29,900 | 37,000 | 106,950 | 65,450 | ||||||||||||
Settlements / repayments | (800) | (32,838) | (48,800) | (46,898) | ||||||||||||
Sales | 0 | 0 | 0 | 0 | ||||||||||||
Transfers | 0 | 0 | (14,418) | 45,043 | ||||||||||||
Ending balance | 447,491 | 447,491 | 433,834 | 447,491 | 433,834 | |||||||||||
Secured First Lien Debt | Debt and Equity Securities, Realized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | 0 | 0 | 0 | 0 | ||||||||||||
Secured First Lien Debt | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | (2,516) | (1,741) | (21,328) | 1,491 | ||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 0 | 0 | 0 | 60 | ||||||||||||
Secured First Lien Debt | Investment, Identifier [Axis]: PSI Molded Plastics, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 26,600 | 26,600 | 26,600 | |||||||||||||
Fair Value | 26,600 | 26,600 | 26,600 | |||||||||||||
Secured Second Lien Debt | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Beginning balance | 76,169 | 76,169 | 68,294 | 76,169 | 68,294 | 76,751 | 67,958 | 68,489 | 102,897 | |||||||
New investments, repayments and settlements: | ||||||||||||||||
Issuances / originations | 1,183 | 5 | 5,188 | 6,515 | ||||||||||||
Settlements / repayments | (1,500) | 0 | (6,596) | 0 | ||||||||||||
Sales | 0 | 0 | 0 | 0 | ||||||||||||
Transfers | 0 | 0 | 14,418 | (45,043) | ||||||||||||
Ending balance | 76,169 | 76,169 | 68,294 | 76,169 | 68,294 | |||||||||||
Secured Second Lien Debt | Debt and Equity Securities, Realized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | (10,000) | 0 | (10,000) | 0 | ||||||||||||
Secured Second Lien Debt | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | (266) | (200) | (4,800) | 3,925 | ||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 10,001 | 0 | 10,001 | 0 | ||||||||||||
Secured Second Lien Debt | Investment, Identifier [Axis]: D.P.M.S., Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 12,300 | 12,300 | ||||||||||||||
Fair Value | 7,300 | 7,300 | ||||||||||||||
Secured Second Lien Debt | Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 12,200 | 12,200 | 12,200 | |||||||||||||
Fair Value | 12,200 | 12,200 | 12,200 | |||||||||||||
Secured Second Lien Debt | Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 52,500 | 52,500 | ||||||||||||||
Fair Value | 52,400 | 52,400 | ||||||||||||||
Preferred Equity | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Beginning balance | 221,774 | 221,774 | 196,104 | 221,774 | 196,104 | 229,430 | 217,599 | 228,931 | 159,478 | |||||||
New investments, repayments and settlements: | ||||||||||||||||
Issuances / originations | 0 | 0 | 21,000 | 12,600 | ||||||||||||
Settlements / repayments | 0 | 0 | 0 | 0 | ||||||||||||
Sales | (13,372) | (41,768) | (35,298) | (49,394) | ||||||||||||
Transfers | 0 | 0 | 0 | (16,034) | ||||||||||||
Ending balance | 221,774 | 221,774 | 196,104 | 221,774 | 196,104 | |||||||||||
Preferred Equity | Debt and Equity Securities, Realized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | 13,372 | 21,939 | 20,318 | 23,725 | ||||||||||||
Preferred Equity | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | (7,656) | 12,427 | 10,405 | 91,782 | ||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization | 0 | (25,425) | (12,250) | (26,053) | ||||||||||||
Preferred Equity | Investment, Identifier [Axis]: Galaxy Technologies, Inc. | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 11,500 | 11,500 | ||||||||||||||
Fair Value | 16,000 | 16,000 | ||||||||||||||
Preferred Equity | Investment, Identifier [Axis]: SOG Specialty Knives & Tools, LLC | ||||||||||||||||
New investments, repayments and settlements: | ||||||||||||||||
Cost | 600 | 600 | ||||||||||||||
Fair Value | 0 | 0 | ||||||||||||||
Common Equity/ Equivalents | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Beginning balance | 14,998 | 14,998 | 2,426 | 14,998 | 2,426 | $ 10,789 | $ 3,678 | $ 7,592 | $ 2,671 | |||||||
New investments, repayments and settlements: | ||||||||||||||||
Issuances / originations | 380 | 0 | 380 | 0 | ||||||||||||
Settlements / repayments | 0 | 0 | 0 | 0 | ||||||||||||
Sales | 0 | 0 | 0 | 0 | ||||||||||||
Transfers | 0 | 0 | 0 | 16,034 | ||||||||||||
Ending balance | $ 14,998 | 14,998 | 2,426 | 14,998 | 2,426 | |||||||||||
Common Equity/ Equivalents | Debt and Equity Securities, Realized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | 0 | 0 | 0 | 0 | ||||||||||||
Common Equity/ Equivalents | Debt and Equity Securities, Unrealized Gain (Loss) | ||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||||||||||
Total gain (loss) | 3,829 | (5,166) | 10,940 | (16,279) | ||||||||||||
Reversal of previously recorded (appreciation) depreciation upon realization | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2].[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||
Nov. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) portfolio_company industry state | Nov. 30, 2022 USD ($) | Oct. 31, 2022 USD ($) | Aug. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | May 31, 2014 USD ($) | Dec. 31, 2022 USD ($) portfolio_company industry state | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) portfolio_company industry state | Dec. 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | Aug. 31, 2012 USD ($) | ||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | $ 133,506 | $ 84,550 | ||||||||||||||||||
Success fee income | $ 1,061 | $ 3,398 | 7,794 | 8,080 | ||||||||||||||||
Principal repayments of investments | 50,300 | 46,898 | ||||||||||||||||||
Cost | $ 722,380 | 722,380 | 722,380 | $ 669,248 | [1] | |||||||||||||||
Dividend income | 4,466 | 0 | 10,847 | 1,592 | ||||||||||||||||
Net realized gain (loss) | $ 3,844 | $ 22,049 | $ 10,598 | $ 22,444 | ||||||||||||||||
Number of investment portfolio company | portfolio_company | 25 | 25 | 25 | |||||||||||||||||
Number of states which have invested in the company location | state | 19 | 19 | 19 | |||||||||||||||||
Number of industries that have made investments | industry | 14 | 14 | 14 | |||||||||||||||||
Investments owned, fair value | $ 760,463 | $ 760,463 | $ 760,463 | 714,396 | [1] | |||||||||||||||
Uncollectible receivables allowance, minimum required day for uncollectible adjustment | 90 days | |||||||||||||||||||
Gross receivables from portfolio companies | 2,500 | 2,500 | $ 2,500 | 1,700 | ||||||||||||||||
Allowance for uncollectible receivables | 1,500 | 1,500 | 1,500 | 1,300 | ||||||||||||||||
Investment Portfolio Benchmark | Customer Concentration Risk | Five Largest Portfolio Investments | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Investments owned, fair value | 328,700 | 328,700 | $ 328,700 | |||||||||||||||||
Concentration risk, percentage | 43.20% | |||||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [2],[3],[4] | 0 | ||||||||||||||||||
Investments owned, fair value | [2],[3],[4] | 921 | ||||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 2,800 | [5],[6] | $ 2,800 | [5],[6] | $ 2,800 | [5],[6] | $ 2,800 | [3],[4],[7] | ||||||||||||
Investment, reference rate and spread | 11% | [5],[6],[8],[9],[10],[11] | 11% | [5],[6],[8],[9],[10],[11] | 11% | [5],[6],[8],[9],[10],[11] | 11% | [3],[4],[7],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 2,800 | [5],[6] | $ 2,800 | [5],[6] | $ 2,800 | [5],[6] | $ 2,800 | [3],[4],[7] | ||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [2],[3],[4] | 4,722 | ||||||||||||||||||
Investments owned, fair value | [2],[3],[4] | 14,746 | ||||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[4],[7] | $ 14,000 | ||||||||||||||||||
Investment, reference rate and spread | [3],[4],[7],[12],[13],[14],[15] | 11% | ||||||||||||||||||
Investments owned, fair value | [3],[4],[7] | $ 14,000 | ||||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[6],[16],[17] | 0 | 0 | 0 | ||||||||||||||||
Investments owned, fair value | [5],[6],[16],[17] | 0 | 0 | 0 | ||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[6] | $ 14,000 | $ 14,000 | $ 14,000 | ||||||||||||||||
Investment, reference rate and spread | [5],[6],[8],[9],[10],[11] | 11% | 11% | 11% | ||||||||||||||||
Investments owned, fair value | [5],[6] | $ 14,000 | $ 14,000 | $ 14,000 | ||||||||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[6],[17] | 4,722 | 4,722 | 4,722 | ||||||||||||||||
Investments owned, fair value | [5],[6],[17] | 2,653 | 2,653 | 2,653 | ||||||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Success fee income | $ 3,000 | |||||||||||||||||||
Realized gain on preferred equity | 4,700 | |||||||||||||||||||
Net proceeds from the sale of investments | 57,600 | |||||||||||||||||||
Principal repayments of investments | 48,000 | |||||||||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [2],[3] | 4,900 | ||||||||||||||||||
Investments owned, fair value | [2],[3] | 17,150 | ||||||||||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3] | $ 48,000 | ||||||||||||||||||
Investment, reference rate and spread | [3],[12],[13],[14],[15] | 10% | ||||||||||||||||||
Investments owned, fair value | [3] | $ 48,000 | ||||||||||||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,653 | [5],[17] | 6,653 | [5],[17] | 6,653 | [5],[17] | 6,653 | [2],[3] | ||||||||||||
Investments owned, fair value | 35,255 | [5],[17] | 35,255 | [5],[17] | 35,255 | [5],[17] | 21,485 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 17,700 | [5] | $ 17,700 | [5] | $ 17,700 | [5] | $ 17,700 | [3] | ||||||||||||
Investment, reference rate and spread | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 17,700 | [5] | $ 17,700 | [5] | $ 17,700 | [5] | $ 17,700 | [3] | ||||||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 6,850 | [5] | $ 6,850 | [5] | $ 6,850 | [5] | $ 6,850 | [3] | ||||||||||||
Investment, reference rate and spread | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 6,850 | [5] | $ 6,850 | [5] | $ 6,850 | [5] | $ 6,850 | [3] | ||||||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,995 | [5],[17] | 6,995 | [5],[17] | 6,995 | [5],[17] | 6,995 | [2],[3] | ||||||||||||
Investments owned, fair value | 27,539 | [5],[17] | 27,539 | [5],[17] | 27,539 | [5],[17] | 25,374 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 21,100 | [5] | $ 21,100 | [5] | $ 21,100 | [5] | $ 21,100 | [3] | ||||||||||||
Investment, reference rate and spread | 11.80% | [5],[8],[9],[10],[11] | 11.80% | [5],[8],[9],[10],[11] | 11.80% | [5],[8],[9],[10],[11] | 11.80% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 21,100 | [5] | $ 21,100 | [5] | $ 21,100 | [5] | $ 21,100 | [3] | ||||||||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 6,400 | [5] | $ 6,400 | [5] | $ 6,400 | [5] | $ 6,400 | [3] | ||||||||||||
Investment, reference rate and spread | 13% | [5],[8],[9],[10],[11] | 13% | [5],[8],[9],[10],[11] | 13% | [5],[8],[9],[10],[11] | 13% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 6,400 | [5] | $ 6,400 | [5] | $ 6,400 | [5] | $ 6,400 | [3] | ||||||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [18] | 0 | ||||||||||||||||||
Investments owned, fair value | [18] | 0 | ||||||||||||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Guaranty | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Success fee income | $ 1,100 | |||||||||||||||||||
Principal repayments of investments | $ 1,500 | |||||||||||||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [19] | $ 1,500 | ||||||||||||||||||
Investment, reference rate and spread | [12],[13],[14],[15],[19] | 8% | ||||||||||||||||||
Investments owned, fair value | [19] | $ 1,498 | ||||||||||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[17] | 21,000 | 21,000 | 21,000 | ||||||||||||||||
Investments owned, fair value | [5],[17] | 24,877 | 24,877 | 24,877 | ||||||||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5] | $ 38,250 | $ 38,250 | $ 38,250 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11] | 11% | 11% | 11% | ||||||||||||||||
Investments owned, fair value | [5] | $ 38,250 | $ 38,250 | $ 38,250 | ||||||||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | $ 39,100 | $ 21,000 | ||||||||||||||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 500 | [5],[17] | 500 | [5],[17] | 500 | [5],[17] | 500 | [2],[3] | ||||||||||||
Investments owned, fair value | 2,249 | [5],[17] | 2,249 | [5],[17] | 2,249 | [5],[17] | 1,533 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 13,000 | [20] | $ 13,000 | [20] | $ 13,000 | [20] | $ 12,987 | [19] | ||||||||||||
Investment, reference rate and spread | 9% | [8],[9],[10],[11],[20] | 9% | [8],[9],[10],[11],[20] | 9% | [8],[9],[10],[11],[20] | 9% | [12],[13],[14],[15],[19] | ||||||||||||
Investments owned, fair value | $ 13,016 | [20] | $ 13,016 | [20] | $ 13,016 | [20] | $ 13,000 | [19] | ||||||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 8,199 | [5],[6],[17] | 8,199 | [5],[6],[17] | 8,199 | [5],[6],[17] | 8,199 | [2],[3],[4],[7] | ||||||||||||
Investments owned, fair value | 0 | [5],[6],[17] | 0 | [5],[6],[17] | 0 | [5],[6],[17] | 0 | [2],[3],[4],[7] | ||||||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [4],[19] | $ 9,210 | ||||||||||||||||||
Investment, reference rate and spread | [4],[12],[13],[14],[15],[19] | 5.50% | ||||||||||||||||||
Investments owned, fair value | [4],[19] | $ 9,072 | ||||||||||||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[6],[21] | $ 9,210 | $ 9,210 | $ 9,210 | ||||||||||||||||
Investment, reference rate and spread | [5],[6],[8],[9],[10],[11] | 5.50% | 5.50% | 5.50% | ||||||||||||||||
Investments owned, fair value | [5],[6],[21] | $ 3,677 | $ 3,677 | $ 3,677 | ||||||||||||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 8,560 | [5],[17] | 8,560 | [5],[17] | 8,560 | [5],[17] | 8,560 | [2],[3] | ||||||||||||
Investments owned, fair value | 17,638 | [5],[17] | 17,638 | [5],[17] | 17,638 | [5],[17] | 19,252 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 20,000 | [5] | $ 20,000 | [5] | $ 20,000 | [5] | $ 20,000 | [3] | ||||||||||||
Investment, reference rate and spread | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 20,000 | [5] | $ 20,000 | [5] | $ 20,000 | [5] | $ 20,000 | [3] | ||||||||||||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 21 | [6],[17],[22] | 21 | [6],[17],[22] | 21 | [6],[17],[22] | 30 | [2],[4],[23],[24] | ||||||||||||
Investments owned, fair value | 31 | [6],[17],[22] | 31 | [6],[17],[22] | 31 | [6],[17],[22] | 74 | [2],[4],[23],[24] | ||||||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 11,513 | [5],[17] | 11,513 | [5],[17] | 11,513 | [5],[17] | 11,513 | [2],[3] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 6,900 | [5] | $ 6,900 | [5] | $ 6,900 | [5] | $ 6,500 | [3] | ||||||||||||
Investment, reference rate and spread | 4.10% | [5],[8],[9],[10],[11] | 4.10% | [5],[8],[9],[10],[11] | 4.10% | [5],[8],[9],[10],[11] | 4.10% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 5,610 | [5] | $ 5,610 | [5] | $ 5,610 | [5] | $ 6,500 | [3] | ||||||||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 18,796 | [5] | $ 18,796 | [5] | $ 18,796 | [5] | $ 18,796 | [3] | ||||||||||||
Investment, reference rate and spread | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 15,281 | [5] | $ 15,281 | [5] | $ 15,281 | [5] | $ 18,796 | [3] | ||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | $ 4,000 | |||||||||||||||||||
Cost | $ 5,000 | |||||||||||||||||||
Payment to extinguish secured borrowing liability | 5,100 | |||||||||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 8 | [5],[17] | 8 | [5],[17] | 8 | [5],[17] | 8 | [2],[3] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 9,583 | [5],[17] | 9,583 | [5],[17] | 9,583 | [5],[17] | 9,583 | [2],[3] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | $ 3,263 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5] | $ 12,200 | $ 12,200 | $ 12,200 | ||||||||||||||||
Investment, reference rate and spread | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [4],[12],[13],[14],[15],[25] | ||||||||||||
Investments owned, fair value | $ 12,200 | [5] | $ 12,200 | [5] | $ 12,200 | [5] | $ 13,300 | [4],[25] | ||||||||||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[17] | 620 | 620 | 620 | ||||||||||||||||
Investments owned, fair value | [5],[17] | 713 | 713 | 713 | ||||||||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Realized gain on preferred equity | 12,300 | |||||||||||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 10,080 | [2],[3] | ||||||||||||
Investments owned, fair value | 13,188 | [5],[17] | 13,188 | [5],[17] | 13,188 | [5],[17] | 17,807 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 57,700 | [5] | $ 57,700 | [5] | $ 57,700 | [5] | $ 27,700 | [3] | ||||||||||||
Investment, reference rate and spread | 7.50% | [5],[8],[9],[10],[11] | 7.50% | [5],[8],[9],[10],[11] | 7.50% | [5],[8],[9],[10],[11] | 9.50% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 57,700 | [5] | $ 57,700 | [5] | $ 57,700 | [5] | $ 27,700 | [3] | ||||||||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,749 | [5],[17] | 6,749 | [5],[17] | 6,749 | [5],[17] | 6,749 | [2],[3],[7] | ||||||||||||
Investments owned, fair value | 13,131 | [5],[17] | 13,131 | [5],[17] | 13,131 | [5],[17] | 16,405 | [2],[3],[7] | ||||||||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 22,000 | [5] | $ 22,000 | [5] | $ 22,000 | [5] | $ 22,000 | [3],[7] | ||||||||||||
Investment, reference rate and spread | 11% | [5],[8],[9],[10],[11] | 11% | [5],[8],[9],[10],[11] | 11% | [5],[8],[9],[10],[11] | 11% | [3],[7],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 22,000 | [5] | $ 22,000 | [5] | $ 22,000 | [5] | $ 22,000 | [3],[7] | ||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [7],[18] | 0 | ||||||||||||||||||
Investments owned, fair value | [7],[18] | 0 | ||||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 16,500 | [5],[21] | $ 16,500 | [5],[21] | $ 16,500 | [5],[21] | $ 16,500 | [3],[7],[26] | ||||||||||||
Investment, reference rate and spread | 6% | [5],[8],[9],[10],[11],[21] | 6% | [5],[8],[9],[10],[11],[21] | 6% | [5],[8],[9],[10],[11],[21] | 6% | [3],[7],[12],[13],[14],[15],[26] | ||||||||||||
Investments owned, fair value | $ 10,556 | [5],[21] | $ 10,556 | [5],[21] | $ 10,556 | [5],[21] | $ 15,023 | [3],[7],[26] | ||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 26,000 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 10.30% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 23,672 | ||||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 2,438 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 6% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 2,219 | ||||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 5,000 | $ 5,000 | $ 5,000 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 6% | 6% | 6% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 3,199 | $ 3,199 | $ 3,199 | ||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 26,000 | $ 26,000 | $ 26,000 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 10.30% | 10.30% | 10.30% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 16,634 | $ 16,634 | $ 16,634 | ||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 2,438 | $ 2,438 | $ 2,438 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 6% | 6% | 6% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 1,560 | $ 1,560 | $ 1,560 | ||||||||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 10,920 | [5],[17] | 10,920 | [5],[17] | 10,920 | [5],[17] | 10,920 | [2],[3],[7] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3],[7] | ||||||||||||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 11,206 | [5],[17] | 11,206 | [5],[17] | 11,206 | [5],[17] | 11,206 | [2],[3] | ||||||||||||
Investments owned, fair value | 10,896 | [5],[17] | 10,896 | [5],[17] | 10,896 | [5],[17] | 7,553 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 25,250 | [5] | $ 25,250 | [5] | $ 25,250 | [5] | $ 25,250 | [3] | ||||||||||||
Investment, reference rate and spread | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [5],[8],[9],[10],[11] | 10% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 25,250 | [5] | $ 25,250 | [5] | $ 25,250 | [5] | $ 25,250 | [3] | ||||||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 2,000 | [5] | $ 2,000 | [5] | $ 2,000 | [5] | $ 0 | [3] | ||||||||||||
Investment, reference rate and spread | 8% | [5],[8],[9],[10],[11] | 8% | [5],[8],[9],[10],[11] | 8% | [5],[8],[9],[10],[11] | 8% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 2,000 | [5] | $ 2,000 | [5] | $ 2,000 | [5] | $ 0 | [3] | ||||||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,600 | [5],[17] | 6,600 | [5],[17] | 6,600 | [5],[17] | 6,600 | [2],[3] | ||||||||||||
Investments owned, fair value | 14,858 | [5],[17] | 14,858 | [5],[17] | 14,858 | [5],[17] | 10,223 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 42,450 | [5] | $ 42,450 | [5] | $ 42,450 | [5] | $ 27,700 | [3] | ||||||||||||
Investment, reference rate and spread | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [5],[8],[9],[10],[11] | 10.50% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 42,450 | [5] | $ 42,450 | [5] | $ 42,450 | [5] | $ 27,700 | [3] | ||||||||||||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 1,219 | [5],[17] | 1,219 | [5],[17] | 1,219 | [5],[17] | 1,219 | [2],[3] | ||||||||||||
Investments owned, fair value | 12,036 | [5],[17] | 12,036 | [5],[17] | 12,036 | [5],[17] | 511 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Realized gain on preferred equity | 13,400 | 13,400 | 13,400 | |||||||||||||||||
Proceeds from equity | 17,900 | |||||||||||||||||||
Dividend income | 4,500 | |||||||||||||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3],[7] | ||||||||||||
Investments owned, fair value | 35,028 | [5],[17] | 35,028 | [5],[17] | 35,028 | [5],[17] | 37,842 | [2],[3],[7] | ||||||||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 40,500 | [5] | $ 40,500 | [5] | $ 40,500 | [5] | $ 25,000 | [3],[7] | ||||||||||||
Investment, reference rate and spread | 9.50% | [5],[8],[9],[10],[11] | 9.50% | [5],[8],[9],[10],[11] | 9.50% | [5],[8],[9],[10],[11] | 9.50% | [3],[7],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 40,500 | [5] | $ 40,500 | [5] | $ 40,500 | [5] | $ 25,000 | [3],[7] | ||||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [2],[3],[7] | 19,730 | ||||||||||||||||||
Investments owned, fair value | [2],[3],[7] | 0 | ||||||||||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[17] | 19,730 | 19,730 | 19,730 | ||||||||||||||||
Investments owned, fair value | [5],[17] | 0 | 0 | 0 | ||||||||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 26,618 | [5] | $ 26,618 | [5] | $ 26,618 | [5] | $ 26,618 | [3] | ||||||||||||
Investment, reference rate and spread | 5.50% | [5],[8],[9],[10],[11] | 5.50% | [5],[8],[9],[10],[11] | 5.50% | [5],[8],[9],[10],[11] | 5.50% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 26,618 | [5] | $ 26,618 | [5] | $ 26,618 | [5] | $ 26,618 | [3] | ||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [20] | $ 2,550 | $ 2,550 | $ 2,550 | ||||||||||||||||
Investment, reference rate and spread | [8],[9],[10],[11],[20] | 7% | 7% | 7% | ||||||||||||||||
Investments owned, fair value | [20] | $ 2,423 | $ 2,423 | $ 2,423 | ||||||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [19] | $ 2,000 | ||||||||||||||||||
Investment, reference rate and spread | [12],[13],[14],[15],[19] | 7% | ||||||||||||||||||
Investments owned, fair value | [19] | $ 1,920 | ||||||||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 1,830 | [5],[17] | 1,830 | [5],[17] | 1,830 | [5],[17] | 1,452 | [2],[3] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 3,200 | [20] | $ 3,200 | [20] | $ 3,200 | [20] | $ 3,200 | [19] | ||||||||||||
Investment, reference rate and spread | 11% | [8],[9],[10],[11],[20] | 11% | [8],[9],[10],[11],[20] | 11% | [8],[9],[10],[11],[20] | 11% | [12],[13],[14],[15],[19] | ||||||||||||
Investments owned, fair value | $ 3,040 | [20] | $ 3,040 | [20] | $ 3,040 | [20] | $ 3,072 | [19] | ||||||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 222 | [5],[17] | 222 | [5],[17] | 222 | [5],[17] | 222 | [2],[3],[24] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3],[24] | ||||||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 4,643 | [5],[17] | 4,643 | [5],[17] | 4,643 | [5],[17] | 4,643 | [2],[3] | ||||||||||||
Investments owned, fair value | 2,465 | [5],[17] | 2,465 | [5],[17] | 2,465 | [5],[17] | 0 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 3,128 | [5] | $ 3,128 | [5] | $ 3,128 | [5] | $ 3,128 | [19],[26] | ||||||||||||
Investment, reference rate and spread | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [12],[13],[14],[15],[19],[26] | ||||||||||||
Investments owned, fair value | $ 3,128 | [5] | $ 3,128 | [5] | $ 3,128 | [5] | $ 2,909 | [19],[26] | ||||||||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 12,516 | [5] | $ 12,516 | [5] | $ 12,516 | [5] | $ 11,736 | [19],[26] | ||||||||||||
Investment, reference rate and spread | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [5],[8],[9],[10],[11] | 7% | [12],[13],[14],[15],[19],[26] | ||||||||||||
Investments owned, fair value | $ 12,516 | [5] | $ 12,516 | [5] | $ 12,516 | [5] | $ 10,914 | [19],[26] | ||||||||||||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 4,000 | [5],[17] | 4,000 | [5],[17] | 4,000 | [5],[17] | 4,000 | [2],[3] | ||||||||||||
Investments owned, fair value | 19,452 | [5],[17] | 19,452 | [5],[17] | 19,452 | [5],[17] | 17,820 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | $ 27,981 | [5] | $ 27,981 | [5] | $ 27,981 | [5] | $ 27,981 | [3] | ||||||||||||
Investment, reference rate and spread | 11% | [5],[8],[9],[10],[11] | 11% | [5],[8],[9],[10],[11] | 11% | [5],[8],[9],[10],[11] | 11% | [3],[12],[13],[14],[15] | ||||||||||||
Investments owned, fair value | $ 27,981 | [5] | $ 27,981 | [5] | $ 27,981 | [5] | $ 27,981 | [3] | ||||||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,640 | [5],[17] | 6,640 | [5],[17] | 6,640 | [5],[17] | 6,640 | [2],[3],[7] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 2,679 | [2],[3],[7] | ||||||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7] | $ 28,560 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15] | 10.50% | ||||||||||||||||||
Investments owned, fair value | [3],[7] | $ 28,560 | ||||||||||||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5] | $ 28,560 | $ 28,560 | $ 28,560 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11] | 10.50% | 10.50% | 10.50% | ||||||||||||||||
Investments owned, fair value | [5] | $ 28,560 | $ 28,560 | $ 28,560 | ||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 3,400 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 5% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 3,400 | ||||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 800 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 5% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 800 | ||||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 1 | [5],[17] | 1 | [5],[17] | 1 | [5],[17] | 1 | [2],[3] | ||||||||||||
Investments owned, fair value | 0 | [5],[17] | 0 | [5],[17] | 0 | [5],[17] | 0 | [2],[3] | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 1,500 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 4% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 118 | ||||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 3,400 | $ 3,400 | $ 3,400 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 5% | 5% | 5% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 2,411 | $ 2,411 | $ 2,411 | ||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 900 | $ 900 | $ 900 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 5% | 5% | 5% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [2],[3] | 6,899 | ||||||||||||||||||
Investments owned, fair value | [2],[3] | 0 | ||||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[17] | 6,899 | 6,899 | 6,899 | ||||||||||||||||
Investments owned, fair value | [5],[17] | 0 | 0 | 0 | ||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7],[26] | $ 11,700 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15],[26] | 4% | ||||||||||||||||||
Investments owned, fair value | [3],[7],[26] | $ 923 | ||||||||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5],[21] | $ 3,200 | $ 3,200 | $ 3,200 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11],[21] | 4% | 4% | 4% | ||||||||||||||||
Investments owned, fair value | [5],[21] | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 6,000 | [5],[17] | 6,000 | [5],[17] | 6,000 | [5],[17] | 6,000 | [2],[3],[7] | ||||||||||||
Investments owned, fair value | 4,794 | [5],[17] | 4,794 | [5],[17] | 4,794 | [5],[17] | 6,000 | [2],[3],[7] | ||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7] | $ 18,250 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15] | 10% | ||||||||||||||||||
Investments owned, fair value | [3],[7] | $ 18,250 | ||||||||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [3],[7] | $ 0 | ||||||||||||||||||
Investment, reference rate and spread | [3],[7],[12],[13],[14],[15] | 8.50% | ||||||||||||||||||
Investments owned, fair value | [3],[7] | $ 0 | ||||||||||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | [5] | $ 18,250 | $ 18,250 | $ 18,250 | ||||||||||||||||
Investment, reference rate and spread | [5],[8],[9],[10],[11] | 10% | 10% | 10% | ||||||||||||||||
Investments owned, fair value | [5] | $ 18,250 | $ 18,250 | $ 18,250 | ||||||||||||||||
Secured First Lien Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 473,189 | 473,189 | 473,189 | 429,457 | ||||||||||||||||
Investments owned, fair value | 447,491 | 447,491 | 447,491 | 425,087 | ||||||||||||||||
Secured First Lien Debt | Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 12,200 | |||||||||||||||||||
Secured First Lien Debt | Investment, Identifier [Axis]: Horizon Facilities Services, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | 30,000 | |||||||||||||||||||
Secured First Lien Debt | Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | $ 8,400 | $ 6,400 | ||||||||||||||||||
Secured First Lien Debt | Investment, Identifier [Axis]: Old World Christmas, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | 15,500 | |||||||||||||||||||
Preferred Equity | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 149,099 | 149,099 | 149,099 | 143,079 | ||||||||||||||||
Investments owned, fair value | 221,774 | 221,774 | 221,774 | 217,599 | ||||||||||||||||
Preferred Equity | Investment, Identifier [Axis]: Horizon Facilities Services, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Success fee income | 1,700 | |||||||||||||||||||
Realized gain on preferred equity | 2,200 | |||||||||||||||||||
Proceeds from equity | 12,300 | |||||||||||||||||||
Cost | 10,100 | |||||||||||||||||||
Dividend income | $ 3,100 | |||||||||||||||||||
Secured Second Lien Debt | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Cost | 84,158 | 84,158 | 84,158 | 81,147 | ||||||||||||||||
Investments owned, fair value | 76,169 | 76,169 | 76,169 | 67,958 | ||||||||||||||||
Secured Second Lien Debt | Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | $ 100 | |||||||||||||||||||
Cost | $ 13,300 | $ 13,300 | [4],[25] | |||||||||||||||||
Secured Second Lien Debt | Investment, Identifier [Axis]: The Mountain Corporation | ||||||||||||||||||||
Summary of Investment Holdings [Line Items] | ||||||||||||||||||||
Purchase of investments | 3,200 | |||||||||||||||||||
Cost | 13,200 | $ 13,200 | $ 13,200 | |||||||||||||||||
Net realized gain (loss) | $ (10,000) | |||||||||||||||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2].[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $641.0 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the "1940 Act"), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2022, our investment in Funko Acquisition Holdings, LLC ("Funko") was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day London Interbank Offered Rate ("LIBOR" or "L"), which was 4.4% as of December 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2022, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 0.5% as of March 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
INVESTMENTS - Summary Investmen
INVESTMENTS - Summary Investment Holdings (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | ||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 722,380 | $ 669,248 | [1] |
Fair Value | $ 760,463 | $ 714,396 | [1] |
Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Investment Owned, At Fair Value | Geographic Regions Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 100% | 100% | |
Northeast | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 273,897 | $ 194,100 | |
Northeast | Investment Owned, At Fair Value | Geographic Regions Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 36% | 27.20% | |
West | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 198,589 | $ 158,607 | |
West | Investment Owned, At Fair Value | Geographic Regions Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 26.10% | 22.20% | |
South | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 173,259 | $ 188,978 | |
South | Investment Owned, At Fair Value | Geographic Regions Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 22.80% | 26.40% | |
Midwest | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 114,718 | $ 172,711 | |
Midwest | Investment Owned, At Fair Value | Geographic Regions Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 15.10% | 24.20% | |
Diversified/Conglomerate Services | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 269,749 | $ 307,403 | |
Diversified/Conglomerate Services | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 35.50% | 43% | |
Home and Office Furnishings, Housewares, and Durable Consumer Products | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 147,533 | $ 125,440 | |
Home and Office Furnishings, Housewares, and Durable Consumer Products | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 19.40% | 17.60% | |
Buildings and Real Estate | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 63,127 | $ 0 | |
Buildings and Real Estate | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 8.30% | 0% | |
Hotels, Motels, Inns, and Gaming | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 59,308 | $ 37,923 | |
Hotels, Motels, Inns, and Gaming | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 7.80% | 5.30% | |
Leisure, Amusement, Motion Pictures, and Entertainment | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 48,146 | $ 46,514 | |
Leisure, Amusement, Motion Pictures, and Entertainment | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 6.30% | 6.50% | |
Healthcare, Education, and Childcare | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 37,638 | $ 39,252 | |
Healthcare, Education, and Childcare | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 5% | 5.50% | |
Chemicals, Plastics, and Rubber | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 26,618 | $ 26,618 | |
Chemicals, Plastics, and Rubber | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 3.50% | 3.70% | |
Mining, Steel, Iron and Non-Precious Metals | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 23,044 | $ 24,250 | |
Mining, Steel, Iron and Non-Precious Metals | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 3% | 3.40% | |
Aerospace and Defense | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 20,891 | $ 25,296 | |
Aerospace and Defense | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2.70% | 3.50% | |
Telecommunications | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 19,453 | $ 32,467 | |
Telecommunications | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2.60% | 4.60% | |
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 18,109 | $ 13,823 | |
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2.40% | 1.90% | |
Cargo Transport | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 15,265 | $ 14,533 | |
Cargo Transport | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2% | 2% | |
Diversified/Conglomerate Manufacturing | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 9,140 | $ 14,064 | |
Diversified/Conglomerate Manufacturing | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 1.20% | 2% | |
Other | |||
Summary of Investment Holdings [Line Items] | |||
Fair Value | $ 2,442 | $ 6,813 | |
Other | Investment Owned, At Fair Value | Industry Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 0.30% | 1% | |
Debt Securities | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 557,347 | $ 510,604 | |
Fair Value | $ 523,660 | $ 493,045 | |
Debt Securities | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 77.20% | 76.30% | |
Debt Securities | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 68.80% | 69% | |
Secured First Lien Debt | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 473,189 | $ 429,457 | |
Fair Value | $ 447,491 | $ 425,087 | |
Secured First Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 65.50% | 64.20% | |
Secured First Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 58.80% | 59.50% | |
Secured Second Lien Debt | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 84,158 | $ 81,147 | |
Fair Value | $ 76,169 | $ 67,958 | |
Secured Second Lien Debt | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 11.70% | 12.10% | |
Secured Second Lien Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 10% | 9.50% | |
Equity Securities | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 165,033 | $ 158,644 | |
Fair Value | $ 236,803 | $ 221,351 | |
Equity Securities | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 22.80% | 23.70% | |
Equity Securities | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 31.20% | 31% | |
Preferred Equity | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 149,099 | $ 143,079 | |
Fair Value | $ 221,774 | $ 217,599 | |
Preferred Equity | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 20.60% | 21.40% | |
Preferred Equity | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 29.20% | 30.50% | |
Common Equity/ Equivalents | |||
Summary of Investment Holdings [Line Items] | |||
Cost | $ 15,934 | $ 15,565 | |
Fair Value | $ 15,029 | $ 3,752 | |
Common Equity/ Equivalents | Investment Owned, At Cost | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2.20% | 2.30% | |
Common Equity/ Equivalents | Investment Owned, At Fair Value | Investment Type Concentration Risk | |||
Summary of Investment Holdings [Line Items] | |||
Concentration risk, percentage | 2% | 0.50% | |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
INVESTMENTS - Investments Class
INVESTMENTS - Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 | [1] |
Investments, Debt and Equity Securities [Abstract] | |||
For the remaining three months ending March 31, 2023 | $ 27,500 | ||
2024 | 55,468 | ||
2025 | 89,614 | ||
2026 | 202,419 | ||
2027 | 144,096 | ||
Thereafter | 38,250 | ||
Total contractual repayments | 557,347 | ||
Investments in equity securities | 165,033 | ||
Total cost basis of investments held as of December 31, 2022: | $ 722,380 | $ 669,248 | |
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | ||
Related Party Transaction [Line Items] | ||||||
Base management fee | 2% | 2% | 2% | 2% | ||
Base management fee, percent fee | 100% | |||||
Investment company, excess expense reimbursable | $ 40,000 | $ 100,000 | $ 100,000 | $ 200,000 | ||
Maximum base management fee paid cannot exceed a percentage of total assets | 2% | |||||
Ratio of net investment income (loss) to average net assets – annualized | 5.15% | 2.68% | 5.50% | (0.96%) | ||
Incentive fee base on minimum rate of return required on investment | $ 0 | |||||
Percentage of pre-incentive fee net investment income is less than the hurdle rate | 100% | |||||
Investment company, pre-incentive fee net investment income, percent threshold of net assets | 2.1875% | |||||
Pre-incentive fee net investment income exceeds the hurdle rate | 20% | |||||
Investment company, capital gains-based incentive fees | 20% | 20% | ||||
Investment company, capital gains-based incentive fees | $ 0 | $ 5,300,000 | ||||
Investment company, capital gains-based incentive fees payable (reversal) | $ 1,400,000 | $ 400,000 | 700,000 | $ 16,300,000 | ||
Administration fee | [1] | 410,000 | 437,000 | 1,352,000 | 1,407,000 | |
Success fee income | 1,061,000 | 3,398,000 | 7,794,000 | 8,080,000 | ||
Due from related parties | 16,000 | $ 16,000 | $ 27,000 | |||
Minimum | ||||||
Related Party Transaction [Line Items] | ||||||
Ratio of net investment income (loss) to average net assets – annualized | 1.75% | |||||
Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Success fee income | $ 300,000 | $ 2,800,000 | $ 1,600,000 | $ 3,200,000 | ||
Adviser | David Gladstone | Chief Executive Officer | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||
Administrator | David Gladstone | Chief Executive Officer | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||
Gladstone Securities, LLC | David Gladstone | Chief Executive Officer | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, ownership percentage by parent | 100% | 100% | ||||
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transactions [Abstract] | |||||
Average total assets subject to base management fee | $ 757,800 | $ 726,000 | $ 731,000 | $ 701,800 | |
Multiplied by prorated annual base management fee of 2.0% | 0.50% | 0.50% | 1.50% | 1.50% | |
Base management fee | [1] | $ 3,789 | $ 3,630 | $ 10,965 | $ 10,527 |
Credits to fees from Adviser - other | (756) | (3,682) | (3,131) | (5,863) | |
Net base management fee | 3,033 | (52) | 7,834 | 4,664 | |
Loan servicing fee | [1] | 2,080 | 1,768 | 5,754 | 5,430 |
Credits to base management fee – loan servicing fee | (2,080) | (1,768) | (5,754) | (5,430) | |
Net loan servicing fee | 0 | 0 | 0 | 0 | |
Incentive fee – income-based | 2,503 | 2,197 | 7,016 | 5,892 | |
Incentive fee – capital gains-based | 1,442 | 390 | 706 | 16,294 | |
Total incentive fee | [1] | 3,945 | 2,587 | 7,722 | 22,186 |
Credits to fees from Adviser - other | 0 | 0 | 0 | 0 | |
Net total incentive fee | $ 3,945 | $ 2,587 | $ 7,722 | $ 22,186 | |
Base management fee | 2% | 2% | 2% | 2% | |
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information. |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Fees Due (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022 |
Related Party Transaction [Line Items] | ||
Base management and loan servicing fee due to Adviser, net of credits | $ 953 | $ 1,648 |
Incentive fee due to Adviser | 28,605 | 27,577 |
Other due to Adviser | 604 | 63 |
Fees due to related party | 30,726 | 29,915 |
Capital gains-based incentive fee | 26,100 | 25,400 |
Adviser | ||
Related Party Transaction [Line Items] | ||
Fees due to related party | 30,162 | 29,288 |
Administrator | ||
Related Party Transaction [Line Items] | ||
Fees due to related party | $ 564 | $ 627 |
BORROWINGS - Revolving Line of
BORROWINGS - Revolving Line of Credit Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Mar. 08, 2021 | Aug. 10, 2020 | Dec. 31, 2022 | Mar. 31, 2022 | Aug. 09, 2020 | |
Debt Instrument [Line Items] | |||||
Indebtedness asset coverage on our senior securities | 250.50% | 252.90% | |||
Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Term | 2 years | ||||
Option extension period | 1 year | ||||
Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | 1% | |||
Credit Facility | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 180,000,000 | $ 180,000,000 | $ 180,000,000 | $ 200,000,000 | |
Accordion feature, increase limit | $ 300,000,000 | ||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock | $ 210,000,000 | ||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised | 50% | ||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, minus percent of any equity or subordinated debt redeemed or retired | 50% | ||||
Covenant, required minimum net worth of mandatory redeemable term preferred stock, plus percent of all equity and subordinated debt raised, minus percent of any equity or subordinated debt redeemed or retired | $ 288,000,000 | ||||
Indebtedness asset coverage on our senior securities | 250.50% | ||||
Senior security, indebtedness, asset coverage amount | $ 705,700,000 | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Minimum | |||||
Debt Instrument [Line Items] | |||||
Indebtedness asset coverage on our senior securities | 150% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Less than or Equal to 50% of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 0.50% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater than 50% but Less than or Equal to 65% of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 0.75% | ||||
Credit Facility | Line of Credit | Revolving Line of Credit | Greater Than 65% Of Commitment | |||||
Debt Instrument [Line Items] | |||||
Unused fee percentage | 1% | ||||
Credit Facility | LIBOR | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, variable rate floor | 0.50% | 0.50% | 0.50% | ||
Debt instrument, basis spread on variable rate | 2.85% | 2.85% | |||
Credit Facility | LIBOR, Tranche One | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.85% | ||||
Credit Facility | LIBOR, Tranche Two | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.10% | ||||
Credit Facility | LIBOR, Thereafter | Line of Credit | Revolving Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.35% |
BORROWINGS - Schedule of Line o
BORROWINGS - Schedule of Line of Credit Facilities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Aug. 10, 2020 | Aug. 09, 2020 | |
Debt Instrument [Line Items] | |||||||
Borrowings outstanding at cost | $ 29,600,000 | $ 29,600,000 | $ 0 | ||||
Credit Facility | Revolving Line of Credit | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Commitment amount | 180,000,000 | 180,000,000 | 180,000,000 | $ 180,000,000 | $ 200,000,000 | ||
Borrowings outstanding at cost | 29,600,000 | 29,600,000 | 0 | ||||
Availability | 150,400,000 | 150,400,000 | 180,000,000 | ||||
Weighted-average borrowings outstanding | $ 26,054,000 | $ 21,184,000 | $ 12,621,000 | $ 23,959,000 | |||
Effective interest rate | 12.80% | 11.10% | 19.80% | 10.10% | |||
Commitment (unused) fees incurred | $ 394,000 | $ 406,000 | $ 1,279,000 | $ 1,191,000 | |||
Adjusted availability | $ 150,400,000 | $ 150,400,000 | $ 180,000,000 |
BORROWINGS - Fair Value Narrati
BORROWINGS - Fair Value Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Aug. 10, 2020 | Dec. 31, 2022 | Mar. 31, 2022 | ||
Debt Instrument [Line Items] | ||||
Investments owned, fair value | $ 760,463 | $ 714,396 | [1] | |
Collateral Pledged | ||||
Debt Instrument [Line Items] | ||||
Investments owned, fair value | $ 641,000 | $ 537,500 | ||
Credit Facility | Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Unused fee percentage | 1% | 1% | ||
Credit Facility | Revolving Line of Credit | Line of Credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, variable rate floor | 0.50% | 0.50% | 0.50% | |
Debt instrument, basis spread on variable rate | 2.85% | 2.85% | ||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million. |
BORROWINGS - Fair Value, Liabil
BORROWINGS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | |||||
Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) | $ 29,600 | $ 29,600 | $ 0 | ||
Long-Term Debt | |||||
Fair Value Measurements of Borrowings Using Significant Unobservable Inputs (Level 3) Reported in Consolidated Statements of Assets and Liabilities | |||||
Beginning balance | 16,600 | $ 8,900 | 0 | $ 22,400 | |
Borrowings | 41,400 | 49,000 | 82,900 | 111,700 | |
Repayments | (28,400) | (57,900) | (53,300) | (134,100) | |
Unrealized appreciation (depreciation) | 0 | 0 | 0 | 0 | |
Ending balance | $ 29,600 | $ 0 | $ 29,600 | $ 0 |
BORROWINGS - Notes Payable Narr
BORROWINGS - Notes Payable Narrative (Details) - USD ($) | 1 Months Ended | ||||
Aug. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||
Aggregate Principal Amount | $ 292,088,000 | $ 267,584,000 | |||
Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Aggregate Principal Amount | $ 262,488,000 | $ 262,488,000 | |||
Notes Payable | 5.00% Notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5% | 5% | 5% | ||
Aggregate Principal Amount | $ 127,900,000 | $ 127,938,000 | $ 127,938,000 | ||
Proceeds from issuance of long-term debt | 123,800,000 | ||||
Borrowings outstanding at cost | $ 4,100,000 | ||||
Notes payable, fair value disclosure | $ 117,700,000 | $ 128,300,000 | |||
Notes Payable | 4.875% Notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.875% | 4.875% | 4.875% | ||
Aggregate Principal Amount | $ 134,600,000 | $ 134,550,000 | $ 134,550,000 | ||
Proceeds from issuance of long-term debt | 131,300,000 | ||||
Borrowings outstanding at cost | $ 3,300,000 | ||||
Notes payable, fair value disclosure | $ 117,300,000 | $ 134,300,000 |
BORROWINGS - Schedule of Debt (
BORROWINGS - Schedule of Debt (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2021 | Mar. 31, 2021 |
Debt Instrument [Line Items] | |||||
Aggregate Principal Amount | $ 292,088,000 | $ 267,584,000 | |||
Total borrowings | $ 286,719,000 | $ 261,348,000 | |||
Indebtedness asset coverage on our senior securities | 250.50% | 252.90% | |||
Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Notes Outstanding | $ 10,499,500,000 | $ 10,499,500,000 | |||
Aggregate Principal Amount | 262,488,000 | 262,488,000 | |||
Less: Unamortized Discounts | (5,369,000) | (6,236,000) | |||
Total borrowings | $ 257,119,000 | $ 256,252,000 | |||
Notes Payable | 5.00% Notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 5% | 5% | 5% | ||
Notes Outstanding | $ 5,117,500,000 | $ 5,117,500,000 | |||
Principal Amount per Note | 25,000 | 25,000 | |||
Aggregate Principal Amount | $ 127,938,000 | $ 127,938,000 | $ 127,900,000 | ||
Notes Payable | 4.875% Notes due 2028 | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4.875% | 4.875% | 4.875% | ||
Notes Outstanding | $ 5,382,000,000 | $ 5,382,000,000 | |||
Principal Amount per Note | 25,000 | 25,000 | |||
Aggregate Principal Amount | $ 134,550,000 | $ 134,550,000 | $ 134,600,000 |
BORROWINGS - Secured Borrowing
BORROWINGS - Secured Borrowing Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||||||
Dec. 31, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2014 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | Aug. 31, 2012 | |||||
Debt Instrument [Line Items] | |||||||||||||
Cost | $ 722,380 | $ 722,380 | $ 669,248 | [1] | |||||||||
Purchase of investments | 133,506 | $ 84,550 | |||||||||||
Secured borrowing | 0 | 0 | 5,096 | ||||||||||
Secured Second Lien Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 84,158 | 84,158 | 81,147 | ||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Common Stock Warrants | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [2],[3],[4] | 0 | |||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 2,800 | [5],[6] | 2,800 | [5],[6] | 2,800 | [3],[4],[7] | |||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [2],[3],[4] | 4,722 | |||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[4],[7] | 14,000 | |||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Common Stock Warrants | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[6],[8],[9] | 0 | 0 | ||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.(L) – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[6] | 14,000 | 14,000 | ||||||||||
Investment, Identifier [Axis]: B+T Group Acquisition, Inc.– Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[6],[9] | 4,722 | 4,722 | ||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [2],[3] | 4,900 | |||||||||||
Investment, Identifier [Axis]: Bassett Creek Services, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3] | 48,000 | |||||||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,653 | [5],[9] | 6,653 | [5],[9] | 6,653 | [2],[3] | |||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 17,700 | [5] | 17,700 | [5] | 17,700 | [3] | |||||||
Investment, Identifier [Axis]: Brunswick Bowling Products, Inc. – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,850 | [5] | 6,850 | [5] | 6,850 | [3] | |||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,995 | [5],[9] | 6,995 | [5],[9] | 6,995 | [2],[3] | |||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 21,100 | [5] | 21,100 | [5] | 21,100 | [3] | |||||||
Investment, Identifier [Axis]: Counsel Press, Inc. – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,400 | [5] | 6,400 | [5] | 6,400 | [3] | |||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC - Guaranty | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [10] | 0 | |||||||||||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [11] | 1,500 | |||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc - Preferred Equity | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[9] | 21,000 | 21,000 | ||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5] | 38,250 | 38,250 | ||||||||||
Investment, Identifier [Axis]: Dema/Mai Holdings, Inc. | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchase of investments | $ 39,100 | $ 21,000 | |||||||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Common Stock Warrants | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 500 | [5],[9] | 500 | [5],[9] | 500 | [2],[3] | |||||||
Investment, Identifier [Axis]: Diligent Delivery Systems – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 13,000 | [12] | 13,000 | [12] | 12,987 | [11] | |||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 8,199 | [5],[6],[9] | 8,199 | [5],[6],[9] | 8,199 | [2],[3],[4],[7] | |||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [4],[11] | 9,210 | |||||||||||
Investment, Identifier [Axis]: Edge Adhesives Holdings, Inc.– Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[6],[13] | 9,210 | 9,210 | ||||||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 8,560 | [5],[9] | 8,560 | [5],[9] | 8,560 | [2],[3] | |||||||
Investment, Identifier [Axis]: Educators Resource, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 20,000 | [5] | 20,000 | [5] | 20,000 | [3] | |||||||
Investment, Identifier [Axis]: Funko Acquisition Holdings, LLC – Common Units | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 21 | [6],[9],[14] | 21 | [6],[9],[14] | 30 | [2],[4],[15],[16] | |||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 11,513 | [5],[9] | 11,513 | [5],[9] | 11,513 | [2],[3] | |||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,900 | [5] | 6,900 | [5] | 6,500 | [3] | |||||||
Investment, Identifier [Axis]: Galaxy Technologies Holdings, Inc. – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 18,796 | [5] | 18,796 | [5] | 18,796 | [3] | |||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | $ 5,000 | ||||||||||||
Purchase of investments | $ 4,000 | ||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. | Secured Second Lien Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | $ 13,300 | 13,300 | [4],[17] | ||||||||||
Purchase of investments | $ 100 | ||||||||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 8 | [5],[9] | 8 | [5],[9] | 8 | [2],[3] | |||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 9,583 | [5],[9] | 9,583 | [5],[9] | 9,583 | [2],[3] | |||||||
Investment, Identifier [Axis]: Ginsey Home Solutions, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5] | 12,200 | 12,200 | ||||||||||
Investment, Identifier [Axis]: Gladstone SOG Investments, Inc. - Common Stock( | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[9] | 620 | 620 | ||||||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 0 | [5],[9] | 0 | [5],[9] | 10,080 | [2],[3] | |||||||
Investment, Identifier [Axis]: Horizon Facilities Services, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 57,700 | [5] | 57,700 | [5] | 27,700 | [3] | |||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,749 | [5],[9] | 6,749 | [5],[9] | 6,749 | [2],[3],[7] | |||||||
Investment, Identifier [Axis]: ImageWorks Display and Marketing Group, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 22,000 | [5] | 22,000 | [5] | 22,000 | [3],[7] | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [7],[10] | 0 | |||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 16,500 | [5],[13] | 16,500 | [5],[13] | 16,500 | [3],[7],[18] | |||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 26,000 | |||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Term Debt 3 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 2,438 | |||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 5,000 | 5,000 | ||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 26,000 | 26,000 | ||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC – Term Debt 3 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 2,438 | 2,438 | ||||||||||
Investment, Identifier [Axis]: J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 10,920 | [5],[9] | 10,920 | [5],[9] | 10,920 | [2],[3],[7] | |||||||
Investment, Identifier [Axis]: Mason West, LLC – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 11,206 | [5],[9] | 11,206 | [5],[9] | 11,206 | [2],[3] | |||||||
Investment, Identifier [Axis]: Mason West, LLC – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 25,250 | [5] | 25,250 | [5] | 25,250 | [3] | |||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 2,000 | [5] | 2,000 | [5] | 0 | [3] | |||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,600 | [5],[9] | 6,600 | [5],[9] | 6,600 | [2],[3] | |||||||
Investment, Identifier [Axis]: Nocturne Villa Rentals, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 42,450 | [5] | 42,450 | [5] | 27,700 | [3] | |||||||
Investment, Identifier [Axis]: Nth Degree Investment Group, LLC – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 1,219 | [5],[9] | 1,219 | [5],[9] | 1,219 | [2],[3] | |||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 0 | [5],[9] | 0 | [5],[9] | 0 | [2],[3],[7] | |||||||
Investment, Identifier [Axis]: Old World Christmas, Inc. – Secured First Lien Term Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 40,500 | [5] | 40,500 | [5] | 25,000 | [3],[7] | |||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [2],[3],[7] | 19,730 | |||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Preferred Stock( | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[9] | 19,730 | 19,730 | ||||||||||
Investment, Identifier [Axis]: PSI Molded Plastics, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 26,618 | [5] | 26,618 | [5] | 26,618 | [3] | |||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [12] | 2,550 | 2,550 | ||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc – Line of Credit, | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [11] | 2,000 | |||||||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 1,830 | [5],[9] | 1,830 | [5],[9] | 1,452 | [2],[3] | |||||||
Investment, Identifier [Axis]: Phoenix Door Systems, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 3,200 | [12] | 3,200 | [12] | 3,200 | [11] | |||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 222 | [5],[9] | 222 | [5],[9] | 222 | [2],[3],[16] | |||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 4,643 | [5],[9] | 4,643 | [5],[9] | 4,643 | [2],[3] | |||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 3,128 | [5] | 3,128 | [5] | 3,128 | [11],[18] | |||||||
Investment, Identifier [Axis]: SFEG Holdings, Inc. – Term Debt 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 12,516 | [5] | 12,516 | [5] | 11,736 | [11],[18] | |||||||
Investment, Identifier [Axis]: Schylling, Inc. – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 4,000 | [5],[9] | 4,000 | [5],[9] | 4,000 | [2],[3] | |||||||
Investment, Identifier [Axis]: Schylling, Inc. – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 27,981 | [5] | 27,981 | [5] | 27,981 | [3] | |||||||
Investment, Identifier [Axis]: The Maids International, LLC – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,640 | [5],[9] | 6,640 | [5],[9] | 6,640 | [2],[3],[7] | |||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7] | 28,560 | |||||||||||
Investment, Identifier [Axis]: The Maids International, LLC – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5] | 28,560 | 28,560 | ||||||||||
Investment, Identifier [Axis]: The Mountain Corporation | Secured Second Lien Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 13,200 | 13,200 | |||||||||||
Purchase of investments | 3,200 | ||||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 3,400 | |||||||||||
Investment, Identifier [Axis]: The Mountain Corporation 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 800 | |||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 1 | [5],[9] | 1 | [5],[9] | 1 | [2],[3] | |||||||
Investment, Identifier [Axis]: The Mountain Corporation – Delayed Draw Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 1,500 | |||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 3,400 | 3,400 | ||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Line of Credit 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 900 | 900 | ||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [2],[3] | 6,899 | |||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Preferred Stock( | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[9] | 6,899 | 6,899 | ||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7],[18] | 11,700 | |||||||||||
Investment, Identifier [Axis]: The Mountain Corporation – Term Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5],[13] | 3,200 | 3,200 | ||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd. - Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | 6,000 | [5],[9] | 6,000 | [5],[9] | 6,000 | [2],[3],[7] | |||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7] | 18,250 | |||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 1 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [3],[7] | $ 0 | |||||||||||
Investment, Identifier [Axis]: Utah Pacific Bridge & Steel, Ltd., 2 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Cost | [5] | $ 18,250 | $ 18,250 | ||||||||||
[1]Cumulative gross unrealized appreciation for federal income tax purposes is $140.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $97.1 million. Cumulative net unrealized appreciation is $43.8 million, based on a tax cost of $670.6 million.[2].[3] Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on the total enterprise value of the portfolio company, which is generally allocated to the portfolio company’s securities in order of their relative priority in the capital structure. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Fair value was based on internal yield analysis or on estimates of value submitted by ICE Data Pricing and Reference Data, LLC. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. Our investment in Funko was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Our common units in Funko are convertible into class A common stock in Funko, Inc. upon meeting certain requirements. Fair value was based on the closing market price of shares of Funko, Inc. as of the reporting date, less a discount for lack of marketability. Funko, Inc. is traded on the Nasdaq Global Select Market under the trading symbol “FNKO.” Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. $5.1 million of the debt security was participated to a third-party, but is accounted for as collateral for a secured borrowing under accounting principles generally accepted in the U.S. and presented as Secured borrowing on our accompanying Consolidated Statements of Assets and Liabilities as of March 31, 2022. |
MANDATORILY REDEEMABLE PREFER_3
MANDATORILY REDEEMABLE PREFERRED STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Aug. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||
Loss on extinguishment of debt | $ 2 | ||
Investment company, cash distributions paid to common stockholders from ordinary income | 61.20% | 71.30% | |
Investment company, cash distributions paid to common stockholders from capital gains | 38.80% | 28.70% | |
Series E Term Preferred Stock | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend rate, percentage | 6.375% | ||
Preferred stock, liquidation preference (in USD per share) | $ 25 |
MANDATORILY REDEEMABLE PREFER_4
MANDATORILY REDEEMABLE PREFERRED STOCK - Dividends Declared And Cash Paid (Details) - $ / shares | 9 Months Ended | |||||
Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | May 28, 2021 | Apr. 30, 2021 | Dec. 31, 2021 | |
Series E Term Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Dividend paid per share of Series E term preferred stock (in USD per share) | $ 0.0796875 | $ 0.1328125 | $ 0.1328125 | $ 0.1328125 | $ 0.1328125 | $ 0.6109375 |
REGISTRATION STATEMENT AND CO_2
REGISTRATION STATEMENT AND COMMON EQUITY OFFERINGS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2022 | Sep. 03, 2021 | |
Government Assistance [Line Items] | |||||
Securities, aggregate value authorized | $ 300,000,000 | ||||
Securities, remaining capacity of aggregate value authorized | $ 296,500,000 | $ 296,500,000 | |||
Proceeds from issuance of common stock | 3,463,000 | $ 0 | |||
Common Stock ATM Program | |||||
Government Assistance [Line Items] | |||||
Sale of stock, aggregate offering price authorized | $ 50,000,000 | ||||
Sale of stock, remaining capacity of authorized offering price | $ 46,500,000 | $ 46,500,000 | |||
Sale of stock, number of shares sold (in shares) | 212,338 | 241,978 | |||
Sale of stock, weighted-average gross price per share (in USD per share) | $ 14.11 | $ 14.31 | |||
Sale of stock, consideration received | $ 3,000,000 | $ 3,500,000 | |||
Sale of stock, weighted-average net price per share after deducting commissions and offering costs (in USD per share) | $ 13.91 | $ 14.11 | |||
Proceeds from issuance of common stock | $ 3,000,000 | $ 3,400,000 |
NET INCREASE (DECREASE) IN NE_3
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER WEIGHTED-AVERAGE COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net increase in net assets resulting from operations | $ 15,779 | $ 10,346 | $ 30,889 | $ 85,620 | ||||
Net increase in net assets resulting from operations | $ 15,779 | $ 3,075 | $ 12,035 | $ 10,346 | $ 28,135 | $ 47,139 | $ 85,620 | |
Basic weighted-average common shares (in shares) | 33,316,055 | 33,205,023 | 33,246,811 | 33,205,023 | ||||
Diluted weighted-average common shares (in shares) | 33,316,055 | 33,205,023 | 33,246,811 | 33,205,023 | ||||
Net increase in net assets resulting from operations, basic (in USD per share) | $ 0.47 | $ 0.31 | $ 0.93 | $ 2.58 | ||||
Net increase in net assets resulting from operations, diluted (in USD per share) | $ 0.47 | $ 0.31 | $ 0.93 | $ 2.58 |
DISTRIBUTIONS TO COMMON STOCK_3
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | [1] | Jun. 30, 2022 | [1] | Dec. 31, 2021 | Sep. 30, 2021 | [1] | Jun. 30, 2021 | [1] | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |||
Equity [Abstract] | |||||||||||||||
Investment company, cash distributions paid to common stockholders from ordinary income | 61.20% | 71.30% | 61.20% | 71.30% | |||||||||||
Investment company, cash distributions paid to common stockholders from capital gains | 38.80% | 28.70% | 38.80% | 28.70% | |||||||||||
Cash distributions to common stockholders | $ 30,900 | $ 27,400 | |||||||||||||
Distributions to common stockholders from ordinary income | $ 7,360 | [1] | $ 4,678 | $ 3,188 | $ 7,456 | [1] | $ 5,490 | $ 6,593 | $ 13,900 | ||||||
Distributions to common stockholders from net realized gains | 4,652 | [1] | $ 2,797 | $ 8,268 | 3,002 | [1] | $ 2,482 | $ 2,372 | $ 15,700 | ||||||
Investment company, net adjustments for tax difference to capital distribution | $ 300 | $ 100 | $ 1,600 | $ 2,800 | |||||||||||
Investment company, deemed distribution approach, notice period | 60 days | ||||||||||||||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
DISTRIBUTIONS TO COMMON STOCK_4
DISTRIBUTIONS TO COMMON STOCKHOLDERS - Dividends Declared (Details) - $ / shares | 9 Months Ended | ||||||||||||||||||||||||
Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 0.930 | $ 0.825 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | ||
Other Commitments [Line Items] | ||||||
Escrow holdbacks | $ 300 | $ 200 | $ 200 | |||
Investment company, committed capital | 0 | 14,500 | ||||
Guaranties | ||||||
Other Commitments [Line Items] | ||||||
Investment company, committed capital | $ 0 | $ 10,250 | $ 1,000 | |||
Investment, Identifier [Axis]: Country Club Enterprises, LLC – Guaranty | ||||||
Other Commitments [Line Items] | ||||||
Investment company, committed capital | [1],[2],[3],[4],[5] | $ 1,000 | ||||
Investment, Identifier [Axis]: J.R. Hobbs Co. - Atlanta, LLC - Guaranty | ||||||
Other Commitments [Line Items] | ||||||
Investment company, committed capital | [1],[2],[3],[4],[5],[6] | $ 9,250 | ||||
[1] Certain of the securities listed are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, totaling $537.5 million at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5— Borrowings in the accompanying Notes to Consolidated Financial Statements . Additionally, under Section 55 of the 1940 Act, we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2022, our investment in Funko was considered a non-qualifying asset under Section 55 of the 1940 Act and represented less than 0.1% of total investments, at fair value. Refer to Note 10— Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information regarding this guaranty. Unless indicated otherwise, all cash interest rates are indexed to 30-day LIBOR, which was 0.5% as of March 31, 2022. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or 30-day LIBOR plus a spread. Due dates represent the contractual maturity date. Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the ASC 820 fair value hierarchy. Refer to Note 3— Investments in the accompanying Notes to Consolidated Financial Statements for additional information. |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Schedule of Principal Balances of Unused Line of Credit and Delayed Draw Term Debt Commitments and Guaranties (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2022 | Nov. 30, 2022 | |
Other Commitments [Line Items] | |||
Total | $ 0 | $ 14,500 | |
Unused line of credit and delayed draw term debt commitments | |||
Other Commitments [Line Items] | |||
Total | 0 | 4,250 | |
Guaranties | |||
Other Commitments [Line Items] | |||
Total | $ 0 | $ 10,250 | $ 1,000 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |||||||
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||||
Net asset value at beginning of period (in USD per share) | $ 13.31 | $ 13.43 | $ 13.27 | $ 11.52 | $ 13.43 | $ 11.52 | |||||||||
Income from investment operations | |||||||||||||||
Net investment income (loss) (in USD per share) | 0.26 | 0.25 | 0.82 | 0.25 | |||||||||||
Net realized gain (loss) on investments and other (in USD per share) | 0.11 | 0.67 | 0.32 | 0.68 | |||||||||||
Net unrealized appreciation (depreciation) of investments (in USD per share) | 0.10 | (0.61) | (0.21) | 1.65 | |||||||||||
Total from investment operations (in USD per share) | 0.47 | 0.31 | 0.93 | 2.58 | |||||||||||
Effect of equity capital activity | |||||||||||||||
Cash distributions to common stockholders from net investment income (in USD per share) | (0.22) | [1] | $ (0.14) | [1] | (0.10) | [1] | (0.23) | [1] | $ (0.16) | [1] | (0.20) | [1] | (0.46) | (0.59) | |
Cash distributions to common stockholders from net realized gains (in USD per share) | (0.14) | [1] | (0.08) | [1] | (0.25) | [1] | (0.09) | [1] | (0.08) | [1] | (0.07) | [1] | (0.47) | (0.24) | |
Net accretive effective of equity offering (in USD per share) | 0.01 | 0 | 0.01 | 0 | |||||||||||
Total from equity capital activity (in USD per share) | (0.35) | (0.32) | (0.92) | (0.83) | |||||||||||
Other, net (in USD per share) | 0 | 0.01 | (0.01) | 0 | |||||||||||
Net asset value at end of period (in USD per share) | 13.43 | 13.31 | 13.27 | 13.27 | 13.43 | 13.27 | |||||||||
Per common share market value at beginning of period (in USD per share) | 12.10 | $ 16.13 | 13.87 | $ 12.23 | 16.13 | 12.23 | |||||||||
Per common share market value at end of period (in USD per share) | $ 12.91 | $ 12.10 | $ 17.08 | $ 13.87 | $ 12.91 | $ 17.08 | |||||||||
Total investment return | 9.63% | 25.52% | (14.36%) | 47.50% | |||||||||||
Common stock outstanding at end of period (in shares) | 33,447,001 | 33,205,023 | 33,447,001 | 33,205,023 | 33,205,023 | ||||||||||
Statement of Assets and Liabilities Data: | |||||||||||||||
Net assets at end of period | $ 449,191 | $ 440,589 | $ 449,191 | $ 440,589 | |||||||||||
Average net assets | 445,431 | 439,754 | 446,742 | 420,286 | |||||||||||
Senior Securities Data: | |||||||||||||||
Total borrowings, at cost | $ 292,088 | $ 267,584 | $ 292,088 | $ 267,584 | |||||||||||
Ratios/Supplemental Data: | |||||||||||||||
Ratio of net expenses to average net assets – annualized | 11.70% | 7.59% | 10.22% | 14.29% | |||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 7.70% | 7.64% | 8.14% | 2.62% | |||||||||||
Ratio of expenses to average net assets - annualized | 14.24% | 12.55% | 12.87% | 17.87% | |||||||||||
Ratio of net investment income (loss) to average net assets – annualized | 5.15% | 2.68% | 5.50% | (0.96%) | |||||||||||
[1] Refer to Note 9 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||
Mar. 31, 2023 | Mar. 15, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 30, 2022 | Dec. 15, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 29, 2022 | Jun. 30, 2022 | Jun. 15, 2022 | May 31, 2022 | Apr. 29, 2022 | Dec. 31, 2021 | Dec. 15, 2021 | Nov. 30, 2021 | Oct. 29, 2021 | Sep. 30, 2021 | Sep. 15, 2021 | Aug. 31, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | Jun. 17, 2021 | May 28, 2021 | Apr. 30, 2021 | Feb. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 0.930 | $ 0.825 | |||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.080 | $ 0.120 | $ 0.080 | $ 0.080 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.120 | $ 0.075 | $ 0.075 | $ 0.075 | $ 0.090 | $ 0.075 | $ 0.075 | $ 0.070 | $ 0.030 | $ 0.070 | $ 0.070 | $ 0.070 | $ 0.060 | $ 0.070 | $ 0.070 | $ 0.930 | $ 0.825 | |||||||
Common Stock ATM Program | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of stock, number of shares sold (in shares) | 212,338 | 241,978 | ||||||||||||||||||||||||||||||
Sale of stock, weighted-average gross price per share (in USD per share) | $ 14.11 | $ 14.31 | ||||||||||||||||||||||||||||||
Sale of stock, consideration received | $ 3 | $ 3.5 | ||||||||||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | |||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | |||||||||||||||||||||||||||||||
Subsequent Event | Common Stock ATM Program | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Sale of stock, number of shares sold (in shares) | 8,484 | |||||||||||||||||||||||||||||||
Sale of stock, weighted-average gross price per share (in USD per share) | $ 14.01 | |||||||||||||||||||||||||||||||
Sale of stock, consideration received | $ 0.1 | |||||||||||||||||||||||||||||||
Subsequent Event | Forecast | ||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | $ 0.24 | $ 0.08 | $ 0.48 | ||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||||||||||
Common stock dividends paid (in USD per share) | $ 0.08 | $ 0.24 | $ 0.08 | $ 0.48 |